Polen Capital

Q3 2014 13F · by Dan Davidowitz, portfolio manager

As of: Sep 30, 2014
Filed: Nov 13, 2014
US stock: $4.4B · prev $4.6B
Positions: 22 · prev 25
Options notional: $0
Documents: 1· no amendments

Picture95.8% US stock

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

US stock listed on a US exchange 95.8%
Foreign stock not listed in the US 4.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves26 since the prior filing

+9.8 pp in · −9.8 pp out

New 1 +3.00 pp
Added 4 +6.77 pp
Trimmed 17 +1.13 pp
Exited 4 −10.91 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions36% of US stock

unresolved Allergan Inc trimmed+0.48 pp trimmed+0.489.8%
V VISA Inc. trimmed+0.07 pp trimmed+0.076.9%
NKE Nike, Inc. trimmed+0.88 pp trimmed+0.886.8%
ABT Abbott Laboratories trimmed+0.10 pp trimmed+0.106.5%
ORCL Oracle Corp trimmed−0.38 pp trimmed−0.386.0%

Positions22 in this filing · 4 exited


unresolvedAllergan Inc	9.80%	2,447,375	$436M	trimmed−3%	+0.48 pp	6 q
VVISA Inc.	6.87%	1,432,587	$306M	trimmed−3%	+0.07 pp	6 q
NKENike, Inc.	6.79%	3,385,336	$302M	trimmed−3%	+0.88 pp	6 q
ABTAbbott Laboratories	6.54%	7,001,825	$291M	trimmed−3%	+0.10 pp	5 q
ORCLOracle Corp	6.01%	6,984,325	$267M	trimmed−3%	−0.38 pp	6 q
SBUXStarbucks Corp	5.25%	3,094,987	$234M	trimmed−3%	−0.15 pp	6 q
TJXTJX Companies, Inc. (The)	5.17%	3,885,129	$230M	added+30%	+1.71 pp	4 q
ACNAccenture PLC	4.80%	2,628,270	$214M	trimmed−3%	+0.02 pp	6 q
AAPLApple Inc.	4.64%	2,047,325	$206M	trimmed−3%	+0.34 pp	6 q
unresolvedGoogle Inc.	4.49%	339,574	$200M	trimmed−3%	+0.01 pp	6 q
REGNRegeneron Pharmaceuticals Inc	4.47%	551,902	$199M	added×2.6	+3.18 pp	6 q
GOOGAlphabet Inc. Class C	4.45%	343,051	$198M	trimmed−3%	0.00 pp	2 q
ADPAutomatic Data Processing	4.25%	2,276,034	$189M	trimmed−3%	+0.19 pp	5 q
NSRGYNestle S.a S/	4.17%	2,520,198	$186M	trimmed−3%	−0.25 pp	2 q
unresolvedPriceline Grp Inc	3.97%	152,500	$177M	added+92%	+1.88 pp	2 q
ITGartner, Inc.	3.61%	2,186,536	$161M	trimmed−3%	+0.14 pp	6 q
FDSFactset Research Systems	3.42%	1,250,546	$152M	trimmed−3%	+0.03 pp	6 q
GWWW.W. Grainger, Inc.	3.42%	604,852	$152M	trimmed−3%	−0.05 pp	6 q
ORLYO'Reilly Automotive, Inc.	3.00%	887,854	$133M	new	+3.00 pp	new
FASTFastenal Co	2.86%	2,833,974	$127M	trimmed−3%	−0.30 pp	6 q
MAMastercard Incorporated	1.99%	1,200,728	$89M	trimmed−3%	0.00 pp	6 q
IWFiShares Russell 1000 Growth ETF	0.03%	15,742	$1M	added+16%	0.00 pp	4 q
QCOMQualcomm Inc	—	−3,909,900	—	exited	−6.76 pp	—
TROWT Rowe Price Group Inc	—	−2,243,095	—	exited	−4.13 pp	—
SAPSap SE	—	−5,150	—	exited	−0.01 pp	—
unresolvedSolarwinds Inc	—	−13,770	—	exited	−0.01 pp	—