Polen Capital Investment Funds plc

Polen Capital Investment Funds plc

(an open-ended umbrella investment company with variable capital and segregated liability between

Funds incorporated with limited liability in Ireland under the Companies Act 2014 as amended with

registration number 522617 and established as Undertakings for Collective Investment in Transferable Securities pursuant to

the European Communities (Undertakings for Collective Investment in

Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011), as amended and Central Bank (Supervision and

Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities)

Regulations, 2019

CONDENSED INTERIM REPORT AND

UNAUDITED FINANCIAL STATEMENTS

For the financial period ended

30 June 2022


1

2022 Condensed Interim Report &

Unaudited Financial Statements

Information Only for German Investors

No notification pursuant to Sec. 310 of the German Capital Investment Code (Kapitalanlagegesetzbuch) has been filed for the

following sub-funds and the shares in these sub-funds may not be marketed to investors in the Federal Republic of Germany:

Polen Capital International Growth Fund

Polen Capital Global Emerging Markets Growth Fund

Polen Capital Global SMID Company Growth Fund

Information Only For Swiss Investors

The state of the origin of the fund is Ireland. The representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050

Zurich. The paying agent is NPB Neue Privat Bank AG, Limmatquai 1 / am Bellevue, CH-8024 Zurich. The prospectus, the Key

Investor Information Documents, the articles of association, the list of purchases and sales as well as the annual and semi-annual

reports may be obtained free of charge from the representative. In respect of the units distributed in and from Switzerland, the place of

performance and jurisdiction is at the registered office of the representative.

The total expense ratio (TER) was calculated based on the version currently applicable of the “Guidelines on the calculation and

disclosure of the Total Expense Ratio (TER) of collective investment schemes” of the Swiss Funds & Asset Management Association

(SFAMA).

For the period from 01 July 2021 to 30 June 2022:

Sub-fund(s) Share class(es) TER (%)

Polen Capital Focus U.S.

Growth Fund

CHF Class (Institutional) 0.80

CHF Class (Retail) 1.55

EUR Class (Institutional) 0.80

EUR Class (Institutional Unhedged) 0.80

EUR Class (Retail) 1.55

EUR Class (Retail Unhedged) 1.55

EUR D Class (Institutional Unhedged Distributing) 0.70

GBP Class (Institutional) 0.79

GBP Class (Institutional Unhedged) 0.80

GBP Class (Institutional Unhedged Distributing) 0.80

GBP Class (Retail) 1.55

GBP D Class (Institutional Unhedged Distributing) 0.70

U.S. Dollar A Class (Retail) 1.55

U.S. Dollar C Class (Retail) 1.80

U.S. Dollar Class (Institutional) 0.80

U.S. Dollar Class (Retail) 1.55

U.S. Dollar D Class (Institutional Unhedged) 0.69

U.S. Dollar E Class (Retail) 1.55

U.S. Dollar N Class (Retail) 1.95

Sub-fund(s) Share class(es) TER (%)

Polen Capital U.S. Small

Company Growth Fund

U.S. Dollar Class (Institutional) 1.25

U.S. Dollar A Class (Retail) 2.01

U.S. Dollar C Class (Retail) 2.26


2



Contents

Page

Information Only For German Investors 1

Information Only For Swiss Investors 1

Organisation 3

Background to Company 4 - 6

Investment Manager’s Report 7 - 21

Statement of Financial Position 22 - 24

Statement of Comprehensive Income 25 - 27

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 28 - 30

Statement of Cash Flows 31 - 36

Notes to the Condensed Financial Statements 37 - 62

Schedule of Investments

Polen Capital Focus U.S. Growth Fund 63 - 65

Polen Capital U.S. Small Company Growth Fund 66 - 67

Polen Capital International Growth Fund 68 - 70

Polen Capital Global Emerging Markets Growth Fund 71 - 74

Polen Capital Global SMID Company Growth Fund 75 - 77

Schedule of Significant Portfolio Changes

Polen Capital Focus U.S. Growth Fund 78 - 79

Polen Capital U.S. Small Company Growth Fund 80 - 81

Polen Capital International Growth Fund 82 - 83

Polen Capital Global Emerging Markets Growth Fund 84 - 85

Polen Capital Global SMID Company Growth Fund 86 - 87

Appendix

Securities Financing Transactions Regulation 88


3



Organisation

Directors

Bronwyn Wright (Irish)3

Brian Goldberg (U.S.)1

Kevin O'Neill (Irish)2

Mike Guarasci (U.S.)1

Jason Mullins (Irish)1

Registered Office of the Company


4th Floor,

One George's Quay Plaza,

George's Quay, Dublin 2

Ireland

Investment Manager and Distributor

Polen Capital Management, LLC

1825 NW Corporate Blvd

Suite 300

Boca Raton

FL 33431

USA

Manager

Amundi Ireland Limited

1 George's Quay Plaza

George's Quay

Dublin 2

Ireland

Sub-Investment Manager

For Polen Capital Global Emerging Markets Growth Fund

Polen Capital UK LLP

1st Floor

15-18 Austin Friars

London

EC2N 2HE

United Kingdom

Depositary

RBC Investor Services Bank S.A., Dublin Branch

4th Floor,



Ireland

Company Secretary

Tudor Trust Limited

33 Sir John Rogerson’s Quay

Dublin 2

Ireland

Administrator

RBC Investor Services Ireland Limited 4th Floor,



Ireland

Independent Auditor

PricewaterhouseCoopers

Chartered Accountants and Statutory Audit Firm

One Spencer Dock

North Wall Quay

Dublin 1

Ireland

Legal Advisers

Dillon Eustace


Dublin 2

Ireland

Sponsoring Broker

Dillon Eustace


Dublin 2

Ireland

1 Non-Executive Director. 2 Independent Non-Executive Director. 3 Independent Non-Executive Director and Chairman.


4



Background to Company

Polen Capital Investment Funds plc (the “Company”) is an open-ended umbrella investment company with variable capital and with

limited liability. The Company is structured as an umbrella fund and may comprise several portfolios of assets. The share capital of

the Company may be divided into different sub-funds (the “Funds”) each representing a separate portfolio of assets and further sub-

divided, to denote differing characteristics attributable to particular Shares, into “Classes”. The functional currency of the Funds is

U.S. Dollar.

At the financial period end there were five Funds which had been launched in the umbrella.

Launch Date Polen Capital Focus U.S. Growth Fund 8 March 2013

Polen Capital International Growth Fund 31 December 2018

Polen Capital U.S. Small Company Growth Fund 31 December 2018

Polen Capital Global Emerging Markets Growth Fund 16 October 2020

Polen Capital Global SMID Company Growth Fund 31 January 2022

Investment Objective and Policy

Polen Capital Focus U.S. Growth Fund

The investment objective of the Fund is to seek long-term growth of capital. The Fund seeks to achieve its investment objective by

investing typically in a focused portfolio of high quality common stocks of large capitalization companies (market capitalisations

greater than $10 billion at time of purchase) which are listed or traded on Recognised Exchanges in the United States of America

and which, in the view of the Investment Manager, have a sustainable competitive advantage. The Fund may from time to time also

purchase the common stock of companies whose shares are listed or traded on Recognised Markets in the United States of America

which have a market capitalisation of less than $10 billion at the time of purchase if the Investment Manager is of the opinion that

the stock represents a particularly attractive investment opportunity.

The Fund will measure its performance against the Russell 1000 Growth Index and the S&P 500 Index (the “Benchmarks”). The

Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes

those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth

Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The index is completely

reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect

growth characteristics. The S&P 500 Index measures the performance of the top 500 large-cap companies listed on stock exchanges

in the U.S. The Fund is considered to be actively managed in reference to the Benchmarks by virtue of the fact that it uses the

Benchmarks for performance comparison purposes. Certain of the Fund’s securities may be components of and may have similar

weightings to the Benchmarks. However, the Benchmarks are not used to define the portfolio composition of the Fund or as a

performance target and the Fund may be wholly invested in securities which are not constituents of the Benchmarks. Any change to

the indices against which the performance of the Fund is measured will be disclosed in the annual or half-yearly report of the

Company issued subsequent to such change being effected.

For this Fund of the Company, underlying investments do not take into account the EU criteria for environmentally sustainable

economic activities.



investing typically in a focused portfolio of high quality common stocks of large capitalization companies (market capitalisations

greater than $5 billion at time of purchase) which are listed or traded on Recognised Exchanges globally (including those domiciled

in emerging markets) and which, in the view of the Investment Manager, have a sustainable competitive advantage. Investment in

emerging market securities will comprise no more than the greater of 35% of the Fund’s Net Asset Value or 150% of the

Benchmark’s emerging market weighting as of the latest calendar quarter-end. The Fund may from time to time also purchase the

common stock of companies whose shares are listed or traded on Recognised Markets globally which have a market capitalisation

of less than $5 billion at the time of purchase if the Investment Manager is of the opinion that the stock represents a particularly

attractive investment opportunity. The Fund may also invest in Global Depositary Receipts, American Depositary Receipts,

European Depositary Receipts, and International Depositary Receipts where deemed appropriate by the Investment Manager in

order to achieve the investment objective of the Fund.


5



Background to Company (continued)

Investment Objective and Policy (continued)

Polen Capital International Growth Fund (continued)

The Fund will measure its performance against the MSCI All Country World Index (“ACWI”) (ex-USA) (the “Benchmark”). The

MSCI ACWI (ex-USA) captures large and mid-cap companies across 22 of 23 Developed Markets countries (excluding the U.S.)

and 24 Emerging Markets countries. The index covers approximately 85% of the global investable equity opportunity set outside

the U.S. The Fund is considered to be actively managed in reference to the Benchmark by virtue of the fact that it uses the

Benchmark to define the maximum emerging market exposure of the Fund but the Benchmark is not used to define the portfolio

composition of the Fund. Certain of the Fund’s securities may be components of and may have similar weightings to the

Benchmark. However, the Fund may be wholly invested in securities which are not constituents of the Benchmark. The Fund may

also use the Benchmark for performance comparison purposes, however it is not used as a performance target. Any change to the

index against which the performance of the Fund is measured will be disclosed in the annual or half-yearly report of the Company

issued subsequent to such change being effected.



Polen Capital U.S. Small Company Growth Fund


investing typically in a focused portfolio of high quality common stocks of small companies (market capitalisations within the

range of the market capitalizations of companies in the Russell 2000 Index and the S&P Small Cap 600 Index on a rolling three

year basis at time of purchase) which are listed or traded on Recognised Exchanges in the United States of America and which, in

the view of the Investment Manager, have a sustainable competitive advantage. The Fund may from time to time also purchase the

common stock of companies whose shares are listed or traded on Recognised Markets in the United States of America which have a

market capitalisation outside of the small company definition described in the preceding paragraph at the time of purchase if the

Investment Manager is of the opinion that the stock represents a particularly attractive investment opportunity. The Fund may also

invest in American Depositary Receipts where deemed appropriate by the Investment Manager in order to achieve the investment

objective of the Fund.

The Fund will measure its performance against the Russell 2000 Growth Index. The Russell 2000 Growth Index measures the

performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Fund is

considered to be actively managed in reference to the Russell 2000 Growth Index and the S&P Small Cap 600 Index (the

“Benchmarks”) by virtue of the fact that it uses each of the Benchmarks to define the characteristics of the securities held by the

Fund. Certain of the Fund’s securities may be components of and may have similar weightings to the Benchmarks. However, the

Fund may be wholly invested in securities which are not constituents of the Benchmarks. The Fund may also use the Russell 2000

Growth Index for performance comparison purposes, however it is not used as a performance target. Any change to the index

against which the performance of the Fund is measured will be disclosed in the annual or half-yearly report of the Company issued

subsequent to such change being effected.




The investment objective of the Fund is to seek long-term growth of capital. The Fund seeks to achieve the investment objective

through investment in a well-diversified portfolio of equity securities of issuers in the Emerging Markets or of issuers established

outside of the Emerging Markets, which have a predominant proportion of their assets or business operations in the Emerging

Markets and which are listed, traded or dealt in or on Recognised Exchanges worldwide. It is not proposed to concentrate

investments in any one industry or sector. The Fund may from time to time also purchase the common stock of companies whose

shares are listed or traded on Recognised Exchanges globally which have substantial business in, or revenues from Emerging

Markets if the Investment Manager is of the opinion that the stock represents a particularly attractive investment opportunity in

accordance with its Investment strategy. The Fund may invest up to 20% of net assets in securities which are listed or traded on the

Moscow Exchange. The Fund may also invest in Global Depositary Receipts, American Depositary Receipts, European Depositary

Receipts, and International Depositary Receipts where deemed appropriate by the Investment Manager in order to gain exposure to

international stocks rather than purchasing the stock directly from the underlying company in order to achieve the investment

objective of the Fund. Investment by the Fund in these instruments will limit the need for the Fund to transact in foreign currencies

to achieve the investment objective of the Fund.


6



Background to Company (continued)

Investment Objective and Policy (continued)

Polen Capital Global Emerging Markets Growth Fund (continued)

The Fund is considered to be actively managed in reference to MSCI Emerging Markets Index (the “Benchmark”) by virtue of the

fact that it uses the Benchmark for performance comparison purposes. The Benchmark is a free float-adjusted market capitalization

weighted index that is designed to measure the equity market performance of emerging markets. Certain of the Fund’s securities

may be components of and may have similar weightings to the Benchmark. However, the Benchmark is not used to define the

portfolio composition of the Fund or as a performance target and the Fund may be wholly invested in securities which are not

constituents of the Benchmark.




The investment objective of the Fund is to seek long-term growth of capital. The Fund seeks to achieve its investment objective

through investment in a well-diversified portfolio of global equity securities of small and mid cap companies (market capitalisations

within the range of the market capitalisations of companies in the MSCI ACWI SMID Cap Index (the “Benchmark”) at the time of

purchase) which are listed, traded or dealt in or on Recognised Exchanges worldwide. While the Investment Manager will monitor

position size, country and sector weightings, it is not proposed to concentrate investments in any one country, industry or sector.

The Fund is considered to be actively managed in reference to the Benchmark by virtue of the fact that it uses the Benchmark to

define the characteristics of the securities held by the Fund. Certain of the Fund’s securities may be components of and may have

similar weightings to the Benchmark. However, the Fund may be wholly invested in securities which are not constituents of the

Benchmark. The Fund may also use the Benchmark for performance comparison purposes, however it is not used as a performance

target.




7



Investment Manager’s Report

For the financial period ended 30 June 2022


The sell-off that began in 4Q'21 and continued into 1Q'22 accelerated this past quarter. Using the S&P 500 as a proxy for the U.S.

market, the current magnitude of the downdraft has been 3x faster than the bursting of the tech bubble in 2000-02. Concerns about

inflation—recently running above 8%—and rising interest rates continued, especially as the Federal Reserve began raising rates by

25, 50, and 75 basis points in March, May, and June, respectively. The Federal Reserve is clearly trying to clamp down on inflation

by raising the cost of borrowing, and the central bank expects to continue with aggressive rate hikes through the rest of this year.

As we exited the first half of the year, the bigger concern seemed to be about the possibility and severity of a looming recession,

which would not be surprising after a period of high inflation and higher interest rates. Indeed, the yield on the 10-year Treasury

note hit a high of nearly 3.5% in mid-June (up from about 1.5% only a few months ago) but has since retreated below 3% at the

time of this writing. It appears, at least when looking at the bond market, that inflation and higher rates may cause less demand for

products and services. If this does occur, inflation itself would likely begin to ease, and interest rates might stay relatively low.

We previously discussed the negative impact on the share prices of "long-duration equities" from the quick rise in interest rates.

Companies with more of their market value derived from future free cash flows are most susceptible to valuation impacts from an

abrupt change in interest rates. Many of these companies, particularly those that are digitally focused, such as digital advertising

businesses like Alphabet and Meta and e-commerce businesses like Amazon, have been robust stock market outperformers for

years. During the pandemic, they saw their revenue growth accelerate, and as the world reopened, their revenue growth slowed

considerably. The rate-induced selling that we have seen in these types of businesses seems to have been magnified by the shorter-

term revenue growth slowdown these companies are experiencing in 2022.

In hindsight, it seems clear that many digitally focused businesses that were driving secular growth trends pre-COVID had a bigger

pull forward in demand in 2020 and the first half of 2021 than we had expected. Though many of them, including Alphabet, Meta,

and Align Technology, are growing slower than we would have expected this year, which has affected share prices in the short-

term, we do not see a substantial change in the longer-term growth rates, market opportunity or earnings power for most of them

(more on this below).

We still anticipate nearly 20% annualized earnings per share growth from the Polen Capital Focus U.S. Growth Fund (the “Fund”)

over the coming five years.

It is possible that the U.S. has already entered a recession. Recessions are normal. Economies don't grow all the time. The U.S.

economy has strong underlying foundational properties that have allowed it to grow at an incredible rate for almost two and a half

centuries. Still, there have been and will continue to be periods of negative GDP growth from time to time. Many companies must

retreat and cut investments in talent, product development, marketing, and other areas during periods of economic weakness. Most

companies either have little product/service differentiation versus competitors, in our view, or offer products and services that their

customers do not deem as essential. As a result, demand for their products and services tends to be tied closely to the health of the

overall economy. These types of businesses need to conserve cash when times are tough because their revenue and margins contract

when the economy contracts.

In our experience though, there is a much smaller group of companies—the companies we look for and seek to invest in—that are

typically far more resilient. We believe they can continue to grow revenue and earnings even when economic growth pauses or

temporarily contracts. These are companies that, according to our research, have strong competitive advantages, differentiated

products and services, secular growth prospects, and cash-rich balance sheets. These characteristics generally allow our Fund’s

companies to continue to invest during these tougher times, further widening their competitive advantages while most others are

conserving and contracting.

Most of the market sell-off we have witnessed over the last nine months has more to do with a re-setting of valuations based on

interest rate expectations, in our view.

Going forward, particularly if we remain in a more difficult economic environment, we expect to see the resilience of revenue and

earnings growth rise in importance in a more growth-challenged world.

All businesses will be affected by recessions to some degree. Still, based on our past experience and the high hurdles we hold our

companies to, we expect that the growth in our Fund portfolio companies' earnings, vis-à-vis the market, will compare quite

favourably as they have in other recessions.


8



Investment Manager’s Report (continued)


Polen Capital Focus U.S. Growth Fund (continued)

Fund Activity

Most of our holdings had double-digit stock price declines during the most recent quarter, but we've seen very little change in the

long-term competitive positions or growth prospects of these companies. As such, we have begun to shift weightings a bit within

the Fund. We have sold our position in MSCI outright in the second quarter. We have redeployed the cash from these sales into

existing holdings where we see more compelling values.

Many of these are in our fastest growing and most competitively advantaged businesses, like Adobe. We are currently witnessing

what we see as large dislocations in valuations, especially in companies commonly classified as faster-growing technology and

internet businesses. We are already taking advantage of these dislocations.

As an example of a valuation dislocation, we've recently taken advantage of, we added to our position in Adobe in the second

quarter. It is now one of our top three holdings at just under 7% of the Fund. According to our research, Adobe has a near monopoly

on digital content creation software globally and is a highly advantaged digital marketing and analytics business. The business

continues to grow revenues and profits robustly, even in the face of large currency headwinds and macroeconomic weakness in

parts of Europe.

We expect the company to continue to grow earnings at a high-teens or better rate for the foreseeable future on the back of robust

secular growth tailwinds in digital content creation and consumption. Adobe's tools are the de facto standards for various

applications such as graphics and video editing. In addition, Adobe stands to be a leader in providing tools for creators to develop

aspects of the immersive internet (metaverse) as that develops as well.

Adobe's share price has sold off considerably despite its healthy ongoing growth, similar to certain other companies commonly

classified as technology businesses. It is now valued at less than 23x consensus 2023 earnings estimates. This is a discount to

companies like Coca-Cola, Colgate, Clorox, McDonald's, and Proctor & Gamble. Each of these consumer staples companies could

be considered a good business by any unbiased observer. Yet, our research tells us that each one is also likely to only grow earnings

at a single-digit pace because they face more competition and sell into more mature markets than Adobe. The last time we saw

dominant, faster-growing businesses like Adobe trading at discounts to more challenged, slower-growing consumer staples

businesses like Coca-Cola was in late 2008/early 2009 during the Financial Crisis. We are not making a market call, but we are

starting to see valuation discrepancies that we can take advantage of for our Fund.

Fund Performance

Airbnb was one of our largest detractors from performance in the second quarter. Airbnb is the clear market leader in private rental

bookings globally, according to market research firm Euromonitor. The business is currently firing on all cylinders, with revenue

and earnings growth well above our expectations and long-term estimates. It would be easy to say that it is because as the world

reopens, people are traveling for the first time in two years, providing a short-term benefit to the company. But, Airbnb also grew

quickly in 2021 when people were still hesitant to travel and preferred staying close to home. The company's growth in 2022 is not

an easy comparison like it is for online travel agencies (which are more hotel-oriented), airlines, and hotels. In fact, Airbnb's

business has outpaced the hotel industry growth by more than 1,250 basis points per year since 2019, showing far more resilience

than hotels and online travel agencies.

Airbnb didn't invent the private rental market, but it developed a better offering and helped it scale with robust network effects and

a system of trust protecting travellers and hosts alike. It has diligently removed friction from the marketplace to catalyze demand.

The business model has very high incremental profit margins. When the company went public only a year and a half ago, it had

pretax profit margins on a non-GAAP3basis of approximately 5% by our calculations. This year, those margins should approach

30%. In addition, the company has generated approximately $3 billion in free cash flow over the last 12 months. The runway for

growth in private rental is very long, especially considering that hybrid work will likely remain for the long-term, allowing for more

business/leisure trips that work better in Airbnbs than hotels, in our view.

At the same time, Airbnb's network effect of more property listings drives more travellers to make more bookings, which again

drives more listings. This virtuous cycle helps to create the potential for huge barriers to entry for its competitors. As we see it, the

decline in the stock price year-to-date seems to have little to do with the long-term fundamentals of the business. Instead, it has

more to do with the general sell-off in faster-growing technology and internet businesses and short-term concerns around how travel

might fare in 2023 following a solid 2022.


