Polen Capital

Q3 2017 13F · by Dan Davidowitz, portfolio manager

As of: Sep 30, 2017
Filed: Nov 13, 2017
US stock: $12.4B · prev $11.4B
Positions: 35 · prev 29
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%

Moves36 since the prior filing

+4.7 pp in · −4.7 pp out

New 7 +4.27 pp
Added 22 +0.41 pp
Trimmed 6 −4.67 pp
Exited 1 −0.01 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.8 years per position

Low
Moderate
High

Top 5 positions36% of US stock

META Meta Platforms, Inc. Class A added+0.50 pp added+0.508.2%
ADBE Adobe Inc. added+0.05 pp added+0.057.5%
GOOG Alphabet Inc. Class C added+0.01 pp added+0.017.4%
V VISA Inc. trimmed−1.73 pp trimmed−1.736.8%
CELG Celgene Corp added+0.37 pp added+0.376.1%

Positions35 in this filing · 1 exited


METAMeta Platforms, Inc. Class A	8.17%	5,940,032	$1.0B	added+2%	+0.50 pp	10 q
ADBEAdobe Inc.	7.55%	6,288,816	$938M	added+4%	+0.05 pp	11 q
GOOGAlphabet Inc. Class C	7.38%	955,618	$917M	added+3%	+0.01 pp	14 q
VVISA Inc.	6.82%	8,044,351	$847M	trimmed−23%	−1.73 pp	18 q
CELGCelgene Corp	6.14%	5,231,324	$763M	added+3%	+0.37 pp	12 q
ADPAutomatic Data Processing	6.00%	6,813,929	$745M	added+2%	+0.03 pp	17 q
ORCLOracle Corp	5.98%	15,357,706	$743M	added+22%	+0.45 pp	18 q
ACNAccenture PLC	5.30%	4,873,017	$658M	added+3%	+0.16 pp	18 q
NKENike, Inc.	5.25%	12,586,480	$653M	added+4%	−1.02 pp	18 q
SBUXStarbucks Corp	5.08%	11,748,596	$631M	added+4%	−0.70 pp	18 q
unresolvedPriceline Grp Inc	5.06%	343,368	$629M	added+3%	−0.41 pp	14 q
REGNRegeneron Pharmaceuticals Inc	4.94%	1,373,614	$614M	trimmed−13%	−1.87 pp	18 q
ORLYO'Reilly Automotive, Inc.	4.63%	2,672,521	$576M	added+29%	+0.68 pp	13 q
ALGNAlign Technology Inc	4.60%	3,065,176	$571M	trimmed−9%	+0.19 pp	7 q
MSFTMicrosoft Corp	4.25%	7,081,215	$527M	new	+4.25 pp	new
ITGartner, Inc.	4.08%	4,072,192	$507M	added+3%	−0.21 pp	18 q
DGDollar General Corp.	3.22%	4,935,680	$400M	added+3%	+0.21 pp	5 q
GOOGLAlphabet Inc. Class A	2.70%	344,614	$336M	trimmed−22%	−0.90 pp	8 q
MAMastercard Incorporated	2.64%	2,320,131	$328M	added+2%	+0.22 pp	18 q
BABAAlibaba Group Holding Limited	0.04%	27,883	$5M	added+59%	+0.02 pp	8 q
IWFiShares Russell 1000 Growth ETF	0.03%	29,765	$4M	trimmed−87%	−0.22 pp	16 q
CHKPCheck Point Software Technologies Ltd	0.03%	30,148	$3M	added+57%	+0.01 pp	9 q
SAPSap SE	0.02%	21,213	$2M	new	+0.02 pp	new
unresolvedUnilever Spn.Adr 1:1	0.02%	44,813	$3M	added×4.2	+0.01 pp	2 q
ICLRIcon Plc	0.02%	26,122	$3M	added×3.5	+0.01 pp	2 q
AAPLApple Inc.	0.01%	10,439	$2M	added+5%	0.00 pp	18 q
BIDUBaidu, Inc.	0.01%	7,178	$2M	added×3.5	+0.01 pp	2 q
NVONovo-Nordisk A/S	0.01%	17,525	$844,000	added+5%	0.00 pp	8 q
unresolvedRelx NV	0.01%	87,259	$2M	added×4.2	+0.01 pp	2 q
CMDCantel Medical Corporation	0.00%	2,286	$215,000	new	0.00 pp	new
FOXFFox Factory Holding Corp.	0.00%	5,216	$225,000	new	0.00 pp	new
MDSOMedidata Solutions, Inc.	0.00%	2,622	$205,000	new	0.00 pp	new
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	4,667	$217,000	new	0.00 pp	new
POOLPool Corporation	0.00%	1,913	$207,000	new	0.00 pp	new
TJXTJX Companies, Inc. (The)	0.00%	3,645	$269,000	trimmed−98%	−0.14 pp	16 q
FASTFastenal Co	—	−26,400	—	exited	−0.01 pp	—