Polen Capital

Q2 2015 13F · by Dan Davidowitz, portfolio manager

As of: Jun 30, 2015
Filed: Aug 13, 2015
US stock: $5.2B · prev $5.1B
Positions: 24 · prev 24
Options notional: $0
Documents: 1· no amendments

Picture96.5% US stock

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

US stock listed on a US exchange 96.5%
Foreign stock not listed in the US 3.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves25 since the prior filing

+3.3 pp in · −3.3 pp out

New 1 +3.29 pp
Added 1 0.00 pp
Trimmed 22 −1.13 pp
Exited 1 −2.17 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.6 years per position

Low
Moderate
High

Top 5 positions33% of US stock

V VISA Inc. trimmed−0.02 pp trimmed−0.027.5%
NKE Nike, Inc. trimmed+0.31 pp trimmed+0.317.1%
ABT Abbott Laboratories trimmed+0.19 pp trimmed+0.196.7%
SBUX Starbucks Corp trimmed+0.47 pp trimmed+0.476.4%
REGN Regeneron Pharmaceuticals Inc trimmed+0.49 pp trimmed+0.495.5%

Positions24 in this filing · 1 exited


VVISA Inc.	7.45%	5,726,917	$385M	trimmed−2%	−0.02 pp	9 q
NKENike, Inc.	7.08%	3,384,469	$366M	trimmed−2%	+0.31 pp	9 q
ABTAbbott Laboratories	6.65%	6,998,285	$343M	trimmed−2%	+0.19 pp	8 q
SBUXStarbucks Corp	6.41%	6,171,996	$331M	trimmed−4%	+0.47 pp	9 q
REGNRegeneron Pharmaceuticals Inc	5.48%	554,959	$283M	trimmed−2%	+0.49 pp	9 q
ORCLOracle Corp	5.45%	6,982,677	$281M	trimmed−2%	−0.56 pp	9 q
unresolvedPriceline Grp Inc	5.22%	234,277	$270M	trimmed−2%	−0.20 pp	5 q
GOOGAlphabet Inc. Class C	5.05%	501,098	$261M	trimmed−2%	−0.40 pp	5 q
TJXTJX Companies, Inc. (The)	5.04%	3,932,657	$260M	trimmed−2%	−0.44 pp	7 q
AAPLApple Inc.	4.99%	2,052,716	$257M	trimmed−2%	−0.10 pp	9 q
ACNAccenture PLC	4.92%	2,624,413	$254M	trimmed−2%	+0.02 pp	9 q
FASTFastenal Co	4.08%	5,000,617	$211M	trimmed−2%	−0.05 pp	9 q
ORLYO'Reilly Automotive, Inc.	3.89%	888,847	$201M	trimmed−2%	+0.06 pp	4 q
CELGCelgene Corp	3.66%	1,633,610	$189M	trimmed−3%	−0.13 pp	3 q
ITGartner, Inc.	3.62%	2,177,985	$187M	trimmed−2%	−0.02 pp	9 q
ADPAutomatic Data Processing	3.57%	2,299,849	$185M	trimmed−2%	−0.35 pp	8 q
unresolvedGoogle Inc.	3.53%	337,314	$182M	trimmed−2%	−0.21 pp	9 q
NSRGYNestle S.a S/	3.52%	2,516,539	$182M	trimmed−3%	−0.27 pp	5 q
METAMeta Platforms, Inc. Class A	3.29%	1,978,737	$170M	new	+3.29 pp	new
GWWW.W. Grainger, Inc.	2.77%	603,823	$143M	trimmed−2%	−0.07 pp	9 q
MAMastercard Incorporated	2.19%	1,209,593	$113M	trimmed−2%	+0.11 pp	9 q
ADBEAdobe Inc.	2.12%	1,353,951	$110M	trimmed−1%	+0.14 pp	2 q
IWFiShares Russell 1000 Growth ETF	0.02%	10,484	$1M	trimmed−83%	−0.10 pp	7 q
BIDUBaidu, Inc.	0.00%	1,074	$214,000	added+7%	0.00 pp	2 q
FDSFactset Research Systems	—	−698,664	—	exited	−2.17 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 2 unresolved
Accession: 0001034524-15-000004
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 2015-06-30

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