Polen International Growth Fund
Name
As of 04/25/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-2.0%
1 yr return
9.3%
3 Yr Avg Return
-4.2%
5 Yr Avg Return
2.3%
Net Assets
$247 M
Holdings in Top 10
61.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.08%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 33.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
$100,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/25/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
POIIX - Profile
Distributions
- YTD Total Return -2.0%
- 3 Yr Annualized Total Return -4.2%
- 5 Yr Annualized Total Return 2.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.09%
- Dividend Yield 0.3%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NamePolen International Growth Fund
-
Fund Family NamePolen Capital
-
Inception DateDec 30, 2016
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerTodd Morris
Fund Description
The Fund typically invests in a focused portfolio of approximately 25 to 35 common stocks of large capitalization companies (market capitalizations greater than $10 billion at the time of purchase), including companies in both developed and emerging markets, that, in the Adviser’s opinion, have a sustainable competitive advantage. In addition, the Fund may from time to time purchase common stock, including the common stock of medium capitalization or “mid-cap” companies (market capitalizations greater than $2 billion but less than $10 billion at the time of purchase), that do not meet this criteria if, in the Adviser’s opinion, the stock represents a particularly attractive investment opportunity. Under normal market conditions, the Fund invests primarily in non-U.S. equity securities. Non-U.S. equity securities are securities of companies that (i) have their principal securities trading market outside the U.S.; (ii) alone or on a consolidated basis derive 50% or more of annual revenue from goods produced, sales made or services performed outside the U.S.; (iii) are organized under the laws of, and have a principal office in, a country other than the U.S.; (iv) are depositary receipts of issuers described in (i) and (iii) above; or (v) are exchange-traded funds that invest in a country or countries other than the U.S. While the Fund will, under normal market conditions invest in at least three different countries, the Adviser anticipates that the Fund will ordinarily invest in approximately six or more countries. Consistent with its investment criteria, the Fund may invest in certain emerging market companies. Emerging market companies are companies that (i) have their principal securities trading market in an emerging country; (ii) alone or on a consolidated basis derive 50% or more of annual revenue from goods produced, sales made or services performed in emerging countries; (iii) are organized under the laws of, and have a principal office in, an emerging country, (iv) are depositary receipts of issuers described in (i) and (iii) above, or (v) are exchange-traded funds that invest in an emerging country or countries.
“Emerging countries” include those currently considered to be an emerging or developing country by the World Bank, the International Finance Corporation, the United Nations, or the countries’ authorities, and all countries represented in any widely-recognized index of emerging market securities. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products (GNP) than more developed countries.
The Adviser uses an intensive fundamental research process to identify companies that it believes have certain attractive characteristics, which typically reflect an underlying competitive advantage. Those characteristics include: (i) consistent and sustainable high return on capital, (ii) strong earnings growth and free cash flow generation, (iii) strong balance sheets and (iv) competent and shareholder-oriented management teams. The Fund invests in companies that the Adviser believes have a sustainable competitive advantage within an industry with high barriers to entry.
The Adviser believes that consistent earnings growth is the primary driver of intrinsic value growth and long-term stock price appreciation. Accordingly, the Adviser focuses on identifying and investing in a concentrated portfolio of high-quality large capitalization growth companies that it believes has a competitive advantage and can deliver sustainable, above-average earnings growth. The Adviser integrates material environmental, social, and governance (ESG) factors into research analysis as part of a comprehensive evaluation of a company’s long-term financial sustainability. The Adviser believes that such companies not only have the potential to contribute greater returns to the Fund, but also may hold less risk of loss of capital.
The Fund is non-diversified, which means that a significant portion of the Fund’s assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market.
The Fund will usually sell a security if, in the view of the Adviser, there is a potential threat to the company’s competitive advantage or a degradation in its prospects for strong, long-term earnings growth. The Adviser may also sell a security if it is believed by the Adviser to be overvalued or if a more attractive investment opportunity exists. Although the Adviser may purchase and then sell a security in a shorter period of time, the Adviser typically invests in securities with the expectation of holding those investments on a long term basis.