9






We agree that Airbnb will have a very tough growth comparison in 2023, especially if a recession is in store. But, we see many

years of double-digit growth ahead driven by durable competitive advantages and management's persistent investment to make

booking on Airbnb the first place travellers go for unique and differentiated stays. Indiscriminate selling due to macroeconomic

fears and how they might impact Airbnb's business over the next year rather than focusing on the next 5-10 years is the definition of

missing the forest for the trees, in our view.

Revisiting Netflix –We See Light in the Darkness, but Still Much Wood to Chop

We believed that the slowdown in Netflix's subscriber growth was most likely due to the reopening of the economy post-COVID-19

and not a competitive or maturation issue. We came to this conclusion because churn remained quite low (which was unlikely if

there was a competitive problem), and the slowdown was broad-based by geography. To us, this likely meant that maturation was

unlikely as even countries with low streaming penetration were seeing the same slowness in new users as those that were more

mature.

Earlier this quarter, Netflix again warned that net new subscriber additions would be negative (fewer new subscribers than those

churning off). They also disclosed for the first time that there are over 100 million households globally (including 30 million in the

U.S. and Canada) that use Netflix but don't pay for it by sharing someone else's password. This is a much larger number than we

expected and indicates that maturation is a real issue, especially in the U.S. and Western Europe.

In the intermediate term, we believe that the addressable market for Netflix is the roughly 450 million homes with smart TVs, often

the preferred method for watching long-form video. In the longer term, the market could be closer to the one billion households

with broadband internet access (excluding China). Watching on laptops and mobile devices can also be a good experience for many,

and over a long enough period, we would expect these households without smart TVs today will eventually own at least one. With

the new disclosure though, Netflix is already reaching roughly 320 million of the 450 million smart TV households (220 million

paying households plus 100 million non-paying password borrowers), which is the better metric for the medium-term addressable

market.

While we are not enthusiastic about the company being much further along in its subscriber adoption journey than we previously

thought due to excessive password-sharing, the potential for monetizing these users remains intriguing. An obvious positive is that

these 100 million households already use and seem to enjoy Netflix. But the big question is, how can you extract value out of them

if they have been unwilling to pay for a subscription? Certainly, there are many reasons why people borrow subscription passwords.

Netflix, in response to the slowdown in growth, has said it will embark on two new strategies. First, it intends to stop allowing

account holders to share their passwords without some payment. Second, the company plans to introduce a lower-cost subscription

that also presents users with advertisements to extract value for the company while offering a more cost-effective plan for

consumers. It remains unclear just how effective these two strategies will be as the details of both have not yet been articulated. But,

interpreting the thoughts management has provided thus far, we expect a few different options are on the table and that this will

involve a good amount of trial and error.

Netflix doesn't want to cut off people that are borrowing someone's password. They want to be able to keep them viewing and allow

for passwords to be shared for a fee (likely well below a full subscription fee). The ad-supported model could be free with ads or a

low-cost subscription with ads. And, it may be different by geography as some markets are far more price sensitive than others. It

will be very important that Netflix thread the needle properly to not alienate users and not incentivize too many of them to trade

down to cheaper subscriptions.

In our view, we'd like to see the company use advertising not only to bring new subscribers to the service but also to monetize

shared passwords. Forcing new fees on subscribers to pay for password sharing is likely to introduce friction and negative brand

equity at a time when consumers' wallets are already stretched. But, introducing ads to those who are borrowing passwords and not

paying does not financially burden the subscription owner and still allows the borrower to watch Netflix without an out-of-pocket

expense. This could be a win-win that should also provide significant incremental revenue to Netflix.

While advertisements can feel inconvenient for some, we think most people accept the trade-off between lower out-of-pocket costs

and seeing ads, particularly as ads become more relevant and engaging over time. The vast majority of linear T.V. and almost all

streaming companies now offer ad-supported models that most consumers accept. If someone does not like seeing ads, the full

subscription price option without ads will remain. The advertising model can be lucrative. Hulu alone generated over $2 billion in

advertising revenue in 2021 with a much smaller and less engaged user base than Netflix.


10






We believe that as we exit 2022, Netflix will likely be growing its user base again on the back of a new, rich content slate and easy

comparisons with the tough 2022 period. They will also be launching new monetization schemes, especially advertising plans that

could open incremental revenue opportunities. That said, there is still much work to be done, and it's not as if competition is getting

any less intense. We still need more information from the company to better understand their new monetization strategies, but we

feel that the market has already priced in a dire situation when there is potentially light at the end of the tunnel.

There is much wood to chop for Netflix management, but we are being patient as we see opportunity. Most importantly, we

continue to see a service enjoyed by over 300 million people worldwide that is difficult for competitors to match on a global scale.

This is especially true for the large and important original programming category, an area where Netflix still has a clear lead in

viewership time versus all competitors, including in the U.S., where competition is the fiercest. We have seen plenty of examples of

weak products and services failing to monetize, but we have not seen many examples of unique products and services that are

globally scaled with hundreds of millions of engaged users failing to receive fair value from those who consume, even if it takes

longer than expected to get there.

Outlook

We have seen unusual volatility and surprising downside performance in share prices of many of our holdings despite what we

believe are businesses with strong competitive advantages and growth prospects. The confluence of macroeconomic issues

(inflation, interest rates, recession risks, etc.) and the post-COVID-19 reverberations across industries (difficult comparisons and

capacity utilization after large investments) have made for a challenging year so far. That said, our team has been methodically

examining each of our holdings, assessing the durability of competitive advantages and growth prospects.

We are disciplined in adhering to our investment philosophy but also dispassionate when it comes to stock price movements.

Our research indicates that the vast majority of our holdings are executing well on their strategic paths and growth initiatives, and

we feel confident in the ability to generate mid-teens or better earnings per share growth over the coming five years. We are also

evaluating new potential investments as valuation dislocations are occurring across our investible universe.

Thank you for your interest in Polen Capital and the Polen Capital Focus U.S. Growth Fund. Please feel free to contact us with any

questions or comments.

Sincerely,

Dan Davidowitz and Brandon Ladoff

11 August 2022


11






International equities broadly declined in the first half of 2022. The Russia-Ukraine conflict, stubbornly high inflation, aggressive

central bank measures, and supply chain challenges all contributed to asset valuation reductions. A clear tightening bias from

central banks dampened some speculative fire that characterized markets in recent years. Liquidity conditions added to the multiple

compression that hit growth stocks. Overall, the markets on June 30 paid significantly less for a dollar's worth of earnings than they

did on January 1.

Many of our steady and stable holdings, including those we believe provide ballast for the Polen Capital International Growth Fund

(the “Fund”), were down in step with the broader market.

Despite share price movements, most of these companies reported robust results, with long-term growth initiatives continuing

briskly and management teams expressing confidence about their business trajectories.

Fund Performance & Attribution

The Fund's exposure to companies within the consumer discretionary, health care, and information technology sectors detracted

from performance in the most recent quarter. Risk-off sentiment has punished these sectors while favouring those in safe havens

like consumer staples. Materials, an area to which we typically carry little exposure, also benefitted the Index in the quarter. The

Fund style was challenged by growth and quality underperforming the benchmark.

Our most significant contributors to performance on an absolute basis over the second quarter were Unilever, Walmart de México,

and Tencent Holdings Ltd.

Multinational consumer goods company Unilever showed robust price increases overall, with minimal impact on volume, resulting

in faster-than-expected sales growth during the quarter. Indeed, higher inflation can be a positive change for companies with

favourable brands like Unilever as these conditions make it easier for the biggest brands to raise prices, continue spending on

advertising, and take share. We believe the appointment of an activist investor to Unilever's board in June will help spur additional

growth.

Walmart de México, Central America's leading retailer, sustained momentum in e-commerce, marketplace, connectivity solutions,

financial services, and advertising, which helped support its ongoing growth.

Our most significant absolute detractors from performance over the quarter were adidas AG, Siemens Healthineers, and

MercadoLibre. With no changes to their underlying businesses during the quarter, we strongly believe these companies were swept

up in indiscriminate selling unrelated to business fundamentals. Our view on the long-term prospects of all three remains positive.

Fund Activity

We increased our position in Globant S.A. during the quarter and exited Walmart de México. We reduced our position in Experian

and Dassault Systèmes SE.

Globant is a leading technology consulting company based in Argentina. As many businesses seek help with digital transformation,

Globant is seeing strong demand for its services that we expect will persist for years to come and drive earnings growth above 25%.

Since our initial purchase in January at a 1% weight, Globant's valuation has become more attractive, providing an opportunity to

add to our position incrementally.

While Walmart de México's business continues to perform as we expected, its stock valuation has crept higher. Over the more than

five years that we have owned the company, it delivered persistent net income growth and dividends. A surprisingly strengthening

peso further aided our compounded total returns. We believe the business is less likely to deliver on our future return expectations

based on valuations, so we decided to take profits and redeploy the proceeds to more favourable opportunities.

Multinational consumer credit reporting company Experian continues to execute well, and shares reflect a positive outlook for its

core Credit Bureau services and success in the consumer services segment. Given Experian's full but fair valuation and the rising

interest rate environment, we felt it prudent to trim our weighting in the company.

France-based Dassault Systèmes is a leading provider of enterprise software solutions in the computer-aided design industry.

Dassault has shown remarkable resilience in its growth and earnings in recent quarters; however, we again trimmed our position to

use the proceeds to add to a faster-growing business trading for the same valuation multiple (Globant).


12





Polen Capital International Growth Fund (continued)

Outlook

We continue to run the Fund with a focus on robust and profitable businesses poised to grow their earnings at above- market rates

over the next five years.

Our optimism also stems from competitively advantaged companies on our watch list that we currently do not own but could

become more compelling options as valuations come in.

While uncertain and volatile markets can signal slower near-term economic growth, the divergence between business fundamentals

and stock prices has created attractive entry points for investment in companies with outsized long-term return potential.

As ever, we are confident in the time-tested philosophy driving our growth investing approach. Thank you for your interest in Polen

Capital and the Polen Capital International Growth Fund. Please contact us with any questions.

Sincerely,

Todd Morris and Daniel Fields

11 August 2022


13






The Polen Capital U.S. Small Company Growth Fund (the “Fund”) performance was disappointing in the second quarter and full

first half of the year, on both an absolute and relative basis. Amidst higher inflation, slowing economic growth, tightening monetary

policy, and widespread uncertainty, the Russell Growth 2000 Index delivered its worst first-half performance in its more than 40-

year history. There was nowhere to hide with most of the Index constituents delivering negative returns. Growth stocks faced the

greatest pressure. While we own a range of businesses on a growth-to-safety spectrum within an overall growth-oriented

framework, our longer duration, higher multiple investments along with our consumer discretionary holdings were particularly hard

hit. We generally avoid cyclical and commodity businesses like energy for several reasons including our core Flywheel investment

criteria, ESG (Environmental, Social, and Governance) considerations, and our need for strong balance sheets. It is important to

acknowledge that this under-exposure hurt us while still being clear that we do not intend to change our core discipline.

The underlying health of our businesses remains robust, even amidst a worsening economic outlook. As a reminder, in good times

and in bad, one of the key tenants of our Flywheel is investing in businesses with strong balance sheets that can self- fund growth.

We believe this allows them to invest, grow, and emerge stronger in and following challenging economic or funding environments.

However, this does not mean we sit idle. We have been working hard all year to leverage our distinctive collaborative team

approach to look at our investments from all angles and perspectives. As we promise, we are unafraid to update our views. We’ve

made some adjustments to manage the evolving risk landscape as detailed later in this note. We are still pleased with the balance

and ballast in our Fund as it stands today.

While we believe our clients are aligned with our long-term investment horizon, we never like to underperform for any period as

has been the case so far this year. We recognize that sometimes macroeconomic factors weigh more heavily on stock prices than

fundamental company results, and, there are some steps we could have taken to buffer the impact such as reducing some exposure

to consumer discretionary. However, our North Star is to remain focused on long-term intrinsic value creation, and we believe our

ability to see through the noise and act with the conviction of our disciplined research process will ultimately drive significant long-

term returns.

There remains a lot of uncertainty around how long high inflation will last, whether it will trigger a recession, how bad it will be,

and how high rates will need to go. While it’s tempting to make predictions, it’s far more prudent to recognize that the answers are

unknowable.

Instead, we stay focused on what we can understand: the quality of a business, the robustness, and repeatability of the business

model, the quality of a management team, and the team’s experience navigating difficult environments, and the investments a

company can make to solidify and expand its competitive advantages. Changing macroeconomic and pandemic conditions have the

biggest impact on stock prices over the short term.

However, over the long term, the value of a business is a function of the compounding of earnings, free cash flow, and high returns

on capital. By these metrics, we believe opportunities in our investment universe are better than they’ve been in several years and

offer attractive prospects for long-term investors. We are using the factor driven stock market volatility to our advantage, adding

new opportunities in companies in our library that previously did not meet our expected IRR hurdles. We are selling or trimming

companies that have held up well but may be more vulnerable to the changing market conditions. With respect to risk management,

we have been selling companies with less financial flexibility and focusing on adding more sector breadth where applicable.

We are mindful that in more challenging environments, it can be tempting to sell investments that aren’t working and assume

continued weakness.

Sometimes this is the best time to own these investments or buy more from a fundamental perspective.

With any changes that we make, our goal is to enhance quality and expected risk-adjusted returns.

It is often good to buy small-cap growth stocks during challenging times like these. Our focus continues to be on finding what we

believe to be high-quality companies that benefit from long-term secular trends; are well-positioned in their respective markets;

have robust, cash-generative business models; and are run by talented management teams. We believe these qualities provide

businesses with the ability to grow in any market environment and are important drivers of long-term performance. We have not

changed our view that the stocks in our Fund have the potential to at least double in value over a five-year period, with some

offering far more upside especially after the recent drawdown. We believe that maintaining our focus high-quality growth

companies with the best risk-reward tradeoff that are well positioned to drive cash flow and earnings growth over the next 5 years

will generate long-term performance for the Portfolio, regardless of volatility in the underlying economy and shorter-term rotations

in the market.


14





Polen Capital U.S. Small Company Growth Fund (continued)

Fund Performance & Attribution Challenging stock selection in consumer discretionary and financials, where we believe there is a disconnect between the

performance of the underlying businesses and their stock prices, drove Fund underperformance. Cyclical sectors (energy, materials)

on one end of the spectrum and defensives (consumer staples, utilities) on the other were the only sectors that materially

outperformed the benchmark.

Except for consumer staples, our focus on high-quality, sustainable growth makes it easier to steer away from most of these sectors.

Our above-benchmark exposure to growth also detracted from performance over the quarter, as did our below- benchmark

exposures to the value and dividend yield factors.

The top absolute contributors to the Fund’s performance over the most recent quarter included AMN Healthcare, Bumble, and

Azenta.

AMN Healthcare is a provider of temporary health care staffing in the U.S. A tightened labour market and higher-than-average

turnover in the health care industry precipitated by the pandemic are helping to drive pricing and volume growth for the company.

We do not believe the company’s current results are sustainable, especially the well above average pricing the company is currently

benefitting from. Given its relative performance and the wide range of outcomes over the next few years as health care starts to

normalize, we trimmed our position in the company.

Online dating company Bumble has been successfully executing its core strategic priorities focused on driving scale and

engagement, monetization, and profitability. We are excited about the market potential for online dating and believe Bumble can

take share and leverage its brand in adjacent categories. This is a category we believe should be resilient no matter what happens

with the economy.

Azenta is a health care company that focuses on biological sample management. The company, previously known as Brooks

Automation, re-branded as Azenta after selling its semiconductor business earlier this year. The company is the only end-to-end

provider of reliable cold-chain sample management solutions and genomic services and benefits from the trend towards sample

outsourcing by pharmaceutical and diagnostic companies.

The most significant absolute detractors from the Fund’s performance over the most recent quarter included Warby Parker,

Revolve, and Progyny.

Warby Parker is an omnichannel retailer of prescription glasses, contacts, and sunglasses. The market’s rapid shift toward favouring

profitable companies posed challenges for the company in the quarter as did weaker results which were pandemic-related. Warby

Parker is less profitable at this stage of its lifecycle as it invests in building out its retail footprint. We expect the company to be

cash-flow positive within a year as it continues to benefit from scale and as retail foot traffic and productivity of the company’s

retail stores return to normal as pandemic conditions ease. We may have had the opportunity to add this holding at a more ideal

price. However, we remain excited about the long-term growth potential of the business, and the expected IRR.

Revolve is an e-commerce fashion company we believe is executing well. The stock weakness during the period was more

sentiment-driven as the market grew increasingly concerned about consumer spending in a recession. We acknowledge that there

could be some softness in the company’s near-term results as consumers tighten their purse strings, but we believe there remains

tremendous long-term potential for this business. We have also observed that Revolve’s management team is exceptional when it

comes to navigating unprecedented challenges, as they did during the pandemic and have a long history of doing so since being

founded in 2003 and bootstrapped by their founders. Management preparedness is an important marker we are looking for during

this challenging time and Revolve’s management team is unquestionably in this area. We added to our position on this weakness.

Progyny is a fertility benefits manager for self-insured companies and their employees. Like Revolve, the underlying fundamentals

of the business remain robust, and we believe the outsized weakness during the quarter was sentiment-driven based on investors’

recessionary fears. In our view, this is a short-sighted concern that overlooks Progyny’s nascent opportunity to penetrate a large and

rapidly growing market with an advantaged, “patient-first” business model. Progyny’s comprehensive fertility solutions are top of

mind for employers looking to drive better diversity, equity and inclusion efforts and it’s also a way for companies to stay

competitive in attracting and retaining talent. As a medical benefits provider, they should be relatively insulated should economic

conditions worsen, especially compared to more "nice to have" employee benefits.


15






Fund Activity

We had more trading activity than usual in recent months.

We are using the stock market volatility to enhance the Fund’s quality and expected risk- adjusted returns while remaining well

positioned for the long term.

We took advantage of drawdowns in existing holdings’ stock prices over the second quarter to add to our positions in cloud-based,

e- commerce restaurant brand platform Olo, e-commerce fashion company Revolve, and insurance brokerage company Goosehead

Insurance. We also added to our position in investment management services firm Hamilton Lane after initiating a smaller position

in the company earlier this year.

We have taken advantage of new opportunities in companies in our library that previously didn’t meet our expected IRR hurdles,

initiating new positions in Five Below Inc., Azenta Life Sciences Inc., Doximity, Inc., and SiteOne Landscape Supply, Inc.

Five Below is a leading, high-growth, value retailer in the U.S. with a differentiated and durable customer value proposition. This is

a company we had previously owned in the Fund but sold it during the pandemic as we were concerned about the company's ability

to thrive during the pandemic with a business model reliant on physical storefronts and foot-traffic.

With more comfort that the economy is reopening and considering the stock's big pullback over the past several months, Five

Below is a compelling investment once again. The things that have us most excited are the company's potential to grow its store

base, its compelling store economics, the investments the company is making to remodel its stores, and its value orientation in a

potentially difficult economy. We are excited about the company's plans to triple its store base by 2030 and double its top and

bottom line by 2025. Based on expectations of 15% square footage growth annually, modest store comps, and limited margin

improvement over the next eight years as the company grows its store base as planned, we believe there is significant upside from

current levels.

Azenta is the only end-to-end global provider of reliable cold-chain life science sample management solutions and genomic

services. The company is competitively advantaged in a very attractive industry that is growing 10 - 12% as more and more drugs

are developed in an increasingly complex environment. Due to the nature of its business, its customer relationships are often

enduring. The average sample is stored for three years, with some stored for over a decade. Long term, we believe the company will

deliver attractive growth, margin expansion, continued mergers and acquisition opportunities, and the potential for share buybacks

over time. From a portfolio management perspective, Azenta gives us exposure to the robust research and development trends in

biotechnology and pharma without concentrated FDA risk or earnings losses.

Doximity is a productivity and professional network app for doctors that derives its revenues primarily from advertising dollars

spent by biopharma companies on its platform. Its unique value proposition lies in its targeted physician list desired by drug

companies. Doximity is an attractive alternative or supplement to an industry that has historically focused its ad spend on sales reps.

Doximity is uniquely high growth and already a very profitable business with a 33% operating margin. It has attractive software-

like economics without having to spend much to acquire users or customers. While the company clearly had some benefit from the

pandemic, it is still early in tapping into a growing, $8B market with multiple avenues for growth. The sell-off in recent IPOs has

created an attractive risk-reward opportunity to start a position.

SiteOne is the largest and only nation-wide wholesale distributor of landscape products in the U.S. Given its scale, SiteOne offers

an accessible network for suppliers with limited distribution resources. The company’s landscaping focus, which is more recurring

in nature than other consumer markets, gives it a resilient earnings profile even in the event of an economic downturn. SiteOne has

also demonstrated success through highly accretive acquisitions of small local players. Given its industry’s fragmentation, we

believe the company has a long runway for growth. Going forward, we expect earnings per share to compound at a low double-digit

rate for the next five years, driven again by +5% organic same store sales growth, +5% growth from acquisitions, flat to expanding

margins, and potential returns of capital in the form of share repurchases or dividends. We recognize that some recent margin gains

may revert in the near- term, but believe this is a rock-solid, high-quality company that can compound earnings for many years and

that the current valuation sufficiently discounts near-term uncertainty.

In the most recent quarter, we reduced our positions in a few existing holdings. This included Endava, AMN Healthcare, and

AppFolio.

Our reduced position in IT consulting company Endava reflects the above-average risk related to the Russia-Ukraine conflict and

the possibility that it extends to Moldova, which represents 9% of Endava’s revenues and where 12% of the company's employees

are based.


16






We trimmed our position in property management software company AppFolio to redeploy the capital into what we believe to be

superior alternatives. The stock held up relatively well this year, and it was a source of funds for adding to new and existing

positions.

