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Polen Capital

Q3 2023 13F · by Dan Davidowitz, portfolio manager

As of
Sep 30, 2023
Filed
Nov 2, 2023
US stock
$38.0B · prev $40.3B
Positions
98 · prev 99
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%

Moves104 since the prior filing

The book

Concentrated · behaves like 19 equal-sized positions

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

Low turnover · 13% a year, about 7.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions37% of US stock

  1. AMZN Amazon.Com Inc trimmed−1.15 pp trimmed−1.1512.5%
  2. GOOG Alphabet Inc. Class C trimmed+0.66 pp trimmed+0.666.8%
  3. NFLX NetFlix Inc trimmed−0.82 pp trimmed−0.826.4%
  4. MSFT Microsoft Corp trimmed−0.33 pp trimmed−0.335.9%
  5. NOW Servicenow, Inc. trimmed0.00 pp trimmed0.005.9%

Positions98 in this filing · 8 exited

AMZNAmazon.Com Inc12.51%37,398,151$4.8Btrimmed−11%−1.15 pp11 q
GOOGAlphabet Inc. Class C6.76%19,492,288$2.6Btrimmed−4%+0.66 pp38 q
NFLXNetFlix Inc6.40%6,437,255$2.4Btrimmed−3%−0.82 pp11 q
MSFTMicrosoft Corp5.94%7,151,377$2.3Btrimmed−4%−0.33 pp25 q
NOWServicenow, Inc.5.88%3,994,534$2.2Btrimmed−5%0.00 pp16 q
ADBEAdobe Inc.5.80%4,324,053$2.2Btrimmed−7%+0.18 pp35 q
MAMastercard Incorporated5.00%4,798,026$1.9Btrimmed−4%+0.14 pp42 q
VVISA Inc.4.58%7,569,168$1.7Btrimmed−4%−0.05 pp42 q
CRMSalesforce, Inc.4.09%7,660,386$1.6Btrimmed−3%−0.06 pp16 q
ACNAccenture PLC4.03%4,989,956$1.5Btrimmed−3%+0.08 pp42 q
ABNBAirbnb, Inc. Class A4.00%11,071,064$1.5Btrimmed−4%+0.33 pp9 q
ABTAbbott Laboratories3.44%13,480,736$1.3Btrimmed−3%−0.31 pp17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)3.37%2,538,134$1.3Btrimmed−4%+0.20 pp13 q
PYPLPayPal Holdings, Inc.3.34%21,685,665$1.3Btrimmed−2%−0.33 pp19 q
ADSKAutodesk Inc2.91%5,349,776$1.1Btrimmed−2%+0.13 pp15 q
TMOThermo Fisher Scientific, Inc.2.87%2,151,028$1.1Btrimmed−4%−0.03 pp4 q
ZTSZoetis Inc.2.36%5,163,881$898Mtrimmed−4%+0.05 pp24 q
WDAYWorkday, Inc. Class A2.23%3,950,320$849Madded+2%+0.06 pp2 q
NVONovo-Nordisk A/S1.89%7,906,255$719Mnew+1.89 ppnew
ILMNIllumina Inc1.85%5,126,614$704Madded+1%−0.52 pp13 q
ITGartner, Inc.1.73%1,915,189$658Mtrimmed−2%+0.03 pp42 q
NKENike, Inc.1.55%6,157,296$589Mtrimmed−3%−0.19 pp42 q
ALGNAlign Technology Inc1.24%1,544,171$471Mtrimmed−2%−0.15 pp31 q
LLYEli Lilly & Co.0.88%623,812$335Mnew+0.88 ppnew
ICLRIcon Plc0.79%1,222,961$301Mtrimmed−17%−0.12 pp26 q
GOOGLAlphabet Inc. Class A0.75%2,171,266$284Mtrimmed−4%+0.08 pp32 q
