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Polen Capital

Q3 2020 13F · by Dan Davidowitz, portfolio manager

As of
Sep 30, 2020
Filed
Nov 12, 2020
US stock
$37.4B · prev $33.1B
Positions
65 · 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%

Moves70 since the prior filing

The book

Focused · behaves like 20 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 23% a year, about 4.4 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions36% of US stock

  1. META Meta Platforms, Inc. Class A added+0.31 pp added+0.318.4%
  2. MSFT Microsoft Corp trimmed−2.58 pp trimmed−2.588.3%
  3. ADBE Adobe Inc. added+0.18 pp added+0.187.5%
  4. GOOG Alphabet Inc. Class C added−0.32 pp added−0.326.6%
  5. ABT Abbott Laboratories added+0.48 pp added+0.485.7%

Positions65 in this filing · 5 exited

METAMeta Platforms, Inc. Class A8.38%11,957,142$3.1Badded+2%+0.31 pp22 q
MSFTMicrosoft Corp8.28%14,723,497$3.1Btrimmed−17%−2.58 pp13 q
ADBEAdobe Inc.7.51%5,724,906$2.8Badded+3%+0.18 pp23 q
GOOGAlphabet Inc. Class C6.63%1,685,973$2.5Badded+4%−0.32 pp26 q
ABTAbbott Laboratories5.65%19,404,698$2.1Badded+4%+0.48 pp5 q
MAMastercard Incorporated5.06%5,594,314$1.9Badded+2%+0.16 pp30 q
VVISA Inc.4.99%9,322,902$1.9Badded+4%−0.25 pp30 q
ZTSZoetis Inc.4.88%11,024,646$1.8Badded+2%+0.42 pp12 q
ACNAccenture PLC4.59%7,601,083$1.7Badded+4%−0.14 pp30 q
CRMSalesforce, Inc.4.54%6,757,081$1.7Badded+1%+0.74 pp4 q
NOWServicenow, Inc.4.14%3,191,209$1.5Btrimmed−7%−0.05 pp4 q
PYPLPayPal Holdings, Inc.4.13%7,844,084$1.5Btrimmed−9%−0.43 pp7 q
ADSKAutodesk Inc3.90%6,315,238$1.5Badded+4%−0.47 pp3 q
DGDollar General Corp.3.17%5,651,553$1.2Badded+2%−0.01 pp17 q
SBUXStarbucks Corp3.02%13,160,538$1.1Badded+3%+0.18 pp30 q
REGNRegeneron Pharmaceuticals Inc2.90%1,937,657$1.1Badded+5%−0.58 pp30 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)2.85%3,419,053$1.1Bnew+2.85 ppnew
NKENike, Inc.2.40%7,151,504$898Madded+1%+0.31 pp30 q
ALGNAlign Technology Inc2.27%2,597,811$850Mtrimmed−20%−0.43 pp19 q
ITGartner, Inc.2.09%6,241,116$780Madded+2%−0.15 pp30 q
ISRGIntuitive Surgical Inc.1.87%984,769$699Mnew+1.87 ppnew
GOOGLAlphabet Inc. Class A1.77%452,421$663Madded+2%−0.13 pp20 q
MSCIMSCI, Inc.1.72%1,804,019$644Mtrimmed−25%−0.69 pp5 q
BABAAlibaba Group Holding Limited0.76%960,828$282Madded+32%+0.29 pp20 q
ILMNIllumina Inc0.47%562,775$174Mnew+0.47 ppnew
ICLRIcon Plc0.28%544,491$104Madded+42%+0.08 pp14 q
SAPSap SE0.22%537,334$84Madded+35%+0.05 pp13 q
MDTMedtronic plc0.20%708,601$74Madded+42%+0.06 pp12 q
unresolvedNew Oriental Ed & Tech Grp I0.18%461,798$69Madded+42%+0.05 pp3 q
