Polen Capital

Q1 2023 13F · by Dan Davidowitz, portfolio manager

As of: Mar 31, 2023
Filed: May 11, 2023
US stock: $37.9B · prev $34.2B
Positions: 94 · prev 92
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%

Moves99 since the prior filing

+6.7 pp in · −6.7 pp out

New 8 +0.12 pp
Added 20 +6.60 pp
Trimmed 65 −6.61 pp
Exited 6 −0.09 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.5 years per position

Low
Moderate
High

Top 5 positions37% of US stock

AMZN Amazon.Com Inc added+3.59 pp added+3.5912.2%
MSFT Microsoft Corp trimmed+0.37 pp trimmed+0.377.0%
NFLX NetFlix Inc added+0.37 pp added+0.376.3%
GOOG Alphabet Inc. Class C trimmed−0.99 pp trimmed−0.995.8%
CRM Salesforce, Inc. added+1.48 pp added+1.485.5%

Positions94 in this filing · 6 exited


AMZNAmazon.Com Inc	12.22%	44,882,757	$4.6B	added+28%	+3.59 pp	9 q
MSFTMicrosoft Corp	7.02%	9,241,270	$2.7B	trimmed−3%	+0.37 pp	23 q
NFLXNetFlix Inc	6.34%	6,958,228	$2.4B	added0%	+0.37 pp	9 q
GOOGAlphabet Inc. Class C	5.84%	21,307,629	$2.2B	trimmed−19%	−0.99 pp	36 q
CRMSalesforce, Inc.	5.54%	10,514,664	$2.1B	added0%	+1.48 pp	14 q
NOWServicenow, Inc.	5.41%	4,412,757	$2.1B	trimmed−1%	+0.36 pp	14 q
MAMastercard Incorporated	4.94%	5,160,257	$1.9B	trimmed−2%	−0.43 pp	40 q
ADBEAdobe Inc.	4.93%	4,850,130	$1.9B	trimmed−23%	−1.24 pp	33 q
VVISA Inc.	4.80%	8,069,329	$1.8B	trimmed−7%	−0.45 pp	40 q
ADSKAutodesk Inc	4.32%	7,867,086	$1.6B	trimmed−1%	0.00 pp	13 q
ACNAccenture PLC	4.03%	5,346,794	$1.5B	trimmed−2%	−0.23 pp	40 q
ABNBAirbnb, Inc. Class A	3.90%	11,902,558	$1.5B	added+1%	+0.95 pp	7 q
ABTAbbott Laboratories	3.80%	14,249,447	$1.4B	trimmed−3%	−0.89 pp	15 q
TMOThermo Fisher Scientific, Inc.	3.45%	2,270,936	$1.3B	added+4%	−0.08 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.38%	2,712,634	$1.3B	trimmed−0%	−0.84 pp	11 q
ILMNIllumina Inc	3.12%	5,082,478	$1.2B	added+1%	+0.14 pp	11 q
PYPLPayPal Holdings, Inc.	2.51%	12,520,376	$951M	added+2%	−0.04 pp	17 q
ZTSZoetis Inc.	2.43%	5,533,674	$921M	trimmed−1%	+0.03 pp	22 q
ITGartner, Inc.	2.33%	2,707,371	$882M	trimmed−1%	−0.36 pp	40 q
NKENike, Inc.	2.09%	6,475,261	$794M	trimmed−1%	−0.14 pp	40 q
ALGNAlign Technology Inc	1.43%	1,621,415	$542M	trimmed−3%	+0.40 pp	29 q
DOCUDocuSign, Inc.	1.30%	8,480,109	$494M	added+3%	−0.03 pp	6 q
ICLRIcon Plc	0.84%	1,486,714	$318M	trimmed−3%	−0.03 pp	24 q
AONAon plc Class A	0.69%	824,504	$260M	trimmed−17%	−0.19 pp	11 q
GOOGLAlphabet Inc. Class A	0.62%	2,282,136	$237M	trimmed−35%	−0.29 pp	30 q
