Polen Capital

Q3 2019 13F · by Dan Davidowitz, portfolio manager

As of: Sep 30, 2019
Filed: Nov 12, 2019
US stock: $21.7B · prev $20.6B
Positions: 58 · 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

+1.6 pp in · −1.6 pp out

New 3 +2.13 pp
Added 53 −0.55 pp
Trimmed 2 −1.63 pp
Exited 1 0.00 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.5% a year, about 15.3 years per position

Low
Moderate
High

Top 5 positions40% of US stock

MSFT Microsoft Corp added+0.23 pp added+0.2310.4%
META Meta Platforms, Inc. Class A added−0.72 pp added−0.728.0%
V VISA Inc. added−0.20 pp added−0.207.8%
GOOG Alphabet Inc. Class C added+0.74 pp added+0.747.7%
ADBE Adobe Inc. added−0.47 pp added−0.476.1%

Positions58 in this filing · 1 exited


MSFTMicrosoft Corp	10.36%	16,176,430	$2.2B	added+4%	+0.23 pp	9 q
METAMeta Platforms, Inc. Class A	8.04%	9,798,570	$1.7B	added+5%	−0.72 pp	18 q
VVISA Inc.	7.83%	9,883,293	$1.7B	added+4%	−0.20 pp	26 q
GOOGAlphabet Inc. Class C	7.66%	1,363,684	$1.7B	added+3%	+0.74 pp	22 q
ADBEAdobe Inc.	6.12%	4,811,910	$1.3B	added+4%	−0.47 pp	19 q
ZTSZoetis Inc.	6.04%	10,532,561	$1.3B	added+3%	+0.43 pp	8 q
MAMastercard Incorporated	5.71%	4,565,009	$1.2B	added+4%	+0.08 pp	26 q
ACNAccenture PLC	5.40%	6,099,712	$1.2B	added+4%	+0.17 pp	26 q
DGDollar General Corp.	4.58%	6,252,710	$994M	added+3%	+0.61 pp	13 q
NKENike, Inc.	4.56%	10,550,920	$991M	added+4%	+0.41 pp	26 q
ORLYO'Reilly Automotive, Inc.	4.14%	2,257,782	$900M	added+4%	+0.26 pp	21 q
ORCLOracle Corp	3.82%	15,058,061	$829M	added+4%	−0.17 pp	26 q
ADPAutomatic Data Processing	3.63%	4,878,159	$787M	added+4%	−0.12 pp	25 q
PYPLPayPal Holdings, Inc.	3.57%	7,492,543	$776M	added+4%	−0.41 pp	3 q
ITGartner, Inc.	3.41%	5,175,006	$740M	added+4%	−0.46 pp	26 q
SBUXStarbucks Corp	2.98%	7,309,875	$646M	trimmed−35%	−1.62 pp	26 q
BKNGBooking Holdings Inc.	2.36%	260,988	$512M	added+5%	+0.10 pp	7 q
ALGNAlign Technology Inc	2.32%	2,780,515	$503M	added+7%	−1.13 pp	15 q
GOOGLAlphabet Inc. Class A	2.24%	398,393	$486M	added+3%	+0.21 pp	16 q
REGNRegeneron Pharmaceuticals Inc	2.10%	1,642,210	$456M	added+4%	−0.31 pp	26 q
MSCIMSCI, Inc.	2.08%	2,070,846	$451M	new	+2.08 pp	new
BABAAlibaba Group Holding Limited	0.22%	291,745	$49M	added+37%	+0.04 pp	16 q
ICLRIcon Plc	0.15%	223,758	$33M	added+50%	+0.04 pp	10 q
SAPSap SE	0.13%	230,690	$27M	added+53%	+0.03 pp	9 q
MDTMedtronic plc	0.11%	218,002	$24M	added+50%	+0.04 pp	8 q
unresolvedUnilever Spn.Adr 1:1	0.09%	318,854	$19M	added+58%	+0.03 pp	10 q
RELXRelx PLC	0.07%	620,112	$15M	added+58%	+0.02 pp	5 q
CHKPCheck Point Software Technologies Ltd	0.06%	122,199	$13M	added+50%	+0.01 pp	17 q
ABTAbbott Laboratories	0.05%	121,639	$10M	new	+0.05 pp	new
IWFiShares Russell 1000 Growth ETF	0.03%	45,549	$7M	trimmed−11%	−0.01 pp	24 q
NVONovo-Nordisk A/S	0.02%	69,149	$4M	added+17%	+0.01 pp	16 q
BLKBBlackbaud, Inc.	0.01%	16,297	$1M	added+1%	0.00 pp	8 q
FNDFloor & Decor Holdings, Inc.	0.01%	22,949	$1M	added+1%	+0.01 pp	4 q
FOXFFox Factory Holding Corp.	0.01%	27,563	$2M	added+1%	0.00 pp	9 q
MDSOMedidata Solutions, Inc.	0.01%	13,864	$1M	added+1%	0.00 pp	9 q
PAYCPaycom Software, Inc.	0.01%	6,232	$1M	added+1%	0.00 pp	8 q
POOLPool Corporation	0.01%	10,122	$2M	added+1%	0.00 pp	9 q
TREXTrex Company, Inc.	0.01%	16,308	$1M	added+1%	0.00 pp	8 q
GLOBGlobant S.a.	0.01%	22,221	$2M	added+5%	0.00 pp	6 q
AMNAMN Healthcare Services	0.00%	13,540	$779,000	added+1%	0.00 pp	8 q
ALRMAlarm.com Holdings, Inc.	0.00%	17,769	$829,000	added+1%	0.00 pp	8 q
ALTRAltair Engineering Inc. Class A	0.00%	19,708	$682,000	added+61%	0.00 pp	3 q
APPFAppFolio, Inc. Class A	0.00%	8,209	$781,000	new	0.00 pp	new
CMDCantel Medical Corporation	0.00%	12,115	$906,000	added+1%	0.00 pp	9 q
EPAMEpam Systems, Inc.	0.00%	4,625	$843,000	added+1%	0.00 pp	7 q
EEFTEuronet Worldwide Inc	0.00%	6,580	$963,000	added+1%	−0.01 pp	7 q
EXLSExlService Holdings, Inc.	0.00%	10,927	$732,000	added+2%	0.00 pp	8 q
FIVEFive Below, Inc.	0.00%	5,028	$634,000	added+1%	0.00 pp	7 q
LOPEGrand Canyon Education, Inc	0.00%	9,145	$898,000	added+1%	−0.01 pp	8 q
LMATLeMaitre Vascular, Inc.	0.00%	29,336	$1M	added+2%	0.00 pp	7 q
TREELendingTree, Inc.	0.00%	2,645	$821,000	added+1%	−0.01 pp	8 q
LFUSLittelfuse Inc	0.00%	4,675	$829,000	added+2%	0.00 pp	8 q
MASIMasimo Corporation	0.00%	6,608	$983,000	added+2%	0.00 pp	7 q
MEDMedifast, Inc.	0.00%	4,863	$504,000	added0%	0.00 pp	3 q
NEOGNeogen Corp	0.00%	12,082	$823,000	added+1%	0.00 pp	8 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	11,758	$689,000	added+1%	0.00 pp	9 q
TXRHTexas Roadhouse, Inc.	0.00%	12,392	$651,000	added+1%	0.00 pp	8 q
USPHUS Physical Therapy Inc	0.00%	7,055	$921,000	added+1%	0.00 pp	2 q
INGNInogen Inc	—	−5,083	—	exited	0.00 pp	—