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Polen Capital

Q4 2022 13F · by Dan Davidowitz, portfolio manager

As of
Dec 31, 2022
Filed
Feb 13, 2023
US stock
$34.2B · prev $35.7B
Positions
92 · prev 84
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%

Moves93 since the prior filing

The book

Focused · behaves like 21 equal-sized positions

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

Low turnover · 24% a year, about 4.2 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions34% of US stock

  1. AMZN Amazon.Com Inc trimmed−3.16 pp trimmed−3.168.6%
  2. GOOG Alphabet Inc. Class C trimmed−0.84 pp trimmed−0.846.8%
  3. MSFT Microsoft Corp trimmed+0.39 pp trimmed+0.396.7%
  4. ADBE Adobe Inc. trimmed+0.83 pp trimmed+0.836.2%
  5. NFLX NetFlix Inc trimmed+1.13 pp trimmed+1.136.0%

Positions92 in this filing · 2 exited

AMZNAmazon.Com Inc8.63%35,148,401$3.0Btrimmed−6%−3.16 pp8 q
GOOGAlphabet Inc. Class C6.83%26,360,711$2.3Btrimmed−7%−0.84 pp35 q
MSFTMicrosoft Corp6.65%9,494,199$2.3Btrimmed−1%+0.39 pp22 q
ADBEAdobe Inc.6.17%6,270,216$2.1Btrimmed−10%+0.83 pp32 q
NFLXNetFlix Inc5.97%6,930,451$2.0Btrimmed−5%+1.13 pp8 q
MAMastercard Incorporated5.37%5,289,548$1.8Btrimmed−14%+0.47 pp39 q
VVISA Inc.5.25%8,654,720$1.8Btrimmed−15%+0.19 pp39 q
NOWServicenow, Inc.5.05%4,452,974$1.7Badded+13%+0.87 pp13 q
ABTAbbott Laboratories4.69%14,618,742$1.6Btrimmed−7%+0.44 pp14 q
ADSKAutodesk Inc4.32%7,907,485$1.5Btrimmed−6%−0.09 pp12 q
ACNAccenture PLC4.26%5,457,887$1.5Btrimmed−6%+0.08 pp39 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)4.22%2,725,675$1.4Btrimmed−4%+0.19 pp10 q
CRMSalesforce, Inc.4.06%10,480,436$1.4Btrimmed−5%−0.40 pp13 q
TMOThermo Fisher Scientific, Inc.3.53%2,193,711$1.2Bnew+3.53 ppnew
ILMNIllumina Inc2.98%5,048,402$1.0Badded+12%+0.56 pp10 q
ABNBAirbnb, Inc. Class A2.95%11,828,267$1.0Btrimmed−7%−0.78 pp6 q
ITGartner, Inc.2.69%2,743,099$922Mtrimmed−5%+0.45 pp39 q
PYPLPayPal Holdings, Inc.2.55%12,244,474$872Mtrimmed−4%−0.52 pp16 q
ZTSZoetis Inc.2.40%5,602,029$821Mtrimmed−6%−0.08 pp21 q
NKENike, Inc.2.23%6,524,307$763Mtrimmed−20%+0.34 pp39 q
IWFiShares Russell 1000 Growth ETF1.59%2,537,512$544Madded×4.3+1.24 pp37 q
DOCUDocuSign, Inc.1.33%8,209,972$455Mtrimmed−5%+0.03 pp5 q
ALGNAlign Technology Inc1.03%1,674,073$353Mtrimmed−16%−0.12 pp28 q
GOOGLAlphabet Inc. Class A0.91%3,528,451$311Mtrimmed−2%−0.05 pp29 q
AONAon plc Class A0.88%998,370$300Mtrimmed−6%+0.08 pp10 q
ICLRIcon Plc0.87%1,531,939$298Mtrimmed−8%+0.01 pp23 q
SAPSap SE0.40%1,336,698$138Mtrimmed−7%+0.07 pp22 q
ADPAutomatic Data Processing0.37%535,082$128Mtrimmed−2%+0.02 pp38 q
MDTMedtronic plc0.18%813,991$63Mtrimmed−11%−0.03 pp21 q
unresolvedUnilever Spn.Adr 1:10.12%838,581$42Madded+60%+0.06 pp23 q
ACWIiShares MSCI ACWI ETF0.11%442,679$38Madded+34%+0.04 pp7 q
ASMLASML Holding NV0.11%68,745$38Mtrimmed−10%+0.02 pp7 q
MELIMercado Libre, Inc0.10%38,663$33Mtrimmed−8%0.00 pp7 q
GLOBGlobant S.a.0.10%212,638$36Mtrimmed−12%−0.03 pp19 q
ELThe Estee Lauder Companies Inc. Class A0.09%124,162$31Mnew+0.09 ppnew
SHOPShopify Inc. Class A subordinate voting shares0.09%852,098$30Madded+63%+0.05 pp7 q
HDBHDFC Bank Limited0.06%314,866$22Mnew+0.06 ppnew
ACWXiShares MSCI ACWI ex US ETF0.06%426,424$19Madded×4.0+0.05 pp7 q
FIVEFive Below, Inc.0.05%90,653$16Mtrimmed−18%+0.01 pp4 q
HLIHoulihan Lokey, Inc.0.04%141,263$12Mtrimmed−12%+0.01 pp11 q
FOXFFox Factory Holding Corp.0.03%102,037$9Mtrimmed−43%−0.01 pp22 q
CATHGlobal X S&P 500 Catholic Values ETF0.03%237,214$11Madded+94%+0.02 pp6 q