SAPSap SE	0.44%	1,316,552	$167M	trimmed−2%	+0.04 pp	23 q
ADPAutomatic Data Processing	0.32%	537,453	$120M	added0%	−0.05 pp	39 q
MELIMercado Libre, Inc	0.18%	50,654	$67M	added+31%	+0.08 pp	8 q
MDTMedtronic plc	0.17%	802,374	$65M	trimmed−1%	−0.01 pp	22 q
ASMLASML Holding NV	0.12%	66,229	$45M	trimmed−4%	+0.01 pp	8 q
unresolvedUnilever Spn.Adr 1:1	0.11%	795,332	$41M	trimmed−5%	−0.01 pp	24 q
SHOPShopify Inc. Class A subordinate voting shares	0.10%	817,385	$39M	trimmed−4%	+0.01 pp	8 q
IWFiShares Russell 1000 Growth ETF	0.09%	136,912	$33M	trimmed−95%	−1.50 pp	38 q
GLOBGlobant S.a.	0.09%	200,552	$33M	trimmed−6%	−0.01 pp	20 q
ELThe Estee Lauder Companies Inc. Class A	0.08%	120,452	$30M	trimmed−3%	−0.01 pp	2 q
TMETencent Music Entertainment Group	0.07%	3,406,947	$28M	added×24.4	+0.07 pp	10 q
HDBHDFC Bank Limited	0.05%	296,215	$20M	trimmed−6%	−0.01 pp	2 q
LVSLas Vegas Sands Corp.	0.05%	324,148	$19M	added×35.8	+0.05 pp	2 q
ATHMAutohome Inc.	0.04%	500,307	$17M	new	+0.04 pp	new
EPAMEpam Systems, Inc.	0.04%	44,628	$13M	new	+0.04 pp	new
FIVEFive Below, Inc.	0.04%	74,490	$15M	trimmed−18%	−0.01 pp	5 q
GSHDGoosehead Insurance, Inc. Class A	0.04%	290,768	$15M	trimmed−1%	+0.01 pp	11 q
DLODLocal Limited Class A	0.04%	898,034	$15M	added×21.6	+0.04 pp	2 q
FOXFFox Factory Holding Corp.	0.03%	96,524	$12M	trimmed−5%	0.00 pp	23 q
HLIHoulihan Lokey, Inc.	0.03%	137,581	$12M	trimmed−3%	−0.01 pp	12 q
ACWIiShares MSCI ACWI ETF	0.03%	110,412	$10M	trimmed−75%	−0.08 pp	8 q
RVLVRevolve Group, Inc.	0.03%	431,086	$11M	trimmed−1%	0.00 pp	13 q
WINGWingstop Inc	0.03%	52,473	$10M	trimmed−26%	0.00 pp	14 q
ALRMAlarm.com Holdings, Inc.	0.02%	150,357	$8M	trimmed−1%	0.00 pp	22 q
ALITAlight, Inc.	0.02%	747,548	$7M	new	+0.02 pp	new
APPFAppFolio, Inc. Class A	0.02%	57,940	$7M	trimmed−2%	0.00 pp	15 q
BLBlackLine, Inc.	0.02%	122,239	$8M	trimmed−1%	0.00 pp	12 q
BMBLBumble Inc. Class A	0.02%	373,905	$7M	added+20%	0.00 pp	5 q
CCCCCC Intelligent Solutions Holdings Inc.	0.02%	670,775	$6M	added×3.2	+0.01 pp	2 q
DOCSDoximity, Inc.	0.02%	202,352	$7M	trimmed−2%	0.00 pp	4 q
DTDynatrace, Inc.	0.02%	140,021	$6M	trimmed−2%	0.00 pp	10 q
DAVAEndava plc	0.02%	108,876	$7M	trimmed−1%	0.00 pp	10 q
EEFTEuronet Worldwide Inc	0.02%	79,811	$9M	trimmed−3%	0.00 pp	3 q
FSVFirstService Corporation	0.02%	42,447	$6M	added×2.8	+0.01 pp	2 q
HLNEHamilton Lane Incorporated Class A	0.02%	122,364	$9M	trimmed−3%	0.00 pp	5 q
OLOOlo Inc.	0.02%	727,766	$6M	trimmed−1%	+0.01 pp	7 q
PGNYProgyny, Inc.	0.02%	290,399	$9M	trimmed−1%	−0.01 pp	9 q