POIIX - Performance
Return Ranking - Trailing
Period | POIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -2.0% | -7.1% | 18.2% | 91.44% |
1 Yr | 9.3% | -4.7% | 28.5% | 35.26% |
3 Yr | -4.2%* | -20.5% | 8.6% | 57.44% |
5 Yr | 2.3%* | -3.6% | 12.4% | 90.96% |
10 Yr | N/A* | -1.0% | 9.3% | N/A |
* Annualized
Return Ranking - Calendar
Period | POIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 27.4% | -0.4% | 28.6% | 1.01% |
2022 | -29.9% | -49.5% | -13.3% | 69.70% |
2021 | 5.6% | -22.2% | 19.3% | 28.98% |
2020 | 9.8% | -4.9% | 85.0% | 90.68% |
2019 | 25.9% | -4.0% | 45.1% | 51.06% |
Total Return Ranking - Trailing
Period | POIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -2.0% | -7.1% | 18.2% | 91.44% |
1 Yr | 9.3% | -4.7% | 28.5% | 35.26% |
3 Yr | -4.2%* | -20.5% | 8.6% | 57.44% |
5 Yr | 2.3%* | -3.6% | 12.4% | 90.96% |
10 Yr | N/A* | -1.0% | 9.3% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | POIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 27.8% | 1.8% | 28.6% | 0.76% |
2022 | -29.9% | -44.4% | -11.0% | 79.04% |
2021 | 5.6% | -20.6% | 20.5% | 65.01% |
2020 | 9.8% | -4.9% | 97.1% | 97.53% |
2019 | 25.9% | 0.5% | 45.3% | 84.59% |
NAV & Total Return History
POIIX - Holdings
Concentration Analysis
POIIX | Category Low | Category High | POIIX % Rank | |
---|---|---|---|---|
Net Assets | 247 M | 191 K | 137 B | 73.57% |
Number of Holdings | 27 | 4 | 1730 | 97.01% |
Net Assets in Top 10 | 158 M | 67.7 K | 34.8 B | 65.84% |
Weighting of Top 10 | 61.90% | 11.2% | 100.2% | 2.74% |
Top 10 Holdings
- ICON PLC 9.60%
- Sage Group PLC/The 9.26%
- SAP SE 7.21%
- Dreyfus Government Cash Management 6.33%
- Aon PLC 5.88%
- Siemens Healthineers AG 5.47%
- Medtronic PLC 5.33%
- Evolution AB 5.17%
- Shopify Inc 3.96%
- Bunzl PLC 3.69%
Asset Allocation
Weighting | Return Low | Return High | POIIX % Rank | |
---|---|---|---|---|
Stocks | 93.44% | 85.39% | 101.65% | 92.27% |
Cash | 6.56% | 0.00% | 10.35% | 7.73% |
Preferred Stocks | 0.00% | 0.00% | 4.57% | 88.78% |
Other | 0.00% | -1.92% | 4.14% | 89.03% |
Convertible Bonds | 0.00% | 0.00% | 2.45% | 85.25% |
Bonds | 0.00% | 0.00% | 0.07% | 85.29% |
Stock Sector Breakdown
Weighting | Return Low | Return High | POIIX % Rank | |
---|---|---|---|---|
Technology | 29.28% | 1.51% | 38.21% | 2.75% |
Healthcare | 25.34% | 1.36% | 29.58% | 4.50% |
Consumer Cyclical | 23.39% | 0.00% | 46.28% | 7.75% |
Financial Services | 9.71% | 0.00% | 38.62% | 78.50% |
Consumer Defense | 4.82% | 0.00% | 25.77% | 86.00% |
Communication Services | 4.27% | 0.00% | 41.13% | 47.25% |
Industrials | 3.19% | 0.68% | 31.28% | 96.50% |
Utilities | 0.00% | 0.00% | 9.05% | 92.00% |
Real Estate | 0.00% | 0.00% | 6.64% | 91.00% |
Energy | 0.00% | 0.00% | 24.97% | 94.50% |
Basic Materials | 0.00% | 0.00% | 23.15% | 98.00% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | POIIX % Rank | |
---|---|---|---|---|
Non US | 61.78% | 0.00% | 101.44% | 90.52% |
US | 31.66% | 0.00% | 100.16% | 10.47% |
POIIX - Expenses
Operational Fees
POIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.08% | 0.01% | 13.07% | 48.62% |
Management Fee | 0.85% | 0.00% | 1.50% | 82.29% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.03% | 0.80% | N/A |
Sales Fees
POIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
POIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.25% | 2.00% | 68.75% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
POIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 33.00% | 7.00% | 149.00% | 60.17% |
POIIX - Distributions
Dividend Yield Analysis
POIIX | Category Low | Category High | POIIX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.32% | 0.00% | 12.84% | 68.00% |
Dividend Distribution Analysis
POIIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Annual | Annual |
Net Income Ratio Analysis
POIIX | Category Low | Category High | POIIX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.09% | -1.69% | 3.16% | 67.76% |
Capital Gain Distribution Analysis
POIIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 06, 2023 | $0.052 | OrdinaryDividend |
Dec 06, 2019 | $0.002 | OrdinaryDividend |
Dec 10, 2018 | $0.005 | OrdinaryDividend |
POIIX - Fund Manager Analysis
Managers
Todd Morris
Start Date
Tenure
Tenure Rank
Dec 30, 2016
5.42
5.4%
Todd Morris,Portfolio Manager and Analyst, is lead portfolio manager for the International Growth Strategy and a member of the investment team at Polen Capital. Mr. Morris joined Polen Capital in 2011. During his time at Polen Capital he has served as a Research Analyst and the Director of Research. Prior to joining Polen Capital, Mr. Morris worked in research and marketing roles with Prudential Insurance and Millennium Global Asset Management, respectively, and served for seven years in the U.S. Navy. During his naval career Mr. Morris navigated a warship on three deployments, taught at the U.S. Merchant Marine Academy and served with the U.S. Army in Iraq. Mr. Morris received a B.S. in History from the U.S. Naval Academy where he was a student athlete, and an MBA from Columbia Business School.
Daniel Fields
Start Date
Tenure
Tenure Rank
Jan 01, 2019
3.41
3.4%
Mr. Fields joined Polen Capital in 2017 and is responsible for the day-to-day portfolio management and investment analysis for the Fund. Prior to joining Polen Capital, Mr. Fields spent eight years in Hong Kong where he worked for GaveKal Capital and Marshall Wace LLP as a research analyst evaluating Asian growth companies. He began his career at Fisher Investments as a junior analyst analyzing emerging markets companies. Mr. Fields received a B.S. in Finance from the University of Idaho and a M.S. in Global Finance from the NYU Stern School of Business and HKUST Business School. Mr. Fields is a CFA charterholder.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 26.94 | 7.66 | 20.01 |