Polen Capital

Q1 2024 13F · by Dan Davidowitz, portfolio manager

As of: Mar 31, 2024
Filed: May 9, 2024
US stock: $43.3B · prev $41.5B
Positions: 103 · prev 106
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 0.1%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves107 since the prior filing

+5.9 pp in · −5.7 pp out

New 4 +0.01 pp
Added 34 +5.85 pp
Trimmed 62 −5.44 pp
Exited 7 −0.24 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions41% of US stock

AMZN Amazon.Com Inc trimmed+1.05 pp trimmed+1.0514.3%
MSFT Microsoft Corp trimmed+0.36 pp trimmed+0.369.4%
GOOG Alphabet Inc. Class C trimmed−0.03 pp trimmed−0.036.4%
V VISA Inc. added+0.83 pp added+0.835.4%
NFLX NetFlix Inc trimmed+0.60 pp trimmed+0.605.4%

Positions103 in this filing · 7 exited


AMZNAmazon.Com Inc	14.34%	34,411,241	$6.2B	trimmed−5%	+1.05 pp	13 q
MSFTMicrosoft Corp	9.39%	9,665,372	$4.1B	trimmed−3%	+0.36 pp	27 q
GOOGAlphabet Inc. Class C	6.36%	18,078,336	$2.8B	trimmed−4%	−0.03 pp	40 q
VVISA Inc.	5.41%	8,392,490	$2.3B	added+15%	+0.83 pp	44 q
NFLXNetFlix Inc	5.39%	3,839,310	$2.3B	trimmed−6%	+0.60 pp	13 q
MAMastercard Incorporated	4.97%	4,469,582	$2.2B	trimmed−4%	+0.19 pp	44 q
CRMSalesforce, Inc.	4.84%	6,954,745	$2.1B	trimmed−4%	+0.22 pp	18 q
NOWServicenow, Inc.	4.69%	2,662,881	$2.0B	trimmed−30%	−1.78 pp	18 q
TMOThermo Fisher Scientific, Inc.	4.37%	3,258,927	$1.9B	added+60%	+1.77 pp	6 q
ABTAbbott Laboratories	4.24%	16,141,237	$1.8B	added+20%	+0.66 pp	19 q
ABNBAirbnb, Inc. Class A	4.09%	10,729,752	$1.8B	added+2%	+0.62 pp	11 q
ACNAccenture PLC	3.71%	4,628,987	$1.6B	trimmed−4%	−0.35 pp	44 q
ADBEAdobe Inc.	3.31%	2,836,122	$1.4B	trimmed−32%	−2.67 pp	37 q
ADSKAutodesk Inc	2.97%	4,938,732	$1.3B	trimmed−4%	−0.04 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.74%	2,393,781	$1.2B	trimmed−2%	−0.35 pp	15 q
ZTSZoetis Inc.	2.74%	7,005,114	$1.2B	added+41%	+0.37 pp	26 q
WDAYWorkday, Inc. Class A	2.32%	3,682,106	$1.0B	trimmed−2%	−0.19 pp	4 q
NVONovo-Nordisk A/S	2.30%	7,768,779	$998M	trimmed−2%	+0.31 pp	3 q
NKENike, Inc.	2.06%	9,471,571	$890M	added+60%	+0.51 pp	44 q
ITGartner, Inc.	1.93%	1,748,829	$834M	trimmed−3%	−0.04 pp	44 q
LLYEli Lilly & Co.	1.05%	584,806	$455M	trimmed−2%	+0.85 pp	3 q
ALGNAlign Technology Inc	0.92%	1,216,069	$399M	trimmed−4%	+0.08 pp	33 q
ICLRIcon Plc	0.85%	1,098,219	$369M	trimmed−8%	+0.84 pp	28 q
GOOGLAlphabet Inc. Class A	0.74%	2,135,363	$322M	trimmed−0%	+0.02 pp	34 q
PAYCPaycom Software, Inc.	0.70%	1,520,282	$303M	added×92.7	+0.69 pp	12 q
AONAon plc Class A	0.64%	830,116	$277M	added+1%	+0.06 pp	15 q
SAPSap SE	0.57%	1,274,726	$249M	added+3%	+0.11 pp	27 q
ADPAutomatic Data Processing	0.29%	502,060	$126M	trimmed−0%	+0.01 pp	43 q
GLOBGlobant S.a.	0.23%	498,574	$101M	added+39%	+0.22 pp	24 q
MDTMedtronic plc	0.21%	1,065,609	$93M	added+8%	+0.01 pp	26 q
MSCIMSCI, Inc.	0.18%	136,056	$76M	added+1%	0.00 pp	3 q
SHOPShopify Inc. Class A subordinate voting shares	0.15%	830,755	$64M	added+7%	0.00 pp	12 q
MELIMercado Libre, Inc	0.12%	33,280	$50M	trimmed−23%	−0.04 pp	12 q
ASMLASML Holding NV	0.11%	51,109	$50M	added+7%	+0.02 pp	12 q
HDBHDFC Bank Limited	0.09%	710,550	$40M	added+26%	+0.08 pp	6 q
