Polen Capital

Q2 2017 13F · by Dan Davidowitz, portfolio manager

As of: Jun 30, 2017
Filed: Aug 10, 2017
US stock: $11.4B · prev $10.7B
Positions: 29 · prev 26
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves30 since the prior filing

+9.4 pp in · −9.4 pp out

New 4 +0.02 pp
Added 20 +9.41 pp
Trimmed 5 −5.34 pp
Exited 1 −4.10 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions38% of US stock

V VISA Inc. added+0.54 pp added+0.548.6%
META Meta Platforms, Inc. Class A added+0.53 pp added+0.537.7%
ADBE Adobe Inc. added+1.92 pp added+1.927.5%
GOOG Alphabet Inc. Class C added+0.67 pp added+0.677.4%
REGN Regeneron Pharmaceuticals Inc added+1.48 pp added+1.486.8%

Positions29 in this filing · 1 exited


VVISA Inc.	8.55%	10,425,812	$978M	added+8%	+0.54 pp	17 q
METAMeta Platforms, Inc. Class A	7.67%	5,805,442	$877M	added+7%	+0.53 pp	9 q
ADBEAdobe Inc.	7.50%	6,062,530	$857M	added+32%	+1.92 pp	10 q
GOOGAlphabet Inc. Class C	7.37%	926,730	$842M	added+7%	+0.67 pp	13 q
REGNRegeneron Pharmaceuticals Inc	6.81%	1,586,320	$779M	added+7%	+1.48 pp	17 q
NKENike, Inc.	6.27%	12,158,635	$717M	added+7%	+0.38 pp	17 q
ADPAutomatic Data Processing	5.97%	6,661,902	$683M	added+7%	+0.01 pp	16 q
SBUXStarbucks Corp	5.78%	11,335,091	$661M	added+8%	+0.09 pp	17 q
CELGCelgene Corp	5.77%	5,082,991	$660M	added+8%	+0.31 pp	11 q
ORCLOracle Corp	5.53%	12,620,261	$633M	added+7%	+0.65 pp	17 q
unresolvedPriceline Grp Inc	5.47%	334,430	$626M	added+7%	+0.30 pp	13 q
ACNAccenture PLC	5.14%	4,748,751	$587M	added+8%	+0.22 pp	17 q
ALGNAlign Technology Inc	4.41%	3,362,570	$505M	added+7%	+1.05 pp	6 q
ITGartner, Inc.	4.29%	3,972,949	$491M	added+7%	+0.56 pp	17 q
ORLYO'Reilly Automotive, Inc.	3.95%	2,065,445	$452M	added+36%	+0.13 pp	12 q
GOOGLAlphabet Inc. Class A	3.60%	442,595	$411M	trimmed−16%	−0.56 pp	7 q
DGDollar General Corp.	3.01%	4,780,742	$345M	added+11%	+0.22 pp	4 q
MAMastercard Incorporated	2.42%	2,279,419	$277M	added+9%	+0.23 pp	17 q
IWFiShares Russell 1000 Growth ETF	0.25%	236,298	$28M	added+83%	+0.11 pp	15 q
TJXTJX Companies, Inc. (The)	0.14%	218,353	$16M	trimmed−97%	−4.78 pp	15 q
BABAAlibaba Group Holding Limited	0.02%	17,582	$2M	added+18%	+0.01 pp	7 q
CHKPCheck Point Software Technologies Ltd	0.02%	19,240	$2M	added+18%	0.00 pp	8 q
AAPLApple Inc.	0.01%	9,923	$1M	trimmed−1%	0.00 pp	17 q
FASTFastenal Co	0.01%	26,400	$1M	trimmed−1%	0.00 pp	17 q
NVONovo-Nordisk A/S	0.01%	16,653	$714,000	trimmed−1%	0.00 pp	7 q
unresolvedUnilever Spn.Adr 1:1	0.01%	10,577	$572,000	new	+0.01 pp	new
ICLRIcon Plc	0.01%	7,539	$737,000	new	+0.01 pp	new
BIDUBaidu, Inc.	0.00%	2,076	$371,000	new	0.00 pp	new
unresolvedRelx NV	0.00%	20,553	$425,000	new	0.00 pp	new
NSRGYNestle S.a S/	—	−5,742,173	—	exited	−4.10 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0001172661-17-001525
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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