AONAon plc Class A0.70%815,290$264Madded+1%+0.01 pp13 q
SAPSap SE0.43%1,262,674$163Mtrimmed−0%0.00 pp25 q
ADPAutomatic Data Processing0.32%500,514$120Mtrimmed−8%+0.02 pp41 q
IWFiShares Russell 1000 Growth ETF0.21%299,494$80Madded×2.3+0.12 pp40 q
MSCIMSCI, Inc.0.19%139,245$71Mnew+0.19 ppnew
GLOBGlobant S.a.0.19%368,492$73Madded0%+0.03 pp22 q
MELIMercado Libre, Inc0.16%48,488$61Madded0%+0.02 pp10 q
MDTMedtronic plc0.16%794,789$62Madded+2%−0.01 pp24 q
SHOPShopify Inc. Class A subordinate voting shares0.12%802,650$44Madded+2%−0.01 pp10 q
unresolvedUnilever Spn.Adr 1:10.10%782,535$39Madded+2%0.00 pp26 q
DLODLocal Limited Class A0.10%1,923,273$37Madded+14%+0.05 pp4 q
ASMLASML Holding NV0.10%65,222$38Madded+2%−0.01 pp10 q
HDBHDFC Bank Limited0.07%473,113$28Madded+2%−0.01 pp4 q
TMETencent Music Entertainment Group0.06%3,518,249$22Madded+10%0.00 pp12 q
ELThe Estee Lauder Companies Inc. Class A0.05%135,734$20Madded+7%−0.01 pp4 q
ATHMAutohome Inc.0.04%452,923$14Mtrimmed−4%+0.01 pp3 q
EPAMEpam Systems, Inc.0.04%55,925$14Mtrimmed−4%+0.01 pp3 q
GSHDGoosehead Insurance, Inc. Class A0.04%221,873$17Mtrimmed−4%0.00 pp13 q
HLIHoulihan Lokey, Inc.0.04%128,967$14Mtrimmed−1%+0.01 pp14 q
LVSLas Vegas Sands Corp.0.04%318,881$15Mtrimmed−5%−0.01 pp4 q
ALITAlight, Inc.0.03%1,694,077$12Madded+23%0.00 pp3 q
CCCCCC Intelligent Solutions Holdings Inc.0.03%731,683$10Madded+13%+0.01 pp4 q
FIVEFive Below, Inc.0.03%77,428$12Madded+6%−0.01 pp7 q
HLNEHamilton Lane Incorporated Class A0.03%114,795$10Mtrimmed−1%+0.01 pp7 q
PGNYProgyny, Inc.0.03%349,163$12Madded+26%0.00 pp11 q
YETIYETI Holdings, Inc.0.03%236,217$11Madded+5%+0.01 pp15 q
YUMCYum China Holdings, Inc.0.03%210,827$12Mtrimmed−4%0.00 pp2 q
ALRMAlarm.com Holdings, Inc.0.02%141,435$9Mtrimmed−1%0.00 pp24 q
APPFAppFolio, Inc. Class A0.02%34,652$6Mtrimmed−13%0.00 pp17 q
BLBlackLine, Inc.0.02%115,799$6Mtrimmed−2%0.00 pp14 q
BMBLBumble Inc. Class A0.02%430,530$6Madded+20%+0.01 pp7 q
CWANClearwater Analytics Hds-a0.02%304,600$6Mnew+0.02 ppnew
DAVAEndava plc0.02%99,427$6Mtrimmed−2%+0.01 pp12 q
EEFTEuronet Worldwide Inc0.02%74,498$6Mtrimmed−2%0.00 pp5 q
FSVFirstService Corporation0.02%40,159$6Mtrimmed−2%0.00 pp4 q
FOXFFox Factory Holding Corp.0.02%90,372$9Mtrimmed−1%0.00 pp25 q
QLYSQualys, Inc.0.02%58,692$9Mtrimmed−2%0.00 pp14 q
RVLVRevolve Group, Inc.0.02%483,103$7Madded+15%0.00 pp15 q
WINGWingstop Inc0.02%49,140$9Mtrimmed−2%0.00 pp16 q
AMNAMN Healthcare Services0.01%32,620$3Mtrimmed−2%0.00 pp24 q