AONAon plc Class A0.18%327,757$68Mnew+0.18 ppnew
ADPAutomatic Data Processing0.15%415,192$58Mtrimmed−93%−2.59 pp29 q
ELThe Estee Lauder Companies Inc. Class A0.10%168,680$37Mnew+0.10 ppnew
ORCLOracle Corp0.10%614,183$37Madded+22%+0.02 pp30 q
unresolvedUnilever Spn.Adr 1:10.09%558,576$34Madded+35%+0.02 pp14 q
CHKPCheck Point Software Technologies Ltd0.09%295,007$36Madded+42%+0.02 pp21 q
RELXRelx PLC0.04%750,119$17Mtrimmed−25%−0.03 pp9 q
APPFAppFolio, Inc. Class A0.02%51,199$7Madded+19%0.00 pp5 q
BLBlackLine, Inc.0.02%64,848$6Madded+89%+0.01 pp2 q
ETSYEtsy, Inc.0.02%69,267$8Madded+19%0.00 pp3 q
EXPOExponent Inc0.02%85,211$6Madded+19%0.00 pp4 q
FOXFFox Factory Holding Corp.0.02%79,307$6Madded+19%0.00 pp13 q
TREXTrex Company, Inc.0.02%85,123$6Madded+20%+0.01 pp12 q
WINGWingstop Inc0.02%50,964$7Madded+19%0.00 pp4 q
GLOBGlobant S.a.0.02%48,576$9Madded+17%0.00 pp10 q
AMNAMN Healthcare Services0.01%60,847$4Madded+19%0.00 pp12 q
ALRMAlarm.com Holdings, Inc.0.01%92,629$5Madded+25%0.00 pp12 q
ALTRAltair Engineering Inc. Class A0.01%63,809$3Madded+19%0.00 pp7 q
BLKBBlackbaud, Inc.0.01%52,431$3Madded+19%0.00 pp12 q
ENVEnvestnet, Inc.0.01%55,872$4Madded+26%0.00 pp4 q
EEFTEuronet Worldwide Inc0.01%42,432$4Madded+25%0.00 pp11 q
FNDFloor & Decor Holdings, Inc.0.01%73,879$6Madded+19%0.00 pp8 q
GSHDGoosehead Insurance, Inc. Class A0.01%62,534$5Mnew+0.01 ppnew
HLIHoulihan Lokey, Inc.0.01%78,945$5Madded+77%0.00 pp2 q
IWFiShares Russell 1000 Growth ETF0.01%24,725$5Mtrimmed−64%−0.03 pp28 q
TREELendingTree, Inc.0.01%14,032$4Madded+19%0.00 pp12 q
MBUUMalibu Boats, Inc. Class A0.01%55,360$3Mnew+0.01 ppnew
MASIMasimo Corporation0.01%18,414$4Madded+17%0.00 pp11 q
MEDPMedpace Holdings, Inc.0.01%33,599$4Madded+18%0.00 pp2 q
PCTYPaylocity Holding Corporation0.01%22,097$4Madded+19%0.00 pp3 q
POOLPool Corporation0.01%14,250$5Madded+19%0.00 pp13 q
QLYSQualys, Inc.0.01%41,478$4Madded+98%0.00 pp2 q
RVLVRevolve Group, Inc.0.01%209,419$3Madded+19%0.00 pp3 q
WDFCWd-40 Co0.01%28,782$5Madded+31%0.00 pp2 q
YETIYETI Holdings, Inc.0.01%81,533$4Madded+19%0.00 pp3 q
HELEHelen Of Troy Ltd0.01%26,729$5Madded+19%0.00 pp3 q
EPAMEpam Systems, Inc.—−13,089—exited−0.01 pp—
FIVEFive Below, Inc.—−22,763—exited−0.01 pp—
LMATLeMaitre Vascular, Inc.—−93,546—exited−0.01 pp—
TXRHTexas Roadhouse, Inc.—−50,300—exited−0.01 pp—
ACWXiShares MSCI ACWI ex US ETF—−5,231—exited0.00 pp—

Source

Form
13F-HR
Reading
0 defects · 2 unresolved
Accession
0001172661-20-002092
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet