Polen Capital

Q3 2013 13F · by Dan Davidowitz, portfolio manager

As of: Sep 30, 2013
Filed: Nov 12, 2013
US stock: $4.3B · prev $4.2B
Positions: 24 · prev 26
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves27 since the prior filing

+14.5 pp in · −14.5 pp out

New 3 +10.52 pp
Added 2 +3.97 pp
Trimmed 17 −1.88 pp
Exited 5 −12.59 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 57% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions36% of US stock

NKE Nike, Inc. trimmed+0.33 pp trimmed+0.338.4%
unresolved Google Inc. trimmed−0.83 pp trimmed−0.837.8%
V VISA Inc. trimmed−0.35 pp trimmed−0.357.2%
QCOM Qualcomm Inc trimmed+0.02 pp trimmed+0.026.7%
SBUX Starbucks Corp trimmed+0.39 pp trimmed+0.396.3%

Positions24 in this filing · 5 exited


NKENike, Inc.	8.42%	5,033,074	$366M	trimmed−6%	+0.33 pp	2 q
unresolvedGoogle Inc.	7.84%	388,608	$340M	trimmed−6%	−0.83 pp	2 q
VVISA Inc.	7.21%	1,637,735	$313M	trimmed−6%	−0.35 pp	2 q
QCOMQualcomm Inc	6.70%	4,317,176	$291M	trimmed−6%	+0.02 pp	2 q
SBUXStarbucks Corp	6.27%	3,535,935	$272M	trimmed−6%	+0.39 pp	2 q
TROWT Rowe Price Group Inc	6.24%	3,768,936	$271M	trimmed−6%	−0.75 pp	2 q
unresolvedAllergan Inc	5.82%	2,792,480	$253M	trimmed−6%	−0.11 pp	2 q
EBAYeBay Inc	5.70%	4,439,621	$248M	added+42%	+1.86 pp	2 q
INTUIntuit Inc	5.39%	3,529,205	$234M	trimmed−6%	−0.03 pp	2 q
ACNAccenture PLC	5.06%	2,983,765	$220M	trimmed−6%	−0.37 pp	2 q
ABTAbbott Laboratories	4.77%	6,244,148	$207M	new	+4.77 pp	new
ORCLOracle Corp	4.65%	6,084,748	$202M	trimmed−6%	−0.07 pp	2 q
GWWW.W. Grainger, Inc.	4.12%	684,442	$179M	trimmed−5%	−0.19 pp	2 q
AAPLApple Inc.	3.71%	337,758	$161M	trimmed−6%	+0.33 pp	2 q
FDSFactset Research Systems	3.60%	1,432,406	$156M	trimmed−6%	−0.09 pp	2 q
ADPAutomatic Data Processing	2.97%	1,780,671	$129M	new	+2.97 pp	new
METAMeta Platforms, Inc. Class A	2.78%	2,404,382	$121M	new	+2.78 pp	new
CHRWC.H. Robinson Worldwide, Inc.	2.42%	1,763,941	$105M	trimmed−6%	−0.09 pp	2 q
ITGartner, Inc.	2.22%	1,609,440	$97M	trimmed−5%	−0.08 pp	2 q
MAMastercard Incorporated	2.12%	136,826	$92M	added×238.8	+2.11 pp	2 q
FASTFastenal Co	1.96%	1,695,843	$85M	trimmed−5%	+0.01 pp	2 q
REGNRegeneron Pharmaceuticals Inc	0.01%	1,751	$548,000	held	—	2 q
SAPSap SE	0.01%	5,485	$405,000	held	—	2 q
CLBCore Laboratories Inc.	0.01%	3,094	$524,000	trimmed−6%	0.00 pp	2 q
unresolvedAbbott Labs	—	−6,610,245	—	exited	−5.48 pp	—
ISRGIntuitive Surgical Inc.	—	−311,340	—	exited	−3.75 pp	—
VARVarian Medical Systems, Inc.	—	−2,016,184	—	exited	−3.23 pp	—
IWFiShares Russell 1000 Growth ETF	—	−70,367	—	exited	−0.12 pp	—
NVONovo-Nordisk A/S	—	−2,258	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001034524-13-000007
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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