Polen Capital

Q1 2020 13F · by Dan Davidowitz, portfolio manager

As of: Mar 31, 2020
Filed: May 11, 2020
US stock: $23.1B · prev $25.4B
Positions: 63 · prev 62
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%

Moves69 since the prior filing

+10.5 pp in · −10.5 pp out

New 7 +2.67 pp
Added 47 +7.88 pp
Trimmed 9 −10.45 pp
Exited 6 −0.03 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions39% of US stock

MSFT Microsoft Corp added+1.29 pp added+1.2911.0%
META Meta Platforms, Inc. Class A added+0.56 pp added+0.567.8%
GOOG Alphabet Inc. Class C added+0.01 pp added+0.017.4%
ADBE Adobe Inc. added+0.66 pp added+0.667.1%
ABT Abbott Laboratories added+2.65 pp added+2.655.7%

Positions63 in this filing · 6 exited


MSFTMicrosoft Corp	10.98%	16,048,078	$2.5B	added+3%	+1.29 pp	11 q
METAMeta Platforms, Inc. Class A	7.80%	10,783,819	$1.8B	added+20%	+0.56 pp	20 q
GOOGAlphabet Inc. Class C	7.43%	1,472,308	$1.7B	added+5%	+0.01 pp	24 q
ADBEAdobe Inc.	7.09%	5,134,597	$1.6B	added+4%	+0.66 pp	21 q
ABTAbbott Laboratories	5.70%	16,659,583	$1.3B	added+87%	+2.65 pp	3 q
VVISA Inc.	5.69%	8,145,906	$1.3B	trimmed−20%	−1.83 pp	28 q
MAMastercard Incorporated	5.17%	4,934,230	$1.2B	added+4%	−0.38 pp	28 q
ZTSZoetis Inc.	4.99%	9,767,087	$1.1B	trimmed−10%	−0.65 pp	10 q
ACNAccenture PLC	4.72%	6,658,492	$1.1B	added+6%	−0.50 pp	28 q
NOWServicenow, Inc.	3.89%	3,125,270	$896M	added+61%	+1.73 pp	2 q
CRMSalesforce, Inc.	3.79%	6,062,595	$873M	added+97%	+1.82 pp	2 q
REGNRegeneron Pharmaceuticals Inc	3.65%	1,721,002	$840M	added+3%	+1.17 pp	28 q
DGDollar General Corp.	3.35%	5,112,345	$772M	trimmed−20%	−0.59 pp	15 q
PYPLPayPal Holdings, Inc.	3.29%	7,911,640	$757M	added+3%	+0.01 pp	5 q
ADPAutomatic Data Processing	3.16%	5,327,251	$728M	added+5%	−0.23 pp	27 q
NKENike, Inc.	3.15%	8,771,584	$726M	trimmed−19%	−1.19 pp	28 q
MSCIMSCI, Inc.	2.72%	2,166,322	$626M	added+3%	+0.57 pp	3 q
ADSKAutodesk Inc	2.52%	3,725,811	$582M	new	+2.52 pp	new
ITGartner, Inc.	2.44%	5,637,428	$561M	added+6%	−0.79 pp	28 q
ALGNAlign Technology Inc	2.29%	3,039,006	$529M	added+8%	−0.82 pp	17 q
SBUXStarbucks Corp	2.29%	8,031,200	$528M	added+6%	−0.34 pp	28 q
GOOGLAlphabet Inc. Class A	2.07%	411,589	$478M	added+2%	−0.06 pp	18 q
BABAAlibaba Group Holding Limited	0.43%	508,008	$99M	added+28%	+0.10 pp	18 q
IWFiShares Russell 1000 Growth ETF	0.27%	412,466	$62M	added×10.9	+0.24 pp	26 q
ICLRIcon Plc	0.19%	317,219	$43M	added+22%	+0.01 pp	12 q
SAPSap SE	0.16%	331,675	$37M	added+20%	+0.01 pp	11 q
MDTMedtronic plc	0.16%	412,859	$37M	added+37%	+0.03 pp	10 q
unresolvedNew Oriental Ed & Tech Grp I	0.13%	268,008	$29M	new	+0.13 pp	new
