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Polen Capital

Q2 2023 13F · by Dan Davidowitz, portfolio manager

As of
Jun 30, 2023
Filed
Aug 11, 2023
US stock
$40.3B · prev $37.9B
Positions
99 · prev 94
Options notional
$0
Documents
1· no amendments

Picture99.9% US stock

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

  • US stock listed on a US exchange 99.9%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.1%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves99 since the prior filing

The book

Concentrated · behaves like 18 equal-sized positions

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

Low turnover · 16% a year, about 6.3 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions39% of US stock

  1. AMZN Amazon.Com Inc trimmed+1.44 pp trimmed+1.4413.7%
  2. NFLX NetFlix Inc trimmed+0.88 pp trimmed+0.887.2%
  3. MSFT Microsoft Corp trimmed−0.75 pp trimmed−0.756.3%
  4. GOOG Alphabet Inc. Class C trimmed+0.26 pp trimmed+0.266.1%
  5. NOW Servicenow, Inc. trimmed+0.47 pp trimmed+0.475.9%

Positions99 in this filing · 2 exited

AMZNAmazon.Com Inc13.66%42,244,188$5.5Btrimmed−6%+1.44 pp10 q
NFLXNetFlix Inc7.22%6,608,014$2.9Btrimmed−5%+0.88 pp10 q
MSFTMicrosoft Corp6.27%7,424,001$2.5Btrimmed−20%−0.75 pp24 q
GOOGAlphabet Inc. Class C6.10%20,328,899$2.5Btrimmed−5%+0.26 pp37 q
NOWServicenow, Inc.5.88%4,214,967$2.4Btrimmed−4%+0.47 pp15 q
ADBEAdobe Inc.5.62%4,631,539$2.3Btrimmed−5%+0.69 pp34 q
MAMastercard Incorporated4.86%4,982,887$2.0Btrimmed−3%−0.08 pp41 q
VVISA Inc.4.63%7,856,523$1.9Btrimmed−3%−0.17 pp41 q
CRMSalesforce, Inc.4.15%7,912,495$1.7Btrimmed−25%−1.39 pp15 q
ACNAccenture PLC3.95%5,160,507$1.6Btrimmed−3%−0.08 pp41 q
ABTAbbott Laboratories3.75%13,861,854$1.5Btrimmed−3%−0.05 pp16 q
ABNBAirbnb, Inc. Class A3.67%11,554,490$1.5Btrimmed−3%−0.23 pp8 q
PYPLPayPal Holdings, Inc.3.67%22,163,025$1.5Badded+77%+1.16 pp18 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)3.17%2,656,274$1.3Btrimmed−2%−0.21 pp12 q
TMOThermo Fisher Scientific, Inc.2.90%2,238,649$1.2Btrimmed−1%−0.55 pp3 q
ADSKAutodesk Inc2.78%5,480,511$1.1Btrimmed−30%−1.54 pp14 q
ILMNIllumina Inc2.37%5,097,461$956Madded0%−0.75 pp12 q
ZTSZoetis Inc.2.31%5,397,918$930Mtrimmed−2%−0.12 pp23 q
WDAYWorkday, Inc. Class A2.17%3,871,968$875Mnew+2.17 ppnew
NKENike, Inc.1.74%6,353,109$701Mtrimmed−2%−0.35 pp41 q
ITGartner, Inc.1.70%1,952,855$684Mtrimmed−28%−0.63 pp41 q
ALGNAlign Technology Inc1.39%1,582,077$559Mtrimmed−2%−0.04 pp30 q
DOCUDocuSign, Inc.1.07%8,474,014$433Mtrimmed−0%−0.23 pp7 q