DOCSDoximity, Inc.0.01%215,037$5Madded+12%−0.01 pp6 q
DTDynatrace, Inc.0.01%108,156$5Madded+6%0.00 pp12 q
EXLSExlService Holdings, Inc.0.01%97,083$3Mnew+0.01 ppnew
FNDFloor & Decor Holdings, Inc.0.01%42,517$4Mtrimmed−4%0.00 pp8 q
ACWIiShares MSCI ACWI ETF0.01%54,287$5Madded×2.20.00 pp10 q
MORNMorningstar, Inc.0.01%14,061$3Madded×2.5+0.01 pp2 q
PAYCPaycom Software, Inc.0.01%17,334$4Madded+8%0.00 pp10 q
RHRh0.01%18,404$5Mtrimmed−1%−0.01 pp9 q
SITESiteOne Landscape Supply, Inc.0.01%23,461$4Mtrimmed−2%0.00 pp6 q
SITMSiTime Corporation0.01%34,492$4Mtrimmed−2%0.00 pp4 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.0.01%56,381$5Mnew+0.01 ppnew
TTDThe Trade Desk, Inc.0.01%35,478$3Madded+1%0.00 pp10 q
TYLTyler Technologies, Inc.0.01%12,460$5Mtrimmed−1%0.00 pp9 q
WRBYWarby Parker Inc.0.01%369,840$5Madded+12%0.00 pp8 q
XPELXPEL, Inc.0.01%61,710$5Mnew+0.01 ppnew
HELEHelen Of Troy Ltd0.01%22,075$3Mtrimmed−2%0.00 pp15 q
CRLCharles River Laboratories International, Inc.0.00%5,005$980,880added+1%0.00 pp6 q
DOCUDocuSign, Inc.0.00%43,366$2Mtrimmed−99%−1.07 pp8 q
AZPNAspen Technology Inc0.00%7,529$2Madded+1%0.00 pp6 q
ETSYEtsy, Inc.0.00%18,724$1Madded+19%0.00 pp15 q
EVTCEvertec, Inc.0.00%44,100$2Mheld—3 q
FICOFair Isaac Corporation0.00%871$756,490added+42%0.00 pp9 q
CATHGlobal X S&P 500 Catholic Values ETF0.00%6,905$361,132trimmed−85%−0.01 pp9 q
ACWXiShares MSCI ACWI ex US ETF0.00%23,094$1Madded+24%0.00 pp10 q
MKLMarkel Group Inc.0.00%500$736,245added+13%0.00 pp2 q
MPWRMonolithic Power Systems, Inc.0.00%2,489$1Madded+1%0.00 pp3 q
CCXSkillsoft Corp.0.00%1,768,064$2Mheld—7 q
TPIFTimothy Plan International ETF0.00%14,794$354,627trimmed−6%0.00 pp3 q
TPLCTimothy Plan US Large/Mid Cap Core ETF0.00%16,025$552,382added+10%0.00 pp11 q
TREXTrex Company, Inc.0.00%29,462$2Madded+1%0.00 pp24 q
VUGVanguard Morningstar Growth ETF0.00%6,937$2Madded×2.50.00 pp2 q
KAROKarooooo Ltd.0.00%58,641$1Mtrimmed−52%−0.01 pp10 q
ALTRAltair Engineering Inc. Class A—−67,792—exited−0.01 pp—
DCGODocGo Inc.—−455,961—exited−0.01 pp—
FTCHQFarfetch Limited A—−486,386—exited−0.01 pp—
unresolvedLeslies Inc—−262,203—exited−0.01 pp—
OLOOlo Inc.—−694,005—exited−0.01 pp—
CPRTCopart Inc—−42,022—exited0.00 pp—
IWMiShares Russell 2000 ETF—−1,388—exited0.00 pp—
LUXELuxExperience B.V.—−51,576—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 · 1 unresolved
Accession
0001172661-23-003726
Options
none in this filing
SEC cross-check
SEC data set not published yet