Polen Capital

Q4 2017 13F · by Dan Davidowitz, portfolio manager

As of: Dec 31, 2017
Filed: Feb 9, 2018
US stock: $13.5B · prev $12.4B
Positions: 53 · prev 35
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%

Moves54 since the prior filing

+2.4 pp in · −2.5 pp out

New 19 +2.14 pp
Added 31 +0.29 pp
Trimmed 3 −2.47 pp
Exited 1 0.00 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.4% a year, about 29.2 years per position

Low
Moderate
High

Top 5 positions37% of US stock

ADBE Adobe Inc. added+0.74 pp added+0.748.3%
META Meta Platforms, Inc. Class A added−0.25 pp added−0.257.9%
GOOG Alphabet Inc. Class C added+0.16 pp added+0.167.5%
V VISA Inc. added+0.08 pp added+0.086.9%
ADP Automatic Data Processing added+0.03 pp added+0.036.0%

Positions53 in this filing · 1 exited


ADBEAdobe Inc.	8.29%	6,362,305	$1.1B	added+1%	+0.74 pp	12 q
METAMeta Platforms, Inc. Class A	7.92%	6,035,504	$1.1B	added+2%	−0.25 pp	11 q
GOOGAlphabet Inc. Class C	7.54%	969,113	$1.0B	added+1%	+0.16 pp	15 q
VVISA Inc.	6.90%	8,139,421	$928M	added+1%	+0.08 pp	19 q
ADPAutomatic Data Processing	6.03%	6,915,960	$810M	added+2%	+0.03 pp	18 q
NKENike, Inc.	5.92%	12,741,989	$797M	added+1%	+0.67 pp	19 q
ACNAccenture PLC	5.62%	4,940,069	$756M	added+1%	+0.32 pp	19 q
ORCLOracle Corp	5.51%	15,668,777	$741M	added+2%	−0.47 pp	19 q
SBUXStarbucks Corp	5.07%	11,873,272	$682M	added+1%	−0.01 pp	19 q
ORLYO'Reilly Automotive, Inc.	4.80%	2,684,772	$646M	added0%	+0.17 pp	14 q
MSFTMicrosoft Corp	4.60%	7,230,387	$618M	added+2%	+0.35 pp	2 q
unresolvedPriceline Grp Inc	4.54%	351,697	$611M	added+2%	−0.52 pp	15 q
ALGNAlign Technology Inc	4.33%	2,621,506	$582M	trimmed−14%	−0.27 pp	8 q
CELGCelgene Corp	3.97%	5,113,170	$534M	trimmed−2%	−2.17 pp	13 q
REGNRegeneron Pharmaceuticals Inc	3.88%	1,389,545	$522M	added+1%	−1.06 pp	19 q
ITGartner, Inc.	3.78%	4,132,209	$509M	added+1%	−0.30 pp	19 q
DGDollar General Corp.	3.44%	4,977,513	$463M	added+1%	+0.22 pp	6 q
GOOGLAlphabet Inc. Class A	2.67%	341,014	$359M	trimmed−1%	−0.03 pp	9 q
MAMastercard Incorporated	2.64%	2,347,515	$355M	added+1%	0.00 pp	19 q
ZTSZoetis Inc.	2.13%	3,969,552	$286M	new	+2.13 pp	new
IWFiShares Russell 1000 Growth ETF	0.10%	100,145	$13M	added×3.4	+0.07 pp	17 q
BABAAlibaba Group Holding Limited	0.05%	38,991	$7M	added+40%	+0.01 pp	9 q
ICLRIcon Plc	0.04%	45,793	$5M	added+75%	+0.02 pp	3 q
BIDUBaidu, Inc.	0.03%	15,911	$4M	added×2.2	+0.02 pp	3 q
unresolvedRelx NV	0.03%	155,937	$4M	added+79%	+0.02 pp	3 q
SAPSap SE	0.03%	37,885	$4M	added+79%	+0.01 pp	2 q
unresolvedUnilever Spn.Adr 1:1	0.03%	80,286	$4M	added+79%	+0.01 pp	3 q
CHKPCheck Point Software Technologies Ltd	0.03%	42,114	$4M	added+40%	0.00 pp	10 q
AAPLApple Inc.	0.01%	11,214	$2M	added+7%	0.00 pp	19 q
NVONovo-Nordisk A/S	0.01%	18,719	$1M	added+7%	0.00 pp	9 q
MDTMedtronic plc	0.01%	22,367	$2M	new	+0.01 pp	new
AMNAMN Healthcare Services	0.00%	4,537	$223,000	new	0.00 pp	new
ALRMAlarm.com Holdings, Inc.	0.00%	5,989	$226,000	new	0.00 pp	new
AZPNAspen Technology Inc	0.00%	4,675	$309,000	new	0.00 pp	new
BLKBBlackbaud, Inc.	0.00%	3,880	$367,000	new	0.00 pp	new
CMDCantel Medical Corporation	0.00%	4,052	$417,000	added+77%	0.00 pp	2 q
EXLSExlService Holdings, Inc.	0.00%	3,658	$221,000	new	0.00 pp	new
FOXFFox Factory Holding Corp.	0.00%	9,202	$357,000	added+76%	0.00 pp	2 q
LOPEGrand Canyon Education, Inc	0.00%	3,057	$274,000	new	0.00 pp	new
HCSGHealthcare Services Group	0.00%	6,499	$343,000	new	0.00 pp	new
TREELendingTree, Inc.	0.00%	666	$227,000	new	0.00 pp	new
LFUSLittelfuse Inc	0.00%	1,562	$309,000	new	0.00 pp	new
MKTXMarketAxess Holdings Inc.	0.00%	1,300	$262,000	new	0.00 pp	new
MDSOMedidata Solutions, Inc.	0.00%	4,640	$294,000	added+77%	0.00 pp	2 q
MPWRMonolithic Power Systems, Inc.	0.00%	2,246	$252,000	new	0.00 pp	new
NEOGNeogen Corp	0.00%	3,035	$250,000	new	0.00 pp	new
unresolvedNutri Sys Inc New	0.00%	4,727	$249,000	new	0.00 pp	new
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	8,289	$441,000	added+78%	0.00 pp	2 q
PAYCPaycom Software, Inc.	0.00%	3,433	$276,000	new	0.00 pp	new
POOLPool Corporation	0.00%	3,395	$440,000	added+77%	0.00 pp	2 q
STMPStamps.com, Inc.	0.00%	1,576	$296,000	new	0.00 pp	new
TXRHTexas Roadhouse, Inc.	0.00%	4,158	$219,000	new	0.00 pp	new
TREXTrex Company, Inc.	0.00%	2,730	$296,000	new	0.00 pp	new
TJXTJX Companies, Inc. (The)	—	−3,645	—	exited	0.00 pp	—