Polen Capital

Q3 2015 13F · by Dan Davidowitz, portfolio manager

As of: Sep 30, 2015
Filed: Nov 13, 2015
US stock: $5.5B · prev $5.2B
Positions: 24 · prev 24
Options notional: $0
Documents: 1· no amendments

Picture95.3% US stock

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

US stock listed on a US exchange 95.3%
Foreign stock not listed in the US 4.7%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves25 since the prior filing

+2.3 pp in · −2.3 pp out

New 1 0.00 pp
Added 20 +2.31 pp
Trimmed 3 −2.33 pp
Exited 1 0.00 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.9% a year, about 10.1 years per position

Low
Moderate
High

Top 5 positions33% of US stock

NKE Nike, Inc. added+0.74 pp added+0.747.8%
V VISA Inc. added+0.02 pp added+0.027.5%
SBUX Starbucks Corp added+0.20 pp added+0.206.6%
GOOG Alphabet Inc. Class C trimmed+0.45 pp trimmed+0.455.5%
unresolved Priceline Grp Inc added+0.28 pp added+0.285.5%

Positions24 in this filing · 1 exited


NKENike, Inc.	7.82%	3,472,225	$427M	added+3%	+0.74 pp	10 q
VVISA Inc.	7.47%	5,853,523	$408M	added+2%	+0.02 pp	10 q
SBUXStarbucks Corp	6.61%	6,344,218	$361M	added+3%	+0.20 pp	10 q
GOOGAlphabet Inc. Class C	5.50%	493,575	$300M	trimmed−2%	+0.45 pp	6 q
unresolvedPriceline Grp Inc	5.50%	242,483	$300M	added+4%	+0.28 pp	6 q
ABTAbbott Laboratories	5.32%	7,212,757	$290M	added+3%	−1.33 pp	9 q
TJXTJX Companies, Inc. (The)	5.30%	4,053,112	$289M	added+3%	+0.26 pp	8 q
REGNRegeneron Pharmaceuticals Inc	4.91%	575,505	$268M	added+4%	−0.57 pp	10 q
ACNAccenture PLC	4.86%	2,700,473	$265M	added+3%	−0.06 pp	10 q
ORCLOracle Corp	4.72%	7,134,873	$258M	added+2%	−0.73 pp	10 q
NSRGYNestle S.a S/	4.70%	3,406,351	$256M	added+35%	+1.18 pp	6 q
ADPAutomatic Data Processing	4.62%	3,142,746	$252M	added+37%	+1.05 pp	9 q
unresolvedGoogle Inc.	4.33%	370,416	$236M	added+10%	+0.80 pp	10 q
AAPLApple Inc.	4.25%	2,111,493	$232M	added+3%	−0.74 pp	10 q
ORLYO'Reilly Automotive, Inc.	4.19%	915,633	$229M	added+3%	+0.30 pp	5 q
ADBEAdobe Inc.	4.13%	2,744,000	$226M	added×2.0	+2.01 pp	3 q
ITGartner, Inc.	3.45%	2,244,524	$188M	added+3%	−0.17 pp	10 q
FASTFastenal Co	3.44%	5,126,885	$188M	added+3%	−0.64 pp	10 q
METAMeta Platforms, Inc. Class A	3.40%	2,065,946	$185M	added+4%	+0.11 pp	2 q
CELGCelgene Corp	3.34%	1,687,289	$182M	added+3%	−0.32 pp	4 q
MAMastercard Incorporated	2.11%	1,275,459	$115M	added+5%	−0.08 pp	10 q
IWFiShares Russell 1000 Growth ETF	0.01%	5,068	$471,000	trimmed−52%	−0.01 pp	8 q
GWWW.W. Grainger, Inc.	0.00%	1,246	$268,000	trimmed−100%	−2.77 pp	10 q
CHKPCheck Point Software Technologies Ltd	0.00%	2,966	$235,000	new	0.00 pp	new
BIDUBaidu, Inc.	—	−1,074	—	exited	0.00 pp	—