Polen Capital

Q2 2021 13F · by Dan Davidowitz, portfolio manager

As of: Jun 30, 2021
Filed: Aug 12, 2021
US stock: $52.2B · prev $44.5B
Positions: 81 · prev 71
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%

Moves82 since the prior filing

+0.4 pp in · −0.4 pp out

New 12 +0.21 pp
Added 59 +0.16 pp
Trimmed 9 −0.36 pp
Exited 2 −0.01 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.9% a year, about 25.8 years per position

Low
Moderate
High

Top 5 positions36% of US stock

Positions81 in this filing · 2 exited


METAMeta Platforms, Inc. Class A	8.65%	12,987,444	$4.5B	added+4%	+0.38 pp	25 q
MSFTMicrosoft Corp	8.32%	16,035,981	$4.3B	added+4%	+0.17 pp	16 q
GOOGAlphabet Inc. Class C	7.35%	1,531,134	$3.8B	trimmed−1%	+0.14 pp	29 q
ADBEAdobe Inc.	7.00%	6,245,764	$3.7B	added+3%	+0.53 pp	26 q
ABTAbbott Laboratories	4.88%	21,985,004	$2.5B	added+6%	−0.70 pp	8 q
ACNAccenture PLC	4.65%	8,238,617	$2.4B	added+4%	−0.28 pp	33 q
VVISA Inc.	4.60%	10,275,816	$2.4B	added+5%	−0.08 pp	33 q
AMZNAmazon.Com Inc	4.59%	696,883	$2.4B	added+8%	+0.10 pp	2 q
CRMSalesforce, Inc.	4.51%	9,649,227	$2.4B	added+5%	+0.12 pp	7 q
MAMastercard Incorporated	4.31%	6,157,489	$2.2B	added+5%	−0.38 pp	33 q
ZTSZoetis Inc.	4.25%	11,907,759	$2.2B	added+3%	+0.15 pp	15 q
PYPLPayPal Holdings, Inc.	3.73%	6,675,832	$1.9B	added+4%	+0.22 pp	10 q
NOWServicenow, Inc.	3.69%	3,510,696	$1.9B	added+5%	−0.08 pp	7 q
ADSKAutodesk Inc	3.37%	6,022,347	$1.8B	added+5%	−0.19 pp	6 q
SBUXStarbucks Corp	3.17%	14,802,150	$1.7B	added+5%	−0.28 pp	33 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.87%	3,736,081	$1.5B	added+5%	−0.12 pp	4 q
GOOGLAlphabet Inc. Class A	2.64%	565,547	$1.4B	added+18%	+0.43 pp	23 q
NFLXNetFlix Inc	2.47%	2,439,314	$1.3B	added+4%	−0.28 pp	2 q
NKENike, Inc.	2.34%	7,922,815	$1.2B	added+6%	+0.11 pp	33 q
ILMNIllumina Inc	2.25%	2,480,776	$1.2B	added+4%	+0.20 pp	4 q
ITGartner, Inc.	2.10%	4,524,493	$1.1B	trimmed−28%	−0.49 pp	33 q
ISRGIntuitive Surgical Inc.	1.92%	1,090,046	$1.0B	added+5%	+0.20 pp	4 q
ALGNAlign Technology Inc	1.91%	1,634,605	$999M	added+4%	+0.01 pp	22 q
MSCIMSCI, Inc.	1.40%	1,372,573	$732M	added0%	+0.11 pp	8 q
BABAAlibaba Group Holding Limited	0.62%	1,417,515	$321M	added+4%	−0.07 pp	23 q
AONAon plc Class A	0.37%	812,647	$194M	added+54%	+0.10 pp	4 q
ICLRIcon Plc	0.31%	782,534	$162M	added+2%	−0.03 pp	17 q
MDTMedtronic plc	0.21%	896,906	$111M	added+1%	−0.03 pp	15 q
SAPSap SE	0.19%	720,554	$101M	added+7%	0.00 pp	16 q
unresolvedNew Oriental Ed & Tech Grp I	0.12%	7,354,287	$60M	added+2%	−0.11 pp	6 q
IWFiShares Russell 1000 Growth ETF	0.10%	192,017	$52M	added+9%	0.00 pp	31 q
ELThe Estee Lauder Companies Inc. Class A	0.10%	168,197	$54M	added+3%	−0.01 pp	4 q
ADPAutomatic Data Processing	0.09%	245,611	$49M	added+2%	−0.01 pp	32 q
unresolvedUnilever Spn.Adr 1:1	0.06%	499,917	$29M	trimmed−2%	0.00 pp	17 q
ASMLASML Holding NV	0.06%	44,250	$31M	new	+0.06 pp	new
MELIMercado Libre, Inc	0.05%	16,023	$25M	new	+0.05 pp	new
SHOPShopify Inc. Class A subordinate voting shares	0.05%	17,897	$26M	new	+0.05 pp	new
