Polen Capital

Q4 2018 13F · by Dan Davidowitz, portfolio manager

As of: Dec 31, 2018
Filed: Feb 12, 2019
US stock: $15.3B · prev $17.6B
Positions: 58 · prev 58
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%

Moves60 since the prior filing

+6.7 pp in · −6.7 pp out

New 2 0.00 pp
Added 47 +6.74 pp
Trimmed 9 −6.72 pp
Exited 2 0.00 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.3 years per position

Low
Moderate
High

Top 5 positions37% of US stock

Positions58 in this filing · 2 exited


MSFTMicrosoft Corp	9.41%	14,206,115	$1.4B	added+3%	+0.41 pp	6 q
VVISA Inc.	7.44%	8,648,461	$1.1B	added+3%	+0.27 pp	23 q
GOOGAlphabet Inc. Class C	7.02%	1,039,199	$1.1B	added+2%	+0.13 pp	19 q
ORLYO'Reilly Automotive, Inc.	6.47%	2,881,956	$992M	added+2%	+0.89 pp	18 q
ADPAutomatic Data Processing	6.31%	7,376,430	$967M	added+3%	+0.18 pp	22 q
METAMeta Platforms, Inc. Class A	6.29%	7,354,192	$964M	added+88%	+2.63 pp	15 q
ADBEAdobe Inc.	6.21%	4,209,605	$952M	added+4%	0.00 pp	16 q
NKENike, Inc.	5.55%	11,473,813	$851M	trimmed−13%	−0.81 pp	23 q
SBUXStarbucks Corp	5.41%	12,893,995	$830M	trimmed−29%	−0.43 pp	23 q
ZTSZoetis Inc.	5.33%	9,553,567	$817M	added+2%	+0.44 pp	5 q
DGDollar General Corp.	5.04%	7,155,529	$773M	added+2%	+0.65 pp	10 q
ACNAccenture PLC	4.89%	5,318,111	$750M	added+3%	−0.11 pp	23 q
ORCLOracle Corp	3.82%	12,969,357	$586M	added+2%	+0.10 pp	23 q
ITGartner, Inc.	3.75%	4,499,201	$575M	trimmed−18%	−1.21 pp	23 q
REGNRegeneron Pharmaceuticals Inc	3.62%	1,485,255	$555M	trimmed−0%	+0.20 pp	23 q
MAMastercard Incorporated	3.09%	2,513,147	$474M	added+39%	+0.80 pp	23 q
BKNGBooking Holdings Inc.	2.64%	234,731	$404M	trimmed−1%	−0.03 pp	4 q
GOOGLAlphabet Inc. Class A	2.45%	359,569	$376M	added+4%	+0.07 pp	13 q
ALGNAlign Technology Inc	2.34%	1,713,303	$359M	trimmed−19%	−2.36 pp	12 q
NVDANvidia Corp	2.17%	2,489,689	$332M	trimmed−1%	−1.83 pp	2 q
IWFiShares Russell 1000 Growth ETF	0.18%	213,454	$28M	added×7.4	+0.15 pp	21 q
BABAAlibaba Group Holding Limited	0.10%	108,292	$15M	added+39%	+0.03 pp	13 q
ICLRIcon Plc	0.08%	98,614	$13M	added+20%	+0.01 pp	7 q
SAPSap SE	0.06%	98,179	$10M	added+38%	+0.01 pp	6 q
unresolvedUnilever Spn.Adr 1:1	0.05%	140,318	$7M	added+15%	+0.01 pp	7 q
MDTMedtronic plc	0.05%	83,735	$8M	added+20%	+0.01 pp	5 q
BIDUBaidu, Inc.	0.04%	38,666	$6M	added+19%	0.00 pp	7 q
RELXRelx PLC	0.04%	273,132	$6M	added+15%	+0.01 pp	2 q
CHKPCheck Point Software Technologies Ltd	0.04%	53,811	$6M	added+20%	+0.01 pp	14 q
ALRMAlarm.com Holdings, Inc.	0.01%	15,375	$798,000	added+48%	+0.01 pp	5 q
FOXFFox Factory Holding Corp.	0.01%	23,599	$1M	added+47%	0.00 pp	6 q
MDSOMedidata Solutions, Inc.	0.01%	11,709	$789,000	trimmed−98%	−0.25 pp	6 q
NVONovo-Nordisk A/S	0.01%	31,720	$1M	added+23%	0.00 pp	13 q
PAYCPaycom Software, Inc.	0.01%	8,833	$1M	added+48%	0.00 pp	5 q
POOLPool Corporation	0.01%	8,677	$1M	added+47%	0.00 pp	6 q
STMPStamps.com, Inc.	0.01%	6,804	$1M	added×2.5	+0.01 pp	5 q
TREXTrex Company, Inc.	0.01%	13,990	$830,000	added+47%	+0.01 pp	5 q
GLOBGlobant S.a.	0.01%	17,504	$986,000	added×2.0	+0.01 pp	3 q
AMNAMN Healthcare Services	0.00%	11,609	$658,000	added+47%	0.00 pp	5 q
BLKBBlackbaud, Inc.	0.00%	9,814	$617,000	added+45%	0.00 pp	5 q
CMDCantel Medical Corporation	0.00%	10,246	$763,000	added+45%	0.00 pp	6 q
unresolvedEllie Mae	0.00%	8,201	$515,000	added×2.3	0.00 pp	2 q
EPAMEpam Systems, Inc.	0.00%	3,961	$460,000	added+47%	0.00 pp	4 q
EEFTEuronet Worldwide Inc	0.00%	5,635	$577,000	added+47%	0.00 pp	4 q
EXLSExlService Holdings, Inc.	0.00%	9,350	$492,000	added+47%	0.00 pp	5 q
FIVEFive Below, Inc.	0.00%	4,301	$440,000	trimmed−10%	0.00 pp	4 q
FNDFloor & Decor Holdings, Inc.	0.00%	19,650	$509,000	new	0.00 pp	new
LOPEGrand Canyon Education, Inc	0.00%	7,728	$743,000	added+45%	0.00 pp	5 q
HCSGHealthcare Services Group	0.00%	16,678	$670,000	added+47%	0.00 pp	5 q
INGNInogen Inc	0.00%	1,794	$223,000	new	0.00 pp	new
LMATLeMaitre Vascular, Inc.	0.00%	24,734	$585,000	added+88%	0.00 pp	4 q
TREELendingTree, Inc.	0.00%	2,262	$497,000	added+46%	0.00 pp	5 q
LFUSLittelfuse Inc	0.00%	3,951	$678,000	added+45%	0.00 pp	5 q
MASIMasimo Corporation	0.00%	5,723	$614,000	added+48%	0.00 pp	4 q
NEOGNeogen Corp	0.00%	10,187	$581,000	added+44%	0.00 pp	5 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	10,037	$668,000	added+13%	0.00 pp	6 q
PBHPrestige Consumer Healthcare Inc.	0.00%	10,570	$326,000	added+47%	0.00 pp	3 q
TXRHTexas Roadhouse, Inc.	0.00%	10,596	$633,000	added+46%	0.00 pp	5 q
MPWRMonolithic Power Systems, Inc.	—	−3,903	—	exited	0.00 pp	—
unresolvedNutri Sys Inc New	—	−17,323	—	exited	0.00 pp	—