ICLRIcon Plc0.91%1,466,021$367Mtrimmed−1%+0.07 pp25 q
AONAon plc Class A0.69%810,868$280Mtrimmed−2%0.00 pp12 q
GOOGLAlphabet Inc. Class A0.67%2,256,727$270Mtrimmed−1%+0.05 pp31 q
SAPSap SE0.43%1,267,259$173Mtrimmed−4%−0.01 pp24 q
ADPAutomatic Data Processing0.30%545,332$120Madded+1%−0.02 pp40 q
MDTMedtronic plc0.17%781,913$69Mtrimmed−3%0.00 pp23 q
GLOBGlobant S.a.0.16%367,091$66Madded+83%+0.07 pp21 q
MELIMercado Libre, Inc0.14%48,386$57Mtrimmed−4%−0.04 pp9 q
SHOPShopify Inc. Class A subordinate voting shares0.13%786,604$51Mtrimmed−4%+0.03 pp9 q
ASMLASML Holding NV0.11%63,864$46Mtrimmed−4%−0.01 pp9 q
unresolvedUnilever Spn.Adr 1:10.10%765,200$40Mtrimmed−4%−0.01 pp25 q
IWFiShares Russell 1000 Growth ETF0.09%128,099$35Mtrimmed−6%0.00 pp39 q
HDBHDFC Bank Limited0.08%461,637$32Madded+56%+0.03 pp3 q
ELThe Estee Lauder Companies Inc. Class A0.06%127,240$25Madded+6%−0.02 pp3 q
TMETencent Music Entertainment Group0.06%3,196,407$24Mtrimmed−6%−0.01 pp11 q
LVSLas Vegas Sands Corp.0.05%333,893$19Madded+3%0.00 pp3 q
DLODLocal Limited Class A0.05%1,688,501$21Madded+88%+0.01 pp3 q
FIVEFive Below, Inc.0.04%73,038$14Mtrimmed−2%0.00 pp6 q
GSHDGoosehead Insurance, Inc. Class A0.04%230,102$14Mtrimmed−21%0.00 pp12 q
ALITAlight, Inc.0.03%1,376,117$13Madded+84%+0.01 pp2 q
ATHMAutohome Inc.0.03%473,007$14Mtrimmed−5%−0.01 pp2 q
EPAMEpam Systems, Inc.0.03%58,485$13Madded+31%−0.01 pp2 q
HLIHoulihan Lokey, Inc.0.03%130,892$13Mtrimmed−5%0.00 pp13 q
PGNYProgyny, Inc.0.03%277,481$11Mtrimmed−4%+0.01 pp10 q
YUMCYum China Holdings, Inc.0.03%220,451$12Mnew+0.03 ppnew
ALRMAlarm.com Holdings, Inc.0.02%143,532$7Mtrimmed−5%0.00 pp23 q
APPFAppFolio, Inc. Class A0.02%39,910$7Mtrimmed−31%0.00 pp16 q
BLBlackLine, Inc.0.02%117,659$6Mtrimmed−4%0.00 pp13 q
CCCCCC Intelligent Solutions Holdings Inc.0.02%646,313$7Mtrimmed−4%0.00 pp3 q
DOCSDoximity, Inc.0.02%192,660$7Mtrimmed−5%0.00 pp5 q
EEFTEuronet Worldwide Inc0.02%76,208$9Mtrimmed−5%0.00 pp4 q
FSVFirstService Corporation0.02%40,985$6Mtrimmed−3%0.00 pp3 q
FOXFFox Factory Holding Corp.0.02%91,640$10Mtrimmed−5%−0.01 pp24 q
HLNEHamilton Lane Incorporated Class A0.02%116,448$9Mtrimmed−5%0.00 pp6 q
QLYSQualys, Inc.0.02%59,965$8Mtrimmed−4%0.00 pp13 q
RHRh0.02%18,643$6Mtrimmed−4%+0.01 pp8 q
RVLVRevolve Group, Inc.0.02%421,604$7Mtrimmed−2%−0.01 pp14 q
WINGWingstop Inc0.02%49,914$10Mtrimmed−5%−0.01 pp15 q
YETIYETI Holdings, Inc.0.02%225,786$9Madded+8%0.00 pp14 q
AMNAMN Healthcare Services0.01%33,442$4Mtrimmed−3%0.00 pp23 q
ALTRAltair Engineering Inc. Class A0.01%67,792$5Mtrimmed−3%0.00 pp18 q
