Polen Capital

Q2 2018 13F · by Dan Davidowitz, portfolio manager

As of: Jun 30, 2018
Filed: Aug 9, 2018
US stock: $15.6B · prev $14.1B
Positions: 59 · prev 56
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

+1.5 pp in · −1.5 pp out

New 3 0.00 pp
Added 46 +1.47 pp
Trimmed 10 −1.50 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.4% a year, about 11.9 years per position

Low
Moderate
High

Top 5 positions38% of US stock

ADBE Adobe Inc. trimmed−1.19 pp trimmed−1.198.7%
MSFT Microsoft Corp added+1.55 pp added+1.558.7%
GOOG Alphabet Inc. Class C added−0.04 pp added−0.047.2%
V VISA Inc. added+0.10 pp added+0.107.1%
NKE Nike, Inc. added+0.60 pp added+0.606.7%

Positions59 in this filing · 0 exited


ADBEAdobe Inc.	8.72%	5,569,384	$1.4B	trimmed−14%	−1.19 pp	14 q
MSFTMicrosoft Corp	8.68%	13,704,554	$1.4B	added+24%	+1.55 pp	4 q
GOOGAlphabet Inc. Class C	7.22%	1,007,682	$1.1B	added+2%	−0.04 pp	17 q
VVISA Inc.	7.13%	8,388,030	$1.1B	added+1%	+0.10 pp	21 q
NKENike, Inc.	6.74%	13,174,844	$1.0B	added+1%	+0.60 pp	21 q
ADPAutomatic Data Processing	6.16%	7,146,946	$959M	added+1%	+0.47 pp	20 q
ACNAccenture PLC	5.38%	5,124,412	$838M	added+2%	−0.12 pp	21 q
ALGNAlign Technology Inc	5.20%	2,366,768	$810M	trimmed−11%	+0.44 pp	10 q
ZTSZoetis Inc.	5.09%	9,295,080	$792M	added+4%	−0.21 pp	3 q
ORLYO'Reilly Automotive, Inc.	4.98%	2,835,262	$776M	added+2%	+0.09 pp	16 q
METAMeta Platforms, Inc. Class A	4.83%	3,868,689	$752M	added+1%	+0.50 pp	13 q
ITGartner, Inc.	4.68%	5,487,422	$729M	added+2%	+0.18 pp	21 q
ORCLOracle Corp	4.59%	16,214,494	$714M	trimmed−0%	−0.70 pp	21 q
DGDollar General Corp.	4.44%	7,012,185	$691M	added+4%	−0.05 pp	8 q
SBUXStarbucks Corp	3.85%	12,286,385	$600M	added0%	−1.18 pp	21 q
REGNRegeneron Pharmaceuticals Inc	3.29%	1,483,634	$512M	added+5%	−0.18 pp	21 q
MAMastercard Incorporated	3.05%	2,417,823	$475M	added+2%	+0.09 pp	21 q
BKNGBooking Holdings Inc.	3.02%	232,221	$471M	added+2%	−0.35 pp	2 q
GOOGLAlphabet Inc. Class A	2.51%	345,666	$390M	added+1%	−0.01 pp	11 q
BABAAlibaba Group Holding Limited	0.06%	53,594	$10M	added+9%	0.00 pp	11 q
ICLRIcon Plc	0.06%	65,218	$9M	added+9%	+0.01 pp	5 q
SAPSap SE	0.05%	62,332	$7M	added+30%	+0.01 pp	4 q
BIDUBaidu, Inc.	0.04%	22,723	$6M	added+9%	+0.01 pp	5 q
unresolvedUnilever Spn.Adr 1:1	0.04%	101,652	$6M	trimmed−0%	0.00 pp	5 q
unresolvedRelx NV	0.03%	197,501	$4M	trimmed−0%	0.00 pp	5 q
MDTMedtronic plc	0.03%	55,279	$5M	added+9%	0.00 pp	3 q
IWFiShares Russell 1000 Growth ETF	0.02%	24,438	$4M	trimmed−43%	−0.02 pp	19 q
CHKPCheck Point Software Technologies Ltd	0.02%	35,553	$3M	trimmed−33%	−0.02 pp	12 q
NVONovo-Nordisk A/S	0.01%	24,519	$1M	added+9%	0.00 pp	11 q
POOLPool Corporation	0.01%	5,426	$822,000	added+12%	0.00 pp	4 q
AMNAMN Healthcare Services	0.00%	7,241	$424,000	added+12%	0.00 pp	3 q
ALRMAlarm.com Holdings, Inc.	0.00%	9,546	$385,000	added+12%	0.00 pp	3 q
BLKBBlackbaud, Inc.	0.00%	6,208	$636,000	added+12%	0.00 pp	3 q
CMDCantel Medical Corporation	0.00%	6,475	$637,000	added+12%	0.00 pp	4 q
CELGCelgene Corp	0.00%	3,636	$289,000	trimmed−3%	0.00 pp	15 q
EPAMEpam Systems, Inc.	0.00%	2,465	$306,000	added+12%	0.00 pp	2 q
EEFTEuronet Worldwide Inc	0.00%	3,523	$295,000	added+12%	0.00 pp	2 q
EXLSExlService Holdings, Inc.	0.00%	5,845	$331,000	added+12%	0.00 pp	3 q
FIVEFive Below, Inc.	0.00%	5,086	$497,000	added+31%	0.00 pp	2 q
FOXFFox Factory Holding Corp.	0.00%	14,722	$685,000	added+12%	0.00 pp	4 q
LOPEGrand Canyon Education, Inc	0.00%	4,883	$545,000	added+12%	0.00 pp	3 q
HCSGHealthcare Services Group	0.00%	10,390	$449,000	added+12%	0.00 pp	3 q
LMATLeMaitre Vascular, Inc.	0.00%	9,849	$330,000	added+25%	0.00 pp	2 q
TREELendingTree, Inc.	0.00%	1,067	$228,000	added+12%	0.00 pp	3 q
LFUSLittelfuse Inc	0.00%	2,493	$569,000	added+12%	0.00 pp	3 q
MKTXMarketAxess Holdings Inc.	0.00%	1,281	$253,000	trimmed−31%	0.00 pp	3 q
MASIMasimo Corporation	0.00%	3,552	$347,000	added+12%	0.00 pp	2 q
MDSOMedidata Solutions, Inc.	0.00%	7,413	$597,000	added+12%	0.00 pp	4 q
MPWRMonolithic Power Systems, Inc.	0.00%	3,578	$478,000	added+12%	0.00 pp	3 q
NEOGNeogen Corp	0.00%	6,460	$518,000	added+12%	0.00 pp	3 q
unresolvedNutri Sys Inc New	0.00%	15,872	$611,000	added+64%	0.00 pp	3 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	8,156	$591,000	trimmed−31%	−0.01 pp	4 q
PAYCPaycom Software, Inc.	0.00%	5,483	$542,000	added+12%	0.00 pp	3 q
PBHPrestige Consumer Healthcare Inc.	0.00%	6,591	$253,000	new	0.00 pp	new
STMPStamps.com, Inc.	0.00%	2,515	$636,000	added+12%	0.00 pp	3 q
TXRHTexas Roadhouse, Inc.	0.00%	6,635	$435,000	added+12%	0.00 pp	3 q
TREXTrex Company, Inc.	0.00%	8,721	$546,000	added+12%	0.00 pp	3 q
WAGEWageWorks, Inc.	0.00%	4,146	$207,000	new	0.00 pp	new
GLOBGlobant S.a.	0.00%	7,869	$447,000	new	0.00 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0001172661-18-001485
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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