Polen Capital

Q4 2016 13F · by Dan Davidowitz, portfolio manager

As of: Dec 31, 2016
Filed: Feb 10, 2017
US stock: $9.1B · prev $8.4B
Positions: 26 · prev 27
Options notional: $0
Documents: 1· no amendments

Picture95.9% US stock

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

US stock listed on a US exchange 95.9%
Foreign stock not listed in the US 4.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves27 since the prior filing

+5.3 pp in · −5.3 pp out

New 0 0.00 pp
Added 24 +5.27 pp
Trimmed 2 −5.29 pp
Exited 1 −0.01 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions33% of US stock

Positions26 in this filing · 1 exited


VVISA Inc.	7.70%	8,972,673	$700M	added+8%	−0.50 pp	15 q
GOOGAlphabet Inc. Class C	6.86%	807,231	$623M	added+9%	0.00 pp	11 q
ADPAutomatic Data Processing	6.53%	5,770,975	$593M	added+28%	+1.79 pp	14 q
METAMeta Platforms, Inc. Class A	6.33%	5,003,453	$576M	added+8%	−0.73 pp	7 q
SBUXStarbucks Corp	5.94%	9,727,375	$540M	added+8%	+0.12 pp	15 q
NKENike, Inc.	5.82%	10,410,133	$529M	added+6%	−0.35 pp	15 q
CELGCelgene Corp	5.54%	4,352,572	$504M	added+27%	+1.27 pp	9 q
REGNRegeneron Pharmaceuticals Inc	5.42%	1,340,649	$492M	added+65%	+1.53 pp	15 q
ACNAccenture PLC	5.27%	4,089,466	$479M	added+8%	−0.24 pp	15 q
TJXTJX Companies, Inc. (The)	5.12%	6,189,811	$465M	added+8%	0.00 pp	13 q
ADBEAdobe Inc.	4.87%	4,298,126	$442M	added+8%	−0.26 pp	8 q
unresolvedPriceline Grp Inc	4.72%	292,722	$429M	trimmed−14%	−1.28 pp	11 q
ORCLOracle Corp	4.60%	10,864,265	$418M	added+7%	−0.14 pp	15 q
ORLYO'Reilly Automotive, Inc.	4.29%	1,401,678	$390M	added+8%	−0.04 pp	10 q
GOOGLAlphabet Inc. Class A	4.25%	487,960	$387M	added+7%	−0.14 pp	5 q
NSRGYNestle S.a S/	4.10%	5,180,631	$372M	added+5%	−0.53 pp	11 q
ITGartner, Inc.	3.82%	3,435,091	$347M	added+8%	+0.47 pp	15 q
DGDollar General Corp.	3.18%	3,903,635	$289M	added×2.2	+1.70 pp	2 q
ALGNAlign Technology Inc	3.07%	2,901,702	$279M	added+67%	+1.12 pp	4 q
MAMastercard Incorporated	2.21%	1,943,628	$201M	added+9%	+0.05 pp	15 q
IWFiShares Russell 1000 Growth ETF	0.30%	258,918	$27M	added×2.2	+0.15 pp	13 q
BABAAlibaba Group Holding Limited	0.01%	13,454	$1M	added+17%	0.00 pp	5 q
AAPLApple Inc.	0.01%	9,393	$1M	trimmed−100%	−4.01 pp	15 q
FASTFastenal Co	0.01%	24,990	$1M	added+6%	0.00 pp	15 q
NVONovo-Nordisk A/S	0.01%	15,766	$565,000	added+12%	0.00 pp	5 q
CHKPCheck Point Software Technologies Ltd	0.01%	14,842	$1M	added+16%	0.00 pp	6 q
BIDUBaidu, Inc.	—	−5,013	—	exited	−0.01 pp	—