Polen Capital

Q4 2019 13F · by Dan Davidowitz, portfolio manager

As of: Dec 31, 2019
Filed: Feb 6, 2020
US stock: $25.4B · prev $21.7B
Positions: 62 · 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%

Moves64 since the prior filing

+5.3 pp in · −5.3 pp out

New 6 +4.15 pp
Added 51 +1.11 pp
Trimmed 5 −5.26 pp
Exited 2 −0.01 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 6.0 years per position

Low
Moderate
High

Top 5 positions38% of US stock

MSFT Microsoft Corp trimmed−0.67 pp trimmed−0.679.7%
V VISA Inc. added−0.31 pp added−0.317.5%
GOOG Alphabet Inc. Class C added−0.24 pp added−0.247.4%
META Meta Platforms, Inc. Class A trimmed−0.80 pp trimmed−0.807.2%
ADBE Adobe Inc. added+0.31 pp added+0.316.4%

Positions62 in this filing · 2 exited


MSFTMicrosoft Corp	9.69%	15,599,767	$2.5B	trimmed−4%	−0.67 pp	10 q
VVISA Inc.	7.52%	10,160,598	$1.9B	added+3%	−0.31 pp	27 q
GOOGAlphabet Inc. Class C	7.42%	1,408,389	$1.9B	added+3%	−0.24 pp	23 q
METAMeta Platforms, Inc. Class A	7.24%	8,959,606	$1.8B	trimmed−9%	−0.80 pp	19 q
ADBEAdobe Inc.	6.43%	4,953,887	$1.6B	added+3%	+0.31 pp	20 q
ZTSZoetis Inc.	5.64%	10,826,159	$1.4B	added+3%	−0.40 pp	9 q
MAMastercard Incorporated	5.55%	4,722,849	$1.4B	added+3%	−0.16 pp	27 q
ACNAccenture PLC	5.22%	6,290,843	$1.3B	added+3%	−0.18 pp	27 q
NKENike, Inc.	4.34%	10,881,540	$1.1B	added+3%	−0.22 pp	27 q
ORLYO'Reilly Automotive, Inc.	4.02%	2,328,629	$1.0B	added+3%	−0.12 pp	22 q
DGDollar General Corp.	3.94%	6,416,730	$1.0B	added+3%	−0.64 pp	14 q
ADPAutomatic Data Processing	3.39%	5,051,703	$861M	added+4%	−0.24 pp	26 q
PYPLPayPal Holdings, Inc.	3.28%	7,690,677	$832M	added+3%	−0.29 pp	4 q
ITGartner, Inc.	3.23%	5,328,987	$821M	added+3%	−0.18 pp	27 q
ALGNAlign Technology Inc	3.11%	2,826,782	$789M	added+2%	+0.79 pp	16 q
ABTAbbott Laboratories	3.05%	8,924,157	$775M	added×73.4	+3.00 pp	2 q
SBUXStarbucks Corp	2.63%	7,582,198	$667M	added+4%	−0.35 pp	27 q
REGNRegeneron Pharmaceuticals Inc	2.48%	1,676,294	$629M	added+2%	+0.38 pp	27 q
BKNGBooking Holdings Inc.	2.16%	267,214	$549M	added+2%	−0.20 pp	8 q
NOWServicenow, Inc.	2.16%	1,940,426	$548M	new	+2.16 pp	new
MSCIMSCI, Inc.	2.15%	2,112,980	$546M	added+2%	+0.07 pp	2 q
GOOGLAlphabet Inc. Class A	2.13%	404,133	$541M	added+1%	−0.11 pp	17 q
CRMSalesforce, Inc.	1.97%	3,081,772	$501M	new	+1.97 pp	new
BABAAlibaba Group Holding Limited	0.33%	396,478	$84M	added+36%	+0.11 pp	17 q
ICLRIcon Plc	0.18%	260,128	$45M	added+16%	+0.03 pp	11 q
SAPSap SE	0.15%	277,326	$37M	added+20%	+0.02 pp	10 q