QLYSQualys, Inc.	0.02%	62,362	$8M	trimmed−34%	−0.01 pp	12 q
YETIYETI Holdings, Inc.	0.02%	209,456	$8M	trimmed−1%	−0.01 pp	13 q
AMNAMN Healthcare Services	0.01%	34,652	$3M	trimmed−3%	0.00 pp	22 q
ALTRAltair Engineering Inc. Class A	0.01%	70,197	$5M	trimmed−39%	−0.01 pp	17 q
CPRTCopart Inc	0.01%	36,443	$3M	trimmed−4%	0.00 pp	10 q
DCGODocGo Inc.	0.01%	367,513	$3M	new	+0.01 pp	new
ETSYEtsy, Inc.	0.01%	17,402	$2M	trimmed−3%	0.00 pp	13 q
FTCHQFarfetch Limited A	0.01%	511,654	$3M	trimmed−2%	0.00 pp	8 q
FNDFloor & Decor Holdings, Inc.	0.01%	46,405	$5M	trimmed−1%	0.00 pp	6 q
FETForum Energy Technologies, Inc.	0.01%	150,393	$4M	new	+0.01 pp	new
CATHGlobal X S&P 500 Catholic Values ETF	0.01%	52,892	$3M	trimmed−78%	−0.02 pp	7 q
ACWXiShares MSCI ACWI ex US ETF	0.01%	86,931	$4M	trimmed−80%	−0.05 pp	8 q
PAYCPaycom Software, Inc.	0.01%	16,072	$5M	trimmed−2%	0.00 pp	8 q
RHRh	0.01%	19,516	$5M	added+60%	0.00 pp	7 q
SITESiteOne Landscape Supply, Inc.	0.01%	31,453	$4M	trimmed−2%	0.00 pp	4 q
SITMSiTime Corporation	0.01%	21,433	$3M	trimmed−3%	0.00 pp	2 q
CCXSkillsoft Corp.	0.01%	1,768,064	$4M	held	—	5 q
TTDThe Trade Desk, Inc.	0.01%	38,871	$2M	trimmed−4%	0.00 pp	8 q
TYLTyler Technologies, Inc.	0.01%	12,353	$4M	added+84%	0.00 pp	7 q
WRBYWarby Parker Inc.	0.01%	345,119	$4M	trimmed−1%	0.00 pp	6 q
HELEHelen Of Troy Ltd	0.01%	23,325	$2M	trimmed−0%	0.00 pp	13 q
KAROKarooooo Ltd.	0.01%	127,603	$3M	added×2.8	+0.01 pp	8 q
CRLCharles River Laboratories International, Inc.	0.00%	5,469	$1M	trimmed−4%	0.00 pp	4 q
AZPNAspen Technology Inc	0.00%	8,257	$2M	trimmed−3%	−0.01 pp	4 q
EVTCEvertec, Inc.	0.00%	44,100	$1M	new	0.00 pp	new
METAMeta Platforms, Inc. Class A	0.00%	2,159	$457,578	trimmed−56%	0.00 pp	32 q
FICOFair Isaac Corporation	0.00%	2,550	$2M	trimmed−0%	0.00 pp	7 q
LUXELuxExperience B.V.	0.00%	110,376	$775,943	added+47%	0.00 pp	6 q
MPWRMonolithic Power Systems, Inc.	0.00%	1,316	$658,711	new	0.00 pp	new
TPIFTimothy Plan International ETF	0.00%	18,122	$452,869	new	0.00 pp	new
TPLCTimothy Plan US Large/Mid Cap Core ETF	0.00%	15,939	$549,035	trimmed−24%	0.00 pp	9 q
TREXTrex Company, Inc.	0.00%	32,293	$2M	trimmed−4%	0.00 pp	22 q
IUSGiShares Core S&P U.S. Growth ETF	—	−135,869	—	exited	−0.03 pp	—
AZTAAzenta, Inc.	—	−100,954	—	exited	−0.02 pp	—
unresolvedDuck Creek Technologies	—	−516,392	—	exited	−0.02 pp	—
IWMiShares Russell 2000 ETF	—	−15,902	—	exited	−0.01 pp	—
OLPXOlaplex Hldgs Inc	—	−829,126	—	exited	−0.01 pp	—
SBUXStarbucks Corp	—	−3,009	—	exited	0.00 pp	—