Polen Capital

Q2 2019 13F · by Dan Davidowitz, portfolio manager

As of: Jun 30, 2019
Filed: Aug 12, 2019
US stock: $20.6B · prev $19.1B
Positions: 56 · 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%

Moves60 since the prior filing

+6.4 pp in · −6.3 pp out

New 1 0.00 pp
Added 49 +6.45 pp
Trimmed 6 −6.31 pp
Exited 4 −0.04 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions40% of US stock

MSFT Microsoft Corp added+0.77 pp added+0.7710.1%
META Meta Platforms, Inc. Class A added+1.82 pp added+1.828.8%
V VISA Inc. added+0.59 pp added+0.598.0%
GOOG Alphabet Inc. Class C added+0.14 pp added+0.146.9%
ADBE Adobe Inc. added+0.36 pp added+0.366.6%

Positions56 in this filing · 4 exited


MSFTMicrosoft Corp	10.13%	15,595,445	$2.1B	added+3%	+0.77 pp	8 q
METAMeta Platforms, Inc. Class A	8.76%	9,357,675	$1.8B	added+17%	+1.82 pp	17 q
VVISA Inc.	8.03%	9,538,670	$1.7B	added+5%	+0.59 pp	25 q
GOOGAlphabet Inc. Class C	6.92%	1,319,627	$1.4B	added+19%	+0.14 pp	21 q
ADBEAdobe Inc.	6.59%	4,611,589	$1.4B	added+3%	+0.36 pp	18 q
MAMastercard Incorporated	5.63%	4,392,067	$1.2B	added+66%	+2.37 pp	25 q
ZTSZoetis Inc.	5.61%	10,188,554	$1.2B	added+1%	+0.30 pp	7 q
ACNAccenture PLC	5.23%	5,841,892	$1.1B	added+3%	+0.03 pp	25 q
SBUXStarbucks Corp	4.60%	11,307,128	$948M	trimmed−17%	−0.68 pp	25 q
NKENike, Inc.	4.15%	10,190,033	$855M	trimmed−16%	−1.19 pp	25 q
ORCLOracle Corp	3.99%	14,444,171	$823M	added+3%	+0.06 pp	25 q
PYPLPayPal Holdings, Inc.	3.98%	7,173,147	$821M	added+3%	+0.21 pp	2 q
DGDollar General Corp.	3.97%	6,061,528	$819M	trimmed−20%	−0.75 pp	12 q
ORLYO'Reilly Automotive, Inc.	3.88%	2,164,369	$799M	trimmed−16%	−1.32 pp	20 q
ITGartner, Inc.	3.87%	4,954,947	$797M	added+3%	+0.06 pp	25 q
ADPAutomatic Data Processing	3.75%	4,676,299	$773M	trimmed−23%	−1.34 pp	24 q
ALGNAlign Technology Inc	3.45%	2,603,337	$713M	added+4%	−0.25 pp	14 q
REGNRegeneron Pharmaceuticals Inc	2.41%	1,585,113	$496M	trimmed−1%	−1.03 pp	25 q
BKNGBooking Holdings Inc.	2.26%	248,693	$466M	added+3%	+0.07 pp	6 q
GOOGLAlphabet Inc. Class A	2.03%	385,932	$418M	added+2%	−0.30 pp	15 q
BABAAlibaba Group Holding Limited	0.18%	213,719	$36M	added+56%	+0.05 pp	15 q
ICLRIcon Plc	0.11%	149,054	$23M	added+30%	+0.03 pp	9 q
SAPSap SE	0.10%	151,003	$21M	added+37%	+0.03 pp	8 q
MDTMedtronic plc	0.07%	145,554	$14M	added+30%	+0.02 pp	7 q
unresolvedUnilever Spn.Adr 1:1	0.06%	201,849	$13M	added+28%	+0.01 pp	9 q
RELXRelx PLC	0.05%	392,824	$10M	added+28%	+0.02 pp	4 q
CHKPCheck Point Software Technologies Ltd	0.05%	81,343	$9M	added+30%	+0.01 pp	16 q
IWFiShares Russell 1000 Growth ETF	0.04%	51,432	$8M	added+77%	+0.02 pp	23 q
BLKBBlackbaud, Inc.	0.01%	16,119	$1M	added+8%	0.00 pp	7 q
EEFTEuronet Worldwide Inc	0.01%	6,500	$1M	added+8%	+0.01 pp	6 q
FOXFFox Factory Holding Corp.	0.01%	27,342	$2M	added+8%	0.00 pp	8 q
LOPEGrand Canyon Education, Inc	0.01%	9,031	$1M	added+8%	0.00 pp	7 q
TREELendingTree, Inc.	0.01%	2,607	$1M	added+8%	+0.01 pp	7 q
MDSOMedidata Solutions, Inc.	0.01%	13,726	$1M	added+8%	+0.01 pp	8 q
NVONovo-Nordisk A/S	0.01%	59,343	$3M	added+29%	0.00 pp	15 q
PAYCPaycom Software, Inc.	0.01%	6,162	$1M	added+8%	0.00 pp	7 q
POOLPool Corporation	0.01%	10,007	$2M	added+8%	0.00 pp	8 q
TREXTrex Company, Inc.	0.01%	16,164	$1M	added+8%	+0.01 pp	7 q
GLOBGlobant S.a.	0.01%	21,174	$2M	added+9%	0.00 pp	5 q
AMNAMN Healthcare Services	0.00%	13,390	$726,000	added+8%	0.00 pp	7 q
ALRMAlarm.com Holdings, Inc.	0.00%	17,630	$943,000	added+8%	−0.01 pp	7 q
ALTRAltair Engineering Inc. Class A	0.00%	12,242	$494,000	added+8%	0.00 pp	2 q
CMDCantel Medical Corporation	0.00%	11,952	$964,000	added+8%	0.00 pp	8 q
EPAMEpam Systems, Inc.	0.00%	4,570	$791,000	added+8%	0.00 pp	6 q
EXLSExlService Holdings, Inc.	0.00%	10,688	$707,000	added+7%	0.00 pp	7 q
FIVEFive Below, Inc.	0.00%	4,976	$597,000	added+8%	0.00 pp	6 q
FNDFloor & Decor Holdings, Inc.	0.00%	22,671	$950,000	added+8%	0.00 pp	3 q
INGNInogen Inc	0.00%	5,083	$339,000	added+9%	0.00 pp	3 q
LMATLeMaitre Vascular, Inc.	0.00%	28,881	$808,000	added+8%	0.00 pp	6 q
LFUSLittelfuse Inc	0.00%	4,605	$815,000	added+8%	0.00 pp	7 q
MASIMasimo Corporation	0.00%	6,506	$968,000	added+7%	0.00 pp	6 q
MEDMedifast, Inc.	0.00%	4,845	$622,000	added+9%	0.00 pp	2 q
NEOGNeogen Corp	0.00%	11,918	$740,000	added+8%	0.00 pp	7 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	11,635	$1M	added+8%	0.00 pp	8 q
TXRHTexas Roadhouse, Inc.	0.00%	12,290	$660,000	added+8%	0.00 pp	7 q
USPHUS Physical Therapy Inc	0.00%	6,972	$855,000	new	0.00 pp	new
BIDUBaidu, Inc.	—	−45,228	—	exited	−0.04 pp	—
unresolvedEllie Mae	—	−8,876	—	exited	0.00 pp	—
HCSGHealthcare Services Group	—	−17,823	—	exited	0.00 pp	—
STMPStamps.com, Inc.	—	−10,580	—	exited	0.00 pp	—