Polen Focus Growth ETF PCLG

Process downgrade tempers a still-compelling quality growth approach. Polen Focus Growth remains a solid large-growth choice, but lower conviction leads to a Process downgrade to Above Average from High. Unfavorable style headwinds aside, individual stock missteps and being slow to act on conviction have eroded some of our conviction in an otherwise solid quality growth approach. Even so, the strategy still benefits from a deeply experienced team capable of regaining its footing. Investors should pay close attention to fees here, as they vary considerably based on vehicle and share class: US offerings include a mutual fund, an active exchange-traded fund, and separately managed accounts, plus a mutual fund for UCITS investors.