Polen Capital

Q1 2017 13F · by Dan Davidowitz, portfolio manager

As of: Mar 31, 2017
Filed: May 11, 2017
US stock: $10.7B · prev $9.1B
Positions: 26 · prev 26
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%

Moves26 since the prior filing

+0.2 pp in · −0.2 pp out

New 0 0.00 pp
Added 25 +0.17 pp
Trimmed 1 −0.16 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.6% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions34% of US stock

Positions26 in this filing · 0 exited


VVISA Inc.	8.01%	9,680,500	$860M	added+8%	+0.31 pp	16 q
METAMeta Platforms, Inc. Class A	7.14%	5,401,617	$767M	added+8%	+0.81 pp	8 q
GOOGAlphabet Inc. Class C	6.70%	868,047	$720M	added+8%	−0.16 pp	12 q
ADPAutomatic Data Processing	5.96%	6,250,533	$640M	added+8%	−0.57 pp	15 q
NKENike, Inc.	5.89%	11,350,849	$633M	added+9%	+0.07 pp	16 q
SBUXStarbucks Corp	5.69%	10,464,718	$611M	added+8%	−0.25 pp	16 q
ADBEAdobe Inc.	5.58%	4,609,638	$600M	added+7%	+0.71 pp	9 q
CELGCelgene Corp	5.46%	4,719,883	$587M	added+8%	−0.08 pp	10 q
REGNRegeneron Pharmaceuticals Inc	5.33%	1,477,907	$573M	added+10%	−0.09 pp	16 q
unresolvedPriceline Grp Inc	5.17%	312,352	$556M	added+7%	+0.45 pp	12 q
TJXTJX Companies, Inc. (The)	4.92%	6,687,215	$529M	added+8%	−0.20 pp	14 q
ACNAccenture PLC	4.92%	4,413,852	$529M	added+8%	−0.35 pp	16 q
ORCLOracle Corp	4.88%	11,766,021	$525M	added+8%	+0.28 pp	16 q
GOOGLAlphabet Inc. Class A	4.16%	526,756	$447M	added+8%	−0.09 pp	6 q
NSRGYNestle S.a S/	4.10%	5,742,173	$441M	added+11%	0.00 pp	12 q
ORLYO'Reilly Automotive, Inc.	3.82%	1,521,781	$411M	added+9%	−0.47 pp	11 q
ITGartner, Inc.	3.73%	3,715,050	$401M	added+8%	−0.09 pp	16 q
ALGNAlign Technology Inc	3.36%	3,149,797	$361M	added+9%	+0.29 pp	5 q
DGDollar General Corp.	2.79%	4,300,110	$300M	added+10%	−0.39 pp	3 q
MAMastercard Incorporated	2.19%	2,091,913	$235M	added+8%	−0.02 pp	16 q
IWFiShares Russell 1000 Growth ETF	0.14%	129,178	$15M	trimmed−50%	−0.16 pp	14 q
CHKPCheck Point Software Technologies Ltd	0.02%	16,365	$2M	added+10%	+0.01 pp	7 q
BABAAlibaba Group Holding Limited	0.01%	14,866	$2M	added+11%	0.00 pp	6 q
AAPLApple Inc.	0.01%	10,058	$1M	added+7%	0.00 pp	16 q
FASTFastenal Co	0.01%	26,663	$1M	added+7%	0.00 pp	16 q
NVONovo-Nordisk A/S	0.01%	16,893	$579,000	added+7%	0.00 pp	6 q