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Polen Capital

Q3 2022 13F · by Dan Davidowitz, portfolio manager

As of
Sep 30, 2022
Filed
Nov 4, 2022
US stock
$35.7B · prev $37.9B
Positions
84 · prev 83
Options notional
$0
Documents
1· no amendments

Picture99.8% US stock

Full picture · of what this 13F reports is US stock

  • US stock listed on a US exchange 99.8%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.2%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves85 since the prior filing

The book

Concentrated · behaves like 19 equal-sized positions

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

Low turnover · 20% a year, about 5.1 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions36% of US stock

  1. AMZN Amazon.Com Inc trimmed+1.26 pp trimmed+1.2611.8%
  2. GOOG Alphabet Inc. Class C trimmed−0.57 pp trimmed−0.577.7%
  3. MSFT Microsoft Corp added−0.16 pp added−0.166.3%
  4. ADBE Adobe Inc. added−1.29 pp added−1.295.3%
  5. V VISA Inc. trimmed−1.43 pp trimmed−1.435.1%

Positions84 in this filing · 2 exited

AMZNAmazon.Com Inc11.79%37,237,857$4.2Btrimmed−1%+1.26 pp7 q
GOOGAlphabet Inc. Class C7.67%28,471,359$2.7Btrimmed−0%−0.57 pp34 q
MSFTMicrosoft Corp6.26%9,600,504$2.2Badded+1%−0.16 pp21 q
ADBEAdobe Inc.5.34%6,930,964$1.9Badded+1%−1.29 pp31 q
VVISA Inc.5.06%10,165,168$1.8Btrimmed−19%−1.43 pp38 q
METAMeta Platforms, Inc. Class A5.04%13,265,354$1.8Badded+1%−0.57 pp30 q
MAMastercard Incorporated4.90%6,151,516$1.7Btrimmed−20%−1.47 pp38 q
NFLXNetFlix Inc4.84%7,332,431$1.7Badded+54%+2.64 pp7 q
CRMSalesforce, Inc.4.46%11,057,687$1.6Badded+13%+0.18 pp12 q
ADSKAutodesk Inc4.41%8,424,908$1.6Badded0%+0.59 pp11 q
ABTAbbott Laboratories4.25%15,689,512$1.5Badded+2%−0.16 pp13 q
NOWServicenow, Inc.4.18%3,953,299$1.5Badded+26%+0.26 pp12 q
ACNAccenture PLC4.18%5,799,259$1.5Badded+1%−0.05 pp38 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)4.03%2,849,593$1.4Btrimmed−2%+0.07 pp9 q
ABNBAirbnb, Inc. Class A3.73%12,685,378$1.3Btrimmed−1%+0.72 pp5 q
PYPLPayPal Holdings, Inc.3.07%12,742,055$1.1Btrimmed−2%+0.68 pp15 q
ZTSZoetis Inc.2.48%5,963,848$884Mtrimmed−0%−0.24 pp20 q
ILMNIllumina Inc2.42%4,521,397$863Madded+62%+1.06 pp9 q
ITGartner, Inc.2.24%2,884,216$798Mtrimmed−4%+0.33 pp38 q
NKENike, Inc.1.89%8,105,103$674Madded+2%−0.26 pp38 q
DOCUDocuSign, Inc.1.30%8,647,060$462Madded0%0.00 pp4 q
ALGNAlign Technology Inc1.15%1,988,038$412Madded+4%−0.05 pp27 q
GOOGLAlphabet Inc. Class A0.96%3,590,163$343Madded+1%−0.07 pp28 q
ICLRIcon Plc0.86%1,663,024$306Madded+18%+0.06 pp22 q
AONAon plc Class A0.80%1,064,589$285Madded+14%+0.13 pp9 q
ADPAutomatic Data Processing0.35%547,696$124Madded+35%+0.13 pp37 q
IWFiShares Russell 1000 Growth ETF0.35%590,425$124Mtrimmed−49%−0.32 pp36 q
SAPSap SE0.33%1,438,757$117Madded+75%+0.13 pp21 q
SBUXStarbucks Corp0.22%952,239$80Madded+23%+0.06 pp38 q
MDTMedtronic plc0.21%911,475$74Madded+1%0.00 pp20 q
GLOBGlobant S.a.0.13%242,133$45Madded+10%+0.03 pp18 q
MELIMercado Libre, Inc0.10%42,040$35Madded+1%+0.03 pp6 q
ASMLASML Holding NV0.09%76,630$32Madded+4%0.00 pp6 q
ACWIiShares MSCI ACWI ETF0.07%331,140$26Madded+85%+0.03 pp6 q
unresolvedUnilever Spn.Adr 1:10.06%524,945$23Madded+4%0.00 pp22 q
FIVEFive Below, Inc.0.04%110,707$15Madded+35%+0.02 pp3 q
