• The Polen Capital Global SMID Company Growth Composite Portfolio underperformed in the quarter as our quality growth investment style lagged the core benchmark, the MSCI ACWI SMID Cap Index.
• Security selection was most effective in Consumer Discretionary and Information Technology, but was offset by weaker results in Industrials and Consumer Staples.
• The most significant contributors this quarter, both relative and absolute, were Sanrio, Goosehead Insurance, and Lottomatica. The most significant relative and absolute performers were Globant, e.l.f. Beauty, and Kalyan Jewellers.
• During the quarter, we initiated new positions in Lottomatica and Saia, and exited positions in Axis Bank, Booz Allen Hamilton, and Tetra Tech.
• We made adjustments across existing holdings, trimming some positions to fund new investments and adding to companies where we believe the market is underestimating business quality.
• While global economic crosswinds are shifting rapidly and geopolitical uncertainty creates a challenging environment for companies and investors, we remain focused on resilient.

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