Polen Capital

Q4 2015 13F · by Dan Davidowitz, portfolio manager

As of: Dec 31, 2015
Filed: Feb 12, 2016
US stock: $6.5B · prev $5.5B
Positions: 26 · prev 24
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%

Moves28 since the prior filing

+4.4 pp in · −4.3 pp out

New 4 +4.70 pp
Added 22 −0.34 pp
Trimmed 0 0.00 pp
Exited 2 −4.33 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.8 years per position

Low
Moderate
High

Top 5 positions33% of US stock

Positions26 in this filing · 2 exited


VVISA Inc.	7.73%	6,447,554	$500M	added+10%	+0.26 pp	11 q
NKENike, Inc.	7.38%	7,635,794	$477M	added+10%	−0.44 pp	11 q
SBUXStarbucks Corp	6.48%	6,984,749	$419M	added+10%	−0.13 pp	11 q
GOOGAlphabet Inc. Class C	6.34%	540,233	$410M	added+9%	+0.84 pp	7 q
ABTAbbott Laboratories	5.51%	7,936,268	$356M	added+10%	+0.19 pp	10 q
unresolvedPriceline Grp Inc	5.25%	266,100	$339M	added+10%	−0.25 pp	7 q
REGNRegeneron Pharmaceuticals Inc	5.25%	625,697	$340M	added+9%	+0.34 pp	11 q
TJXTJX Companies, Inc. (The)	4.91%	4,474,248	$317M	added+10%	−0.39 pp	9 q
ACNAccenture PLC	4.80%	2,971,122	$310M	added+10%	−0.06 pp	11 q
GOOGLAlphabet Inc. Class A	4.67%	387,808	$302M	new	+4.67 pp	new
ADPAutomatic Data Processing	4.56%	3,479,707	$295M	added+11%	−0.06 pp	10 q
ADBEAdobe Inc.	4.44%	3,058,700	$287M	added+11%	+0.31 pp	4 q
ORCLOracle Corp	4.41%	7,808,622	$285M	added+9%	−0.31 pp	11 q
NSRGYNestle S.a S/	4.24%	3,682,910	$274M	added+8%	−0.46 pp	7 q
ORLYO'Reilly Automotive, Inc.	3.95%	1,008,725	$256M	added+10%	−0.24 pp	6 q
AAPLApple Inc.	3.77%	2,318,198	$244M	added+10%	−0.48 pp	11 q
METAMeta Platforms, Inc. Class A	3.71%	2,291,191	$240M	added+11%	+0.31 pp	3 q
FASTFastenal Co	3.53%	5,585,497	$228M	added+9%	+0.09 pp	11 q
ITGartner, Inc.	3.47%	2,476,847	$225M	added+10%	+0.02 pp	11 q
CELGCelgene Corp	3.37%	1,818,909	$218M	added+8%	+0.03 pp	5 q
MAMastercard Incorporated	2.11%	1,403,433	$137M	added+10%	0.00 pp	11 q
IWFiShares Russell 1000 Growth ETF	0.09%	57,786	$6M	added×11.4	+0.08 pp	9 q
BABAAlibaba Group Holding Limited	0.01%	5,315	$432,000	new	+0.01 pp	new
BIDUBaidu, Inc.	0.01%	2,334	$441,000	new	+0.01 pp	new
NVONovo-Nordisk A/S	0.01%	6,499	$377,000	new	+0.01 pp	new
CHKPCheck Point Software Technologies Ltd	0.01%	5,843	$476,000	added+97%	+0.01 pp	2 q
unresolvedGoogle Inc.	—	−370,416	—	exited	−4.33 pp	—
GWWW.W. Grainger, Inc.	—	−1,246	—	exited	0.00 pp	—