Polen Capital

Q2 2020 13F · by Dan Davidowitz, portfolio manager

As of: Jun 30, 2020
Filed: Aug 13, 2020
US stock: $33.1B · prev $23.1B
Positions: 63 · prev 63
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%

Moves68 since the prior filing

+1.3 pp in · −1.3 pp out

New 5 +0.05 pp
Added 55 +1.24 pp
Trimmed 3 −1.29 pp
Exited 5 −0.01 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.9% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions38% of US stock

MSFT Microsoft Corp added−0.12 pp added−0.1210.9%
META Meta Platforms, Inc. Class A added+0.27 pp added+0.278.1%
ADBE Adobe Inc. added+0.24 pp added+0.247.3%
GOOG Alphabet Inc. Class C added−0.48 pp added−0.487.0%
V VISA Inc. added−0.45 pp added−0.455.2%

Positions63 in this filing · 5 exited


MSFTMicrosoft Corp	10.86%	17,657,952	$3.6B	added+10%	−0.12 pp	12 q
METAMeta Platforms, Inc. Class A	8.07%	11,759,416	$2.7B	added+9%	+0.27 pp	21 q
ADBEAdobe Inc.	7.33%	5,572,036	$2.4B	added+9%	+0.24 pp	22 q
GOOGAlphabet Inc. Class C	6.95%	1,626,458	$2.3B	added+10%	−0.48 pp	25 q
VVISA Inc.	5.24%	8,976,785	$1.7B	added+10%	−0.45 pp	29 q
ABTAbbott Laboratories	5.17%	18,711,795	$1.7B	added+12%	−0.53 pp	4 q
MAMastercard Incorporated	4.90%	5,485,637	$1.6B	added+11%	−0.27 pp	29 q
ACNAccenture PLC	4.73%	7,286,282	$1.6B	added+9%	+0.01 pp	29 q
PYPLPayPal Holdings, Inc.	4.56%	8,651,965	$1.5B	added+9%	+1.27 pp	6 q
ZTSZoetis Inc.	4.46%	10,780,182	$1.5B	added+10%	−0.53 pp	11 q
ADSKAutodesk Inc	4.37%	6,046,593	$1.4B	added+62%	+1.85 pp	2 q
NOWServicenow, Inc.	4.19%	3,425,610	$1.4B	added+10%	+0.30 pp	3 q
CRMSalesforce, Inc.	3.80%	6,714,347	$1.3B	added+11%	+0.01 pp	3 q
REGNRegeneron Pharmaceuticals Inc	3.48%	1,844,534	$1.2B	added+7%	−0.17 pp	29 q
DGDollar General Corp.	3.18%	5,530,001	$1.1B	added+8%	−0.17 pp	16 q
SBUXStarbucks Corp	2.84%	12,770,818	$940M	added+59%	+0.55 pp	29 q
ADPAutomatic Data Processing	2.74%	6,091,655	$907M	added+14%	−0.42 pp	28 q
ALGNAlign Technology Inc	2.70%	3,258,389	$894M	added+7%	+0.41 pp	18 q
MSCIMSCI, Inc.	2.41%	2,391,159	$798M	added+10%	−0.31 pp	4 q
ITGartner, Inc.	2.24%	6,113,024	$742M	added+8%	−0.20 pp	29 q
NKENike, Inc.	2.09%	7,051,882	$691M	trimmed−20%	−1.06 pp	29 q
GOOGLAlphabet Inc. Class A	1.90%	442,862	$628M	added+8%	−0.17 pp	19 q
BABAAlibaba Group Holding Limited	0.47%	725,715	$157M	added+43%	+0.04 pp	19 q
ICLRIcon Plc	0.20%	384,405	$65M	added+21%	+0.01 pp	13 q
SAPSap SE	0.17%	398,975	$56M	added+20%	+0.01 pp	12 q
MDTMedtronic plc	0.14%	500,041	$46M	added+21%	−0.02 pp	11 q
unresolvedNew Oriental Ed & Tech Grp I	0.13%	325,485	$42M	added+21%	0.00 pp	2 q