MDTMedtronic plc	0.13%	301,831	$34M	added+38%	+0.02 pp	9 q
unresolvedUnilever Spn.Adr 1:1	0.08%	376,895	$22M	added+18%	−0.01 pp	11 q
RELXRelx PLC	0.07%	732,845	$19M	added+18%	0.00 pp	6 q
CHKPCheck Point Software Technologies Ltd	0.06%	141,869	$16M	added+16%	0.00 pp	18 q
ORCLOracle Corp	0.04%	212,583	$11M	trimmed−99%	−3.78 pp	27 q
IWFiShares Russell 1000 Growth ETF	0.03%	37,833	$7M	trimmed−17%	0.00 pp	25 q
NVONovo-Nordisk A/S	0.03%	118,809	$7M	added+72%	+0.01 pp	17 q
APPFAppFolio, Inc. Class A	0.01%	13,886	$2M	added+69%	+0.01 pp	2 q
BLKBBlackbaud, Inc.	0.01%	18,856	$2M	added+16%	0.00 pp	9 q
EXPOExponent Inc	0.01%	19,527	$1M	new	+0.01 pp	new
FNDFloor & Decor Holdings, Inc.	0.01%	26,555	$1M	added+16%	0.00 pp	5 q
FOXFFox Factory Holding Corp.	0.01%	31,884	$2M	added+16%	0.00 pp	10 q
ACWXiShares MSCI ACWI ex US ETF	0.01%	46,108	$2M	new	+0.01 pp	new
LMATLeMaitre Vascular, Inc.	0.01%	39,888	$1M	added+36%	+0.01 pp	8 q
POOLPool Corporation	0.01%	11,709	$2M	added+16%	0.00 pp	10 q
TREXTrex Company, Inc.	0.01%	18,857	$2M	added+16%	0.00 pp	9 q
GLOBGlobant S.a.	0.01%	25,594	$3M	added+15%	0.00 pp	7 q
AMNAMN Healthcare Services	0.00%	15,657	$976,000	added+16%	0.00 pp	9 q
ALRMAlarm.com Holdings, Inc.	0.00%	20,569	$884,000	added+16%	0.00 pp	9 q
ALTRAltair Engineering Inc. Class A	0.00%	22,846	$820,000	added+16%	0.00 pp	4 q
ENVEnvestnet, Inc.	0.00%	12,076	$841,000	new	0.00 pp	new
EPAMEpam Systems, Inc.	0.00%	5,351	$1M	added+16%	0.00 pp	8 q
EEFTEuronet Worldwide Inc	0.00%	7,609	$1M	added+16%	0.00 pp	8 q
EXLSExlService Holdings, Inc.	0.00%	12,633	$877,000	added+16%	0.00 pp	9 q
FIVEFive Below, Inc.	0.00%	5,818	$744,000	added+16%	0.00 pp	8 q
LOPEGrand Canyon Education, Inc	0.00%	10,579	$1M	added+16%	0.00 pp	9 q
TREELendingTree, Inc.	0.00%	3,065	$930,000	added+16%	0.00 pp	9 q
LFUSLittelfuse Inc	0.00%	5,403	$1M	added+16%	0.00 pp	9 q
MASIMasimo Corporation	0.00%	7,643	$1M	added+16%	0.00 pp	8 q
MEDMedifast, Inc.	0.00%	5,636	$618,000	added+16%	0.00 pp	4 q
NEOGNeogen Corp	0.00%	13,968	$912,000	added+16%	0.00 pp	9 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	13,603	$888,000	added+16%	0.00 pp	10 q
PAYCPaycom Software, Inc.	0.00%	1,712	$453,000	trimmed−73%	−0.01 pp	9 q
TXRHTexas Roadhouse, Inc.	0.00%	14,331	$807,000	added+16%	0.00 pp	9 q
USPHUS Physical Therapy Inc	0.00%	10,358	$1M	added+47%	0.00 pp	3 q
WINGWingstop Inc	0.00%	10,973	$946,000	new	0.00 pp	new
MDSOMedidata Solutions, Inc.	—	−13,864	—	exited	−0.01 pp	—
CMDCantel Medical Corporation	—	−12,115	—	exited	0.00 pp	—