Polen Capital

Q3 2021 13F · by Dan Davidowitz, portfolio manager

As of: Sep 30, 2021
Filed: Nov 10, 2021
US stock: $54.5B · prev $52.2B
Positions: 91 · prev 81
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%

Moves93 since the prior filing

+6.7 pp in · −6.8 pp out

New 13 +3.00 pp
Added 63 +3.75 pp
Trimmed 14 −6.64 pp
Exited 3 −0.14 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions34% of US stock

META Meta Platforms, Inc. Class A added−0.41 pp added−0.418.2%
GOOG Alphabet Inc. Class C added+0.26 pp added+0.267.6%
AMZN Amazon.Com Inc added+2.36 pp added+2.367.0%
ADBE Adobe Inc. trimmed−0.97 pp trimmed−0.976.0%
MSFT Microsoft Corp trimmed−3.13 pp trimmed−3.135.2%

Positions91 in this filing · 3 exited


METAMeta Platforms, Inc. Class A	8.24%	13,234,318	$4.5B	added+2%	−0.41 pp	26 q
GOOGAlphabet Inc. Class C	7.61%	1,556,225	$4.1B	added+2%	+0.26 pp	30 q
AMZNAmazon.Com Inc	6.95%	1,152,907	$3.8B	added+65%	+2.36 pp	3 q
ADBEAdobe Inc.	6.03%	5,704,396	$3.3B	trimmed−9%	−0.97 pp	27 q
MSFTMicrosoft Corp	5.19%	10,040,370	$2.8B	trimmed−37%	−3.13 pp	17 q
MAMastercard Incorporated	4.88%	7,642,367	$2.7B	added+24%	+0.57 pp	34 q
CRMSalesforce, Inc.	4.87%	9,777,594	$2.7B	added+1%	+0.36 pp	8 q
ABTAbbott Laboratories	4.77%	22,012,696	$2.6B	added0%	−0.11 pp	9 q
VVISA Inc.	4.46%	10,910,106	$2.4B	added+6%	−0.14 pp	34 q
ACNAccenture PLC	3.95%	6,723,544	$2.2B	trimmed−18%	−0.70 pp	34 q
ADSKAutodesk Inc	3.61%	6,897,362	$2.0B	added+15%	+0.24 pp	7 q
NOWServicenow, Inc.	3.50%	3,067,253	$1.9B	trimmed−13%	−0.19 pp	8 q
ZTSZoetis Inc.	3.41%	9,582,626	$1.9B	trimmed−20%	−0.84 pp	16 q
PYPLPayPal Holdings, Inc.	3.28%	6,878,660	$1.8B	added+3%	−0.45 pp	11 q
ABNBAirbnb, Inc. Class A	2.94%	9,534,237	$1.6B	new	+2.94 pp	new
NFLXNetFlix Inc	2.93%	2,615,141	$1.6B	added+7%	+0.46 pp	3 q
GOOGLAlphabet Inc. Class A	2.82%	575,265	$1.5B	added+2%	+0.18 pp	24 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.73%	3,806,974	$1.5B	added+2%	−0.14 pp	5 q
SBUXStarbucks Corp	2.63%	13,000,370	$1.4B	trimmed−12%	−0.54 pp	34 q
ITGartner, Inc.	2.51%	4,509,180	$1.4B	trimmed−0%	+0.41 pp	34 q
NKENike, Inc.	2.14%	8,024,628	$1.2B	added+1%	−0.20 pp	34 q
ALGNAlign Technology Inc	2.02%	1,656,405	$1.1B	added+1%	+0.11 pp	23 q
ISRGIntuitive Surgical Inc.	2.00%	1,098,919	$1.1B	added+1%	+0.08 pp	5 q
ILMNIllumina Inc	1.89%	2,536,079	$1.0B	added+2%	−0.36 pp	5 q
MSCIMSCI, Inc.	1.54%	1,383,494	$842M	added+1%	+0.14 pp	9 q
ICLRIcon Plc	0.80%	1,659,850	$435M	added×2.1	+0.49 pp	18 q
AONAon plc Class A	0.54%	1,022,244	$292M	added+26%	+0.17 pp	5 q
MDTMedtronic plc	0.23%	1,013,186	$127M	added+13%	+0.02 pp	16 q
SAPSap SE	0.20%	792,271	$107M	added+10%	+0.01 pp	17 q
BABAAlibaba Group Holding Limited	0.13%	480,951	$71M	trimmed−66%	−0.49 pp	24 q
ASMLASML Holding NV	0.11%	78,762	$59M	added+78%	+0.05 pp	2 q
ADPAutomatic Data Processing	0.10%	278,462	$56M	added+13%	+0.01 pp	33 q
MELIMercado Libre, Inc	0.05%	17,244	$29M	added+8%	0.00 pp	2 q
SHOPShopify Inc. Class A subordinate voting shares	0.05%	18,961	$26M	added+6%	0.00 pp	2 q
unresolvedUnilever Spn.Adr 1:1	0.05%	534,704	$29M	added+7%	−0.01 pp	18 q
DAVAEndava plc	0.04%	153,075	$21M	added+7%	+0.01 pp	4 q
FOXFFox Factory Holding Corp.	0.04%	138,109	$20M	added+8%	0.00 pp	17 q
GSHDGoosehead Insurance, Inc. Class A	0.04%	158,994	$24M	added+9%	0.00 pp	5 q
WINGWingstop Inc	0.04%	125,015	$20M	added+8%	+0.01 pp	8 q
GLOBGlobant S.a.	0.04%	83,472	$23M	added+9%	+0.01 pp	14 q
BLBlackLine, Inc.	0.03%	121,850	$14M	added+10%	+0.01 pp	6 q