RELXRelx PLC	0.08%	908,876	$19M	added+24%	+0.01 pp	7 q
unresolvedUnilever Spn.Adr 1:1	0.08%	374,649	$19M	trimmed−1%	0.00 pp	12 q
CHKPCheck Point Software Technologies Ltd	0.08%	172,300	$17M	added+21%	+0.02 pp	19 q
ORCLOracle Corp	0.07%	317,570	$15M	added+49%	+0.03 pp	28 q
GLOBGlobant S.a.	0.02%	41,022	$4M	added+60%	+0.01 pp	8 q
AMNAMN Healthcare Services	0.01%	26,116	$2M	added+67%	+0.01 pp	10 q
ALRMAlarm.com Holdings, Inc.	0.01%	34,418	$1M	added+67%	+0.01 pp	10 q
APPFAppFolio, Inc. Class A	0.01%	23,275	$3M	added+68%	0.00 pp	3 q
BLKBBlackbaud, Inc.	0.01%	31,463	$2M	added+67%	0.00 pp	10 q
ENVEnvestnet, Inc.	0.01%	22,315	$1M	added+85%	+0.01 pp	2 q
EPAMEpam Systems, Inc.	0.01%	8,967	$2M	added+68%	+0.01 pp	9 q
EXPOExponent Inc	0.01%	32,603	$2M	added+67%	0.00 pp	2 q
FNDFloor & Decor Holdings, Inc.	0.01%	44,294	$1M	added+67%	0.00 pp	6 q
FOXFFox Factory Holding Corp.	0.01%	53,367	$2M	added+67%	0.00 pp	11 q
LMATLeMaitre Vascular, Inc.	0.01%	66,572	$2M	added+67%	0.00 pp	9 q
MASIMasimo Corporation	0.01%	10,534	$2M	added+38%	+0.01 pp	9 q
POOLPool Corporation	0.01%	10,892	$2M	trimmed−7%	0.00 pp	11 q
RVLVRevolve Group, Inc.	0.01%	168,735	$1M	new	+0.01 pp	new
TREXTrex Company, Inc.	0.01%	31,505	$3M	added+67%	0.00 pp	10 q
USPHUS Physical Therapy Inc	0.01%	19,358	$1M	added+87%	+0.01 pp	4 q
WINGWingstop Inc	0.01%	23,588	$2M	added×2.1	+0.01 pp	2 q
HELEHelen Of Troy Ltd	0.01%	8,280	$1M	new	+0.01 pp	new
ALTRAltair Engineering Inc. Class A	0.00%	38,228	$1M	added+67%	0.00 pp	5 q
BKNGBooking Holdings Inc.	0.00%	456	$613,000	trimmed−100%	−2.16 pp	9 q
ETSYEtsy, Inc.	0.00%	25,454	$978,000	new	0.00 pp	new
EEFTEuronet Worldwide Inc	0.00%	12,760	$1M	added+68%	0.00 pp	9 q
FIVEFive Below, Inc.	0.00%	9,813	$691,000	added+69%	0.00 pp	9 q
ACWXiShares MSCI ACWI ex US ETF	0.00%	11,804	$444,000	trimmed−74%	−0.01 pp	2 q
TREELendingTree, Inc.	0.00%	5,152	$945,000	added+68%	0.00 pp	10 q
LFUSLittelfuse Inc	0.00%	5,963	$796,000	added+10%	0.00 pp	10 q
ORLYO'Reilly Automotive, Inc.	0.00%	3,311	$997,000	trimmed−100%	−4.02 pp	23 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	22,819	$1M	added+68%	0.00 pp	11 q
PCTYPaylocity Holding Corporation	0.00%	9,641	$851,000	new	0.00 pp	new
TXRHTexas Roadhouse, Inc.	0.00%	24,011	$992,000	added+68%	0.00 pp	10 q
YETIYETI Holdings, Inc.	0.00%	48,846	$953,000	new	0.00 pp	new
NVONovo-Nordisk A/S	—	−118,809	—	exited	−0.03 pp	—
EXLSExlService Holdings, Inc.	—	−12,633	—	exited	0.00 pp	—
LOPEGrand Canyon Education, Inc	—	−10,579	—	exited	0.00 pp	—
MEDMedifast, Inc.	—	−5,636	—	exited	0.00 pp	—
NEOGNeogen Corp	—	−13,968	—	exited	0.00 pp	—
PAYCPaycom Software, Inc.	—	−1,712	—	exited	0.00 pp	—