As referenced above, AMN Healthcare, performed well during the period. We reduced our position size on the margin due to risk

management given a widening range of outcomes over the next few years as the healthcare system returns to a new normal. AMN

remains a top holding.

We’ve completely sold companies that we believe may be more vulnerable to the changing market conditions and those with less

financial flexibility including Malibu Boats LLC., Trupanion, and BigCommerce Holding Inc.

On Malibu Boats LLC we are concerned about the considerable demand pull-forward during the pandemic combined with the rise

in interest rates and inflationary pressures the consumer is currently facing. The business continues to perform well but we know

from past downturns that this is an industry that is more vulnerable to these types of pressures, and that the environment can change

quickly. The company's stock has held up better than most companies in our Fund in the YTD period, making it a good source of

funds to redeploy into companies with less vulnerability to the changing economic conditions and more compelling risk reward

profiles.

We sold Trupanion because we are concerned about the deteriorating unit economics of the business. Changes in how vets operated

during COVID disrupted Trupanion’s strategic advantage for onboarding new pets at vet offices.

This forced Trupanion to compete in undifferentiated DTC (direct-To-consumer) sales channels with other pet insurers and increase

experimentation for pet acquisition. This significantly increasing per pet acquisition cost and moving away from the discipline we

had seen from management historically.

This is a key variable in the unit economics and free cash flow (FCF) generation that Trupanion would be able to earn from each of

its covered pets. While the veterinary community has largely overcome the challenges of COVID-19, we lack confidence that

management can curb pet acquisition spend in the intermediate term while also investing in future growth channels. This can both

hamper growth and is a major obstacle to generating free cash flow FCF. This is a clear and likely persistent Flywheel violation.

Management may be making correct and rational decisions to ensure the multi-decade success of the business, but the declining unit

economics of the business and lack of FCF makes it less compelling in the current environment and over our investment horizon.

Finally, we sold BigCommerce due to clear Flywheel violations. We are concerned about the company's deteriorating profitability

and reliance on external sources of capital. BigCommerce is facing numerous challenges including developer resources in Ukraine

and the potential for staffing challenges in a still challenging labour market for engineers.

Outlook The macroeconomic environment is complex and unpredictable. This unpredictability stems from interplay between

macroeconomic data points, external shocks or their reversal, the Fed’s actions, and how consumers and businesses react. This

creates a series of junctures in which multiple scenarios are possible. What we are observing in many companies we follow is a

natural reaction to uncertainty, which is a slowdown in the front edge of consumer discretionary, a lengthening of sales cycles, and

more caution around building inventory. There may be tougher times ahead, and we are prepared for it. We are expecting growth to

slow in the face of difficult comparisons and the weakening outlook. This compounds uncertainty around near-term predictions and

valuation multiples. Companies that benefited from the pandemic may look particularly volatile with a short-term view.

This is exactly why we stay focused on the long-term. While it may be hard to believe with short-term lens influenced by fear and

uncertainty, the long-term picture is far clearer than the market would suggest, and by and large, our long-term view and conviction

in our portfolio companies is unchanged. This allows us to confidently sift through the noise and take advantage of price

dislocation. This also highlights the benefit of owning Flywheel companies as we define them. These are long-term secular winners,

still in the early innings of their growth, with durable businesses models and balance sheets that are built to keep them robust when

others are weak. Time and patience are required for the fundamentals to play out. We cannot predict the short-term even though we

believe significant bad news is priced in.

Despite all the challenges, the opportunity set in small-cap is attractive. High-quality, small-cap companies have greater latent

potential for growth relative to more mature businesses. The best small cap growth companies can quickly reduce spending and

inflect profitability if needed given their high starting levels of investment. We believe the best-of-the-best small-cap companies

will take advantage of adjacencies and have a better potential opportunity set for value-added acquisitions.


17






Of course, many companies do not meet this high hurdle, which is why we hold a concentrated portfolio of companies that do not

just offer growth and high returns, but also durability, robust financial models, the ability to self-fund growth, and what we believe

to be superior management teams.

We believe great investing requires a clear and proven philosophy, a disciplined process and conviction. It also requires great

humility and a willingness to change your view when the evidence requires it. We look forward to keeping you updated on our

views in future commentary.

Thank you for your interest in Polen Capital and the Polen Capital U.S. Small Company Growth Fund. Please contact us with any

questions.

Sincerely,

Rayna Lesser Hannaway

11 August 2022


18






Share prices globally—including those in emerging markets— remained under pressure in the second quarter of 2022, adding to an

already challenging start to the year. In our view, some of the reasons for the declines this year have been very rational. With

inflation moving higher globally and interest rates following suit, markets are naturally baking in higher discount rates, and some of

the frothy valuations of the past years have come home to roost.

We have been concerned for a while about the number of companies in the market with unprofitable business models raising capital

on the promise of significant returns tomorrow.

There was no way of knowing when this would unwind; however, history has shown that no matter how painful it can be – and

sometimes for a long time – fundamentals tend to win out in the end.

In such unwinding environments, it is not uncommon for markets to throw the proverbial "baby out with the bathwater." We believe

this is playing out now. Companies we regard as high quality are selling off as much if not more than those with significantly less

solid fundamental underpinnings simply because of the industry they operate in.

Going forward, we have no idea how much further markets can or will fall. However, it looks likely that global interest rates and

funding sources will get tighter from here on. This is probably not good news for companies with weak fundamental underpinnings

or cash flows to support valuations. Nevertheless, in our opinion, it is a good time to be an active investor. We feel very confident

in the companies we own in the Polen Capital Global Emerging Markets Growth Fund (the “Fund”), their robust business models,

and the valuations many of them are now trading on.

Emerging markets were not exempt from global pressures in the second quarter. Yet, the drawdown was less severe than across

their developed counterparts. This was partly because China, the largest emerging market, had already been heavily punished

during the previous twelve months. It was also probably a reflection of the emerging market asset class as a whole having missed

out on some of the exuberance that found its way into global markets in recent years.

Chinese equities closed the period higher after the world's second-largest economy relaxed some of its COVID-19-related

lockdowns and showed early signs of easing tensions on the regulatory front, particularly within the technology sector.

While easing lockdowns are a favourable tailwind in the short term, we would be cautious in cheering too early as the Chinese

government remains committed, albeit in an increasingly isolated way, to a zero COVID-19 policy. Despite the government's

efforts, achieving this goal is something that, at least as we stand today, looks unlikely to succeed over the long term.

Fund Performance & Attribution From an absolute perspective, our most significant contributors to performance over the most recent quarter were Autohome, Phu

Nhuan Jewelry, and Prosus.

Autohome is China's leading online car classified company and one company that, in our view, was unfairly punished in reaction to

China's regulatory crackdown last year. Autohome saw a steep decline in its share price in 2021 as most tech-related companies

sold off, irrespective of the actual direct impact of regulatory changes or how cash-generative their businesses were.

While earnings of Autohome did soften during the year as the global chip shortage weighed on new car sales, we expect the

company to return to the earnings growth levels it has historically delivered. The company's 70% share price decline in 2021 left it

trading on levels we considered very attractive, and we took the opportunity to increase our position earlier in the year. Despite the

bounce during the quarter, we still view the company as materially undervalued.

Headquartered in Vietnam, Phu Nhuan Jewelry produces, sells, and trades jewellery and related products. PNJ is the leading

formalized jewellery retailer in a growing industry (and country) still primarily dominated by "Mom and Pop" stores. Year to date,

profits are up about 50% year-over-year, which in our view, represents solid growth for a company trading at less than 20x forward

earnings. As PNJ rolls out new stores and customers continue to be attracted to purchasing from a brand they trust, we expect PNJ

will continue compounding at high rates of return.

Prosus is a Netherlands-headquartered holding company with a 30% stake in Tencent Holdings Ltd. We have historically viewed

Prosus as an attractive vehicle for investing in Tencent, given that Prosus's market cap—including several other promising

businesses—is significantly lower than its direct stake in Tencent.

After trying multiple times to close the discount without much success, the firm's management announced that it would begin to

gradually sell down some of its Tencent holdings and use the proceeds to buy back shares, leading to a jump in Prosus's share price.


19





Polen Capital Global Emerging Markets Growth Fund (continued)

The most significant absolute detractors from performance over the quarter were MercadoLibre, Karoooo, and Titan.

As written in our Q4 2021 commentary, some significant differences exist between the underlying profitability of e- commerce

companies in emerging markets. However, MercadoLibre was punished during the quarter in part because of the sector it happens

to operate in. Given its robust cash flow generation, we believe MercadoLibre is well-poised to continue delivering solid cash flows

that will enable it to support its operations fully. Going forward, we expect the business to continue growing and providing value-

added services to its customers across the continent. In turn, we capitalized on the weakness during the quarter to opportunistically

increase our position in MercadoLibre.

Karoooo is a leading South African and Southeast Asian provider of highly precise vehicle tracking services that help its customers

improve their logistics operations' efficiency, safety, and security. Despite the price weakness during the quarter and year-to-date,

the company continues to deliver solid operating results, with subscribers and revenues for the full year ending February 2021

increasing by 17% and 20%, respectively. During the quarter, we spoke with Zak Calisto, CEO of Karoooo, about the business and

its plans for the future. Following our discussion, we remain very impressed with the company's strategy, quality of management,

and ability to continue compounding cash flows for many years.

Titan is the leading jewellery retailer in India. While it has made a solid recovery operationally since the early days of the

pandemic, so has its share price. With valuations under the limelight, it is not surprising to see some profit-taking action. Though

our team remains confident in the company's long-term structural growth story, we reduced our holding late last year to reflect more

demanding near-term valuations.

Fund Activity

During the most recent quarter, we increased our positions in Momo.com, Wizz Air, MercadoLibre, Tencent Music Entertainment

Group, and Alibaba Group Holding and exited President Chain Store. We also reduced our positions in Raia Drogasil SA, United

Spirits Limited, and Colgate-Palmolive (India) Ltd.

We used share-price weakness over the quarter to increase our positions in Taiwan-based e-commerce company Momo.com, low-

cost airline Wizz Air and online marketplace MercadoLibre. We have discussed these three businesses in recent quarterly

commentaries, and we believe in each case that the share price movements we have seen this year are not reflective of their

underlying solid fundamentals. We also added to our position online music platform Tencent Music Entertainment Group and

Chinese e-commerce company Alibaba.

To fund some of these additions, we reduced our position in Raia Drogasil. Raia had performed very well due to the robust year-to-

date performance of the Brazilian Real. While we still think this is a very good business, we didn't believe the growth/valuation

trade-off was sufficient to justify a top ten position in the fund.

We also reduced our positions in beverage company United Spirits and oral-care company Colgate-Palmolive as the slower growth

levels we have been seeing are not reflected in current valuations.

Finally, we exited President Chain Store entirely. Given some of the price dislocations, we see better opportunities for capital to be

invested elsewhere within the fund.

Outlook

As investors, we focus our attention on long-term fundamentals rather than market gyrations which can either work for or against

the Fund in the short term. This is particularly true in emerging markets, where unique risks arise from time to time that can create

bumps in the road. These headwinds are often difficult to predict in both timing and scale, so we focus our research on long- term

structural themes that have the potential to prevail over multiple years regardless of the near-term backdrop.

Our conviction in our businesses' competitive advantages, sustainability, and durability remains high, and we believe the Fund is

well-positioned to navigate the future. Looking ahead, we remain dedicated to finding companies with competitive advantages that

we believe can compound earnings and cash flows over the long term, independent of commodity swings or economic cycles.

Given the power of compounding over time, we think that once we invest in great businesses, the best path forward is to stay the

course through a long-term approach.

Thank you for your interest in Polen Capital and the Polen Capital Global Emerging Markets Growth Fund. Please contact us with

any questions you might have.

Sincerely,

Damian Bird and Dafydd Lewis

11 August 2022


20






The Polen Capital Global SMID Company Growth Fund’s (the “Fund”) companies’ fundamentals continue to do well, but high

inflation, rising interest rates, and a general “risk- off” mentality have created some difficulty for our investing style. In response to

surging inflation, the U.S. Federal Reserve Board (the “Fed”) continued to tighten interest rates, trying to balance the need to curtail

rising prices and avoid the risk of tipping the economy into a recession. Whether the Fed’s strategy proves successful remains to be

seen, and in the meantime, rumblings about inflation and a potential recession are getting louder.

Among other macro developments, the absence of a quick and peaceful resolution to the Ukraine-Russia conflict as well as China’s

COVID-zero policy contributed to persistent inflation, which the market may not have fully appreciated. Investor sentiment became

increasingly negative as a result and multiples have continued to compress despite underlying fundamentals remaining solid.

Certain market segments, including consumer discretionary, are under more acute selling pressure given fears about consumer

weakness in recessionary periods. Another notable feature of the investment backdrop has been the outperformance of cyclical

sectors, energy being the best example. With our focus on what we believe to be high-quality compounders over the long term,

companies in this space tend not to fit our investment criteria.

As expected, during periods of heightened volatility and a shifting economic environment, we are refining the Fund

opportunistically.

We are taking advantage of new opportunities in companies that we believe are superior alternatives but did not previously meet

our expected internal rate-of- return (IRR) hurdle.

This includes some health care companies that have been on our watch list for years. We are also taking profits by selling or

trimming companies that have held up well that we believe have lower return expectations going forward.

Fund Performance & Attribution

Fund underperformance was driven primarily by security selection, as positive selection in financials and real estate was

outweighed by negative selection in consumer discretionary and consumer staples.

Sector allocation also detracted from relative performance due to our significant overweight in information technology. The Fund

style was challenged by growth and quality underperforming the benchmark.

Market sectors we typically have less exposure to, including value and cyclical stocks such as energy, have continued to perform

relatively well. We remain focused on finding companies with competitive advantages that we believe can compound earnings and

cash flows over the long-term independent of commodity swings or economic cycles.

Our most significant absolute contributors to performance over the second quarter were Azenta, Dechra Pharmaceuticals, and TMX

Group Limited.

Azenta is a life science sample management business. We initiated a position very late in the quarter and given that the Index was

down more than 16% over the period and the stock was up over our short holding period, it appears as a top contributor to absolute

returns.

Dechra Pharmaceuticals was another new position over the quarter. It is a U.K.-based animal health care company that we have

followed for many years. We took advantage of share-price weakness to initiate a position in the stock. Like Azenta, the reason it

appears as a top contributor over the quarter is a function of timing.

TMX Group Limited, the company that operates the Toronto stock exchange, posted robust results indicative of the business’s

overall stability. Earnings were ahead of consensus, revenues were up compared to last year, and we believe this is a high-quality,

high- returns business that can perform well in nearly any market environment.

Our most significant absolute detractors from performance included Globant, Revolve Group, and Endava.

Digitally native information technology (IT) service business Globant posted first-quarter revenue growth ahead of consensus, yet

the stock has been weak with expectations of slowing growth and rising wage costs. We believe valuation has become considerably

more attractive. While there may be some short- term volatility, we believe Globant remains a great value, high- quality business

with substantial growth potential.

Revolve Group is an e-commerce fashion company that we believe is executing well. We also believe the stock weakness during

the period was more sentiment-driven as the market grew increasingly concerned about consumer spending in a recession.


21





Polen Capital Global SMID Company Growth Fund (continued)

Endava, a leading global IT consulting business, experienced stock price weakness. Similar to Globant, this was not a function of

any slowdown in demand or change to its core business but rather a reflection of the market’s broader concerns around future IT

investment and spending.

Fund Activity We initiated new positions in Tecan Group, Five Below, Dechra Pharmaceuticals, Azenta, and Keyword Studios. We increased our

position in Euronext while exiting RH, Etsy, and Thule. We reduced our position in CTS Eventim AG during the second quarter.

Tecan Group is a Swiss-based health care technology company that has seen consistent customer demand driven by the high quality

of its products and solutions, continuous innovation, and impressive underlying growth in genetic research, drug discovery, and

detecting and treating cancer. We believe this is a high- quality company with a favourable growth outlook and a narrow range of

outcomes that was trading at an attractive valuation after a drawdown in its stock price.

Five Below is a leading, high-growth, value retailer in the U.S. with a differentiated and durable customer value proposition. We

believe the company can compound its value at a high-teens rate over the next five years driven by a combination of mid-teens new

store expansion, mid- to low-single digit comparable store growth, and modest margin expansion off its fixed-cost leverage.

Having followed U.K.-based animal health care company Dechra Pharmaceuticals for years, we took advantage of recent share-

price weakness as our entry point for owning the business. Dechra excels in niche segments of the animal health care industry and

supplements its organic earnings growth with thoughtful mergers and acquisitions (M&A) and margin expansion. We believe its

competitive advantages will lead to durable and profitable long- term growth.

Azenta is a health care company that focuses on biological sample management. Previously known as Brooks Automation, the

company re-branded as Azenta after selling its semiconductor business earlier this year. Azenta is the only end-to-end provider of

reliable cold-chain sample management solutions and genomic services and benefits from the trend toward sample outsourcing by

pharmaceutical and diagnostic companies.

Keyword Studios is the global leader in outsourced video game production services and enjoys relationships with nearly all leading

game development companies worldwide. We believe the business has a long runaway of attractive growth opportunities ahead.

Given its attractive risk-reward profile and valuation, we increased the Fund’s position in Amsterdam-based Euronext, a leading

exchange operator with exposure to European capital markets.

We also exited the Fund’s positions in RH and Etsy. While remaining two of the highest-quality companies in our investable

universe, the discretionary nature of their products means that the range of outcomes has widened and recent shifts in the market

presented us with what we believe to be superior alternatives.

We reduced the Fund’s outsized position in CTS Eventim to redeploy the capital to Euronext.

Outlook We continue to stay focused on the long-term value propositions, competitive advantages, ongoing initiatives, growth opportunities,

and potential earnings power of our Fund’s portfolio companies. In challenging periods like these, we believe the strong get

stronger. In other words, we believe businesses with robust balance sheets that can self-fund growth are poised to withstand a

potential recession, maintain resilience, and gain market share while their competition retreats. We believe the opportunity for long-

term investors like us is more favourable than it has been in years.

Thank you for your interest in Polen Capital and the Polen Capital Global SMID Company Growth Fund. Please contact us with

any questions.

Sincerely,

Rob Forker

11 August 2022


22



Statement of Financial Position

As at 30 June 2022

Polen Capital

Focus U.S.

Growth Fund

Polen Capital

Focus U.S.

Growth Fund

Polen Capital

U.S. Small

Company

Growth Fund

Polen Capital

U.S. Small

Company

Growth Fund

30 June

2022

31 December

2021

30 June

2022

31 December

2021

Notes USD USD USD USD

Assets

Financial assets at fair value through profit or loss:

Investment in transferable securities 3 3,111,610,526 5,363,582,808 8,735,292 16,351,269

Investment in financial derivative instruments 3 9,036 737,362 - -

Cash and cash equivalents 4 63,028,726 43,104,821 790,967 375,377

Amount receivable on subscriptions 2,240,080 42,518,013 - 642,568

Investment manager reimbursement receivable 8 2,299 58,830 2,459 10,121

Interest and dividends receivable, Net 197,819 - 1,227 -

Other receivables 30,675 - 20,355 -

Total assets 3,177,119,161 5,450,001,834 9,550,300 17,379,335

Liabilities

Financial liabilities at fair value through profit or loss:

Investment in financial derivative instruments 3 235,459 50,917 - -

Bank overdraft 4 56,930 - 1 -

Amount payable on purchase of securities - 46,322,390 296,600 660,324

Redemptions payable 4,656,729 10,944,148 - 11,907

Directors fees payable 5 7,654 7,026 123 91

Legal fees payable 65,002 55,595 - 121

Other accrued expenses and liabilities 6 149,604 123,925 8,063 5,724

Investment management fees payable 5 2,761,653 4,424,776 9,720 16,096

Administration fees payable 5 37,391 53,845 1,250 1,581

Audit fees payable 8,408 18,076 4,648 13,287

Depositary fees payable 5 53,224 93,117 1,183 3,050

Transfer agency fees payable 5 6,667 107,174 - 122

Taxation consultant fees payable 32,202 17,822 - 2,482

Payable to investors - 159,033 - -

Total liabilities (excluding amounts attributable

to holders of redeemable participating shares) 8,070,923 62,377,844 321,588 714,785

Net assets attributable to holders of redeemable

shares 3,169,048,238 5,387,623,990 9,228,712 16,664,550

The accompanying notes form an integral part of these financial statements.


