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Polen Capital

Q1 2015 13F · by Dan Davidowitz, portfolio manager

As of
Mar 31, 2015
Filed
May 15, 2015
US stock
$5.1B · prev $4.9B
Positions
24 · prev 23
Options notional
$0
Documents
1· no amendments

Picture96.2% US stock

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

  • US stock listed on a US exchange 96.2%
  • Foreign stock not listed in the US 3.8%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves25 since the prior filing

The book

Concentrated · behaves like 20 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 26% a year, about 3.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions33% of US stock

  1. V VISA Inc. added−0.10 pp added−0.107.5%
  2. NKE Nike, Inc. added+0.20 pp added+0.206.8%
  3. ABT Abbott Laboratories added+0.11 pp added+0.116.5%
  4. ORCL Oracle Corp added−0.33 pp added−0.336.0%
  5. SBUX Starbucks Corp added+0.82 pp added+0.825.9%

Positions24 in this filing · 1 exited

VVISA Inc.7.47%5,856,593$383Madded+4%−0.10 pp8 q
NKENike, Inc.6.77%3,461,069$347Madded+4%+0.20 pp8 q
ABTAbbott Laboratories6.46%7,153,966$331Madded+4%+0.11 pp7 q
ORCLOracle Corp6.01%7,144,395$308Madded+4%−0.33 pp8 q
SBUXStarbucks Corp5.94%3,215,212$304Madded+6%+0.82 pp8 q
TJXTJX Companies, Inc. (The)5.48%4,014,346$281Madded+5%+0.07 pp6 q
GOOGAlphabet Inc. Class C5.45%510,097$280Madded+7%+0.26 pp4 q
unresolvedPriceline Grp Inc5.42%238,665$278Madded+9%+0.26 pp4 q
AAPLApple Inc.5.09%2,098,784$261Madded+4%+0.51 pp8 q
REGNRegeneron Pharmaceuticals Inc4.99%566,865$256Madded+5%+0.41 pp8 q
ACNAccenture PLC4.90%2,684,580$252Madded+4%+0.16 pp8 q
FASTFastenal Co4.13%5,105,640$212Madded+88%+1.47 pp8 q
ADPAutomatic Data Processing3.92%2,348,827$201Madded+5%+0.06 pp7 q
ORLYO'Reilly Automotive, Inc.3.83%908,584$196Madded+5%+0.38 pp3 q
CELGCelgene Corp3.79%1,685,019$194Madded+6%+0.14 pp2 q
NSRGYNestle S.a S/3.79%2,582,786$194Madded+9%+0.24 pp4 q
unresolvedGoogle Inc.3.74%345,621$192Madded+5%+0.16 pp8 q
ITGartner, Inc.3.64%2,224,306$187Madded+4%−0.06 pp8 q
GWWW.W. Grainger, Inc.2.84%618,349$146Madded+6%−0.22 pp8 q
FDSFactset Research Systems2.17%698,664$111Mtrimmed−43%−1.38 pp8 q
MAMastercard Incorporated2.08%1,235,852$107Madded+5%−0.01 pp8 q
ADBEAdobe Inc.1.98%1,370,181$101Mnew+1.98 ppnew
IWFiShares Russell 1000 Growth ETF0.12%61,386$6Mtrimmed−31%−0.06 pp6 q
BIDUBaidu, Inc.0.00%1,002$209,000new0.00 ppnew
unresolvedAllergan Inc—−1,162,639—exited−5.09 pp—

Source

Form
13F-HR
Reading
1 defect · 2 unresolved
Accession
0001034524-15-000003
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2015-03-31