GSHDGoosehead Insurance, Inc. Class A0.03%292,967$10Mtrimmed−7%0.00 pp10 q
IUSGiShares Core S&P U.S. Growth ETF0.03%135,869$11Mnew+0.03 ppnew
PGNYProgyny, Inc.0.03%294,075$9Mtrimmed−13%−0.01 pp8 q
QLYSQualys, Inc.0.03%94,246$11Mtrimmed−15%−0.01 pp11 q
RVLVRevolve Group, Inc.0.03%433,236$10Mtrimmed−13%0.00 pp12 q
WINGWingstop Inc0.03%71,383$10Mtrimmed−22%0.00 pp13 q
YETIYETI Holdings, Inc.0.03%210,867$9Mtrimmed−25%+0.01 pp12 q
ALRMAlarm.com Holdings, Inc.0.02%151,177$7Mtrimmed−13%−0.01 pp21 q
ALTRAltair Engineering Inc. Class A0.02%114,665$5Mtrimmed−16%0.00 pp16 q
APPFAppFolio, Inc. Class A0.02%59,086$6Mtrimmed−15%0.00 pp14 q
BLBlackLine, Inc.0.02%123,090$8Mtrimmed−16%0.00 pp11 q
AZTAAzenta, Inc.0.02%100,954$6Mtrimmed−15%+0.01 pp3 q
BMBLBumble Inc. Class A0.02%310,453$7Mtrimmed−3%0.00 pp4 q
unresolvedDuck Creek Technologies0.02%516,392$6Mtrimmed−13%0.00 pp8 q
DOCSDoximity, Inc.0.02%206,979$7Mtrimmed−2%0.00 pp3 q
DTDynatrace, Inc.0.02%143,102$5Mtrimmed−7%+0.01 pp9 q
DAVAEndava plc0.02%109,978$8Mtrimmed−12%−0.01 pp9 q
EEFTEuronet Worldwide Inc0.02%81,916$8Mtrimmed−1%0.00 pp2 q
HLNEHamilton Lane Incorporated Class A0.02%125,693$8Mtrimmed−11%0.00 pp4 q
AMNAMN Healthcare Services0.01%35,647$4Mtrimmed−49%−0.01 pp21 q
CCCCCC Intelligent Solutions Holdings Inc.0.01%208,827$2Mnew+0.01 ppnew
CPRTCopart Inc0.01%37,814$2Madded+4%0.00 pp9 q
AZPNAspen Technology Inc0.01%8,549$2Madded+3%0.00 pp3 q
ETSYEtsy, Inc.0.01%17,990$2Madded+4%+0.01 pp12 q
FTCHQFarfetch Limited A0.01%519,959$2Mtrimmed−11%0.00 pp7 q
FSVFirstService Corporation0.01%15,120$2Mnew+0.01 ppnew
FNDFloor & Decor Holdings, Inc.0.01%46,917$3Mtrimmed−5%0.00 pp5 q
IWMiShares Russell 2000 ETF0.01%15,902$3Madded+19%0.00 pp2 q
OLPXOlaplex Hldgs Inc0.01%829,126$4Mnew+0.01 ppnew
OLOOlo Inc.0.01%731,579$5Mtrimmed−13%−0.01 pp6 q
PAYCPaycom Software, Inc.0.01%16,390$5Mtrimmed−12%−0.01 pp7 q
RHRh0.01%12,224$3Madded×2.4+0.01 pp6 q
SITESiteOne Landscape Supply, Inc.0.01%32,151$4Mtrimmed−14%0.00 pp3 q
SITMSiTime Corporation0.01%22,008$2Mnew+0.01 ppnew
CCXSkillsoft Corp.0.01%1,768,064$2Mheld—4 q
TTDThe Trade Desk, Inc.0.01%40,329$2Madded+4%0.00 pp7 q
TYLTyler Technologies, Inc.0.01%6,708$2Madded+30%0.00 pp6 q
WRBYWarby Parker Inc.0.01%349,626$5Mtrimmed−13%0.00 pp5 q
HELEHelen Of Troy Ltd0.01%23,378$3Mtrimmed−16%0.00 pp12 q
CRLCharles River Laboratories International, Inc.0.00%5,688$1Madded+22%0.00 pp3 q
METAMeta Platforms, Inc. Class A0.00%4,860$584,852trimmed−100%−5.04 pp31 q
FICOFair Isaac Corporation0.00%2,559$2Mtrimmed−66%−0.01 pp6 q
LVSLas Vegas Sands Corp.0.00%9,050$435,034new0.00 ppnew
LUXELuxExperience B.V.0.00%75,327$671,164trimmed−9%0.00 pp5 q
SBUXStarbucks Corp0.00%3,009$298,493trimmed−100%−0.22 pp39 q
TMETencent Music Entertainment Group0.00%139,810$1Mtrimmed−35%0.00 pp9 q
TPLCTimothy Plan US Large/Mid Cap Core ETF0.00%21,107$707,085trimmed−3%0.00 pp8 q
TREXTrex Company, Inc.0.00%33,488$1Madded+4%0.00 pp21 q
DLODLocal Limited Class A0.00%41,660$648,646new0.00 ppnew
KAROKarooooo Ltd.0.00%46,253$1Madded+6%0.00 pp7 q
ISRGIntuitive Surgical Inc.—−3,897—exited0.00 pp—
JMSTJPMorgan Ultra-Short Municipal Income ETF—−5,875—exited0.00 pp—

Other 13(f) securities

Options 0

None in this filing

Notes 1

Issue% of notesPrincipalValue
Forum Energy Technologie100.00%946,123$53M

Source

Form
13F-HR
Reading
0 defects · 2 unresolved
Accession
0001172661-23-000805
Options
none in this filing
SEC cross-check
SEC data set not published yet