23



Statement of Financial Position (continued)

As at 30 June 2022

Polen Capital

International

Growth Fund

Polen Capital

International

Growth Fund

Polen Capital

Global

Emerging

Markets

Growth Fund

Polen Capital

Global

Emerging

Markets

Growth Fund

30 June

2022

31 December

2021

30 June

2022

31 December

2021


Assets


Investment in transferable securities 3 23,703,562 38,581,367 2,228,377 3,071,368

Investment in financial derivative instruments 3 - - - 2,806

Cash and cash equivalents 4 719,194 939,582 75,279 81,653

Amount receivable on sale of securities 91,578 - - -

Amount receivable on subscriptions - 320,625 - -

Investment manager reimbursement receivable 8 - 8,293 3,323 8,496

Interest and dividends receivable 19,855 12,547 11,926 1,012

Other receivables 21,941 6,036 9,244 304

Total assets 24,556,130 39,868,450 2,328,149 3,165,639

Liabilities

Financial Liabilities at fair value through profit or

loss:

Investment in financial derivative instruments

liabilities 3 - - 1,997 -

Amount payable on purchase of securities - - 86 -

Redemptions payable 20,000 52,119 - -

Directors fees payable 5 36 17 137 103

Legal fees payable - 588 - 588

Other accrued expenses and liabilities 6 11,016 8,651 8,730 6,025

Investment management fees payable 5 25,171 39,185 1,915 2,603

Administration fees payable 5 400 1,031 1,350 1,681

Audit fees payable 4,577 13,216 389 9,027

Depositary fees payable 5 1,179 5,043 1,122 2,135

Transfer agency fees payable 5 - 285 - 1,036

Taxation consultant fees payable 4,404 3,218 - 2,088


to holders of redeemable participating shares) 66,783 123,353 15,726 25,286


shares 24,489,347 39,745,097 2,312,423 3,140,353



24



Statement of Financial Position (continued)

As at 30 June 2022

Polen Capital

Global SMID

Company

Growth Fund1 Total Total

30 June

2022

30 June

2022

31 December

2021

Notes USD USD USD

Assets


Investment in transferable securities 3 915,516 3,147,193,273 5,421,586,812

Investment in financial derivative instruments 3 2 9,038 740,168

Cash and cash equivalents 4 19,775 64,633,941 44,501,433

Amount receivable on sale of securities 12,435 104,013 - Amount receivable on subscriptions 3,041 2,243,121 43,481,206 Investment manager reimbursement receivable 8 3,738 11,819 85,740

Interest and dividends receivable 63 230,890 13,559

Other receivables 12,075 94,290 6,340

Total assets 966,645 3,214,520,385 5,510,415,258

Liabilities

Financial liabilities at fair value through profit or loss:

Investment in financial derivative instruments 3 283 237,739 50,917

Bank overdraft 4 8,567 65,498 -

Amount payable on purchase of securities 25,386 322,072 46,982,714

Redemptions payable - 4,676,729 11,008,174

Directors fees payable 5 42 7,992 7,237

Legal fees payable - 65,002 56,892

Other accrued expenses and liabilities 6 948 178,361 144,325

Investment management fees payable 5 823 2,799,282 4,482,660

Administration fees payable 5 987 41,378 58,138

Audit fees payable 6,688 24,710 53,606

Depositary fees payable 5 1,123 57,831 103,345

Transfer agency fees payable 5 1,216 7,883 108,617

Taxation consultant fees payable 802 37,408 25,610

Payable to investors - - 159,033


to holders of redeemable participating shares) 46,865 8,521,885 63,241,268


participating shares

919,780 3,205,998,500 5,447,173,990

1Fund was launched on 31 January 2022 therefore comparatives are not available.



25



Statement of Comprehensive Income


Polen Capital

Focus U.S.

Growth Fund

Polen Capital

Focus U.S.

Growth Fund

Polen Capital

U.S. Small

Company

Growth Fund

Polen Capital

U.S. Small

Company

Growth Fund


30 June 2022 30 June 2021 30 June 2022 30 June 2021

Income

Dividend income 6,752,158 7,769,596 21,381 6,868

Bank interest 46,795 - 280 -

Net (loss)/gain on financial instruments at fair

value through profit or loss 2

(1,785,494,865) 553,846,794

(6,628,850) 1,051,165

Expense reimbursement 8 16,557 118,024 13,291 21,503

Other income 38,095 20,134 181 3,250

Total (loss)/income (1,778,641,260) 561,754,548 (6,593,717) 1,082,786

Expenses

Investment management fees 5 (20,137,447) (18,409,502) (66,578) (54,320)

Management fees 5 (118,065) - (366) -

Administration fees 5 (110,789) (275,359) (3,719) (3,741)

Directors fees 5 (28,486) (29,625) (105) (54)

Legal fees (77,135) (71,011) (204) (199)

Consultancy fees - (34,846) - (1,136)

Depositary fees 5 (187,430) (482,679) (5,246) (7,947)

Transfer agency fees 5 (318,860) (249,512) (525) (3,000)

Audit fees (9,746) (10,581) (8,098) (8,730)

Transaction costs (156,102) (94,362) (3,196) (2,160)

FATCA fees (1,018) - (161) -

Taxation fees (18,981) (11,073) (1,019) (957)

Bank interest expense (86,751) (222,822) (396) (591)

Other expenses 6 (157,569) (106,263) (8,241) (7,372)

Total expenses (21,408,379) (19,997,635) (97,854) (90,207)

Operating (loss)/profit (1,800,049,639) 541,756,913 (6,691,571) 992,579

Finance Costs

Distributions to holders of redeemable participating

shares

(18,523,790) (4,320,673)

- -

(Loss)/profit before taxation (1,818,573,429) 537,436,240 (6,691,571) 992,579

Taxation

Withholding tax on dividends (1,979,989) (2,278,890) (6,414) (2,060)

(Decrease)/increase in net assets attributable to

holders of redeemable participating shares (1,820,553,418) 535,157,350 (6,697,985) 990,519

The accompanying notes form an integral part of these financial statements. All income arises from continuing operations.


26



Statement of Comprehensive Income (continued)


Polen Capital

International

Growth Fund

Polen Capital

International

Growth Fund

Polen Capital

Global

Emerging

Markets

Growth Fund

Polen Capital

Global

Emerging

Markets

Growth Fund



Income

Dividend income 293,486 301,432 25,347 21,594

Bank interest 330 - 56 -

Net (loss)/gain on financial instruments at fair value

through profit or loss 2

(11,255,868) 1,222,614

(805,635) 15,492

Expense reimbursement 8 - 3,810 19,883 19,093

Other income 216 1,809 144 1,914

Total income (10,961,836) 1,529,665 (760,205) 58,093

Expenses

Investment management fees 5 (187,533) (247,159) (12,955) (15,007)

Management fees 5 (936) - (51) -

Administration fees 5 (3,719) (3,991) (3,719) (3,795)

Directors fees 5 (271) (309) (54) (64)

Legal fees (704) (995) (989) (199)

Consultancy fees - (1,195) - (1,001)

Depositary fees 5 (5,490) (11,362) (5,246) (6,674)

Transfer agency fees 5 (2,769) (7,406) (525) (937)

Audit fees (8,098) (8,730) (8,098) (7,743)

Transaction costs (8,175) (21,248) (1,123) (1,188)

FATCA fees (161) - (161) -

Taxation fees (1,235) (1,181) (1,019) (960)

Bank interest expense (1,416) (4,324) (100) (171)

Other expenses 6 (3,259) (3,353) (3,053) (2,810)

Total expenses (223,766) (311,253) (37,093) (40,549)

Operating (loss)/profit (11,185,602) 1,218,412 (797,298) 17,544

Finance Costs


shares

-

-

-

-

(Loss)/profit before taxation (11,185,602) 1,218,412 (797,298) 17,544

Taxation

Withholding tax on dividends (38,549) (37,191) (1,284) (1,384)


holders of redeemable participating shares (11,224,151) 1,181,221 (798,582) 16,160



27



Statement of Comprehensive Income (continued)


Polen

Capital Global

SMID

Company


Notes USD USD USD

30 June 2022 30 June 2022 30 June 2021

Income

Dividend income 5,296 7,097,668 8,099,490

Bank interest 23 47,484 -

Net (loss)/gain on financial instruments at fair value

through profit or loss 2

(382,070)

(1,804,567,288) 556,136,065

Expense reimbursement 8 18,882 68,613 162,430

Other income 1 38,637 27,107

Total (loss)/income (357,868) (1,797,314,886) 564,425,092

Expenses

Investment management fees 5 (4,330) (20,408,843) (18,725,988)

Management fees 5 (41) (119,459) -

Administration fees 5 (3,082) (125,028) (286,886)

Directors fees 5 (44) (28,960) (30,052)

Legal fees (223) (79,255) (72,404)

Consultancy fees - - (38,178)

Depositary fees 5 (4,348) (207,760) (508,662)

Transfer agency fees 5 (2,308) (324,987) (260,855)

Audit fees (6,688) (40,728) (35,784)

Transaction costs (499) (169,095) (118,958)

FATCA fees - (1,501) -

Taxation fees (802) (23,056) (14,171)

Bank interest expense (273) (88,936) (227,908)

Other expenses 6 (2,211) (174,333) (119,798)

Total expenses (24,849) (21,791,941) (20,439,644)

Operating (loss)/profit (382,717) (1,819,106,827) 543,985,448

Finance Costs


shares

- (18,523,790) (4,320,673)

(Loss)/profit before taxation (382,717) (1,837,630,617) 539,664,775

Taxation

Withholding tax on dividends (702) (2,026,938) (2,319,525)


holders of redeemable participating shares (383,419) (1,839,657,555) 537,345,250




28



Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares


Polen Capital

Focus U.S.

Growth Fund

Polen Capital

Focus U.S.

Growth Fund

Polen Capital U.S.

Small Company

Growth Fund

Polen Capital U.S.

Small Company

Growth Fund

USD USD USD USD

Notes 30 June 2022 30 June 2021 30 June 2022 30 June 2021

Net Assets attributable to holders of redeemable

participating shares at beginning of the financial period 5,387,623,990 3,594,255,180 16,664,550 5,106,022

(Decrease)/increase in net assets attributable to holders of

redeemable participating shares

(1,820,553,418) 535,157,350 (6,697,985) 990,519

Change due to subscriptions and redemptions of


Subscriptions* 7 683,300,094 898,860,409 2,908,528 6,104,331

Redemptions* 7 (1,081,322,428) (767,359,866) (3,646,381) (385,356)

Net (decrease)/increase in net assets resulting from

redeemable participating share transactions (398,022,334) 131,500,543 (737,853) 5,718,975


participating shares at the end of the financial period 3,169,048,238 4,260,913,073 9,228,712 11,815,516

*excludes transfers between share classes within the same sub-fund.



29



Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (continued)


Polen Capital

International

Growth Fund

Polen Capital

International

Growth Fund

Polen Capital Global

Emerging Markets

Growth Fund


Emerging Markets

Growth Fund

USD USD USD USD

Note 30 June 2022 30 June 2021 30 June 2022 30 June 2021


participating shares at beginning of the financial period 39,745,097 48,629,764 3,140,353 2,484,717



(11,224,151) 1,181,221 (798,582) 16,160



Subscriptions* 7 1,718,995 8,965,701 107,894 1,011,388

Redemptions* 7 (5,750,594) (22,833,219) (137,242) -

Net (decrease)/increase in net assets resulting from

redeemable participating share transactions (4,031,599) (13,867,518) (29,348) 1,011,388


participating shares at the end of the financial period 24,489,347 35,943,467 2,312,423 3,512,265




30



Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (continued)


Polen Capital

Global SMID

Company Growth

Fund1 Total Total

USD USD USD

Note

30 June 2022 30 June 2022 30 June 2021


participating shares at beginning of the financial period - 5,447,173,990 3,650,475,683



(383,419) (1,839,657,555) 537,345,250



Subscriptions* 7 1,303,325 689,338,836 914,941,829

Redemptions* 7 (126) (1,090,856,771) (790,578,441)

Net increase/(decrease) in net assets resulting from

redeemable participating share transactions 1,303,199 (401,517,935) 124,363,388


participating shares at the end of the financial period 919,780 3,205,998,500 4,312,184,321





31



Statement of Cash Flows


Polen Capital

Focus U.S.

Growth Fund

Polen Capital

Focus U.S.

Growth Fund

Polen Capital U.S.

Small Company

Growth Fund

Polen Capital U.S.

Small Company

Growth Fund

USD USD USD USD


Cash flows from operating activities

(Decrease)/Increase in net assets attributable to holders of

redeemable participating shares from operations (1,820,553,418) 535,157,350 (6,697,985) 990,519

Adjustments to reconcile (loss)/profit attributable to holders of redeemable

participating shares to cash provided by/(used in) operating activities

Interest income (46,795) - (280) -

Dividend income (6,752,158) (7,769,596) (21,381) (6,868)

Tax expense 1,979,989 2,278,890 6,414 2,060

Distributions to holders of redeemable participating shares 18,523,790 4,320,673 - -

Operating (loss)/profit before working capital changes (1,806,848,592) 533,987,317 (6,713,232) 985,711

Changes in operating assets and liabilities

Decrease/(Increase) in investments in securities and financial derivative

instruments 2,252,885,150 (546,180,354) 7,615,977 (6,586,589)

Increase in other receivables (30,675) (4,779) (20,355) (130)

Decrease/(Increase) in investment manager reimbursement receivable 56,531 (20,716) 7,662 3,085

Decrease in amount payable on purchase of securities (46,322,390) (28,763,207) (363,724) (320,025)

(Decrease)/Increase in investment management fees payable (1,663,123) 754,664 (6,376) 7,845

(Decrease)/Increase in administration fees payable (16,454) 193,208 (331) 617

(Decrease)/Increase in transfer agency fees payable (100,507) (14,863) (122) 87

Increase in directors fees payable 628 17,506 32 48

Increase/(decrease) in legal fees payable 9,407 - (121) -

Decrease in consultancy fees payable - (602) - (115)

(Decrease)/Increase in depositary fees payable (39,893) 326,326 (1,867) 872

Decrease in audit fees payable (9,668) (11,100) (8,639) (9,212)

Increase/(Decrease) in taxation consultant fees payable 14,380 8,919 (2,482) 957

Decrease in payable to investment manager - (7,402) - -

Decrease in payable to investors (159,033) (54,550) - -

Increase/(Decrease) in other accrued expenses and liabilities 25,679 (57,594) 2,339 1,897

Cash provided by/(used in) operating activities 397,801,440 (39,827,227) 508,761 (5,914,952)


32



Statement of Cash Flows (continued)


Polen Capital

Focus U.S.

Growth Fund

Polen Capital

Focus U.S.

Growth Fund

Polen Capital U.S.

Small Company

Growth Fund

Polen Capital U.S.

Small Company

Growth Fund

USD USD USD USD


Interest received 46,795 - 280 -

Dividends received 6,554,339 7,599,532 20,154 6,868

Taxation (1,979,989) (2,278,890) (6,414) (2,060)

Net cash provided by/(used in) operating activities 402,422,585 (34,506,585) 522,781 (5,910,144)

Financing activities

Proceeds from issue of redeemable participating shares 723,578,027 914,288,949 3,551,096 6,162,673

Payments on redemption of redeemable participating shares (1,087,609,847) (761,643,087) (3,658,288) (385,356)

Distributions to holders of redeemable participating shares (18,523,790) (4,320,673) - -

Net cash inflow (used in)/provided by financing activities (382,555,610) 148,325,189 (107,192) 5,777,317

Net increase/(decrease) in cash and cash equivalents 19,866,975 113,818,604 415,589 (132,827)

Cash and cash equivalents at the beginning of the financial period 43,104,821 34,627,067 375,377 373,111

Cash at cash equivalents at the end of the financial period 62,971,796 148,445,671 790,966 240,284

Analysis of cash and cash equivalents

Cash and cash equivalents at the start of the financial period 43,104,821 35,201,753 375,377 373,111

Overdraft at the start of the financial period - (574,686) - -

Cash and cash equivalents at the end of the financial period 63,028,726 149,128,835 790,967 240,284

Overdraft at the end of the financial period (56,930) (683,164) (1) -



33





Polen Capital

International

Growth Fund

Polen Capital

International

Growth Fund


Emerging Markets

Growth Fund


Emerging Markets

Growth Fund

USD USD USD USD 30 June 2022 30 June 2021 30 June 2022 30 June 2021

Cash flows from operating activities


redeemable participating shares from operations (11,224,151) 1,181,221 (798,582) 16,160


participating shares to cash provided by/(used in) operating activities

Interest income (330) - (56) -

Dividend income (293,486) (301,432) (25,347) (21,594)

Tax expense 38,549 37,191 1,284 1,384

Distributions to holders of redeemable participating shares - - - -

Operating (loss)/profit before working capital changes (11,479,418) 916,980 (822,701) (4,050)


Decrease/(Increase) in investments in securities and financial derivative

instruments 14,877,805 11,364,282 847,794 (989,554)

(Increase)/Decrease in amount receivable on sale of securities (91,578) 71,211 - -

Increase in other receivables (15,905) (6,042) (8,940) (3,736)

Decrease/(Increase) in investment manager reimbursement receivable 8,293 946 5,173 (6,683)

Increase in amount payable on purchase of securities - - 86 164,566

(Decrease)/Increase in investment management fees payable (14,014) (2,044) (688) 3,397

(Decrease)/Increase in administration fees payable (631) 619 (331) 620

(Decrease)/Increase in transfer agency fees payable (285) (1,037) (1,036) 87

Increase in directors fees payable 19 152 34 52

Decrease in legal fees payable (588) - (588) -

(Decrease)/Increase in consultancy fees payable - (56) - 44

(Decrease)/Increase in depositary fees payable (3,864) 307 (1,013) 874

Decrease in audit fees payable (8,639) (9,212) (8,638) (480)

Increase/(Decrease) in taxation consultant fees payable 1,186 1,153 (2,088) 958

Increase in other accrued expenses and liabilities 2,365 1,651 2,705 2,521

Cash provided by/(used in) operating activities 3,274,746 12,338,910 9,769 (831,384)


34





Polen Capital

International

Growth Fund

Polen Capital

International

Growth Fund


Emerging Markets

Growth Fund


Emerging Markets

Growth Fund

USD USD USD USD


Interest received 330 - 54 (2)

Dividends received 286,178 287,737 14,435 13,652

Taxation (38,549) (37,191) (1,284) (1,384)

Net cash provided by/(used in) operating activities 3,522,705 12,589,456 22,974 (819,118)


Proceeds from issue of redeemable participating shares 2,039,620 9,054,225 107,894 835,665

Payments on redemption of redeemable participating shares (5,782,713) (22,923,219) (137,242) -

Net cash inflow (used in)/provided by financing activities (3,743,093) (13,868,994) (29,348) 835,665

Net (decrease)/increase in cash and cash equivalents (220,388) (1,279,538) (6,374) 16,547

Cash and cash equivalents at the beginning of the financial period 939,582 2,232,317 81,653 93,577

Cash and cash equivalents at the end of the financial period 719,194 952,779 75,279 110,124


Cash and cash equivalents at the start of the financial period 939,582 2,232,317 81,653 93,577

Overdraft at the start of the financial period - - - -

Cash and cash equivalents at the end of the financial period 719,194 952,779 75,279 110,124

Overdraft at the end of the financial period - - - -



35






SMID Company


USD USD USD 30 June 2022 30 June 2022 30 June 2021 Cash flows from operating activities


redeemable participating shares from operations (383,419) (1,839,657,555) 537,345,250


participating shares to cash (used in)/provided by operating activities

Interest income (23) (47,484) -

Dividend income (5,296) (7,097,668) (8,099,490)

Tax expense 702 2,026,938 2,319,525

Distributions to holders of redeemable participating shares - 18,523,790 4,320,673

Operating (loss)/profit before working capital changes (388,036) (1,826,251,979) 535,885,958


(Increase)/Decrease in investments in securities and financial derivative

instruments (915,235) 2,275,311,491 (542,392,215)

(Increase)/Decrease in amount receivable on sale of securities (12,435) (104,013) 71,211

Increase in other receivables (12,075) (87,950) (14,687)

(Increase)/Decrease in investment manager reimbursement receivable (3,738) 73,921 (23,368)

Increase/(Decrease) in amount payable on purchase of securities 25,386 (46,660,642) (28,918,666)

Increase/(Decrease) in investment management fees payable 823 (1,683,378) 763,862

Increase/(Decrease) in administration fees payable 987 (16,760) 195,064

Increase/(Decrease) in transfer agency fees payable 1,216 (100,734) (15,726)

Increase in directors fees payable 42 755 17,758

Increase in legal fees payable - 8,110 -

Decrease in consultancy fees payable - - (729)

Increase/(Decrease) in depositary fees payable 1,123 (45,514) 328,379

Increase/(Decrease) in audit fees payable 6,688 (28,896) (30,004)

Increase in taxation consultant fees payable 802 11,798 11,987

Decrease in payable to investment manager - - (7,402)

Decrease in payable to investors - (159,033) (54,550)

Increase/(Decrease) in other accrued expenses and liabilities 948 34,036 (51,525)

Cash (used in)/provided by operating activities (1,293,504) 400,301,212 (34,234,653)


36






SMID Company


USD USD USD

30 June 2022 30 June 2022 30 June 2021

Interest received 23 47,482 (2)

Dividends received 5,233 6,880,339 7,907,789

Taxation (702) (2,026,938) (2,319,525)

Net cash (used in)/provided by operating activities (1,288,950) 405,202,095 (28,646,391)


Proceeds from issue of redeemable participating shares 1,300,284 730,576,921 930,341,512

Payments on redemption of redeemable participating shares (126) (1,097,188,216) (784,951,662)

Distributions to holders of redeemable participating shares - (18,523,790) (4,320,673)

Net cash inflow provided by/(used in) financing activities 1,300,158 (385,135,085) 141,069,177

Net increase in cash and cash equivalents 11,208 20,067,010 112,422,786

Cash and cash equivalents at the beginning of the financial period - 44,501,433 37,326,072

Cash and cash equivalents at the end of the financial period 11,208 64,568,443 149,748,858


Cash and cash equivalents at the start of the financial period - 44,501,433 37,900,758

Overdraft at the start of the financial period - - (574,686)

Cash and cash equivalents at the end of the financial period 19,775 64,633,941 150,432,022

Overdraft at the end of the financial period (8,567) (65,498) (683,164)




Notes to the Financial Statements


37



1. Significant Accounting Policies

a) Basis of Preparation

Polen Capital Investment Funds plc (the “Company”) is an open-ended umbrella investment company with variable capital and with

limited liability. At the financial year end there were four Funds (the "Funds") which had been launched in the umbrella. The financial

statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union,

the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of

2011), as amended and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective

Investment in Transferable Securities) Regulations, 2019 (the “UCITS Regulations”), and the requirements of the Companies Act

2014.

The same accounting policies and methods of computation are followed in the preparation of these condensed interim financial

statements as were followed in the preparation of the audited annual financial statements prepared for the financial year ended 31

December 2021, with the exception of those noted below. The condensed interim financial statements should be read in conjunction

with audited financial statements.

The condensed financial statements have been prepared under the historical cost convention as modified by the revaluation of

financial assets and financial liabilities at fair value through profit or loss.

The Company’s management has made an assessment of the Company’s ability to continue as a going concern and is satisfied that the

Company has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material

uncertainties that may cast significant doubt upon the Company’s ability to continue as a going concern. Therefore, the financial

statements continue to be prepared on the going concern basis.