ORCLOracle Corp	0.08%	501,851	$28M	added+58%	+0.01 pp	29 q
RELXRelx PLC	0.07%	1,000,703	$24M	added+10%	−0.01 pp	8 q
unresolvedUnilever Spn.Adr 1:1	0.07%	413,651	$23M	added+10%	−0.01 pp	13 q
CHKPCheck Point Software Technologies Ltd	0.07%	208,277	$22M	added+21%	−0.01 pp	20 q
IWFiShares Russell 1000 Growth ETF	0.04%	67,938	$13M	trimmed−84%	−0.23 pp	27 q
APPFAppFolio, Inc. Class A	0.02%	42,905	$7M	added+84%	+0.01 pp	4 q
ETSYEtsy, Inc.	0.02%	57,982	$6M	added×2.3	+0.02 pp	2 q
EXPOExponent Inc	0.02%	71,584	$6M	added×2.2	+0.01 pp	3 q
FOXFFox Factory Holding Corp.	0.02%	66,545	$5M	added+25%	+0.01 pp	12 q
WINGWingstop Inc	0.02%	42,723	$6M	added+81%	+0.01 pp	3 q
GLOBGlobant S.a.	0.02%	41,537	$6M	added+1%	0.00 pp	9 q
AMNAMN Healthcare Services	0.01%	51,253	$2M	added+96%	0.00 pp	11 q
ALRMAlarm.com Holdings, Inc.	0.01%	74,306	$5M	added×2.2	0.00 pp	11 q
ALTRAltair Engineering Inc. Class A	0.01%	53,745	$2M	added+41%	+0.01 pp	6 q
BLKBBlackbaud, Inc.	0.01%	44,211	$3M	added+41%	0.00 pp	11 q
BLBlackLine, Inc.	0.01%	34,233	$3M	new	+0.01 pp	new
ENVEnvestnet, Inc.	0.01%	44,194	$3M	added+98%	0.00 pp	3 q
EPAMEpam Systems, Inc.	0.01%	13,089	$3M	added+46%	0.00 pp	10 q
EEFTEuronet Worldwide Inc	0.01%	33,982	$3M	added×2.7	+0.01 pp	10 q
FIVEFive Below, Inc.	0.01%	22,763	$2M	added×2.3	+0.01 pp	10 q
FNDFloor & Decor Holdings, Inc.	0.01%	62,273	$4M	added+41%	0.00 pp	7 q
HLIHoulihan Lokey, Inc.	0.01%	44,701	$2M	new	+0.01 pp	new
LMATLeMaitre Vascular, Inc.	0.01%	93,546	$2M	added+41%	0.00 pp	10 q
TREELendingTree, Inc.	0.01%	11,830	$3M	added×2.3	+0.01 pp	11 q
MASIMasimo Corporation	0.01%	15,690	$4M	added+49%	0.00 pp	10 q
MEDPMedpace Holdings, Inc.	0.01%	28,374	$3M	new	+0.01 pp	new
PCTYPaylocity Holding Corporation	0.01%	18,605	$3M	added+93%	+0.01 pp	2 q
POOLPool Corporation	0.01%	11,971	$3M	added+10%	0.00 pp	12 q
QLYSQualys, Inc.	0.01%	20,945	$2M	new	+0.01 pp	new
RVLVRevolve Group, Inc.	0.01%	176,483	$3M	added+5%	0.00 pp	2 q
TXRHTexas Roadhouse, Inc.	0.01%	50,300	$3M	added×2.1	+0.01 pp	11 q
TREXTrex Company, Inc.	0.01%	35,563	$5M	added+13%	0.00 pp	11 q
WDFCWd-40 Co	0.01%	21,907	$4M	new	+0.01 pp	new
YETIYETI Holdings, Inc.	0.01%	68,680	$3M	added+41%	+0.01 pp	2 q
HELEHelen Of Troy Ltd	0.01%	22,377	$4M	added×2.7	0.00 pp	2 q
ACWXiShares MSCI ACWI ex US ETF	0.00%	5,231	$226,000	trimmed−56%	0.00 pp	3 q
USPHUS Physical Therapy Inc	—	−19,358	—	exited	−0.01 pp	—
BKNGBooking Holdings Inc.	—	−456	—	exited	0.00 pp	—
LFUSLittelfuse Inc	—	−5,963	—	exited	0.00 pp	—
ORLYO'Reilly Automotive, Inc.	—	−3,311	—	exited	0.00 pp	—
OLLIOllie's Bargain Outlet Holdings, Inc.	—	−22,819	—	exited	0.00 pp	—