Polen Capital

Q4 2013 13F · by Dan Davidowitz, portfolio manager

As of: Dec 31, 2013
Filed: Feb 12, 2014
US stock: $4.5B · prev $4.3B
Positions: 23 · prev 24
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%

Moves24 since the prior filing

+7.3 pp in · −7.3 pp out

New 2 +2.24 pp
Added 3 +5.07 pp
Trimmed 16 +0.50 pp
Exited 3 −7.82 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions37% of US stock

unresolved Google Inc. trimmed+1.46 pp trimmed+1.469.3%
V VISA Inc. trimmed+0.54 pp trimmed+0.547.8%
QCOM Qualcomm Inc trimmed+0.17 pp trimmed+0.176.9%
TROW T Rowe Price Group Inc trimmed+0.51 pp trimmed+0.516.8%
unresolved Allergan Inc trimmed+0.75 pp trimmed+0.756.6%

Positions23 in this filing · 3 exited


unresolvedGoogle Inc.	9.30%	375,044	$420M	trimmed−3%	+1.46 pp	3 q
VVISA Inc.	7.75%	1,573,099	$350M	trimmed−4%	+0.54 pp	3 q
QCOMQualcomm Inc	6.87%	4,177,898	$310M	trimmed−3%	+0.17 pp	3 q
TROWT Rowe Price Group Inc	6.75%	3,638,873	$305M	trimmed−3%	+0.51 pp	3 q
unresolvedAllergan Inc	6.57%	2,674,059	$297M	trimmed−4%	+0.75 pp	3 q
ABTAbbott Laboratories	6.48%	7,642,439	$293M	added+22%	+1.71 pp	2 q
NKENike, Inc.	6.48%	3,720,409	$293M	trimmed−26%	−1.94 pp	3 q
ORCLOracle Corp	6.48%	7,656,087	$293M	added+26%	+1.83 pp	3 q
SBUXStarbucks Corp	5.91%	3,405,919	$267M	trimmed−4%	−0.36 pp	3 q
ACNAccenture PLC	5.24%	2,881,373	$237M	trimmed−3%	+0.18 pp	3 q
EBAYeBay Inc	5.17%	4,253,104	$233M	trimmed−4%	−0.53 pp	3 q
AAPLApple Inc.	4.01%	322,954	$181M	trimmed−4%	+0.30 pp	3 q
ITGartner, Inc.	3.75%	2,385,880	$170M	added+48%	+1.53 pp	3 q
GWWW.W. Grainger, Inc.	3.69%	653,228	$167M	trimmed−5%	−0.43 pp	3 q
FDSFactset Research Systems	3.32%	1,380,863	$150M	trimmed−4%	−0.28 pp	3 q
ADPAutomatic Data Processing	3.07%	1,716,576	$139M	trimmed−4%	+0.10 pp	2 q
METAMeta Platforms, Inc. Class A	2.78%	2,302,109	$126M	trimmed−4%	0.00 pp	2 q
MAMastercard Incorporated	2.43%	131,437	$110M	trimmed−4%	+0.31 pp	3 q
TJXTJX Companies, Inc. (The)	2.04%	1,446,789	$92M	new	+2.04 pp	new
FASTFastenal Co	1.68%	1,594,202	$76M	trimmed−6%	−0.28 pp	3 q
IWFiShares Russell 1000 Growth ETF	0.20%	107,524	$9M	new	+0.20 pp	new
REGNRegeneron Pharmaceuticals Inc	0.01%	1,751	$482,000	held	—	3 q
SAPSap SE	0.01%	5,485	$478,000	held	—	3 q
INTUIntuit Inc	—	−3,529,205	—	exited	−5.39 pp	—
CHRWC.H. Robinson Worldwide, Inc.	—	−1,763,941	—	exited	−2.42 pp	—
CLBCore Laboratories Inc.	—	−3,094	—	exited	−0.01 pp	—