unresolvedDuck Creek Technologies	0.03%	324,956	$14M	added+9%	+0.01 pp	3 q
EXPOExponent Inc	0.03%	149,651	$17M	added+8%	+0.01 pp	8 q
IWFiShares Russell 1000 Growth ETF	0.03%	65,743	$18M	trimmed−66%	−0.07 pp	32 q
MEDPMedpace Holdings, Inc.	0.03%	94,522	$18M	added+8%	0.00 pp	6 q
OLOOlo Inc.	0.03%	493,499	$15M	new	+0.03 pp	new
PGNYProgyny, Inc.	0.03%	307,911	$17M	added+29%	0.00 pp	3 q
RVLVRevolve Group, Inc.	0.03%	299,407	$18M	trimmed−3%	−0.01 pp	7 q
AMNAMN Healthcare Services	0.02%	113,730	$13M	added+9%	0.00 pp	16 q
ALRMAlarm.com Holdings, Inc.	0.02%	159,811	$12M	added+8%	0.00 pp	16 q
ALTRAltair Engineering Inc. Class A	0.02%	119,227	$8M	added+9%	+0.01 pp	11 q
APPFAppFolio, Inc. Class A	0.02%	100,342	$12M	added+8%	−0.01 pp	9 q
ETSYEtsy, Inc.	0.02%	64,887	$13M	trimmed−15%	−0.01 pp	7 q
HLIHoulihan Lokey, Inc.	0.02%	145,396	$13M	added+8%	0.00 pp	6 q
PCTYPaylocity Holding Corporation	0.02%	36,041	$10M	trimmed−5%	+0.01 pp	7 q
QLYSQualys, Inc.	0.02%	77,483	$9M	added+9%	+0.01 pp	6 q
TRUPTrupanion, Inc.	0.02%	165,548	$13M	added+8%	−0.01 pp	2 q
YETIYETI Holdings, Inc.	0.02%	152,858	$13M	added+10%	0.00 pp	7 q
HELEHelen Of Troy Ltd	0.02%	46,245	$10M	added+8%	0.00 pp	7 q
AZPNAspen Technology Inc	0.01%	27,328	$3M	added+4%	0.00 pp	4 q
CDWCDW Corporation	0.01%	17,852	$3M	added+4%	0.00 pp	4 q
CPRTCopart Inc	0.01%	20,265	$3M	added+4%	+0.01 pp	4 q
DTDynatrace, Inc.	0.01%	85,901	$6M	added+4%	0.00 pp	4 q
CATHGlobal X S&P 500 Catholic Values ETF	0.01%	99,879	$5M	new	+0.01 pp	new
MBUUMalibu Boats, Inc. Class A	0.01%	104,522	$7M	added+9%	0.00 pp	5 q
PAYCPaycom Software, Inc.	0.01%	9,446	$5M	added+5%	0.00 pp	2 q
RHRh	0.01%	7,296	$5M	new	+0.01 pp	new
SLPSimulations Plus, Inc.	0.01%	178,076	$7M	added+9%	−0.01 pp	4 q
TTDThe Trade Desk, Inc.	0.01%	51,515	$4M	added+4%	0.00 pp	2 q
TREXTrex Company, Inc.	0.01%	32,176	$3M	added+3%	0.00 pp	16 q
TYLTyler Technologies, Inc.	0.01%	7,629	$3M	new	+0.01 pp	new
ATHMAutohome Inc.	0.00%	10,995	$516,000	new	0.00 pp	new
BKNGBooking Holdings Inc.	0.00%	134	$318,000	new	0.00 pp	new
DGDollar General Corp.	0.00%	5,234	$1M	new	0.00 pp	new
EPAMEpam Systems, Inc.	0.00%	4,664	$3M	new	0.00 pp	new
FICOFair Isaac Corporation	0.00%	6,176	$2M	new	0.00 pp	new
FTCHQFarfetch Limited A	0.00%	61,970	$2M	added+30%	0.00 pp	2 q
GNRCGenerac Holdings Inc	0.00%	6,436	$3M	trimmed−36%	−0.01 pp	4 q
HEIHEICO Corporation	0.00%	16,074	$2M	added+4%	0.00 pp	4 q
ACWXiShares MSCI ACWI ex US ETF	0.00%	12,817	$710,000	added+70%	0.00 pp	2 q
ACWIiShares MSCI ACWI ETF	0.00%	3,807	$380,000	added+14%	0.00 pp	2 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	2,707	$812,000	trimmed−98%	−0.10 pp	5 q
ORLYO'Reilly Automotive, Inc.	0.00%	1,035	$632,000	new	0.00 pp	new
ORCLOracle Corp	0.00%	4,216	$367,000	new	0.00 pp	new
REGNRegeneron Pharmaceuticals Inc	0.00%	2,155	$1M	new	0.00 pp	new
TALTAL Education Group	0.00%	17,340	$84,000	held	—	2 q
TMETencent Music Entertainment Group	0.00%	70,049	$508,000	added+26%	0.00 pp	4 q
TPIFTimothy Plan International ETF	0.00%	11,897	$338,000	added+30%	0.00 pp	2 q
TPLCTimothy Plan US Large/Mid Cap Core ETF	0.00%	12,865	$448,000	added+2%	0.00 pp	3 q
NBISNebius Group N.V. Class A	0.00%	32,063	$3M	added+2%	0.00 pp	3 q
KAROKarooooo Ltd.	0.00%	38,584	$1M	added+1%	0.00 pp	2 q
unresolvedNew Oriental Ed & Tech Grp I	—	−7,354,287	—	exited	−0.12 pp	—
ENVEnvestnet, Inc.	—	−63,384	—	exited	−0.01 pp	—
EEFTEuronet Worldwide Inc	—	−26,741	—	exited	−0.01 pp	—