FOXFFox Factory Holding Corp.	0.04%	127,566	$20M	added+7%	+0.01 pp	16 q
GSHDGoosehead Insurance, Inc. Class A	0.04%	146,481	$19M	added+17%	+0.01 pp	4 q
RVLVRevolve Group, Inc.	0.04%	308,028	$21M	trimmed−8%	+0.01 pp	6 q
APPFAppFolio, Inc. Class A	0.03%	92,614	$13M	added+21%	+0.01 pp	8 q
DAVAEndava plc	0.03%	142,514	$16M	added+6%	0.00 pp	3 q
ETSYEtsy, Inc.	0.03%	76,051	$16M	trimmed−7%	−0.01 pp	6 q
MEDPMedpace Holdings, Inc.	0.03%	87,411	$15M	added+7%	0.00 pp	5 q
PGNYProgyny, Inc.	0.03%	239,340	$14M	added+8%	+0.01 pp	2 q
TRUPTrupanion, Inc.	0.03%	152,713	$18M	new	+0.03 pp	new
WINGWingstop Inc	0.03%	115,426	$18M	added+6%	0.00 pp	7 q
GLOBGlobant S.a.	0.03%	76,866	$17M	added+6%	0.00 pp	13 q
AMNAMN Healthcare Services	0.02%	104,059	$10M	added+6%	0.00 pp	15 q
ALRMAlarm.com Holdings, Inc.	0.02%	147,793	$13M	added+7%	−0.01 pp	15 q
BLBlackLine, Inc.	0.02%	111,226	$12M	added+6%	−0.01 pp	5 q
unresolvedDuck Creek Technologies	0.02%	299,392	$13M	added+20%	−0.01 pp	2 q
EXPOExponent Inc	0.02%	138,067	$12M	added+7%	−0.01 pp	7 q
HLIHoulihan Lokey, Inc.	0.02%	134,682	$11M	added+7%	0.00 pp	5 q
SLPSimulations Plus, Inc.	0.02%	162,824	$9M	added+25%	0.00 pp	3 q
YETIYETI Holdings, Inc.	0.02%	139,517	$13M	added+6%	0.00 pp	6 q
HELEHelen Of Troy Ltd	0.02%	42,630	$10M	added+7%	0.00 pp	6 q
ALTRAltair Engineering Inc. Class A	0.01%	109,101	$8M	added+6%	0.00 pp	10 q
AZPNAspen Technology Inc	0.01%	26,370	$4M	added+8%	0.00 pp	3 q
CDWCDW Corporation	0.01%	17,229	$3M	added+8%	0.00 pp	3 q
DTDynatrace, Inc.	0.01%	82,415	$5M	added+8%	0.00 pp	3 q
ENVEnvestnet, Inc.	0.01%	63,384	$5M	trimmed−22%	0.00 pp	7 q
EEFTEuronet Worldwide Inc	0.01%	26,741	$4M	trimmed−56%	−0.01 pp	14 q
GNRCGenerac Holdings Inc	0.01%	10,104	$4M	trimmed−22%	0.00 pp	3 q
MBUUMalibu Boats, Inc. Class A	0.01%	95,648	$7M	added+6%	−0.01 pp	4 q
PAYCPaycom Software, Inc.	0.01%	8,997	$3M	new	+0.01 pp	new
PCTYPaylocity Holding Corporation	0.01%	37,738	$7M	added+6%	0.00 pp	6 q
QLYSQualys, Inc.	0.01%	70,930	$7M	added+6%	−0.01 pp	5 q
TTDThe Trade Desk, Inc.	0.01%	49,723	$4M	new	+0.01 pp	new
TREXTrex Company, Inc.	0.01%	31,114	$3M	trimmed−54%	0.00 pp	15 q
CPRTCopart Inc	0.00%	19,555	$3M	added+7%	0.00 pp	3 q
FTCHQFarfetch Limited A	0.00%	47,805	$2M	new	0.00 pp	new
HEIHEICO Corporation	0.00%	15,520	$2M	added+8%	0.00 pp	3 q
ACWXiShares MSCI ACWI ex US ETF	0.00%	7,552	$434,000	new	0.00 pp	new
ACWIiShares MSCI ACWI ETF	0.00%	3,330	$337,000	new	0.00 pp	new
TALTAL Education Group	0.00%	17,340	$437,000	new	0.00 pp	new
TMETencent Music Entertainment Group	0.00%	55,574	$860,000	added+1%	0.00 pp	3 q
TPIFTimothy Plan International ETF	0.00%	9,140	$266,000	new	0.00 pp	new
TPLCTimothy Plan US Large/Mid Cap Core ETF	0.00%	12,662	$442,000	held	—	2 q
NBISNebius Group N.V. Class A	0.00%	31,508	$2M	added+1%	0.00 pp	2 q
KAROKarooooo Ltd.	0.00%	38,164	$1M	new	0.00 pp	new
FNDFloor & Decor Holdings, Inc.	—	−40,703	—	exited	−0.01 pp	—
CHKPCheck Point Software Technologies Ltd	—	−17,034	—	exited	0.00 pp	—