FOXFFox Factory Holding Corp.0.04%180,336$14Madded+9%0.00 pp21 q
PGNYProgyny, Inc.0.04%337,641$13Madded+9%+0.02 pp7 q
QLYSQualys, Inc.0.04%111,002$15Madded+12%+0.01 pp10 q
SHOPShopify Inc. Class A subordinate voting shares0.04%524,274$14Madded+2%0.00 pp6 q
ALRMAlarm.com Holdings, Inc.0.03%174,449$11Madded+9%0.00 pp20 q
DAVAEndava plc0.03%124,597$10Madded+34%+0.01 pp8 q
GSHDGoosehead Insurance, Inc. Class A0.03%313,367$11Madded+35%0.00 pp9 q
HLIHoulihan Lokey, Inc.0.03%160,096$12Madded+10%0.00 pp10 q
RVLVRevolve Group, Inc.0.03%498,621$11Madded+30%0.00 pp11 q
WINGWingstop Inc0.03%91,282$11Madded+7%+0.01 pp12 q
AMNAMN Healthcare Services0.02%70,265$7Mtrimmed−23%−0.01 pp20 q
ALTRAltair Engineering Inc. Class A0.02%136,138$6Madded+11%0.00 pp15 q
APPFAppFolio, Inc. Class A0.02%69,356$7Madded+11%+0.01 pp13 q
BLBlackLine, Inc.0.02%146,222$9Madded+11%0.00 pp10 q
BMBLBumble Inc. Class A0.02%319,451$7Madded+42%0.00 pp3 q
unresolvedDuck Creek Technologies0.02%591,723$7Madded+35%0.00 pp7 q
DOCSDoximity, Inc.0.02%211,853$6Madded+66%+0.01 pp2 q
EEFTEuronet Worldwide Inc0.02%83,011$6Mnew+0.02 ppnew
HLNEHamilton Lane Incorporated Class A0.02%141,283$8Madded+9%0.00 pp3 q
OLOOlo Inc.0.02%842,779$7Madded+9%0.00 pp5 q
PAYCPaycom Software, Inc.0.02%18,563$6Madded+39%+0.01 pp6 q
YETIYETI Holdings, Inc.0.02%281,542$8Madded+9%−0.01 pp11 q
AZTAAzenta, Inc.0.01%119,193$5Madded+86%0.00 pp2 q
CPRTCopart Inc0.01%18,251$2Madded0%0.00 pp8 q
DTDynatrace, Inc.0.01%153,252$5Madded+67%0.00 pp8 q
AZPNAspen Technology Inc0.01%8,270$2Madded0%+0.01 pp2 q
FICOFair Isaac Corporation0.01%7,511$3Mtrimmed−2%0.00 pp5 q
FTCHQFarfetch Limited A0.01%585,165$4Madded+8%0.00 pp6 q
FNDFloor & Decor Holdings, Inc.0.01%49,531$3Madded+47%0.00 pp4 q
CATHGlobal X S&P 500 Catholic Values ETF0.01%122,342$5Mtrimmed−7%−0.01 pp5 q
IWMiShares Russell 2000 ETF0.01%13,325$2Mnew+0.01 ppnew
ACWXiShares MSCI ACWI ex US ETF0.01%106,695$4Mtrimmed−24%−0.01 pp6 q
SITESiteOne Landscape Supply, Inc.0.01%37,428$4Madded+10%0.00 pp2 q
CCXSkillsoft Corp.0.01%1,768,064$3Mheld—3 q
TTDThe Trade Desk, Inc.0.01%38,939$2Madded+1%+0.01 pp6 q
TYLTyler Technologies, Inc.0.01%5,158$2Madded+2%+0.01 pp5 q
WRBYWarby Parker Inc.0.01%399,804$5Madded+9%0.00 pp4 q
HELEHelen Of Troy Ltd0.01%27,816$3Madded+11%0.00 pp11 q
CRLCharles River Laboratories International, Inc.0.00%4,650$915,000trimmed−1%0.00 pp2 q
ETSYEtsy, Inc.0.00%17,372$2Madded0%0.00 pp11 q
ISRGIntuitive Surgical Inc.0.00%3,897$730,000trimmed−100%−1.82 pp9 q
JMSTJPMorgan Ultra-Short Municipal Income ETF0.00%5,875$296,000new0.00 ppnew
LUXELuxExperience B.V.0.00%82,917$955,000added0%0.00 pp4 q
RHRh0.00%5,060$1Madded0%0.00 pp5 q
TMETencent Music Entertainment Group0.00%215,949$877,000trimmed−2%0.00 pp8 q
TPLCTimothy Plan US Large/Mid Cap Core ETF0.00%21,752$656,000trimmed−1%0.00 pp7 q
TREXTrex Company, Inc.0.00%32,342$1Madded0%0.00 pp20 q
KAROKarooooo Ltd.0.00%43,453$1Mtrimmed−2%0.00 pp6 q
PCTYPaylocity Holding Corporation—−25,562—exited−0.01 pp—
XYZBlock, Inc.—−4,783—exited0.00 pp—

Other 13(f) securities

Options 0

None in this filing

Notes 1

Issue% of notesPrincipalValue
Forum Energy Technologie100.00%946,672$56M

Source

Form
13F-HR
Reading
0 defects · 2 unresolved
Accession
0001172661-22-002289
Options
none in this filing
SEC cross-check
SEC data set not published yet