Polen Capital

Q2 2014 13F · by Dan Davidowitz, portfolio manager

As of: Jun 30, 2014
Filed: Aug 12, 2014
US stock: $4.6B · prev $4.6B
Positions: 25 · prev 23
Options notional: $0
Documents: 1· no amendments

Picture95.6% US stock

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

US stock listed on a US exchange 95.6%
Foreign stock not listed in the US 4.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves25 since the prior filing

+11.0 pp in · −11.0 pp out

New 3 +10.96 pp
Added 1 +0.02 pp
Trimmed 20 −5.90 pp
Exited 1 −5.06 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 44% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions36% of US stock

unresolved Allergan Inc trimmed+2.21 pp trimmed+2.219.3%
V VISA Inc. trimmed−0.46 pp trimmed−0.466.8%
QCOM Qualcomm Inc trimmed−0.26 pp trimmed−0.266.8%
ABT Abbott Laboratories trimmed+0.12 pp trimmed+0.126.4%
ORCL Oracle Corp trimmed−0.33 pp trimmed−0.336.4%

Positions25 in this filing · 1 exited


unresolvedAllergan Inc	9.32%	2,521,174	$427M	trimmed−5%	+2.21 pp	5 q
VVISA Inc.	6.80%	1,479,020	$312M	trimmed−5%	−0.46 pp	5 q
QCOMQualcomm Inc	6.76%	3,909,900	$310M	trimmed−5%	−0.26 pp	5 q
ABTAbbott Laboratories	6.44%	7,209,397	$295M	trimmed−5%	+0.12 pp	4 q
ORCLOracle Corp	6.39%	7,216,244	$292M	trimmed−5%	−0.33 pp	5 q
NKENike, Inc.	5.91%	3,490,821	$271M	trimmed−5%	+0.05 pp	5 q
SBUXStarbucks Corp	5.40%	3,193,453	$247M	trimmed−5%	+0.07 pp	5 q
ACNAccenture PLC	4.78%	2,710,303	$219M	trimmed−5%	−0.14 pp	5 q
unresolvedGoogle Inc.	4.48%	350,817	$205M	trimmed−5%	−4.44 pp	5 q
GOOGAlphabet Inc. Class C	4.45%	354,040	$204M	new	+4.45 pp	new
NSRGYNestle S.a S/	4.42%	2,604,908	$202M	new	+4.42 pp	new
AAPLApple Inc.	4.30%	2,119,952	$197M	trimmed−5%	+0.60 pp	5 q
TROWT Rowe Price Group Inc	4.13%	2,243,095	$189M	trimmed−38%	−2.28 pp	5 q
ADPAutomatic Data Processing	4.06%	2,346,645	$186M	trimmed−4%	−0.04 pp	4 q
ITGartner, Inc.	3.47%	2,252,810	$159M	trimmed−5%	−0.09 pp	5 q
GWWW.W. Grainger, Inc.	3.47%	624,805	$159M	trimmed−5%	−0.11 pp	5 q
TJXTJX Companies, Inc. (The)	3.46%	2,981,132	$158M	trimmed−5%	−0.66 pp	3 q
FDSFactset Research Systems	3.39%	1,290,711	$155M	trimmed−5%	+0.22 pp	5 q
FASTFastenal Co	3.16%	2,926,668	$145M	trimmed−5%	−0.12 pp	5 q
unresolvedPriceline Grp Inc	2.09%	79,437	$96M	new	+2.09 pp	new
MAMastercard Incorporated	1.99%	1,239,255	$91M	trimmed−5%	−0.11 pp	5 q
REGNRegeneron Pharmaceuticals Inc	1.29%	208,590	$59M	trimmed−5%	−0.13 pp	5 q
IWFiShares Russell 1000 Growth ETF	0.03%	13,557	$1M	added×2.3	+0.02 pp	3 q
SAPSap SE	0.01%	5,150	$397,000	held	—	5 q
unresolvedSolarwinds Inc	0.01%	13,770	$532,000	trimmed−5%	0.00 pp	2 q
EBAYeBay Inc	—	−4,236,029	—	exited	−5.06 pp	—