Polen Capital

Q1 2014 13F · by Dan Davidowitz, portfolio manager

Picture100.0% US stock

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

+6.0 pp in · −6.0 pp out

Concentrated · behaves like 18 equal-sized positions

Low turnover · 15% a year, about 6.5 years per position


unresolvedGoogle Inc.	8.92%	370,196	$413M	trimmed−1%	−0.38 pp	4 q
VVISA Inc.	7.26%	1,555,054	$336M	trimmed−1%	−0.49 pp	4 q
unresolvedAllergan Inc	7.11%	2,648,664	$329M	trimmed−1%	+0.54 pp	4 q
QCOMQualcomm Inc	7.02%	4,115,757	$325M	trimmed−1%	+0.15 pp	4 q
ORCLOracle Corp	6.72%	7,591,331	$311M	trimmed−1%	+0.24 pp	4 q
TROWT Rowe Price Group Inc	6.41%	3,598,292	$296M	trimmed−1%	−0.34 pp	4 q
ABTAbbott Laboratories	6.32%	7,586,836	$292M	trimmed−1%	−0.16 pp	3 q
NKENike, Inc.	5.86%	3,669,535	$271M	trimmed−1%	−0.62 pp	4 q
SBUXStarbucks Corp	5.33%	3,359,443	$247M	trimmed−1%	−0.58 pp	4 q
EBAYeBay Inc	5.06%	4,236,029	$234M	trimmed−0%	−0.11 pp	4 q
ACNAccenture PLC	4.92%	2,850,507	$227M	trimmed−1%	−0.32 pp	4 q
TJXTJX Companies, Inc. (The)	4.12%	3,143,318	$191M	added×2.2	+2.08 pp	2 q
ADPAutomatic Data Processing	4.10%	2,451,365	$189M	added+43%	+1.03 pp	3 q
AAPLApple Inc.	3.70%	318,618	$171M	trimmed−1%	−0.31 pp	4 q
GWWW.W. Grainger, Inc.	3.58%	655,199	$166M	added0%	−0.11 pp	4 q
ITGartner, Inc.	3.56%	2,368,206	$164M	trimmed−1%	−0.19 pp	4 q
FASTFastenal Co	3.28%	3,071,286	$151M	added+93%	+1.60 pp	4 q
FDSFactset Research Systems	3.17%	1,360,980	$147M	trimmed−1%	−0.15 pp	4 q
MAMastercard Incorporated	2.10%	1,301,454	$97M	trimmed−1%	−0.33 pp	4 q
REGNRegeneron Pharmaceuticals Inc	1.42%	219,163	$66M	added×125.2	+1.41 pp	4 q
IWFiShares Russell 1000 Growth ETF	0.01%	5,821	$504,000	trimmed−95%	−0.19 pp	2 q
SAPSap SE	0.01%	5,150	$419,000	trimmed−6%	0.00 pp	4 q
unresolvedSolarwinds Inc	0.01%	14,472	$617,000	new	+0.01 pp	new
METAMeta Platforms, Inc. Class A	—	−2,302,109	—	exited	−2.78 pp	—