BMBLBumble Inc. Class A0.01%357,978$6Mtrimmed−4%−0.01 pp6 q
DCGODocGo Inc.0.01%455,961$4Madded+24%0.00 pp2 q
DTDynatrace, Inc.0.01%101,705$5Mtrimmed−27%−0.01 pp11 q
DAVAEndava plc0.01%101,030$5Mtrimmed−7%−0.01 pp11 q
FTCHQFarfetch Limited A0.01%486,386$3Mtrimmed−5%0.00 pp9 q
FNDFloor & Decor Holdings, Inc.0.01%44,100$5Mtrimmed−5%0.00 pp7 q
CATHGlobal X S&P 500 Catholic Values ETF0.01%46,821$3Mtrimmed−11%0.00 pp8 q
ACWIiShares MSCI ACWI ETF0.01%24,756$2Mtrimmed−78%−0.02 pp9 q
unresolvedLeslies Inc0.01%262,203$2Mnew+0.01 ppnew
OLOOlo Inc.0.01%694,005$4Mtrimmed−5%−0.01 pp8 q
PAYCPaycom Software, Inc.0.01%15,982$5Mtrimmed−1%0.00 pp9 q
SITESiteOne Landscape Supply, Inc.0.01%23,998$4Mtrimmed−24%0.00 pp5 q
SITMSiTime Corporation0.01%35,184$4Madded+64%0.00 pp3 q
CCXSkillsoft Corp.0.01%1,768,064$2Mheld—6 q
TTDThe Trade Desk, Inc.0.01%35,125$3Mtrimmed−10%0.00 pp9 q
TYLTyler Technologies, Inc.0.01%12,560$5Madded+2%0.00 pp8 q
WRBYWarby Parker Inc.0.01%328,858$4Mtrimmed−5%0.00 pp7 q
HELEHelen Of Troy Ltd0.01%22,464$2Mtrimmed−4%0.00 pp14 q
KAROKarooooo Ltd.0.01%121,677$3Mtrimmed−5%0.00 pp9 q
CRLCharles River Laboratories International, Inc.0.00%4,955$1Mtrimmed−9%0.00 pp5 q
CPRTCopart Inc0.00%21,011$2Mtrimmed−42%−0.01 pp11 q
AZPNAspen Technology Inc0.00%7,453$1Mtrimmed−10%0.00 pp5 q
ETSYEtsy, Inc.0.00%15,676$1Mtrimmed−10%−0.01 pp14 q
EVTCEvertec, Inc.0.00%44,100$2Mheld—2 q
FICOFair Isaac Corporation0.00%613$496,046trimmed−76%0.00 pp8 q
IWMiShares Russell 2000 ETF0.00%1,388$259,963new0.00 ppnew
ACWXiShares MSCI ACWI ex US ETF0.00%18,638$917,383trimmed−79%−0.01 pp9 q
LUXELuxExperience B.V.0.00%51,576$206,304trimmed−53%0.00 pp7 q
MKLMarkel Group Inc.0.00%443$612,749new0.00 ppnew
MPWRMonolithic Power Systems, Inc.0.00%2,464$1Madded+87%0.00 pp2 q
MORNMorningstar, Inc.0.00%5,622$1Mnew0.00 ppnew
TPIFTimothy Plan International ETF0.00%15,707$396,284trimmed−13%0.00 pp2 q
TPLCTimothy Plan US Large/Mid Cap Core ETF0.00%14,545$523,268trimmed−9%0.00 pp10 q
TREXTrex Company, Inc.0.00%29,170$2Mtrimmed−10%0.00 pp23 q
VUGVanguard Morningstar Growth ETF0.00%2,808$794,547new0.00 ppnew
FETForum Energy Technologies, Inc.—−150,393—exited−0.01 pp—
METAMeta Platforms, Inc. Class A—−2,159—exited0.00 pp—

Other 13(f) securities

Options 0

None in this filing

Notes 1

Issue% of notesPrincipalValue
Forum Energy Technologie100.00%25,153,000$25M

Source

Form
13F-HR
Reading
0 defects · 2 unresolved
Accession
0001172661-23-002916
Options
none in this filing
SEC cross-check
SEC data set not published yet