Polen Capital

Q3 2018 13F · by Dan Davidowitz, portfolio manager

As of: Sep 30, 2018
Filed: Nov 13, 2018
US stock: $17.6B · prev $15.6B
Positions: 58 · prev 59
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%

Moves62 since the prior filing

+4.1 pp in · −4.1 pp out

New 3 +4.03 pp
Added 49 +0.07 pp
Trimmed 6 −4.04 pp
Exited 4 −0.03 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.2 years per position

Low
Moderate
High

Top 5 positions36% of US stock

Positions58 in this filing · 4 exited


MSFTMicrosoft Corp	9.00%	13,818,601	$1.6B	added+1%	+0.32 pp	5 q
VVISA Inc.	7.17%	8,393,660	$1.3B	added0%	+0.04 pp	22 q
GOOGAlphabet Inc. Class C	6.89%	1,014,131	$1.2B	added+1%	−0.33 pp	18 q
NKENike, Inc.	6.36%	13,185,175	$1.1B	added0%	−0.38 pp	22 q
ADBEAdobe Inc.	6.21%	4,042,284	$1.1B	trimmed−27%	−2.51 pp	15 q
ADPAutomatic Data Processing	6.13%	7,149,461	$1.1B	added0%	−0.03 pp	21 q
SBUXStarbucks Corp	5.84%	18,035,326	$1.0B	added+47%	+1.99 pp	22 q
ORLYO'Reilly Automotive, Inc.	5.58%	2,824,418	$981M	trimmed−0%	+0.60 pp	17 q
ACNAccenture PLC	5.00%	5,160,737	$878M	added+1%	−0.38 pp	22 q
ITGartner, Inc.	4.96%	5,492,634	$871M	added0%	+0.28 pp	22 q
ZTSZoetis Inc.	4.89%	9,374,674	$858M	added+1%	−0.20 pp	4 q
ALGNAlign Technology Inc	4.70%	2,111,097	$826M	trimmed−11%	−0.50 pp	11 q
DGDollar General Corp.	4.39%	7,049,753	$771M	added+1%	−0.05 pp	9 q
NVDANvidia Corp	4.00%	2,502,154	$703M	new	+4.00 pp	new
ORCLOracle Corp	3.72%	12,666,244	$653M	trimmed−22%	−0.87 pp	22 q
METAMeta Platforms, Inc. Class A	3.66%	3,908,313	$643M	added+1%	−1.17 pp	14 q
REGNRegeneron Pharmaceuticals Inc	3.42%	1,488,492	$601M	added0%	+0.13 pp	22 q
BKNGBooking Holdings Inc.	2.67%	236,804	$470M	added+2%	−0.35 pp	3 q
GOOGLAlphabet Inc. Class A	2.38%	345,670	$417M	added0%	−0.13 pp	12 q
MAMastercard Incorporated	2.29%	1,809,014	$403M	trimmed−25%	−0.76 pp	22 q
MDSOMedidata Solutions, Inc.	0.26%	616,652	$45M	added×83.2	+0.26 pp	5 q
BABAAlibaba Group Holding Limited	0.07%	77,766	$13M	added+45%	+0.01 pp	12 q
ICLRIcon Plc	0.07%	82,500	$13M	added+27%	+0.01 pp	6 q
SAPSap SE	0.05%	71,300	$9M	added+14%	0.00 pp	5 q
BIDUBaidu, Inc.	0.04%	32,399	$7M	added+43%	0.00 pp	6 q
unresolvedUnilever Spn.Adr 1:1	0.04%	122,458	$7M	added+20%	0.00 pp	6 q
MDTMedtronic plc	0.04%	70,005	$7M	added+27%	+0.01 pp	4 q
IWFiShares Russell 1000 Growth ETF	0.03%	28,655	$4M	added+17%	+0.01 pp	20 q
RELXRelx PLC	0.03%	237,947	$5M	new	+0.03 pp	new
CHKPCheck Point Software Technologies Ltd	0.03%	45,015	$5M	added+27%	+0.01 pp	13 q
FOXFFox Factory Holding Corp.	0.01%	16,069	$1M	added+9%	+0.01 pp	5 q
NVONovo-Nordisk A/S	0.01%	25,750	$1M	added+5%	0.00 pp	12 q
PAYCPaycom Software, Inc.	0.01%	5,981	$930,000	added+9%	+0.01 pp	4 q
POOLPool Corporation	0.01%	5,916	$987,000	added+9%	0.00 pp	5 q
AMNAMN Healthcare Services	0.00%	7,902	$432,000	added+9%	0.00 pp	4 q
ALRMAlarm.com Holdings, Inc.	0.00%	10,412	$598,000	added+9%	0.00 pp	4 q
BLKBBlackbaud, Inc.	0.00%	6,771	$687,000	added+9%	0.00 pp	4 q
CMDCantel Medical Corporation	0.00%	7,070	$650,000	added+9%	0.00 pp	5 q
unresolvedEllie Mae	0.00%	3,625	$344,000	new	0.00 pp	new
EPAMEpam Systems, Inc.	0.00%	2,693	$371,000	added+9%	0.00 pp	3 q
EEFTEuronet Worldwide Inc	0.00%	3,842	$385,000	added+9%	0.00 pp	3 q
EXLSExlService Holdings, Inc.	0.00%	6,375	$422,000	added+9%	0.00 pp	4 q
FIVEFive Below, Inc.	0.00%	4,755	$618,000	trimmed−7%	0.00 pp	3 q
LOPEGrand Canyon Education, Inc	0.00%	5,332	$601,000	added+9%	0.00 pp	4 q
HCSGHealthcare Services Group	0.00%	11,342	$461,000	added+9%	0.00 pp	4 q
LMATLeMaitre Vascular, Inc.	0.00%	13,183	$511,000	added+34%	0.00 pp	3 q
TREELendingTree, Inc.	0.00%	1,546	$356,000	added+45%	0.00 pp	4 q
LFUSLittelfuse Inc	0.00%	2,724	$539,000	added+9%	0.00 pp	4 q
MASIMasimo Corporation	0.00%	3,874	$482,000	added+9%	0.00 pp	3 q
MPWRMonolithic Power Systems, Inc.	0.00%	3,903	$490,000	added+9%	0.00 pp	4 q
NEOGNeogen Corp	0.00%	7,051	$504,000	added+9%	0.00 pp	4 q
unresolvedNutri Sys Inc New	0.00%	17,323	$642,000	added+9%	0.00 pp	4 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	8,903	$856,000	added+9%	0.00 pp	5 q
PBHPrestige Consumer Healthcare Inc.	0.00%	7,188	$272,000	added+9%	0.00 pp	2 q
STMPStamps.com, Inc.	0.00%	2,749	$622,000	added+9%	0.00 pp	4 q
TXRHTexas Roadhouse, Inc.	0.00%	7,235	$501,000	added+9%	0.00 pp	4 q
TREXTrex Company, Inc.	0.00%	9,514	$732,000	added+9%	0.00 pp	4 q
GLOBGlobant S.a.	0.00%	8,593	$507,000	added+9%	0.00 pp	2 q
unresolvedRelx NV	—	−197,501	—	exited	−0.03 pp	—
CELGCelgene Corp	—	−3,636	—	exited	0.00 pp	—
MKTXMarketAxess Holdings Inc.	—	−1,281	—	exited	0.00 pp	—
WAGEWageWorks, Inc.	—	−4,146	—	exited	0.00 pp	—