Summary

• In Q1 2026, Polen International Growth Portfolio returned -14.4% (net of fees) compared to -0.7% for the Index.
• We initiated new positions in TSMC, Rheinmetall, Saab, Mitsubishi Heavy Industries, AstraZeneca, AIA Group, Siemens Energy, Samsung Electronics, and Keyence.
• We sold our holdings in Nintendo, MakeMyTrip, Adidas, Globant, Amadeus IT Group, Monday.com, ICON plc, and HDFC Bank.

The following segment was excerpted from the Polen International Growth Q1 2026 Commentary.

Details

As noted earlier, turnover in Q1 2026 was higher than average given some of the changes we implemented across the Portfolio. Specifically, we initiated