The preparation of condensed financial statements requires the Directors to make judgments, estimates and assumptions that affect the

application of policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions

are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of

which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other

sources. Actual results may differ from these estimates. The accounting policies have been applied consistently by the Company.

b) New Accounting Pronouncements Amendments and Interpretations

A number of new standards, amendments to standards and interpretations are effective for annual periods beginning on or after 1

January 2022. None of these have had a material effect on the financial statements of the Company.

There are no other standards, interpretations or amendments to existing standards that are not yet effective and are expected to have a

significant impact on the financial statements of the Company and the Funds.

c) Foreign Currency

The functional currency of the Funds is U.S. Dollar (USD). This is representative of the primary economic environment in which

these Funds operate.

Assets and liabilities denominated in currencies other than the functional currency of the Funds are translated at the rate of exchange

ruling at the financial period end date. Transactions in foreign currencies are translated into U.S. Dollars at the exchange rate ruling at

the date of the transaction. Gains and losses on foreign exchange transactions are recognised in the Statement of Comprehensive

Income in determining the result for the financial period.


Notes to the Financial Statements (continued)


38



1. Significant Accounting Policies (continued)

c) Foreign Currency (continued)

Foreign exchange gains and losses on financial assets and financial liabilities at fair value through profit or loss are recognised

together with other changes in fair value.

The following exchange rates were used to convert assets and liabilities to the functional currency of the Funds at financial period

end:

As at As at

30 June 2022 31 December 2021

Australian Dollar 1.4488 1.3745

Brazilian Real 5.2334 5.5700

Canadian Dollar 1.2872 -

Chinese Yuan 6.6943 6.3734

Danish Krone 7.0975 6.5321

Euro 0.9542 0.8783

Hong Kong Dollar 7.8468 7.7976

Indian Rupee 78.9702 74.3384

Japanese Yen 135.6801 -

South Korean Won 1,298.7013 -

Mexican Peso 20.1094 20.4754

Philippine Peso - 50.9918

Pound Sterling 0.8215 0.7388

South African Rand 16.2686 15.9350

Swedish Krona 10.2298 9.0362

Swiss Franc 0.9547 0.9112

Taiwan Dollar 29.7336 27.6671

Thai Baht 35.3544 33.4046

Vietnamese Dong 23,265.0117 22,789.9451

2. Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value Through Profit or Loss

Polen Capital Focus Polen Capital Focus Polen Capital Polen Capital

U.S. Growth Fund U.S. Growth Fund U.S. Small Company U.S. Small Company

Financial period

ended

Financial period

ended

Financial period

ended

Financial period

ended


USD USD USD USD

Net currency gains/(losses) 14,453 (19,071) 79 (58)

Net realised gains/(losses) on sale

of investments 185,357,782 273,166,051 (1,116,341) 234,934

Net realised (losses)/gains on

forward foreign exchange

contracts (9,554,598) (5,551,822) 74 110

Net change in unrealised losses

on forward foreign exchange

contracts (912,868) (571,132) - -

Net change in unrealised

(losses)/gains on investments (1,960,399,634) 286,822,768 (5,512,662) 816,179

Net (losses)/gains on financial

assets at fair value through

profit or loss (1,785,494,865) 553,846,794 (6,628,850) 1,051,165




39



2. Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value Through Profit or Loss (continued)

Polen Capital Polen Capital Polen Capital Global Polen Capital Global

International

Growth Fund

International

Growth Fund

Emerging Markets

Growth Fund

Emerging Markets

Growth Fund

Financial period

ended

Financial period

ended

Financial period

ended

Financial period

ended


USD USD USD USD

Net currency (losses)/gains (20,396) (43,547) (129) 320

Net realised capital gains tax - - (1,330) (1,675)

Net realised (losses)/gains on sale

of investments (147,288) 3,011,405 (152,568) 5,380

Net realised gains/(losses) on

forward foreign exchange

contracts 5,904 (19,447) (71,096) (4,449)



contracts - - (4,803) (4,297)


(losses)/gains on investments (11,094,088) (1,725,797) (575,709) 20,213



profit or loss (11,255,868) 1,222,614 (805,635) 15,492


SMID Company


Financial period

ended

Financial period

ended

Financial period

ended

30 June 2022 30 June 2022 30 June 2021

USD USD USD

Net currency losses (2,510) (8,503) (62,356)

Net realised capital gains tax - (1,330) (1,675)

Net realised (losses)/gains on sale

of investments (58,365) 183,883,220 276,417,770

Net realised losses on forward

foreign exchange contracts (22,130) (9,641,846) (5,575,608)



contracts (281) (917,952) (575,429)


(losses)/gains on investments (298,784) (1,977,880,877) 285,933,363



profit or loss (382,070) (1,804,567,288) 556,136,065





40



3. Fair Value Measurements

Valuation Techniques

The fair value hierarchy is categorised into three levels based on the inputs as follows:

Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities;

Level 2 - Valuations based on quoted prices in markets that are not active or inputs other than level one for which all significant

inputs are observable, either directly (as prices) or indirectly (derived from prices); and

Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make

valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad

credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest

level of any input that is significant to the fair value measurement.

Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from

sources independent of the Company. Unobservable inputs reflect the Company’s assumptions, made in good faith, about the inputs

market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

However, the determination of what constitutes “observable” requires significant judgment by the Company. The Company considers

observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not

proprietary, and provided by independent sources that are actively involved in the relevant market. The categorisation of a financial

instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the

Company’s perceived risk of that instrument.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.

Therefore, even when market assumptions are not readily available, the Investment Manager’s own assumptions are set to reflect

those that market participants would use in pricing the asset or liability at the measurement date. The Investment Manager uses prices

and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the

transparency of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a

lower level within the fair value hierarchy.

The following is a summary of the inputs used to value the Funds’ financial assets and liabilities measured at fair value on a recurring

basis as of 30 June 2022 and of 31 December 2021:


Balance at 30 Quoted prices in Significant other Significant

Assets and Liabilities June 2022 active markets observable inputs unobservable inputs

Total (Level 1) (Level 2) (Level 3)

USD USD USD USD

Financial assets at fair value

through profit or loss

Quoted equity securities

at fair value 3,111,610,526 3,111,610,526 - -

Forward foreign currency contracts 9,036 - 9,036 -

3,111,619,562 3,111,610,526 9,036 -

Financial liabilities at fair value



235,459 - 235,459 -




41



3. Fair Value Measurements (continued)

Valuation Techniques (continued)





USD USD USD USD




at fair value 8,735,292 8,735,292 - -

8,735,292 8,735,292 - -





USD USD USD USD




at fair value 23,703,562 23,703,562 - -

23,703,562 23,703,562 - -





USD USD USD USD




at fair value 2,228,377 2,228,292 - 85

2,228,377 2,228,292 - 85




1,997 - 1,997 -




42





Polen Capital Global SMID Company Growth Fund1




USD USD USD USD




at fair value 915,516 915,516 - -

Forward foreign currency contracts 2 - 2 -

915,518 915,516 2 -



Forward foreign currency contracts 283 - 283 -

283 - 283 - 1Fund was launched on 31 January 2022.



Assets and Liabilities December 2021 active markets observable inputs unobservable inputs


USD USD USD USD




at fair value 5,363,582,808 5,363,582,808 - -


5,364,320,170 5,363,582,808 737,362 -




50,917 - 50,917 -





USD USD USD USD




at fair value 16,351,269 16,351,269 - -

16,351,269 16,351,269 - -




43









USD USD USD USD




at fair value 38,581,367 38,581,367 - -

38,581,367 38,581,367 - -





USD USD USD USD




at fair value 3,071,368 3,071,368 - -


3,074,174 3,071,368 2,806 -

Level 3 reconciliation

Transfers are deemed to occur from the start to the end of the current accounting period. The following table presents the movement

in level 3 instruments for the period ended 30 June 2022 by class of financial instrument.

Polen Capital Global Emerging Markets Unquoted securities at fair

Growth Fund value through profit or loss

EUR

Opening balance -

Total gains and losses recognised in profit or loss -

Purchases -

Sales -

Transfers into or out of Level 3 85

Closing balance 85

During the period two securities held by Polen Capital Global Emerging Markets Growth Fund were identified as Russian Securities.

As result, due to removal of companies from the Russian ETFs/indices and the overall uncertainty and volatility, those securities were

classified as Level 3 securities. The Investment Manager continues to monitor the situation to determine whether any further changes

are warranted.

There were no transfers between Level 1, Level 2 and Level 3 during the period for the Funds not disclosed in the above tables.

When fair values of listed equity at the reporting date are based on quoted market prices or binding dealer price quotations without

any deduction for transaction costs, the instruments are included within Level 1 of the hierarchy.

Assets and liabilities not carried at fair value (30 June 2022 and 31 December 2021)

Cash and cash equivalents are classified as Level 1 and all other assets and liabilities not carried at fair value are classified as Level 2

for the Funds. The assets and liabilities are carried at amortised cost; their carrying values are a reasonable approximation of fair

value.




44



4. Cash and Cash Equivalents

Polen Capital Focus Polen Capital Focus

Polen Capital U.S.

Small Company

Polen Capital U.S.

Small Company

U.S. Growth Fund U.S. Growth Fund Growth Fund Growth Fund

As at As at As at As at

30 June 2022 31 December 2021 30 June 2022 31 December 2021

USD USD USD USD

RBC Investor Services Bank

S.A., Dublin Branch

Cash and cash equivalents 63,028,726 43,104,821 790,967 375,377

Bank overdraft (56,930) - (1) -

62,971,796 43,104,821 790,966 375,377

Polen Capital

International

Polen Capital

International

Polen Capital

Global Emerging

Markets Growth

Fund


Emerging Markets

Growth Fund

Growth Fund Growth Fund

As at As at As at As at

30 June 2022 31 December 2021 30 June 2022 31 December 2021

USD USD USD USD


S.A., Dublin Branch

Cash and cash equivalents 719,194 939,582 75,279 81,653

719,194 939,582 75,279 81,653

Polen Capital

Global SMID

Company


As at As at As at

30 June 2022 30 June 2022 31 December 2022

USD USD USD


S.A., Dublin Branch

Cash and cash equivalents 19,775 64,633,941 44,501,433

Bank overdraft (8,567) (65,498) -

11,208 64,568,443 44,501,433





45



5. Fees

Investment Management Fee

Pursuant to the Investment Management Agreement, the Investment Manager shall be entitled to a maximum annual investment

management and distribution fee equal to a percentage of the Net Asset Value of the relevant Class as outlined in the table below.

Such fee shall be calculated and accrued at each Valuation Point and payable quarterly in arrears.

Fund Share class Annual percentage Polen Capital Focus U.S. Growth Fund CHF Class (Institutional) 0.75%

CHF Class (Retail) 1.50%

EUR Class (Institutional) 0.75%

EUR Class (Institutional Unhedged) 0.75%

EUR Class (Retail) 1.50%

EUR Class (Retail Unhedged) 1.50%

EUR D Class (Institutional Unhedged) 0.65%

GBP Class (Institutional) 0.75%

GBP Class (Institutional Unhedged) 0.75%

GBP Class (Institutional Unhedged Distributing) 0.75%

GBP Class (Retail) 1.50%

GBP D Class (Institutional Unhedged Distributing) 0.65%

U.S. Dollar A Class (Retail) 1.50%

U.S. Dollar C Class (Retail) 1.75%

U.S. Dollar Class (Institutional) 0.75%

U.S. Dollar Class (Retail) 1.50%

U.S. Dollar D Class (Institutional Unhedged) 0.65%

U.S. Dollar E Class (Retail) 1.50%

U.S. Dollar N Class (Retail) 1.90%

Fund Share class Annual percentage Polen Capital U.S. Small Company Growth Fund CHF Class (Institutional) 1.00%















46



5. Fees (continued)

Investment Management Fee (continued)

1Fund was launched on 31 January 2022.

Fund Share class Annual percentage Polen Capital International Growth Fund CHF Class (Institutional) 0.85%












Fund Share class Annual percentage Polen Capital Global Emerging Markets Growth CHF Class (Institutional) 1.00%

Fund CHF Class (Retail) 1.75%











Fund Share class Annual percentage

Polen Capital Global SMID Company Growth USD Class (Institutional) 1.00%

Fund1 USD Class (Retail) 1.75%





CHF Class (Institutional) 1.00%


A Class (Retail) 1.75%

C Class (Retail) 2.00%






47



5. Fees (continued)

Investment Management Fee (continued)

In addition, the Investment Manager shall be entitled to be reimbursed for reasonable out of pocket expenses incurred by it and any

VAT on fees and expenses payable to or by it.

During the financial period Investment Management fees amounted to USD 20,408,843 (30 June 2021: USD 18,725,988) and

Investment Management fees payable at 30 June 2022 amounted to USD 2,799,282 (31 December 2021: USD 4,482,660).

Administration and Transfer Agency Fees

The Administrator, in relation to the calculation of the Net Asset Value of the Fund, shall be entitled to a fee payable out of the assets

of the Funds accruing at each Valuation Point and payable monthly in arrears at the end of each calendar month at a maximum rate of

up to 0.010% of the Net Asset Value of the Funds per annum subject to a minimum annual fee of USD 7,500 for the Fund. These

charges are inclusive of two Share Classes. Thereafter, an additional fee of $600 per annum will apply per each additional Share

Class.

The Funds shall also be subject to transaction charges, which shall not exceed normal commercial rates. The Administrator shall also

be entitled to reimbursement of all reasonable out-of-pocket expenses incurred for the benefit of the Funds out of the assets of the

Funds.

In addition, the Administrator shall be entitled to charge the Fund for transfer agency services such as maintenance and servicing,

processing payments (such as dividends), ad-hoc reporting (where the Administrator is required to report on matters to the Directors

outside of the standard quarterly reporting topics) and other similar services. These Transfer Agency fees shall vary in proportion to

the level of transaction activity of the Fund. Notwithstanding this, Transfer Agency fees are payable by the Fund monthly in arrears at

the end of each calendar month at an annual rate of up to 0.15% of the Net Asset Value of the Fund, subject to a minimum monthly

fee of $300. In addition, each Share Class will be charged $1,000 per annum payable in arrears at the end of each calendar month in

respect of shareholder services.

The Administration and Transfer Agency fees charged during the financial period amounted to USD 125,028 (30 June 2021: USD

286,886) and USD 324,987 (30 June 2021: USD 260,855) respectively. The Administration and Transfer Agency fees payable at 30

June 2022 amounted to USD 41,378 (31 December 2021: USD 58,138) and USD 7,883 (30 December 2021: USD 108,617)

respectively.

Depositary Fees

Safekeeping fees are based on the Net Asset Value of the Funds and vary, from 0.002% to 0.80%, depending on the country in which

the security is traded and held, exclusive of transaction charges and out-of-pocket expenses, subject to a minimum annual fee of USD

3,480 in respect of the Fund per annum. The Funds shall also bear the cost of all relevant sub-custodian transaction charges incurred

by the Depositary, or any sub-custodian, which shall not exceed normal commercial rates. The Depositary shall also be entitled to

reimbursement of reasonable out-of-pocket expenses incurred by the Depositary, or any sub-custodian, for the benefit of the Fund.

The Depositary shall also be entitled to a fee payable out of the assets of the Funds accruing at each Valuation Point and payable

monthly in arrears at the end of each calendar month at an annual rate of up to 0.175% of the Net Asset Value of the Funds, subject to

a minimum annual fee per Fund, exclusive of out-of-pocket expenses, of USD 7,100.

Depositary fees charged during the financial period amounted to USD 207,760 (30 June 2021: USD 508,662) of which USD 57,831

was payable at 30 June 2022 (31 December 2021: USD 103,345).

Directors Fees

Each Director shall receive a fee for their services. Jason Mullins, Brian Goldberg and Mike Guarasci have waived their entitlement to

receive directors fees. Each Director may be entitled to special remuneration if called upon to perform any special or extra services to

the Company. All Directors will be entitled to reimbursement by the Company of expenses properly incurred in connection with the

business of the Company or the discharge of their duties.

During the financial period Directors fees amounted to USD 28,960 (30 June 2021: USD 30,052) and Directors’ fees payable at 30

June 2022 amounted to USD 7,992 (31 December 2021: USD 7,237).




48



5. Fees (continued)

Management Fees

Pursuant to the Management Agreement, the Manager shall be entitled to a maximum annual management fee equal to 0.012% of the

Net Asset Value of each Share Class. The Manager is also entitled to a minimum annual fee for the Company of €40,000 per Fund .

Such fee shall be calculated and accrued at each Valuation Point and payable monthly in arrears.

During the financial period Management fees amounted to USD 119,459 (30 June 2021: USD NIL) and Management fees payable at

30 June 2022 amounted to USD NIL (31 December 2021: USD NIL).

6. Other Accrued Expenses and Liabilities and Other Expenses

Other Accrued Expenses and Liabilities

Below is the breakdown for other accrued expenses and liabilities as at 30 June 2022.

Polen Capital

Focus U.S.

Growth Fund

30 June 2022

Polen Capital

Focus U.S.

Growth Fund

31 December 2021

Polen Capital U.S.

Small Company

Growth Fund

30 June 2022

Polen Capital U.S.

Small Company

Growth Fund

31 December 2021

Description USD USD USD USD

Consulting fees payable - - 51 -

Insurance fees payable 14,012 13,396 41 36

Consultancy fees payable 14,580 14,580 327 327

Listing fees payable 20,196 20,963 6,220 4,974

Regulatory fees payable 12,069 6,842 94 113

Secretarial fees payable 6,647 3,459 23 34

Payable on currencies sold 3,746 - - -

Registration fees payable 78,354 63,182 1,307 205

Other payable - 1,503 - 35

Total other accrued expenses and

liabilities 149,604 123,925

8,063 5,724

Polen Capital

International

Growth Fund

30 June 2022

Polen Capital

International

Growth Fund

31 December 2021


Emerging Markets

Growth Fund

30 June 2022


Emerging Markets

Growth Fund

31 December 2021


Insurance fees payable 41 36 21 15

Consultancy fees payable 339 339 111 111

Listing fees payable 6,745 5,532 3,953 2,711

Regulatory fees payable 157 103 53 44

Secretarial fees payable 531 469 62 49

Registration fees payable 3,203 2,133 4,530 3,092

Other payable - 39 - 3


liabilities 11,016 8,651 8,730 6,025

Polen Capital

Global SMID

Company Growth

Fund1

Description USD

Insurance fees payable 4

Listing fees payable 891

Regulatory fees payable 8

Secretarial fees payable 12

Payable on currencies sold 33


liabilities 948 1Fund was launched on 31 January 2022 therefore comparatives are not available.




49



6. Other Accrued Expenses and Liabilities and Other Expenses (continued)

Other Expenses (continued)

Below is the breakdown for other expenses during the financial period ended 30 June 2022.

Polen Capital

Focus U.S.

Growth Fund

30 June 2022

Polen Capital

Focus U.S.

Growth Fund

30 June 2021

Polen Capital U.S.

Small Company

Growth Fund

30 June 2022

Polen Capital U.S.

Small Company

Growth Fund

30 June 2021


Listing fees 3,567 3,924 1,257 1,345

Registration fees 133,245 83,068 6,792 5,977

Insurance fees 616 677 5 7

Secretarial fees 13,383 8,682 16 19

Regulatory fees 5,225 9,372 10 24

Other expenses 515 540 - -

CRS Reporting fees 1,018 - 161 -

Total other expenses 157,569 106,263 8,241 7,372

Polen Capital

International

Growth Fund

30 June 2022

Polen Capital

International

Growth Fund

30 June 2021


Emerging Markets

Growth Fund

30 June 2022


Emerging Markets

Growth Fund

30 June 2021


Listing fees 1,257 1,394 1,246 1,212

Registration fees 1,626 1,600 1,541 1,527

Insurance fees 5 7 5 7

Secretarial fees 156 173 21 27

Regulatory fees 54 179 10 27

Other expenses - - 35 10

CRS Reporting fees 161 - 161 -

Tax fees - - 34 -

Total other expenses 3,259 3,353 3,053 2,810

Polen Capital

Global SMID

Company Growth

Fund1

30 June 2022

Description USD

Listing fees 892

Registration fees 1,294

Insurance fees 4

Secretarial fees 13

Regulatory fees 8

Total other expenses 2,211





50



7. Share Capital

The authorised share capital of the Company is 300,000 redeemable non-participating shares of no par value and 500,000,000,000

participating shares of no par value. Non-participating shares do not entitle the holders thereof to any dividend and on a winding up

entitle the holders thereof to receive the consideration paid therefore but do not otherwise entitle them to participate in the assets of

the Company. The Directors have the power to allot shares in the capital of the Company on such terms and in such manner as they

may think fit.

Shares may be issued on any Dealing Day. Shares issued in a Fund or Class will be in registered form and denominated in the Base

Currency specified in the relevant Supplement for the relevant Fund or a currency attributable to the particular Class.

Fund Class

Initial

Offer

Price Launch Date

Final Redemption

Date

Minimum

Subscription

Polen Capital

Focus U.S.

