Polen Capital

Q3 2016 13F · by Dan Davidowitz, portfolio manager

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $8.4B · prev $7.9B
Positions: 27 · prev 27
Options notional: $0
Documents: 1· no amendments

Picture95.4% US stock

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

US stock listed on a US exchange 95.4%
Foreign stock not listed in the US 4.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves28 since the prior filing

+4.0 pp in · −4.0 pp out

New 1 +1.48 pp
Added 24 +2.51 pp
Trimmed 2 −3.97 pp
Exited 1 0.00 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.5 years per position

Low
Moderate
High

Top 5 positions34% of US stock

V VISA Inc. added+0.61 pp added+0.618.2%
META Meta Platforms, Inc. Class A added+0.61 pp added+0.617.1%
GOOG Alphabet Inc. Class C added+0.94 pp added+0.946.9%
NKE Nike, Inc. added−0.51 pp added−0.516.2%
unresolved Priceline Grp Inc added+0.73 pp added+0.736.0%

Positions27 in this filing · 1 exited


VVISA Inc.	8.20%	8,320,846	$688M	added+3%	+0.61 pp	14 q
METAMeta Platforms, Inc. Class A	7.06%	4,622,813	$593M	added+4%	+0.61 pp	6 q
GOOGAlphabet Inc. Class C	6.86%	740,384	$575M	added+10%	+0.94 pp	10 q
NKENike, Inc.	6.17%	9,843,582	$518M	added+3%	−0.51 pp	14 q
unresolvedPriceline Grp Inc	6.00%	342,149	$503M	added+3%	+0.73 pp	10 q
SBUXStarbucks Corp	5.82%	9,022,392	$488M	added+3%	−0.52 pp	14 q
ACNAccenture PLC	5.51%	3,787,777	$463M	added+3%	+0.21 pp	14 q
ADBEAdobe Inc.	5.13%	3,964,016	$430M	added+3%	+0.46 pp	7 q
TJXTJX Companies, Inc. (The)	5.12%	5,748,367	$430M	added+3%	−0.35 pp	12 q
ADPAutomatic Data Processing	4.74%	4,507,960	$398M	added+3%	−0.35 pp	13 q
ORCLOracle Corp	4.74%	10,133,372	$398M	added+3%	−0.35 pp	14 q
NSRGYNestle S.a S/	4.63%	4,917,942	$388M	added+4%	−0.02 pp	10 q
GOOGLAlphabet Inc. Class A	4.39%	457,885	$368M	trimmed−6%	+0.05 pp	4 q
ORLYO'Reilly Automotive, Inc.	4.33%	1,297,688	$363M	added+3%	+0.01 pp	9 q
CELGCelgene Corp	4.27%	3,426,051	$358M	added+4%	+0.13 pp	8 q
AAPLApple Inc.	4.02%	2,982,582	$337M	added+3%	+0.50 pp	14 q
REGNRegeneron Pharmaceuticals Inc	3.89%	811,301	$326M	added+3%	+0.40 pp	14 q
ITGartner, Inc.	3.35%	3,176,639	$281M	added+3%	−0.46 pp	14 q
MAMastercard Incorporated	2.16%	1,777,872	$181M	added+3%	+0.23 pp	14 q
ALGNAlign Technology Inc	1.95%	1,741,340	$163M	added+4%	+0.24 pp	3 q
DGDollar General Corp.	1.48%	1,773,731	$124M	new	+1.48 pp	new
IWFiShares Russell 1000 Growth ETF	0.15%	119,716	$12M	added+1%	0.00 pp	12 q
BABAAlibaba Group Holding Limited	0.01%	11,535	$1M	added+16%	0.00 pp	4 q
BIDUBaidu, Inc.	0.01%	5,013	$913,000	added+15%	0.00 pp	4 q
FASTFastenal Co	0.01%	23,480	$981,000	trimmed−100%	−4.02 pp	14 q
NVONovo-Nordisk A/S	0.01%	14,050	$584,000	added+16%	0.00 pp	4 q
CHKPCheck Point Software Technologies Ltd	0.01%	12,775	$991,000	added+16%	0.00 pp	5 q
unresolvedArm Hdg.Spn.Adr	—	−7,360	—	exited	0.00 pp	—