Polen Capital

Q1 2019 13F · by Dan Davidowitz, portfolio manager

As of: Mar 31, 2019
Filed: May 13, 2019
US stock: $19.1B · prev $15.3B
Positions: 59 · 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%

Moves61 since the prior filing

+4.8 pp in · −4.8 pp out

New 3 +3.77 pp
Added 52 +0.98 pp
Trimmed 4 −2.65 pp
Exited 2 −2.17 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 6.9 years per position

Low
Moderate
High

Top 5 positions37% of US stock

Positions59 in this filing · 2 exited


MSFTMicrosoft Corp	9.36%	15,181,675	$1.8B	added+7%	−0.05 pp	7 q
VVISA Inc.	7.44%	9,117,862	$1.4B	added+5%	0.00 pp	24 q
METAMeta Platforms, Inc. Class A	6.94%	7,971,629	$1.3B	added+8%	+0.65 pp	16 q
GOOGAlphabet Inc. Class C	6.78%	1,105,903	$1.3B	added+6%	−0.24 pp	20 q
ADBEAdobe Inc.	6.23%	4,476,063	$1.2B	added+6%	+0.02 pp	17 q
NKENike, Inc.	5.34%	12,125,595	$1.0B	added+6%	−0.21 pp	24 q
ZTSZoetis Inc.	5.31%	10,102,190	$1.0B	added+6%	−0.02 pp	6 q
SBUXStarbucks Corp	5.28%	13,585,953	$1.0B	added+5%	−0.13 pp	24 q
ORLYO'Reilly Automotive, Inc.	5.20%	2,564,017	$996M	trimmed−11%	−1.27 pp	19 q
ACNAccenture PLC	5.20%	5,652,369	$995M	added+6%	+0.31 pp	24 q
ADPAutomatic Data Processing	5.09%	6,095,917	$974M	trimmed−17%	−1.22 pp	23 q
DGDollar General Corp.	4.72%	7,564,478	$902M	added+6%	−0.32 pp	11 q
ORCLOracle Corp	3.93%	14,013,917	$753M	added+8%	+0.11 pp	24 q
ITGartner, Inc.	3.81%	4,800,343	$728M	added+7%	+0.06 pp	24 q
PYPLPayPal Holdings, Inc.	3.77%	6,951,039	$722M	new	+3.77 pp	new
ALGNAlign Technology Inc	3.70%	2,492,046	$709M	added+45%	+1.36 pp	13 q
REGNRegeneron Pharmaceuticals Inc	3.44%	1,602,561	$658M	added+8%	−0.18 pp	24 q
MAMastercard Incorporated	3.26%	2,647,805	$623M	added+5%	+0.17 pp	24 q
GOOGLAlphabet Inc. Class A	2.33%	379,452	$447M	added+6%	−0.12 pp	14 q
BKNGBooking Holdings Inc.	2.19%	240,589	$420M	added+3%	−0.45 pp	5 q
BABAAlibaba Group Holding Limited	0.13%	137,292	$25M	added+27%	+0.03 pp	14 q
ICLRIcon Plc	0.08%	115,017	$16M	added+17%	0.00 pp	8 q
SAPSap SE	0.07%	110,415	$13M	added+12%	+0.01 pp	7 q
unresolvedUnilever Spn.Adr 1:1	0.05%	158,231	$9M	added+13%	0.00 pp	8 q
MDTMedtronic plc	0.05%	112,398	$10M	added+34%	0.00 pp	6 q
BIDUBaidu, Inc.	0.04%	45,228	$7M	added+17%	0.00 pp	8 q
CHKPCheck Point Software Technologies Ltd	0.04%	62,784	$8M	added+17%	0.00 pp	15 q
RELXRelx PLC	0.03%	307,579	$7M	added+13%	−0.01 pp	3 q
IWFiShares Russell 1000 Growth ETF	0.02%	29,071	$4M	trimmed−86%	−0.16 pp	22 q
ALRMAlarm.com Holdings, Inc.	0.01%	16,332	$1M	added+6%	0.00 pp	6 q
BLKBBlackbaud, Inc.	0.01%	14,922	$1M	added+52%	+0.01 pp	6 q
FOXFFox Factory Holding Corp.	0.01%	25,247	$2M	added+7%	0.00 pp	7 q
LOPEGrand Canyon Education, Inc	0.01%	8,374	$959,000	added+8%	+0.01 pp	6 q
NVONovo-Nordisk A/S	0.01%	45,955	$2M	added+45%	0.00 pp	14 q
PAYCPaycom Software, Inc.	0.01%	5,707	$1M	trimmed−35%	0.00 pp	6 q
POOLPool Corporation	0.01%	9,288	$2M	added+7%	0.00 pp	7 q
GLOBGlobant S.a.	0.01%	19,496	$1M	added+11%	0.00 pp	4 q
AMNAMN Healthcare Services	0.00%	12,399	$584,000	added+7%	0.00 pp	6 q
ALTRAltair Engineering Inc. Class A	0.00%	11,364	$418,000	new	0.00 pp	new
CMDCantel Medical Corporation	0.00%	11,101	$743,000	added+8%	0.00 pp	7 q
unresolvedEllie Mae	0.00%	8,876	$876,000	added+8%	0.00 pp	3 q
EPAMEpam Systems, Inc.	0.00%	4,236	$716,000	added+7%	0.00 pp	5 q
EEFTEuronet Worldwide Inc	0.00%	6,029	$860,000	added+7%	0.00 pp	5 q
EXLSExlService Holdings, Inc.	0.00%	10,006	$601,000	added+7%	0.00 pp	6 q
FIVEFive Below, Inc.	0.00%	4,603	$572,000	added+7%	0.00 pp	5 q
FNDFloor & Decor Holdings, Inc.	0.00%	21,008	$866,000	added+7%	0.00 pp	2 q
HCSGHealthcare Services Group	0.00%	17,823	$588,000	added+7%	0.00 pp	6 q
INGNInogen Inc	0.00%	4,679	$446,000	added×2.6	0.00 pp	2 q
LMATLeMaitre Vascular, Inc.	0.00%	26,865	$833,000	added+9%	0.00 pp	5 q
TREELendingTree, Inc.	0.00%	2,425	$853,000	added+7%	0.00 pp	6 q
LFUSLittelfuse Inc	0.00%	4,280	$781,000	added+8%	0.00 pp	6 q
MASIMasimo Corporation	0.00%	6,074	$840,000	added+6%	0.00 pp	5 q
MEDMedifast, Inc.	0.00%	4,459	$569,000	new	0.00 pp	new
MDSOMedidata Solutions, Inc.	0.00%	12,695	$930,000	added+8%	−0.01 pp	7 q
NEOGNeogen Corp	0.00%	11,066	$635,000	added+9%	0.00 pp	6 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	10,766	$919,000	added+7%	0.00 pp	7 q
STMPStamps.com, Inc.	0.00%	10,580	$861,000	added+56%	−0.01 pp	6 q
TXRHTexas Roadhouse, Inc.	0.00%	11,350	$706,000	added+7%	0.00 pp	6 q
TREXTrex Company, Inc.	0.00%	14,937	$919,000	added+7%	−0.01 pp	6 q
NVDANvidia Corp	—	−2,489,689	—	exited	−2.17 pp	—
PBHPrestige Consumer Healthcare Inc.	—	−10,570	—	exited	0.00 pp	—