Growth Fund

CHF Class (Institutional)* CHF 10 27 September 2018 - CHF 250,000

CHF Class (Retail)* CHF 10 29 April 2021 - CHF 1,000

EUR Class (Institutional)* EUR 10 1 April 2016 - EUR 250,000

EUR Class (Institutional Unhedged) EUR 10 22 January 2019 - EUR 250,000

EUR Class (Retail)* EUR 10 8 June 2017 - EUR 1,000

EUR Class (Retail Unhedged) EUR 10 4 February 2019 - EUR 1,000

EUR D Class (Institutional Unhedged) EUR 10 10 February 2020 - EUR 250,000,000

GBP Class (Institutional)* GBP 10 9 March 2016 - GBP 250,000

GBP Class (Institutional Unhedged) GBP 10 13 April 2016 - GBP 250,000

GBP Class (Institutional Unhedged

Distributing) GBP 10 9 January 2018 - GBP 250,000

GBP Class (Retail)* GBP 10 15 March 2019 - GBP 1,000

GBP D Class (Institutional Unhedged

Distributing) GBP 10 10 June 2019 - GBP 250,000,000

U.S. Dollar A Class (Retail) USD 10 10 March 2014 - USD 1,000

U.S. Dollar C Class (Retail) USD 10 10 March 2014 - USD 1,000

U.S. Dollar Class (Institutional) USD 10 8 March 2013 - USD 250,000

U.S. Dollar Class (Retail) USD 10 13 March 2015 - USD 1,000

U.S. Dollar E Class (Retail) USD 10 8 April 2019 - USD 100,000

U.S. Dollar D Class (Institutional

Unhedged) USD 10 20 March 2019 - USD 250,000,000

U.S. Dollar N Class (Retail) USD 10 13 July 2020 - USD 1,000

Polen Capital

U.S. Small

Company

Growth Fund

U.S. Dollar A Class (Retail) USD 10 9 September 2020 - USD 1,000

U.S. Dollar C Class (Retail) USD 10 25 May 2021 - USD 1,000

U.S. Dollar Class (Institutional) USD 10 31 December 2018 - USD 250,000

Polen Capital

International

Growth Fund

U.S. Dollar Class (Retail) USD 10 27 July 2021 - USD 1,000

U.S. Dollar C Class (Retail) USD 10 15 October 2021 - USD 1,000

GBP Class (Institutional Unhedged) GBP 10 13 July 2020 7 May 2021 GBP 250,000

U.S. Dollar A Class (Retail) USD 10 16 April 2019 - USD 1,000

U.S. Dollar Class (Institutional) USD 10 31 December 2018 - USD 250,000

Polen Capital

Global Emerging

Markets Growth

Fund

EUR Class (Institutional)* EUR 10 10 March 2021 - EUR 250,000

GBP Class (Institutional)* GBP 10 20 January 2021 - GBP 250,000

U.S. Dollar Class (Institutional) USD 10 16 October 2020 - USD 250,000

Polen Capital

Global SMID

Company Growth

Fund1

U.S. Dollar Class (Institutional) Shares USD 10 31 January 2022 - USD 250,000

GBP Class (Institutional) Shares GBP 10 03 March 2022 - GBP 250,000

GBP Class (Institutional Unhedged)

Shares GBP 10 03 March 2022 - GBP 250,000

GBP Class (Institutional Unhedged

Distributing) Shares GBP 10 03 March 2022 - GBP 250,000 1Fund was launched on 31 January 2022. * Hedged share class.




51



7. Share Capital (continued)

Shares will have no par value and will first be issued on the first Dealing Day after expiry of the initial offer year specified in the

relevant Supplement at the Initial Price as specified in the relevant Supplement. Thereafter, Shares shall be issued at the Net Asset

Value per Share.

Redemption of Shares

Shareholders may redeem their Shares on and with effect from any Dealing Day at the Net Asset Value per Share for that Class

calculated on or with respect to the relevant Dealing Day in accordance with the procedures described below (save during any

financial year when the calculation of Net Asset Value is suspended).

The minimum value of Shares which a Shareholder may redeem in any one redemption transaction is the Minimum Transaction Size

as specified in the relevant Supplement. If the redemption of only part of a Shareholder’s shareholding would leave the Shareholder

holding less than the Minimum Holding for the relevant Fund, the Company or its delegate may, if it thinks fit, redeem the whole of

that Shareholder's holding.

Minimum Initial Subscription, Minimum Holding and Minimum Transaction Size

Each investor must satisfy the Minimum Initial Subscription requirements applicable to the relevant Class as outlined above and must

retain Shares having a Net Asset Value of the Minimum Holding applicable to the relevant Class as outlined above. A Shareholder

may make subsequent subscriptions, conversions and redemptions, each subject to a Minimum Transaction Size applicable to the

relevant Class as outlined above.

The below table represents the movements in units for the financial period 30 June 2022 and 30 June 2021.

Fund Share Class

Financial

period

ended

Redeemable

participating

shares in issue

at beginning of

the financial

period

Shares issued

during the

financial period

Shares redeemed

during the

financial period

Redeemable

participating

shares in issue at

the end of the

financial period

Polen Capital

Focus U.S.

Growth Fund

CHF Class (Institutional)

Shares 30-Jun-22 144,720.150

14,048.000

(14,227.642)

144,540.508

30-Jun-21 49,717.130 73,442.000 (30,341.660) 92,817.470

CHF Class (Retail) Shares1 30-Jun-22 12,677.160 13,587.000 - 26,264.160

30-Jun-21 - 12,122.650 - 12,122.650

EUR Class (Institutional)

Shares 30-Jun-22 983,711.670

284,436.599

(378,147.701)

890,000.568

30-Jun-21 3,103,545.773 1,118,743.597 (3,455,473.404) 766,815.966

EUR Class (Institutional

Unhedged) Shares 30-Jun-22 9,637,894.693

1,700,307.106

(1,177,751.213)

10,160,450.586

30-Jun-21 6,910,737.511 2,351,659.170 (2,130,634.742) 7,131,761.939

EUR Class (Retail) Shares 30-Jun-22 6,014,537.573 803,552.699 (4,896,918.182) 1,921,172.090

30-Jun-21 4,731,056.248 1,371,196.584 (830,848.700) 5,271,404.132

EUR Class (Retail

Unhedged) Shares 30-Jun-22 882,305.729

228,485.767

(235,774.756)

875,016.740

30-Jun-21 639,014.287 213,740.441 (141,980.121) 710,774.607

EUR D Class (Institutional

Unhedged) Shares 30-Jun-22 206,748.358

2,435,932.511

(12,405.496)

2,630,275.373

30-Jun-21 73,567.000 103,557.614 - 177,124.614

1 Launched on 29 April 2021.




52




Fund Share Class

Financial

period

ended

Redeemable

participating

shares in issue at

beginning of the

financial period

Shares issued

during the

financial

period

Shares redeemed

during the

financial period

Redeemable

participating

shares in issue at

the end of the

financial period

Polen Capital

Focus U.S.

Growth Fund

(continued)

GBP Class (Institutional)

Shares 30-Jun-22 1,625,440.803 209,822.100 (1,357,292.930) 477,969.973

30-Jun-21 368,918.920 263,126.470 (55,002.790) 577,042.600

GBP Class (Institutional

Unhedged) Shares 30-Jun-22 2,438,241.816 480,228.954 (666,215.488) 2,252,255.282

30-Jun-21 4,076,277.006 222,779.160 (1,157,728.774) 3,141,327.392


Unhedged Distributing)

Shares 30-Jun-22 635,349.350 18,224.730 (42,491.750) 611,082.330

30-Jun-21 83,642.660 405,605.840 - 489,248.500

GBP Class (Retail) Shares 30-Jun-22 32,174.660 13,857.210 - 46,031.870

30-Jun-21 29,341.270 5,826.630 (16,303.320) 18,864.580

GBP D Class (Institutional


Shares 30-Jun-22 6,935,656.009 6,343,676.289 (1,183,515.818)

12,095,816.480

30-Jun-21 4,204,044.011 2,225,591.544 (1,655,040.372) 4,774,595.183

U.S. Dollar A Class (Retail)

Shares 30-Jun-22 26,442,323.366 3,713,996.737 (2,988,476.776) 27,167,843.327

30-Jun-21 20,613,731.161 3,903,986.804 (2,199,503.164) 22,318,214.801

U.S. Dollar C Class (Retail)

Shares 30-Jun-22 3,612,381.669 278,653.310 (334,721.188) 3,556,313.791

30-Jun-21 3,390,872.933 326,718.110 (467,032.931) 3,250,558.112

U.S. Dollar Class

(Institutional) Shares 30-Jun-22 44,805,667.307 6,029,652.201 (9,481,216.927) 41,354,102.581

30-Jun-21 38,027,495.371 6,211,975.200 (7,449,610.822) 36,789,859.749

U.S. Dollar Class (Retail)

Shares 30-Jun-22 2,192,823.262 462,220.334 (326,934.456) 2,328,109.140

30-Jun-21 1,948,482.500 379,976.100 (402,929.358) 1,925,529.242

U.S. Dollar D Class

(Institutional Unhedged)

Shares 30-Jun-22 38,548,475.795 3,521,163.594 (17,979,290.238) 24,090,349.151

30-Jun-21 30,968,305.456 16,330,427.270 (10,309,416.213) 36,989,316.513

U.S. Dollar E Class (Retail)

Shares 30-Jun-22 15,636,029.666 1,319,669.419 (3,352,506.007) 13,603,193.078

30-Jun-21 11,443,635.220 3,160,438.818 (983,662.562) 13,620,411.476

U.S. Dollar N Class (Retail)

Shares1 30-Jun-22 4,804,829.114 833,525.549 (1,359,388.052) 4,278,966.611

30-Jun-21 1,728,950.351 1,817,328.150 (337,685.384) 3,208,593.117

1 Launched on 13 July 2020.




53




Fund Share Class

Financial

period

ended

Redeemable

participating

shares in issue

at beginning of

the financial

period

Shares issued

during the

financial period

Shares redeemed

during the

financial period

Redeemable

participating

shares in issue at

the end of the

financial period

Polen Capital

U.S. Small

Company

Growth


Shares 30-Jun-22

228,839.600

16,702.01

(9,775.540)

235,766.070

30-Jun-21 105,573.220 74,806.490 (7,140.930) 173,238.780


Shares1 30-Jun-22

55,360.860

30,654.20

(4,074.980)

81,940.080

30-Jun-21 - 29,227.170 - 29,227.170

U.S. Dollar Class

(Institutional) Shares 30-Jun-22

588,758.490

151,699.59

(202,621.050)

537,837.030

30-Jun-21 205,147.050 239,540.240 (15,428.710) 429,258.580

1 Launched on 25 May 2021.

Fund Share Class

Financial

period

ended

Redeemable

participating

shares in issue

at beginning of

the financial

period

Shares issued

during the

financial period

Shares redeemed

during the

financial period

Redeemable

participating

shares in issue at

the end of the

financial period

Polen Capital

International

Growth Fund


Unhedged) Shares1 30-Jun-22 - - - -

30-Jun-21 58,471.560 - (58,471.560) -


Shares 30-Jun-22 1,498,586.606 56,633.760 (285,033.660) 1,270,186.706

30-Jun-21 1,263,542.254 360,384.800 (101,555.740) 1,522,371.314

U.S. Dollar Class

(Institutional) Shares 30-Jun-22 1,435,702.470 89,853.240 (250,938.190) 1,274,617.520

30-Jun-21 2,338,202.870 317,751.250 (1,475,532.260) 1,180,421.860

U.S Dollar (Retail) Shares2 30-Jun-22 17,000.000 - - 17,000.000

30-Jun-21 - - - -


Shares3 30-Jun-22 27,800 2,994.350 - 30,794.350

30-Jun-21 - - - -

1 Launched on 13 July 2020 and terminated on 7 May 2021.

2 Launched on 27 July 2021. 3 Launched on 15 October 2021.




54




Fund Share Class

Financial

period

ended

Redeemable

participating

shares in issue

at beginning of

the financial

period

Shares issued

during the

financial period

Shares redeemed

during the

financial period

Redeemable

participating

shares in issue at

the end of the

financial period

Polen Capital

Global

Emerging

Markets

Growth Fund

EUR Class (Institutional)

Shares1 30-Jun-22

54,300.000

-

- 54,300.000 30-Jun-21 - 51,550.000 - 51,550.000


Shares2 30-Jun-22 37,821.013

10,983.043

(13,348.448) 35,455.608

30-Jun-21 - 29,620.625 - 29,620.625

U.S. Dollar Class

(Institutional) Shares 30-Jun-22

229,996.000

-

- 229,996.000

30-Jun-21 229,996.000 - - 229,996.000

1 Launched on 10 March 2021. 2 Launched on 20 January 2021.

Fund Share Class

Financial

period

ended

Redeemable

participating

shares in issue

at beginning of

the financial

period

Shares issued

during the

financial period

Shares redeemed

during the

financial period

Redeemable

participating

shares in issue at

the end of the

financial period

Polen Capital

Global SMID

Company

Growth Fund1

U.S. Dollar Class

(Institutional) Shares2 30-Jun-22

-

100,000.000

-

100,000.000 30-Jun-21 - - - -


Shares3 30-Jun-22 - 100.000

- 100.000

30-Jun-21 - - - -


Unhedged) Shares3 30-Jun-22 - 24,751.081

(10.190) 24,740.891

30-Jun-21 - - - -



Shares3 30-Jun-22 - 100.000

- 100.000

30-Jun-21 - - - -

1Fund was launched on 31 January 2022 therefore comparatives are not available. 2 Launched on 31 January 2022 therefore comparatives are not available. 3 Launched on 3 March 2022 therefore comparatives are not available.




55




Investor Concentration

Below is a breakdown of the number of Shareholders who held greater than 10% of the total shares in issue per share class as at the

financial period end 30 June 2022 and 31 December 2021.

Polen Capital Focus Polen Capital Focus

Number of U.S. Growth Fund Number of U.S. Growth Fund

Share Class Shareholders Financial period ended Shareholders Financial year ended


CHF Class (Institutional) Shares 2 66.55% 2 64.37%

CHF Class (Retail) Shares 3 100.00% 2 100.00%

EUR Class (Institutional) Shares 3 69.01% 2 50.82%

EUR Class (Institutional Unhedged) Shares 3 79.59% 3 78.50%

EUR Class (Retail) Shares 2 61.78% 2 85.68%

EUR Class (Retail Unhedged) Shares 2 83.06% 2 83.01%

EUR D Class (Institutional Unhedged) Shares 1 84.29% 3 96.77%

GBP Class (Institutional) Shares 4 76.56% 3 44.80%

GBP Class (Institutional Unhedged) Shares 4 62.87% 4 72.71%

GBP Class (Institutional Unhedged Distributing) Shares 4 92.32% 4 93.32%

GBP Class (Retail) Shares 3 84.76% 3 89.09%

GBP D Class (Institutional Unhedged Distributing) Shares 4 77.09% 3 57.28%

U.S. Dollar Class (Institutional) Shares 2 23.59% 2 23.04%

U.S. Dollar A Class (Retail) Shares 1 16.56% 1 16.42%

U.S. Dollar C Class (Retail) Shares 1 20.56% 1 21.09%

U.S. Dollar Class (Retail) Shares 2 74.55% 2 67.22%

U.S. Dollar E Class (Retail) Shares 1 87.94% 2 97.87%

U.S. Dollar D Class (Institutional Unhedged) Shares 1 42.27% 2 36.32%

Polen Capital U.S.

Small Company

Polen Capital U.S.

Small Company

Number of Growth Fund Number of Growth Fund



U.S. Dollar A Class (Retail) Shares 1 17.82% 1 14.04%



Polen Capital

International

Polen Capital

International

Number of Growth Fund Number of Growth Fund





U.S. Dollar (Retail) Shares 3 90.28% 1 100.00%




56




Investor Concentration (continued)


Net Asset Values and Shares in Issue

The Net Assets included in the table below are the Net Asset Values calculated for share dealing purposes.


30 June 2022 31 December 2021 31 December 2020

Net Assets for Shareholder dealing/prospectus USD 3,169,048,238 USD 5,387,623,990 USD 3,594,255,180

CHF Class (Institutional) Shares

Reported NAV USD 1,794,708 USD 2,937,247 USD 850,548

Shares In Issue 144,540.508 144,720.150 49,717.130

Net Asset Value per Share CHF 11.86 CHF 18.50 CHF 15.15

CHF Class (Retail) Shares1

Reported NAV USD 194,796 USD 154,288 -

Shares In Issue 26,264.160 12,677.160 -

Net Asset Value per Share CHF 7.08 CHF 11.09 -

EUR Class (Institutional) Shares

Reported NAV USD 13,031,882 USD 24,456,972 USD 67,710,004

Shares In Issue 890,000.568 983,711.670 3,103,545.773

Net Asset Value per Share EUR 13.97 EUR 21.84 EUR 17.86

Polen Capital Global Polen Capital Global

Number of

Emerging Markets

Growth Fund Number of

Emerging Markets

Growth Fund



EUR Class (Institutional) Shares 1 100.00% 1 100.00%

GBP Class (Institutional) Shares 1 100.00% 1 100.00%


Polen Capital Global Polen Capital Global

Number of

SMID Company

Growth Fund1 Number of

SMID Company

Growth Fund



U.S. Dollar Class (Institutional) Shares 1 100.00% - -

GBP Class (Institutional) Shares 1 99.60% - -

GBP Class (Institutional Unhedged) Shares 1 100.00% - -

GBP Class (Institutional Unhedged Distributing) Shares 1 100.00% - -




57




Net Asset Values and Shares in Issue (continued)



EUR Class (Institutional Unhedged) Shares


Shares In Issue 10,160,450.586 9,637,894.693 6,910,737.511


EUR Class (Retail) Shares


Shares In Issue 1,921,172.090 6,014,537.573 4,731,056.248

Net Asset Value per Shares EUR 14.98 EUR 23.48 EUR 19.31

EUR Class (Retail Unhedged) Shares


Shares In Issue 875,016.740 882,305.729 639,014.287


EUR D Class (Institutional Unhedged) Shares2


Shares In Issue 2,630,275.373 206,748.358 73,567.000


GBP Class (Institutional) Shares


Shares In Issue 477,969.973 1,625,440.803 368,918.920

Net Asset Value per Share GBP 19.40 GBP 30.21 GBP 24.53

GBP Class (Institutional Unhedged) Shares


Shares In Issue 2,252,255.282 2,438,241.816 4,076,277.006


GBP Class (Institutional Unhedged Distributing) Shares


Shares In Issue 611,082.330 635,349.350 83,642.660


GBP Class (Retail) Shares

Reported NAV USD 670,627 USD 814,147 USD 613,995

Shares In Issue 46,031.870 32,174.660 29,341.270


1 Launched on 29 April 2021. 2 Launched on 10 February 2020.




58







GBP D Class (Institutional Unhedged Distributing) Shares


Shares In Issue 12,095,816.480 6,935,656.009 4,204,044.011


U.S. Dollar A Class (Retail) Shares

Reported NAV USD 685,775,417 USD 1,029,737,529 USD 652,711,841

Shares In Issue 27,167,843.327 26,442,323.366 20,613,731.161

Net Asset Value per Share USD 25.24 USD 38.94 USD 31.66

U.S. Dollar C Class (Retail) Shares


Shares In Issue 3,556,313.791 3,612,381.669 3,390,872.933


U.S. Dollar Class (Institutional) Shares

Reported NAV USD 1,319,641,252 USD 2,197,611,551 USD 1,505,211,541

Shares In Issue 41,354,102.581 44,805,667.307 38,027,495.371


U.S. Dollar Class (Retail) Shares


Shares In Issue 2,328,109.140 2,192,823.262 1,948,482.500


U.S. Dollar D Class (Institutional Unhedged) Shares


Shares In Issue 24,090,349.151 38,548,475.795 30,968,305.456


U.S. Dollar E Class (Retail) Shares


Shares In Issue 13,603,193.078 15,636,029.666 11,443,635.220


U.S. Dollar N Class (Retail) Shares1

Reported NAV USD 40,330,387 EUR 70,007,821 USD 20,564,614

Shares In Issue 4,278,966.611 4,804,829.114 1,728,950.351


1 Launched on 13 July 2020.




59







Net Assets for Shareholder dealing/prospectus USD 9,228,712 USD 16,664,550 USD 5,106,022

U.S. Dollar A Class (Retail) Shares1


Shares In Issue 235,766.070 228,839.600 105,573.220


U.S. Dollar C Class (Retail) Shares2


Shares In Issue 81,940.080 55,360.860 -

Net Asset Value per Share USD 6.50 USD 11.29 -



Shares In Issue 537,837.030 588,758.490 205,147.050


1 Launched on 9 September 2020. 2 Launched on 25 May 2021.




GBP Class (Institutional Unhedged) Shares1

Reported NAV - - USD 811,479

Shares In Issue - - 58,471.560

Net Asset Value per Share - - GBP 10.15

U.S. Dollar A Class (Retail) Shares


Shares In Issue 1,270,186.706 1,498,586.606 1,263,542.254




Shares In Issue 1,274,617.520 1,435,702.470 2,338,202.870


U.S. Dollar C Class (Retail) Shares3


Shares In Issue 30,794.350 27,800.000 -

Net Asset Value per Share USD 7.19 USD 10.20 -

U.S. Dollar (Retail) Shares2


Shares In Issue 17,000.000 17,000.000 -

Net Asset Value per Share USD 7.21 USD 10.21 - 1 Launched on 13 July 2020 and terminated on 7 May 2021. 2 Launched on 27 July 2021. 3 Launched on 15 October 2021.




60








EUR Class (Institutional) Shares1


Shares In Issue 54,300.000 54,300.000 -

Net Asset Value per Share EUR 6.58 EUR 8.70 -

GBP Class (Institutional) Shares2


Shares In Issue 35,455.608 37,821.013 -

Net Asset Value per Share GBP 6.33 GBP 8.34 -

U.S. Dollar Class (Institutional) Shares3


Shares In Issue 229,996.000 229,996.000 229,996.000


1 Launched on 10 March 2021. 2 Launched on 20 January 2021. 3 Launched on 16 October 2020.

Polen Capital Global SMID Company Growth Fund1


Net Assets for Shareholder dealing/prospectus USD 919,780 - -

U.S. Dollar Class (Institutional) Shares2

Reported NAV USD 695,174 - -

Shares In Issue 100,000.000 - -

Net Asset Value per Share USD 6.95 - -

GBP Class (Institutional) Shares3


Shares In Issue 24,740.891 - -

Net Asset Value per Share GBP 7.39 - -

GBP Class (Institutional Unhedged) Shares3


Shares In Issue 100.000 - -


GBP Class (Institutional Unhedged Distributing) Shares3


Shares In Issue 100.000 - -


1Fund was launched on 31 January 2022. 2 Launched on 31 January 2022. 3 Launched on 3 March 2022.




