Polen Capital

Q1 2018 13F · by Dan Davidowitz, portfolio manager

As of: Mar 31, 2018
Filed: May 11, 2018
US stock: $14.1B · prev $13.5B
Positions: 56 · prev 53
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%

Moves59 since the prior filing

+12.2 pp in · −12.2 pp out

New 6 +3.37 pp
Added 47 +8.81 pp
Trimmed 3 −7.62 pp
Exited 3 −4.55 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 41% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions37% of US stock

ADBE Adobe Inc. added+1.62 pp added+1.629.9%
GOOG Alphabet Inc. Class C added−0.28 pp added−0.287.3%
MSFT Microsoft Corp added+2.53 pp added+2.537.1%
V VISA Inc. added+0.13 pp added+0.137.0%
NKE Nike, Inc. added+0.22 pp added+0.226.1%

Positions56 in this filing · 3 exited


ADBEAdobe Inc.	9.91%	6,461,486	$1.4B	added+2%	+1.62 pp	13 q
GOOGAlphabet Inc. Class C	7.26%	990,728	$1.0B	added+2%	−0.28 pp	16 q
MSFTMicrosoft Corp	7.13%	11,012,266	$1.0B	added+52%	+2.53 pp	3 q
VVISA Inc.	7.03%	8,280,586	$991M	added+2%	+0.13 pp	20 q
NKENike, Inc.	6.14%	13,024,429	$865M	added+2%	+0.22 pp	20 q
ADPAutomatic Data Processing	5.69%	7,062,453	$801M	added+2%	−0.34 pp	19 q
ACNAccenture PLC	5.50%	5,048,799	$775M	added+2%	−0.12 pp	20 q
ZTSZoetis Inc.	5.30%	8,943,633	$747M	added×2.3	+3.17 pp	2 q
ORCLOracle Corp	5.29%	16,280,492	$745M	added+4%	−0.22 pp	20 q
SBUXStarbucks Corp	5.03%	12,229,797	$708M	added+3%	−0.04 pp	20 q
ORLYO'Reilly Automotive, Inc.	4.89%	2,786,484	$689M	added+4%	+0.09 pp	15 q
ALGNAlign Technology Inc	4.76%	2,668,377	$670M	added+2%	+0.43 pp	9 q
ITGartner, Inc.	4.50%	5,393,527	$634M	added+31%	+0.72 pp	20 q
DGDollar General Corp.	4.49%	6,756,945	$632M	added+36%	+1.05 pp	7 q
METAMeta Platforms, Inc. Class A	4.33%	3,816,057	$610M	trimmed−37%	−3.59 pp	12 q
REGNRegeneron Pharmaceuticals Inc	3.47%	1,419,141	$489M	added+2%	−0.41 pp	20 q
BKNGBooking Holdings Inc.	3.37%	228,019	$474M	new	+3.37 pp	new
MAMastercard Incorporated	2.96%	2,377,053	$416M	added+1%	+0.32 pp	20 q
GOOGLAlphabet Inc. Class A	2.52%	342,555	$355M	added0%	−0.15 pp	10 q
BABAAlibaba Group Holding Limited	0.06%	49,202	$9M	added+26%	+0.01 pp	10 q
ICLRIcon Plc	0.05%	59,927	$7M	added+31%	+0.01 pp	4 q
IWFiShares Russell 1000 Growth ETF	0.04%	42,770	$6M	trimmed−57%	−0.06 pp	18 q
SAPSap SE	0.04%	48,028	$5M	added+27%	+0.01 pp	3 q
unresolvedUnilever Spn.Adr 1:1	0.04%	101,812	$6M	added+27%	+0.01 pp	4 q
CHKPCheck Point Software Technologies Ltd	0.04%	53,154	$5M	added+26%	+0.01 pp	11 q
BIDUBaidu, Inc.	0.03%	20,853	$5M	added+31%	0.00 pp	4 q
unresolvedRelx NV	0.03%	197,838	$4M	added+27%	0.00 pp	4 q
MDTMedtronic plc	0.03%	50,827	$4M	added×2.3	+0.02 pp	2 q
NVONovo-Nordisk A/S	0.01%	22,433	$1M	added+20%	0.00 pp	10 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.01%	11,802	$712,000	added+42%	+0.01 pp	3 q
POOLPool Corporation	0.01%	4,835	$707,000	added+42%	+0.01 pp	3 q
AMNAMN Healthcare Services	0.00%	6,459	$367,000	added+42%	0.00 pp	2 q
ALRMAlarm.com Holdings, Inc.	0.00%	8,515	$322,000	added+42%	0.00 pp	2 q
BLKBBlackbaud, Inc.	0.00%	5,530	$563,000	added+43%	0.00 pp	2 q
CMDCantel Medical Corporation	0.00%	5,774	$643,000	added+43%	0.00 pp	3 q
CELGCelgene Corp	0.00%	3,743	$334,000	trimmed−100%	−3.97 pp	14 q
EPAMEpam Systems, Inc.	0.00%	2,201	$252,000	new	0.00 pp	new
EEFTEuronet Worldwide Inc	0.00%	3,138	$248,000	new	0.00 pp	new
EXLSExlService Holdings, Inc.	0.00%	5,209	$291,000	added+42%	0.00 pp	2 q
FIVEFive Below, Inc.	0.00%	3,878	$284,000	new	0.00 pp	new
FOXFFox Factory Holding Corp.	0.00%	13,121	$458,000	added+43%	0.00 pp	3 q
LOPEGrand Canyon Education, Inc	0.00%	4,355	$457,000	added+42%	0.00 pp	2 q
HCSGHealthcare Services Group	0.00%	9,265	$403,000	added+43%	0.00 pp	2 q
LMATLeMaitre Vascular, Inc.	0.00%	7,908	$287,000	new	0.00 pp	new
TREELendingTree, Inc.	0.00%	949	$311,000	added+42%	0.00 pp	2 q
LFUSLittelfuse Inc	0.00%	2,225	$463,000	added+42%	0.00 pp	2 q
MKTXMarketAxess Holdings Inc.	0.00%	1,852	$403,000	added+42%	0.00 pp	2 q
MASIMasimo Corporation	0.00%	3,168	$279,000	new	0.00 pp	new
MDSOMedidata Solutions, Inc.	0.00%	6,607	$415,000	added+42%	0.00 pp	3 q
MPWRMonolithic Power Systems, Inc.	0.00%	3,191	$370,000	added+42%	0.00 pp	2 q
NEOGNeogen Corp	0.00%	5,763	$386,000	added+42%	0.00 pp	2 q
unresolvedNutri Sys Inc New	0.00%	9,659	$260,000	added×2.0	0.00 pp	2 q
PAYCPaycom Software, Inc.	0.00%	4,889	$525,000	added+42%	0.00 pp	2 q
STMPStamps.com, Inc.	0.00%	2,245	$451,000	added+42%	0.00 pp	2 q
TXRHTexas Roadhouse, Inc.	0.00%	5,915	$342,000	added+42%	0.00 pp	2 q
TREXTrex Company, Inc.	0.00%	3,888	$423,000	added+42%	0.00 pp	2 q
unresolvedPriceline Grp Inc	—	−351,697	—	exited	−4.54 pp	—
AAPLApple Inc.	—	−11,214	—	exited	−0.01 pp	—
AZPNAspen Technology Inc	—	−4,675	—	exited	0.00 pp	—