Polen Capital

Q1 2016 13F · by Dan Davidowitz, portfolio manager

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $7.3B · prev $6.5B
Positions: 27 · prev 26
Options notional: $0
Documents: 1· no amendments

Picture95.6% US stock

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

US stock listed on a US exchange 95.6%
Foreign stock not listed in the US 4.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves27 since the prior filing

+3.0 pp in · −3.0 pp out

New 1 +1.50 pp
Added 24 +1.51 pp
Trimmed 2 −3.00 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.1% a year, about 12.3 years per position

Low
Moderate
High

Top 5 positions33% of US stock

V VISA Inc. added−0.12 pp added−0.127.6%
NKE Nike, Inc. added−0.17 pp added−0.177.2%
GOOG Alphabet Inc. Class C added+0.21 pp added+0.216.5%
SBUX Starbucks Corp added−0.06 pp added−0.066.4%
TJX TJX Companies, Inc. (The) added+0.46 pp added+0.465.4%

Positions27 in this filing · 0 exited


VVISA Inc.	7.61%	7,247,829	$554M	added+12%	−0.12 pp	12 q
NKENike, Inc.	7.21%	8,539,045	$525M	added+12%	−0.17 pp	12 q
GOOGAlphabet Inc. Class C	6.55%	640,034	$477M	added+18%	+0.21 pp	8 q
SBUXStarbucks Corp	6.42%	7,832,928	$468M	added+12%	−0.06 pp	12 q
TJXTJX Companies, Inc. (The)	5.37%	4,996,490	$391M	added+12%	+0.46 pp	10 q
unresolvedPriceline Grp Inc	5.28%	298,162	$384M	added+12%	+0.03 pp	8 q
ACNAccenture PLC	5.28%	3,331,955	$385M	added+12%	+0.48 pp	12 q
ORCLOracle Corp	4.94%	8,800,921	$360M	added+13%	+0.53 pp	12 q
ADPAutomatic Data Processing	4.82%	3,912,914	$351M	added+12%	+0.26 pp	11 q
ADBEAdobe Inc.	4.43%	3,438,106	$322M	added+12%	−0.01 pp	5 q
NSRGYNestle S.a S/	4.38%	4,248,774	$319M	added+15%	+0.14 pp	8 q
FASTFastenal Co	4.30%	6,399,034	$314M	added+15%	+0.77 pp	12 q
ORLYO'Reilly Automotive, Inc.	4.24%	1,127,667	$309M	added+12%	+0.29 pp	7 q
GOOGLAlphabet Inc. Class A	4.18%	398,770	$304M	added+3%	−0.49 pp	2 q
CELGCelgene Corp	4.07%	2,958,764	$296M	added+63%	+0.70 pp	6 q
METAMeta Platforms, Inc. Class A	4.02%	2,566,802	$293M	added+12%	+0.31 pp	4 q
AAPLApple Inc.	3.89%	2,600,345	$283M	added+12%	+0.12 pp	12 q
REGNRegeneron Pharmaceuticals Inc	3.49%	706,090	$255M	added+13%	−1.76 pp	12 q
ITGartner, Inc.	3.40%	2,775,352	$248M	added+12%	−0.07 pp	12 q
ABTAbbott Laboratories	2.59%	4,516,348	$189M	trimmed−43%	−2.92 pp	11 q
MAMastercard Incorporated	2.00%	1,543,381	$146M	added+10%	−0.11 pp	12 q
ALGNAlign Technology Inc	1.50%	1,500,605	$109M	new	+1.50 pp	new
BABAAlibaba Group Holding Limited	0.01%	6,310	$499,000	added+19%	0.00 pp	2 q
BIDUBaidu, Inc.	0.01%	2,762	$527,000	added+18%	0.00 pp	2 q
IWFiShares Russell 1000 Growth ETF	0.01%	6,857	$684,000	trimmed−88%	−0.08 pp	10 q
NVONovo-Nordisk A/S	0.01%	7,732	$419,000	added+19%	0.00 pp	2 q
CHKPCheck Point Software Technologies Ltd	0.01%	6,951	$608,000	added+19%	0.00 pp	3 q