61



8. Related Party Transaction

IAS 24 Related Party Disclosures requires the disclosure of information relating to material transactions with parties who are deemed

to be related to the reporting entity.

Brian Goldberg is General Counsel and Chief Compliance Officer of the Investment Manager and Director of the Company. Mike

Guarasci is Chief Operating Officer of the Investment Manager and Director of the Company. Jason Mullins was appointed as

Director of the Company effective from 8 October 2021. Mr Mullins is Head of Operations of the Manager. During the financial

period, the Investment Manager earned fees of USD 20,408,843 (30 June 2021: USD 18,725,988) of which USD 2,799,282 (31

December 2021: USD 4,482,660) was payable at 30 June 2022.

As at 30 June 2022 the Investment Manager holds 50,000 shares (31 December 2021: 50,000 shares) in the US Dollar Class

(Institutional) Shares of the Polen Capital U.S. Small Company Growth Fund, 229,996 shares (31 December 2021: 229,996 shares) in

the US Dollar Class (Institutional) Shares of the Polen Capital Global Emerging Markets Fund, 100,000 shares (31 December 2021:

nil shares) in U.S. Dollar Class (Institutional) Shares of the Polen Capital Global SMID Company Growth Fund, 100 shares (31

December 2021: nil shares) in GBP Class (Institutional Unhedged) Shares of the Polen Capital Global SMID Company Growth Fund,

100 shares (31 December 2021: nil shares) in GBP Class (Institutional) Shares of the Polen Capital Global SMID Company Growth

Fund and 100 shares (31 December 2021: nil shares) in GBP Class (Institutional Unhedged Distributing) Shares of the Polen Capital

Global SMID Company Growth Fund.

The Management and Director fees are disclosed in Note 5.

The total expenses ratios (TER) for all share classes of the Company are voluntarily capped. Polen Capital Management, LLC has

agreed to pay any expenses above the capped threshold back to the Company. Polen Capital Management, LLC has no intention to re-

coup this amount from the Company at a later date. Polen Capital Management, LLC has agreed to pay an amount of USD 68,613 (30

June 2021: USD 162,430) to the Company in relation to the capped TER fee agreement of which USD 11,819 (31 December 2021:

USD 85,740) was receivable at 30 June 2022.

Connected Persons

Regulation 43 of the Central Bank UCITS Regulations ‘Restrictions of transactions with connected persons” states that ‘A responsible

person shall ensure that any transaction between a UCITS and a connected person is conducted a) at arm’s length; and b) in the best

interest of the unitholders of the UCITS”.

As required under Central Bank UCITS Regulation 81(4), the Directors, as responsible persons are satisfied that there are in place

arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 42 and 43(1) are

applied to all transactions with a connected party; and all transactions with connected parties that were entered into during the period

to which the report relates complied with the obligations that are prescribed by Regulation 42 and 43(l).

The following were connected persons of the Funds during the financial period ended 30 June 2022:

Connected Person Name

Investment Manager and Distributor Polen Capital Management, LLC

Sub-Investment Manager Polen Capital UK LLP

Depositary RBC Investor Services Bank S.A., Dublin Branch

Administrator RBC Investor Services Ireland Limited

Manager Amundi Ireland Limited




62



8. Related Party Transaction (continued)

Directors’ and Secretary’s Interests

Except as disclosed in Note 8 to the financial statements, at the reporting date neither the directors nor any associated person have any

other beneficial interest in the share capital of the Company or held any options in respect of such capital.

9. Soft Commission Arrangements

There are no soft commission arrangements affecting the Funds during the financial period (31 December 2021: none).

10. Securities Lending

As at 30 June 2022, the Funds had not entered into any securities lending transactions (31 December 2021: none).

11. Significant Events During the Financial Period End

The Polen Capital Focus U.S. Growth Fund GBP Class (Institutional Unhedged Distributing) declared a distribution of GBP

1,436,511 (USD 1,944,390) with record date 31 December 2021 and ex date of 4 January 2022, at the dividend rate 2.260979. The

Polen Capital Focus U.S. Growth Fund GBP D Class (Institutional Unhedged Distributing) declared a distribution of GBP 12,248,827

(USD 16,579,400) with record date 31 December 2021 and ex date of 4 January 2022, at the dividend rate 1.764360. Distributions

were paid on 18 January 2022.

The COVID-19 outbreak has caused extensive disruption to businesses and economic activities globally. The pandemic and the

measures taken to tackle COVID-19, including the development and roll out of vaccines globally, continue to affect economies and

public equity markets globally. The success of vaccine programs are expected to have a major impact on the speed and nature of

economic recovery but the timing and form of the recovery remains uncertain.

Polen Capital Global SMID Company Growth Fund was launched on 31 January 2022.

The following are share classes of the Funds that have been launched:

Fund Class Launch Date

Polen Capital Global SMID Company Growth Fund U.S. Dollar Class (Institutional) Shares 31 January 2022

Polen Capital Global SMID Company Growth Fund GBP Class (Institutional) Shares 03 March 2022

Polen Capital Global SMID Company Growth Fund GBP Class (Institutional Unhedged) Shares 03 March 2022

Polen Capital Global SMID Company Growth Fund GBP Class (Institutional Unhedged Distributing) Shares 03 March 2022

Events arising in Ukraine, as a result of military action being undertaken by Russia in Ukraine, may impact on securities related to

companies domiciled in Russia and/or listed on exchanges located in Russia, including the Moscow Exchange, and/or headquartered

in Russia (“Russian Securities”). None of the Funds, other than Polen Capital Global Emerging Markets Growth Fund (which had

exposure to Russian Securities of approximately 8.46% of its NAV at 31 December 2021), had exposure to Russian Securities. The

Manager continues to monitor the valuation of these assets which have been priced at fair value.

The main body Prospectus was not updated in 2022. However, two new Funds were established on 11 March 2022 namely, Polen

Capital Global Emerging Markets ex China Growth Fund and Polen Capital China Growth Fund. As a result, two new Supplements

were created and the List of Funds Supplement was updated to reference these new Funds.

12. Significant Events Since the Financial Period End

There were no other significant events since the financial year end.

13. Material Changes to Prospectus

There were no other changes to the Prospectus during the financial period.

14. Approval of Financial Statements

The financial statements were approved by the Directors on 25 August 2022.




As at 30 June 2022

63



(expressed in USD) Nominal Acquisition Fair % net

Description Holdings Currency cost Value assets

A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

LISTED SECURITIES: SHARES (31 December 2021: 99.55%)

IRELAND (31 December 2021: 3.70%)

Accenture Plc 413,001 USD 81,823,986 114,669,728 3.62

81,823,986 114,669,728 3.62

UNITED STATES (U.S.A.) (31 December 2021: 95.85%)

Abbott Laboratories 1,381,878 USD 140,377,656 150,141,045 4.73

Adobe Systems Inc 600,589 USD 240,524,684 219,851,609 6.94

Airbnb Inc 1,381,209 USD 199,544,582 123,038,098 3.88

Align Technology Inc 278,244 USD 95,229,905 65,852,007 2.08

Alphabet Inc Class C 129,252 USD 200,192,059 282,732,287 8.92

Amazon.com Inc 2,609,180 USD 412,006,959 277,121,008 8.74

Autodesk Inc 786,796 USD 180,032,417 135,297,440 4.27

DocuSign Inc 817,030 USD 98,785,403 46,881,181 1.48

Gartner Inc 284,411 USD 40,866,271 68,779,112 2.17

Illumina Inc 479,173 USD 139,286,063 88,340,334 2.79

Intuitive Surgical Inc 426,376 USD 110,182,655 85,577,927 2.70

Mastercard Inc 433,734 USD 129,926,884 136,834,402 4.32

Meta Platforms Inc Class A 1,422,074 USD 322,810,104 229,309,433 7.24

Microsoft Corp 564,207 USD 95,393,524 144,905,284 4.57

Netflix Inc 490,398 USD 240,206,551 85,755,898 2.71

NIKE Inc Class B 926,551 USD 106,380,573 94,693,512 2.99

PayPal Holdings Inc 1,277,784 USD 206,296,942 89,240,435 2.82

Salesforce Inc 833,511 USD 174,839,219 137,562,655 4.34

ServiceNow Inc 298,168 USD 124,222,876 141,784,847 4.47

UnitedHealth Group Inc 263,076 USD 88,733,195 135,123,726 4.26

Visa Inc Class A 893,413 USD 171,741,705 175,904,086 5.55

Zoetis Inc 478,297 USD 61,766,690 82,214,472 2.59

3,579,346,917 2,996,940,798 94.56

TOTAL LISTED SECURITIES: SHARES (31 December 2021:

5,363,582,808) 3,661,170,903 3,111,610,526 98.18

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN

OFFICIAL STOCK EXCHANGE LISTING 3,661,170,903 3,111,610,526 98.18



Schedule of Investments (continued)

As at 30 June 2022

64



FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY CONTRACTS Maturity Currency Currency

purchased

Currency Unrealised % net

Date Counterparty rate rate Currency Sold Gain/(Loss) assets

01 Jul 2022

RBC Investor

Services Bank S.A 1.000000 USD 172,763 0.954244 EUR (164,173) 712 -

01 Jul 2022

RBC Investor

Services Bank S.A 0.954244 EUR 27,810 1.000000 USD (29,288) (144) -

05 Jul 2022

RBC Investor

Services Bank S.A 1.000000 USD 60,007 0.821490 GBP (49,542) (305) -

05 Jul 2022

RBC Investor

Services Bank S.A 0.954244 EUR 3,365 1.000000 USD (3,515) 12 -

05 Jul 2022

RBC Investor

Services Bank S.A 1.000000 USD 120 0.954244 EUR (115) - -

05 Jul 2022

RBC Investor

Services Bank S.A 0.954244 EUR 13 1.000000 USD (14) - -

05 Jul 2022

RBC Investor

Services Bank S.A 1.000000 USD 244 0.821490 GBP (201) - -

05 Jul 2022

RBC Investor

Services Bank S.A 0.954244 EUR 97 1.000000 USD (101) 1 -

05 Jul 2022

RBC Investor

Services Bank S.A 0.954244 EUR 60,031 1.000000 USD (62,587) 340 -

05 Jul 2022

RBC Investor

Services Bank S.A 1.000000 USD 53,956 0.954244 EUR (51,975) (526) -

05 Jul 2022

RBC Investor

Services Bank S.A 1.000000 USD 180,761 0.821490 GBP (149,380) (1,092) -

05 Jul 2022

RBC Investor


05 Jul 2022

RBC Investor

Services Bank S.A 0.821490 GBP 661,556 1.000000 USD (804,006) 1,365 -

05 Jul 2022

RBC Investor

Services Bank S.A 0.821490 GBP 119,289 1.000000 USD (144,975) 246 -

29 Jul 2022

RBC Investor

Services Bank S.A 0.954244 EUR 30,850,982 1.000000 USD (32,537,914) (144,136) -

29 Jul 2022

RBC Investor

Services Bank S.A 0.954244 EUR 13,144,451 1.000000 USD (13,863,189) (61,411) -

29 Jul 2022

RBC Investor

Services Bank S.A 0.954650 CHF 1,832,459 1.000000 USD (1,917,627) 5,492 -

29 Jul 2022

RBC Investor

Services Bank S.A 0.954650 CHF 198,918 1.000000 USD (208,163) 596 -

29 Jul 2022

RBC Investor

Services Bank S.A 0.821490 GBP 9,871,545 1.000000 USD (12,035,714) (12,971) -

29 Jul 2022

RBC Investor

Services Bank S.A 0.821490 GBP 589,561 1.000000 USD (718,812) (775) -

29 Jul 2022

RBC Investor

Services Bank S.A 1.000000 USD 734,675 0.954244 EUR (702,545) (2,997) -

29 Jul 2022

RBC Investor

Services Bank S.A 1.000000 USD 1,709,844 0.954244 EUR (1,635,066) (6,975) -

29 Jul 2022

RBC Investor

Services Bank S.A 1.000000 USD 101,233 0.95465 CHF (96,556) (100) -




As at 30 June 2022

65



Maturity Currency Currency

purchased


Date Counterparty rate rate Currency Sold Gain/(Loss) assets

29 Jul 2022

RBC Investor


29 Jul 2022

RBC Investor

Services Bank S.A 1.000000 USD 11,006 0.95465 CHF (10,497) (11) -

29 Jul 2022

RBC Investor

Services Bank S.A 1.000000 USD 631,268 0.821490 GBP (520,887) (3,128) -

29 Jul 2022

RBC Investor

Services Bank S.A 0.954244 EUR 115 1.000000 USD (121) - -

29 Jul 2022

RBC Investor

Services Bank S.A 1.000000 USD 3,519 0.954244 EUR (3,365) (14) -

29 Jul 2022

RBC Investor

Services Bank S.A 0.821490 GBP 49,542 1.000000 USD (60,066) 272 -

NET LOSS ON OPEN FORWARD AND FOREIGN EXCHANGE CONTRACTS (226,423) -

TOTAL FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT AND

LOSS 3,111,384,103 98.18

CASH AND CASH EQUIVALENTS

62,971,796 1.99

OTHER ASSETS LESS LIABILITIES

(5,307,661) (0.17)

NET ASSET ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 3,169,048,238 100.00

Assets

% of Total Assets


Investment in transferable securities

97.94

Investment in financial derivative instruments assets

0.00

Cash and cash equivalents

1.98

Amount receivable on subscriptions

0.07

Investment manager reimbursement receivable

0.00

Interest and dividends receivable

0.01

Other receivables

0.00

100.00




As at 30 June 2022

66







BERMUDA ISLANDS (31 December 2021: 2.77%)

Helen of Troy Ltd 1,207 USD 254,537 196,029 2.12

254,537 196,029 2.12

CAYMAN ISLANDS (31 December 2021: Nil)

Farfetch Ltd 19,373 USD 272,455 138,711 1.50

272,455 138,711 1.50

GREAT BRITAIN (31 December 2021: 5.32%)

Endava Plc 2,400 USD 249,263 211,848 2.30

249,263 211,848 2.30

LUXEMBOURG (31 December 2021: 5.29%)

Globant SA 2,380 USD 537,875 414,120 4.49

537,875 414,120 4.49

UNITED STATES (U.S.A.) (31 December 2021:84.74 %)

Alarm.com Holdings Inc 6,169 USD 491,721 381,613 4.14

Altair Engineering Inc 5,759 USD 352,879 302,348 3.28

AMN Healthcare Services Inc 4,348 USD 374,033 477,019 5.16

Appfolio Inc 2,956 USD 395,426 267,932 2.90

Azenta Inc 2,698 USD 193,113 194,526 2.11

Blackline Inc 6,352 USD 664,050 423,043 4.58

Bumble Inc 10,875 USD 294,043 306,131 3.32

Doximity Inc 5,117 USD 206,030 178,174 1.93

Duck Creek Technologies Inc 20,034 USD 707,660 297,505 3.22

Five Below Inc 2,991 USD 353,147 339,269 3.68

Fox Factory Holding Corp 6,515 USD 750,708 524,718 5.69

Goosehead Insurance Inc 8,676 USD 828,808 396,233 4.29

Hamilton Lane Inc 4,984 USD 376,126 334,825 3.63

Houlihan Lokey Inc 6,190 USD 503,450 488,577 5.29




As at 30 June 2022

67





Olo Inc 30,349 USD 772,000 299,545 3.25

Paylocity Holding Corp 1,228 USD 245,081 214,188 2.32

Progyny Inc 12,096 USD 612,575 351,389 3.81

Qualys Inc 4,716 USD 561,795 594,876 6.45

Revolve Group Inc 13,924 USD 600,426 360,771 3.91

SiteOne Landscape Supply Inc 1,618 USD 199,758 192,332 2.08

Warby Parker Inc 14,077 USD 635,147 158,507 1.72

Wingstop Inc 3,511 USD 483,944 262,517 2.84

YETI Holdings Inc 9,904 USD 664,844 428,546 4.64

11,266,764 7,774,584 84.24

TOTAL LISTED SECURITIES: SHARES (31 December 2021: 16,351,269) 12,580,894 8,735,292 94.65

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL

STOCK EXCHANGE LISTING 12,580,894 8,735,292 94.65

TOTAL FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS 8,735,292 94.65


790,966 8.57


(297,546) (3.22)

NET ASSET ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 9,228,712 100.00

Assets

% of Total Assets



91.47


8.28


0.03


0.01

Other receivables

0.21

100.00




As at 30 June 2022

68







AUSTRALIA (31 December 2021: 3.31%)

CSL Ltd 4,721 AUD 937,236 876,778 3.58

937,236 876,778 3.58

CANADA (31 December 2021: 1.35%)

Shopify Inc 13,800 USD 950,328 431,112 1.76

950,328 431,112 1.76

CAYMAN ISLANDS (31 December 2021: 3.75%)

Shenzhou International Group Holdings

Ltd 42,188 HKD 740,286 511,031 2.09

Tencent Holdings Ltd 20,318 HKD 1,141,248 917,657 3.75

1,881,534 1,428,688 5.84

FRANCE (31 December 2021: 8.90%)

Dassault Systemes SE 6,448 EUR 262,828 237,278 0.97

Kering SA 1,441 EUR 1,086,419 740,098 3.02

LVMH Moet Hennessy Louis Vuitton SE 1,743 EUR 1,072,990 1,062,520 4.34

2,422,237 2,039,896 8.33

GERMANY (31 December 2021: 17.75%)

adidas AG 7,359 EUR 2,221,453 1,301,454 5.31

SAP SE 11,992 EUR 1,558,791 1,092,451 4.46

Siemens Healthineers AG 35,812 EUR 1,932,654 1,819,790 7.43

5,712,898 4,213,695 17.20

GREAT BRITAIN (31 December 2021: 8.70%)

Bunzl Plc 14,491 GBP 431,816 479,629 1.96

Sage Group Plc 142,637 GBP 1,244,708 1,102,216 4.50

Unilever Plc 11,456 GBP 661,193 518,908 2.12

2,337,717 2,100,753 8.58




As at 30 June 2022

69





IRELAND (31 December 2021: 25.44%)

Accenture Plc 3,921 USD 939,224 1,088,666 4.45

Aon Plc 8,461 USD 2,331,356 2,281,762 9.32

ICON Plc 10,654 USD 2,187,648 2,308,721 9.43

Medtronic Plc 12,269 USD 1,333,144 1,101,143 4.49

6,791,372 6,780,292 27.69

JERSEY (31 December 2021: 3.94%)

Experian Plc 23,871 GBP 846,337 699,140 2.85

846,337 699,140 2.85

LUXEMBOURG (31 December 2021: 0.99%)

Globant SA 2,988 USD 760,745 519,912 2.12

760,745 519,912 2.12

NETHERLANDS (31 December 2021: 3.96%)

ASML Holding NV 1,928 EUR 1,376,472 921,021 3.76

1,376,472 921,021 3.76

SPAIN (31 December 2021: 2.57%)

Amadeus IT Group SA 10,603 EUR 703,478 590,683 2.41

703,478 590,683 2.41

SWEDEN (31 December 2021: 6.53%)

Evolution AB 15,964 SEK 2,106,461 1,451,463 5.93

2,106,461 1,451,463 5.93

SWITZERLAND (31 December 2021: 6.12%)

Temenos AG 12,708 CHF 1,466,886 1,086,499 4.44

1,466,886 1,086,499 4.44


MercadoLibre Inc 885 USD 1,052,895 563,630 2.30

1,052,895 563,630 2.30

TOTAL LISTED SECURITIES: SHARES (31 December 2021: 38,581,367) 29,346,596 23,703,562 96.79




As at 30 June 2022

70



(expressed in USD) Acquisition Fair % net

Description cost Value assets

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL

STOCK EXCHANGE LISTING 29,346,596 23,703,562 96.79

TOTAL FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS 23,703,562 96.79


719,194 2.94


66,591 0.27

NET ASSET ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING

SHARES 24,489,347 100.00

Assets

% of Total Assets



96.53


2.93

Amount receivable on sale of securities

0.37


0.08

Other receivables

0.09

100.00




As at 30 June 2022

71







BRAZIL (31 December 2021: 2.97%)

Raia Drogasil SA

13,200 BRL 59,821 48,427 2.09

59,821 48,427 2.09

CAYMAN ISLANDS (31 December 2021: 22.71%)

Alibaba Group Holding Ltd

6,200 HKD 196,654 88,415 3.82

ANTA Sports Products Ltd

4,600 HKD 50,768 56,512 2.44

NagaCorp Ltd

180,000 HKD 170,040 147,269 6.37

NetEase Inc

3,900 HKD 71,989 71,620 3.10

Tencent Music Entertainment

Group

23,307 USD 208,989 117,001 5.06

Tingyi Cayman Islands

Holding Corp

40,000 HKD 76,044 68,512 2.96

774,484 549,329 23.75

CHINA (31 December 2021: 5.89%)

Inner Mongolia Yili Industrial

Group Co Ltd

18,383 CNY 109,776 106,959 4.63

Zhejiang Supor Co Ltd

6,700 CNY 72,520 56,388 2.44

182,296 163,347 7.07

INDIA (31 December 2021: 19.97%)

Bajaj Auto Ltd

1,620 INR 76,826 76,037 3.29

Colgate-Palmolive India Ltd

1,250 INR 25,673 23,535 1.02

HDFC Bank Ltd

7,540 INR 150,635 128,706 5.57

Titan Co Ltd

3,470 INR 62,108 85,300 3.68

United Spirits Ltd

3,700 INR 29,494 35,597 1.54

344,736 349,175 15.10

JERSEY (31 December 2021: Nil)

Wizz Air Holdings Plc

1,830 GBP 93,354 39,073 1.69

93,354 39,073 1.69

MEXICO (31 December 2021: 4.08%)

Fomento Economico

Mexicano SAB de CV

9,880 MXN 62,369 66,686 2.88

62,369 66,686 2.88




As at 30 June 2022

72





NETHERLANDS (31 December 2021: 10.23%)

Prosus NV

1,312 EUR 129,520 85,904 3.71

Yandex NV

3,775 USD 235,868 38 0.00

365,388 85,942 3.71

SINGAPORE (31 December 2021: 5.49%)

Karooooo Ltd

4,339 USD 123,520 94,807 4.10

123,520 94,807 4.10

SOUTH AFRICA (31 December 2021: 3.93%)

Discovery Ltd

5,580 ZAR 47,003 43,937 1.90

Mr Price Group Ltd

5,850 ZAR 59,252 63,780 2.76

106,255 107,717 4.66

TAIWAN (31 December 2021: 5.33%)

momo.com Inc

3,000 TWD 107,716 64,372 2.78

Taiwan Semiconductor

Manufacturing Co Ltd

3,000 TWD 69,524 48,027 2.08

177,240 112,399 4.86

THAILAND (31 December 2021: 0.99%)

Home Product Center PCL

71,300 THB 32,200 25,612 1.11

32,200 25,612 1.11


MercadoLibre Inc

73 USD 86,222 46,492 2.01

86,222 46,492 2.01

VIRGIN ISLANDS (UK) (31 December 2021: Nil)

VK Co Ltd

4,680 USD 134,225 47 0.00

134,225 47 0.00

TOTAL LISTED SECURITIES: SHARES (31 December 2021:

2,713,068)

2,542,110 1,689,053 73.03

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN

OFFICIAL STOCK EXCHANGE LISTING

2,542,110 1,689,053 73.03




As at 30 June 2022

73





B) OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER REGULATED MARKET

OTHER ORGANISED MARKET: SHARES (31 December 2021:11.40%)

VIETNAM (31 December 2021: 11.40%)

Mobile World Investment

Corp

69,000 VND 152,309 212,056 9.17

Phu Nhuan Jewelry JSC

28,600 VND 96,470 157,967 6.83

Vietnam Dairy Products JSC

16,800 VND 70,173 53,149 2.30

318,952 423,172 18.30

TOTAL OTHER ORGANISED MARKET: SHARES (31 December 2021:

358,300) 318,952 423,172 18.30

TOTAL OTHER TRANSFERABLE SECURITIES DEALT ON

ANOTHER REGULATED MARKET

318,952 423,172 18.30

C) OTHER TRANSFERABLE SECURITIES

OTHER TRANSFERABLE SECURITIES : SHARES (31 December 2021: nil)

CAYMAN ISLANDS (31 December 2021: nil)

Autohome Inc

11,700 HKD 169,670 116,152 5.02

169,670 116,152 5.02

TOTAL OTHER TRANSFERABLE SECURITIES : SHARES (31

December 2021: nil)

169,670 116,152 5.02

TOTAL OTHER TRANSFERABLE SECURITIES 169,670 116,152 5.02




As at 30 June 2022

74




OPEN FORWARD FOREIGN CURRENCY CONTRACTS

Currency Currency

Purchased

Currency Currency

Sold

Unrealised % net

Maturity Counterparty rate rate Gain/(Loss) assets

29 Jul 2022

RBC Investor

Services Bank

S.A 0.954244 EUR 349,763 1.000000 USD (368,888) (1,634) (0.07)

29 Jul 2022

RBC Investor

Services Bank

S.A 0.821490 GBP 8,240 1.000000 USD (10,048) (13) -

29 Jul 2022

RBC Investor

Services Bank

S.A 0.954244 EUR 13,079 1.000000 USD (13,795) (62) -

29 Jul 2022

RBC Investor

Services Bank

S.A 0.821490 GBP 219,414 1.000000 USD (267,516) (288) (0.01)

NET LOSS ON OPEN FORWARD AND FOREIGN EXCHANGE CONTRACTS

(1,997)

(0.08)


LOSS 2,226,380 96.27

CASH AND CASH EQUIVALENTS 75,279 3.26

OTHER ASSETS LESS LIABILITIES 10,764 0.47

NET ASSET ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 2,312,423 100.00

Assets

% of Total Assets



95.72


3.23


0.14


0.51

Other receivables

0.40

100.00




As at 30 June 2022

75






LISTED SECURITIES: SHARES (31 December 2021: nil)

AUSTRALIA (31 December 2021: nil)

Cochlear Ltd 132 AUD 18,523 18,104 1.97

Pro Medicus Ltd 710 AUD 22,552 20,706 2.25

41,075 38,810 4.22

CANADA (31 December 2021: nil)

Altus Group Ltd/Canada 726 CAD 32,809 25,149 2.73

Kinaxis Inc 292 CAD 36,777 31,523 3.43

TMX Group Ltd 399 CAD 41,130 40,607 4.41

110,716 97,279 10.57

DENMARK (31 December 2021: nil)

Netcompany Group A/S 766 DKK 51,633 41,853 4.55

51,633 41,853 4.55

FINLAND (31 December 2021: nil)

Musti Group Oyj 1,250 EUR 34,785 22,321 2.43

34,785 22,321 2.43

GERMANY (31 December 2021: nil)

CompuGroup Medical SE & Co

KgaA 590 EUR 36,875 25,127 2.73

CTS Eventim AG & Co KGaA 458 EUR 31,092 23,998 2.61

67,967 49,125 5.34

GREAT BRITAIN (31 December 2021: nil)

Dechra Pharmaceuticals Plc 487 GBP 20,245 20,500 2.23

Endava Plc 471 USD 54,883 41,575 4.52

Fevertree Drinks Plc 1,720 GBP 45,937 25,543 2.78

Keywords Studios Plc 660 GBP 18,569 17,627 1.92

139,634 105,245 11.45




As at 30 June 2022

76





JAPAN (31 December 2021: nil)

Benefit One Inc 1,100 JPY 31,183 14,788 1.61

Kakaku.com Inc 1,500 JPY 30,546 24,742 2.69

61,729 39,530 4.30

LUXEMBOURG (31 December 2021: nil)

Globant SA 284 USD 70,608 49,416 5.37

70,608 49,416 5.37

NETHERLANDS (31 December 2021: nil)

Euronext NV 604 EUR 50,722 49,308 5.36

50,722 49,308 5.36

SOUTH KOREA (31 December 2021: nil)

Douzone Bizon Co Ltd 630 KRW 26,440 17,706 1.93

Koh Young Technology Inc 2,570 KRW 42,354 27,902 3.03

68,794 45,608 4.96

SWEDEN (31 December 2021: nil)

Thule Group AB 562 SEK 25,053 13,806 1.50

25,053 13,806 1.50

SWITZERLAND (31 December 2021: nil)

Tecan Group AG 136 CHF 46,641 39,490 4.29

Temenos AG 430 CHF 47,703 36,764 4.00

94,344 76,254 8.29

UNITED STATES (U.S.A.) (31 December 2021: nil)

Azenta Inc 359 USD 25,386 25,884 2.81

Dynatrace Inc 783 USD 40,200 30,882 3.35

Fair Isaac Corp 105 USD 51,767 42,095 4.58

Five Below Inc 240 USD 38,004 27,223 2.95




As at 30 June 2022

77





Floor & Decor Holdings Inc 556 USD 57,243 35,006 3.81

Goosehead Insurance Inc 364 USD 32,743 16,624 1.81

Paycom Software Inc 165 USD 54,301 46,220 5.03

Revolve Group Inc 771 USD 36,347 19,976 2.17

Tyler Technologies Inc 54 USD 24,802 17,954 1.95

YETI Holdings Inc 580 USD 36,887 25,097 2.73

397,680 286,961 31.19

TOTAL LISTED SECURITIES: SHARES (31 December 2021: nil) 1,214,740 915,516 99.53

TOTAL TRANSFERABLE SECURITIES ADMITTED TO

AN OFFICIAL STOCK EXCHANGE LISTING

1,214,740 915,516 99.53


OPEN FORWARD FOREIGN CURRENCY CONTRACTS

Currency Currency

Purchased


Maturity Counterparty rate rate Currency Sold Gain/(Loss) assets

01 Jul 2022

RBC Investor

Services Bank S.A 1.000000 USD 3,043 0.821490 GBP (2,499) 2 -

29 Jul 2022

RBC Investor

Services Bank S.A 0.821490 GBP 191,037 1.000000 USD (232,918) (251) (0.03)

29 Jul 2022

RBC Investor

Services Bank S.A 0.821490 GBP 2,499 1.000000 USD (3,047) (3) -

29 Jul 2022

RBC Investor


NET LOSS ON OPEN FORWARD AND FOREIGN EXCHANGE CONTRACTS

(281) (0.03)


LOSS 915,235 99.50

CASH AND CASH EQUIVALENTS 11,208 1.22

OTHER ASSETS LESS LIABILITIES (6,663) (0.72)

NET ASSET ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 919,780 100.00

Assets

% of Total Assets



94.70

Investment in financial derivative instruments assets 0.00


2.05

Amount receivable on sale of securities

1.29

Amount receivable on subscriptions

0.31


0.39


0.01

Other receivables

1.25

100.00





78



Significant Purchases*

Quantity Cost % of Total

Security Name USD Purchases

Meta Platforms Inc Class A 830,042 168,825,961 18.77

Netflix Inc 227,500 86,537,631 9.62

Amazon.com Inc 2,657,267 84,154,253 9.36

Adobe Systems Inc 185,409 80,288,820 8.93

Airbnb Inc 532,350 66,617,919 7.41

DocuSign Inc 501,460 52,408,480 5.83

Illumina Inc 229,546 52,040,365 5.79

Intuitive Surgical Inc 179,000 50,453,587 5.61

Align Technology Inc 140,500 49,332,122 5.49

Alphabet Inc Class C 17,900 45,041,362 5.01

Salesforce Inc 199,900 42,037,102 4.67

ServiceNow Inc 43,200 26,016,116 2.89

PayPal Holdings Inc 308,400 24,953,676 2.77

Visa Inc Class A 93,000 18,859,127 2.10

Autodesk Inc 85,700 15,970,884 1.78

Mastercard Inc 42,380 14,767,370 1.64

NIKE Inc Class B 106,000 12,515,323 1.39

MSCI Inc 8,000 4,465,167 0.50

Abbott Laboratories 34,100 3,985,465 0.44 *In accordance with the UCITS regulations this schedule presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of

purchases or sales for the period or at least the top 20 purchases and sales. The full list of purchases and sales for the period ended 30 June 2022 is available on request

from the Administrator.



Schedule of Significant Portfolio Changes (continued)

For the financial period ended 30 June2022

79



Significant Sales*

Quantity Proceeds % of Total

Security Name USD Sales

Visa Inc Class A 610,200 132,726,768 9.65

Alphabet Inc Class C 50,900 132,680,926 9.64

Starbucks Corp 1,315,207 128,786,949 9.36

Amazon.com Inc 185,600 124,786,890 9.07

Mastercard Inc 255,000 94,006,355 6.83

UnitedHealth Group Inc 191,500 92,556,011 6.73

MSCI Inc 167,743 84,892,524 6.17

Meta Platforms Inc Class A 365,100 82,158,424 5.97

Airbnb Inc 468,021 80,563,272 5.85

Zoetis Inc 363,035 67,929,659 4.94

Salesforce Inc 252,937 51,338,805 3.73

Microsoft Corp 164,100 46,602,538 3.39

Abbott Laboratories 343,400 40,804,489 2.97

Netflix Inc 105,800 35,061,007 2.55

Adobe Systems Inc 61,200 28,758,556 2.09

NIKE Inc Class B 183,800 25,589,297 1.86

Accenture Plc 68,400 20,824,233 1.51

Autodesk Inc 95,000 19,459,505 1.41

Intuitive Surgical Inc 64,600 19,244,614 1.40

Align Technology Inc 27,000 14,349,987 1.04

*In accordance with the UCITS regulations this schedule presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of







80





Security Name USD Purchases Hamilton Lane Inc 5,218 394,244 7.52 Five Below Inc 2,991 353,147 6.74 Bumble Inc 11,811 319,792 6.10 Goosehead Insurance Inc 4,671 302,397 5.77 Farfetch Ltd 20,502 288,583 5.51 Fox Factory Holding Corp 2,620 258,274 4.93 YETI Holdings Inc 4,291 258,225 4.93 Qualys Inc 1,861 250,276 4.78 Revolve Group Inc 5,103 226,065 4.31 Warby Parker Inc 6,621 216,401 4.13 Doximity Inc 5,117 206,030 3.93 SiteOne Landscape Supply Inc 1,618 199,758 3.81 Azenta Inc 2,698 193,113 3.69 Globant SA 541 136,113 2.60 Blackline Inc 1,793 131,569 2.51 Olo Inc 10,832 130,093 2.48 Endava Plc 1,000 129,055 2.46 Houlihan Lokey Inc 1,380 125,729 2.40 AMN Healthcare Services Inc 1,238 125,690 2.40 Progyny Inc 2,705 123,832 2.36 Trupanion Inc 1,375 119,956 2.29 Appfolio Inc 1,066 116,263 2.22 Duck Creek Technologies Inc 4,467 96,559 1.84 Alarm.com Holdings Inc 1,379 91,420 1.74 Malibu Boats Inc 1,530 89,809 1.71 Wingstop Inc 796 88,585 1.69 Altair Engineering Inc 1,279 78,923 1.51 Helen of Troy Ltd 287 56,340 1.08 Paylocity Holding Corp 280 55,758 1.06 BigCommerce Holdings Inc 2,483 55,296 1.06 *In accordance with the UCITS regulations this schedule presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of

purchases or sales for the period or at least the top 20 purchases and sales. The full list of purchases and sales for the period ended 30 June 2022 is available on request from the Administrator.





81



Significant Sales*



Exponent Inc 6,567 590,438 9.49

Medpace Holdings Inc 3,908 581,656 9.35

Trupanion Inc 7,862 484,505 7.78

Malibu Boats Inc 8,746 484,326 7.78

Endava Plc 3,875 443,996 7.13

Appfolio Inc 3,135 332,611 5.34

Wingstop Inc 2,117 308,732 4.96

BigCommerce Holdings Inc 15,129 300,012 4.82

AMN Healthcare Services Inc 2,695 283,539 4.56

Globant SA 967 236,320 3.80

Helen of Troy Ltd 970 206,586 3.32

Fox Factory Holding Corp 1,532 190,557 3.06

Houlihan Lokey Inc 1,712 171,976 2.76

Revolve Group Inc 3,394 159,522 2.56

Paylocity Holding Corp 722 143,305 2.30

Qualys Inc 1,092 139,171 2.24

Progyny Inc 3,349 139,118 2.24

YETI Holdings Inc 2,150 137,917 2.22

Goosehead Insurance Inc 1,560 136,266 2.19

Blackline Inc 1,612 132,527 2.13

Duck Creek Technologies Inc 5,547 128,385 2.06

Alarm.com Holdings Inc 1,713 122,847 1.97

Warby Parker Inc 3,386 110,833 1.78

Olo Inc 7,014 108,360 1.74

Altair Engineering Inc 1,590 97,508 1.57 *In accordance with the UCITS regulations this schedule presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of







82






Aon Plc 7,690 2,297,267 24.23

Shenzhou International Group Holdings Ltd 52,988 929,797 9.81

ICON Plc 3,160 787,776 8.31

Shopify Inc 1,390 737,092 7.77

Temenos AG 7,410 660,999 6.97

Evolution AB 6,275 636,151 6.71

Siemens Healthineers AG 10,300 557,783 5.88

Globant SA 2,029 445,543 4.70

adidas AG 1,800 393,380 4.15

MercadoLibre Inc 320 276,567 2.92

Tencent Holdings Ltd 6,100 249,304 2.63

ASML Holding NV 300 200,074 2.11

Medtronic Plc 1,660 165,572 1.75

Experian Plc 4,080 164,935 1.74

LVMH Moet Hennessy Louis Vuitton SE 250 160,583 1.69 CSL Ltd 830 153,201 1.62

Kering SA 250 140,878 1.49

SAP SE 1,230 134,466 1.42

Accenture Plc 360 127,761 1.35

Sage Group Plc 11,390 99,083 1.05 *In accordance with the UCITS regulations this schedule presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of







83



Significant Sales*



Aon Plc 8,970 2,730,972 20.91

ICON Plc 4,309 1,016,619 7.78

Evolution AB 8,540 967,940 7.41

adidas AG 3,270 747,530 5.72

Temenos AG 7,570 738,374 5.65

Siemens Healthineers AG 11,180 641,488 4.91

Nestle SA 4,658 620,762 4.75

Medtronic Plc 5,800 616,962 4.72

Tencent Holdings Ltd 11,200 562,668 4.31

CSL Ltd 2,320 446,400 3.42

Experian Plc 12,086 427,587 3.27

Wal-Mart de Mexico SAB de CV 110,057 415,277 3.18

Dassault Systemes SE 7,357 322,741 2.47

Sage Group Plc 32,450 311,177 2.38

Amadeus IT Group SA 4,540 295,252 2.26

LVMH Moet Hennessy Louis Vuitton SE 420 291,718 2.23


Accenture Plc 840 255,712 1.96

Bunzl Plc 5,490 211,402 1.62

ASML Holding NV 330 205,551 1.57

Unilever Plc 4,310 203,322 1.56

Shopify Inc 400 174,223 1.33

Kering SA 300 170,284 1.30

SAP SE 1,630 158,959 1.22

Shenzhou International Group Holdings Ltd 10,800 146,768 1.12 *In accordance with the UCITS regulations this schedule presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of







84






Wizz Air Holdings Plc 1,830 93,354 20.32

Taiwan Semiconductor Manufacturing Co Ltd 3,000 69,524 15.13

HDFC Bank Ltd 3,250 66,509 14.47

Tencent Music Entertainment Group 9,880 57,525 12.51

momo.com Inc 1,750 48,317 10.52

Autohome Inc 1,320 43,063 9.37

Vietnam Dairy Products JSC 8,400 31,136 6.78


Alibaba Group Holding Ltd 1,000 14,832 3.22

Yandex NV 280 14,733 3.21

Karooooo Ltd 111 2,232 0.49 *In accordance with the UCITS regulations this schedule presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of







85



Significant Sales*



Colgate-Palmolive India Ltd 7,130 136,409 23.79

President Chain Store Corp 11,000 105,493 18.40

Britannia Industries Ltd 1,450 66,572 11.61

United Spirits Ltd 5,870 57,939 10.11

Fomento Economico Mexicano SAB de CV 6,560 51,670 9.01

Raia Drogasil SA 8,200 40,480 7.06

Tingyi Cayman Islands Holding Corp 16,000 29,131 5.08

Ping An Healthcare and Technology Co Ltd 8,500 27,573 4.81

Vitasoy International Holdings Ltd 14,000 27,517 4.80

ANTA Sports Products Ltd 2,400 23,728 4.14

TAL Education Group 1,940 6,830 1.19

*In accordance with the UCITS regulations this schedule presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of purchases or sales for the period or at least the top 20 purchases and sales. The full list of purchases and sales for the period ended 30 June 2022 is available on request






86






Globant SA 287 71,374 4.90

Kinaxis Inc 464 58,439 4.01

Floor & Decor Holdings Inc 562 57,895 3.97

Endava Plc 477 55,613 3.82

Paycom Software Inc 165 54,301 3.73

Fair Isaac Corp 105 51,767 3.55

Netcompany Group A/S 766 51,633 3.54

Euronext NV 604 50,722 3.48

Etsy Inc 336 50,450 3.46

CTS Eventim AG & Co KGaA 720 48,884 3.35

Temenos AG 430 47,703 3.27

Tyler Technologies Inc 102 46,877 3.22

Tecan Group AG 136 46,734 3.21

Thule Group AB 1,040 46,362 3.18

Fevertree Drinks Plc 1,720 45,937 3.15

Koh Young Technology Inc 2,570 42,354 2.91

RH 108 41,142 2.82

TMX Group Ltd 399 41,130 2.82

Dynatrace Inc 783 40,200 2.76

Five Below Inc 240 38,004 2.61

YETI Holdings Inc 580 36,887 2.53

CompuGroup Medical SE & Co KgaA 590 36,875 2.53

Revolve Group Inc 771 36,347 2.49

Musti Group Oyj 1,250 34,785 2.39

Cochlear Ltd 244 34,239 2.35

Altus Group Ltd/Canada 726 32,809 2.25

Goosehead Insurance Inc 364 32,743 2.25

Benefit One Inc 1,100 31,183 2.14

Kakaku.com Inc 1,500 30,546 2.10

Blackline Inc 343 29,700 2.04

Douzone Bizon Co Ltd 630 26,440 1.81

Azenta Inc 359 25,386 1.74

Pro Medicus Ltd 710 22,552 1.55

Cybozu Inc 1,700 20,794 1.43

Dechra Pharmaceuticals Plc 487 20,245 1.39

Keywords Studios Plc 660 18,569 1.27 *In accordance with the UCITS regulations this schedule presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of






87



Significant Sales*



RH 108 28,423 15.42

Blackline Inc 343 24,513 13.30

Etsy Inc 336 23,709 12.86

Tyler Technologies Inc 48 19,748 10.71

Kinaxis Inc 172 19,086 10.35

Cybozu Inc 1,700 19,043 10.33

Cochlear Ltd 112 18,005 9.77

CTS Eventim AG & Co KGaA 262 17,191 9.32

Thule Group AB 478 12,427 6.73

Endava Plc 6 824 0.45

Globant SA 3 793 0.43

Floor & Decor Holdings Inc 6 603 0.33

*In accordance with the UCITS regulations this schedule presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of



88



Appendix

Securities Financing Transactions Regulation

The Securities Financing Transactions Regulation, as published by the European Securities and Markets Authority, aims to improve

the transparency of the securities financing markets. Disclosures regarding exposure to Securities Financing Transactions (SFTs) will

be required on all report and accounts published after 13 January 2017. During the financial year ended 30 June 2022 none of the

Funds entered into any Securities Financing Transactions.