TMETencent Music Entertainment Group	0.07%	2,662,781	$30M	added+3%	+0.01 pp	14 q
IWFiShares Russell 1000 Growth ETF	0.06%	75,786	$26M	trimmed−82%	−0.10 pp	42 q
unresolvedUnilever Spn.Adr 1:1	0.06%	500,827	$25M	added+7%	+0.01 pp	28 q
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF	0.05%	249,900	$23M	trimmed−59%	−0.08 pp	2 q
DLODLocal Limited Class A	0.04%	1,279,920	$19M	added+6%	−0.01 pp	6 q
ALITAlight, Inc.	0.03%	1,287,304	$13M	trimmed−16%	0.00 pp	5 q
HLIHoulihan Lokey, Inc.	0.03%	90,022	$12M	trimmed−29%	−0.13 pp	16 q
LVSLas Vegas Sands Corp.	0.03%	231,956	$12M	trimmed−0%	−0.13 pp	6 q
PGNYProgyny, Inc.	0.03%	377,944	$14M	added+11%	0.00 pp	13 q
RVLVRevolve Group, Inc.	0.03%	520,467	$11M	added+27%	+0.01 pp	17 q
YUMCYum China Holdings, Inc.	0.03%	307,085	$12M	added+13%	0.00 pp	4 q
ALRMAlarm.com Holdings, Inc.	0.02%	125,424	$9M	trimmed−3%	0.00 pp	26 q
APPFAppFolio, Inc. Class A	0.02%	26,454	$7M	trimmed−2%	+0.01 pp	19 q
BLBlackLine, Inc.	0.02%	108,764	$7M	trimmed−2%	0.00 pp	16 q
CCCCCC Intelligent Solutions Holdings Inc.	0.02%	564,831	$7M	trimmed−2%	0.00 pp	6 q
CWANClearwater Analytics Hds-a	0.02%	546,482	$10M	added+88%	+0.01 pp	3 q
CNMCore & Main, Inc.	0.02%	160,014	$9M	trimmed−15%	0.00 pp	2 q
EPAMEpam Systems, Inc.	0.02%	35,705	$10M	trimmed−2%	−0.01 pp	5 q
EEFTEuronet Worldwide Inc	0.02%	75,985	$8M	trimmed−3%	0.00 pp	7 q
EXLSExlService Holdings, Inc.	0.02%	310,415	$10M	added×3.5	+0.01 pp	3 q
GNRCGenerac Holdings Inc	0.02%	74,074	$9M	added+61%	+0.01 pp	2 q
GSHDGoosehead Insurance, Inc. Class A	0.02%	132,002	$9M	trimmed−13%	−0.18 pp	15 q
HLNEHamilton Lane Incorporated Class A	0.02%	91,919	$10M	trimmed−4%	−0.14 pp	9 q
MEDPMedpace Holdings, Inc.	0.02%	16,959	$7M	added+1%	+0.01 pp	2 q
WRBYWarby Parker Inc.	0.02%	479,507	$7M	trimmed−2%	0.00 pp	10 q
AMNAMN Healthcare Services	0.01%	58,749	$4M	added+29%	0.00 pp	26 q
TECHBio-Techne Corp.	0.01%	37,024	$3M	added+65%	+0.01 pp	2 q
DOCSDoximity, Inc.	0.01%	166,789	$4M	trimmed−4%	0.00 pp	8 q
DTDynatrace, Inc.	0.01%	73,856	$3M	trimmed−20%	0.00 pp	14 q
AZPNAspen Technology Inc	0.01%	11,408	$2M	added+3%	0.00 pp	8 q
DAVAEndava plc	0.01%	70,331	$3M	added+6%	0.00 pp	14 q
ETSYEtsy, Inc.	0.01%	38,239	$3M	added+11%	0.00 pp	17 q
FSVFirstService Corporation	0.01%	35,863	$6M	trimmed−2%	0.00 pp	6 q
FIVEFive Below, Inc.	0.01%	22,630	$4M	trimmed−26%	−0.01 pp	9 q
FOXFFox Factory Holding Corp.	0.01%	94,073	$5M	trimmed−2%	−0.01 pp	27 q
KBKB Financial Group Inc	0.01%	81,167	$4M	new	+0.01 pp	new
LGIHLGI Homes, Inc.	0.01%	24,413	$3M	trimmed−3%	0.00 pp	2 q
MPWRMonolithic Power Systems, Inc.	0.01%	3,892	$3M	trimmed−4%	0.00 pp	5 q
MORNMorningstar, Inc.	0.01%	9,331	$3M	trimmed−32%	0.00 pp	4 q
PYPLPayPal Holdings, Inc.	0.01%	49,478	$3M	trimmed−100%	−3.07 pp	21 q
QLYSQualys, Inc.	0.01%	30,635	$5M	trimmed−3%	0.00 pp	16 q
RHRh	0.01%	16,318	$6M	trimmed−3%	0.00 pp	11 q
SITESiteOne Landscape Supply, Inc.	0.01%	20,842	$4M	trimmed−2%	0.00 pp	8 q
SITMSiTime Corporation	0.01%	61,563	$6M	added+78%	0.00 pp	6 q
VONGVanguard Russell 1000 Growth ETF	0.01%	33,266	$3M	held	—	2 q
WINGWingstop Inc	0.01%	13,617	$5M	trimmed−62%	−0.01 pp	18 q
XPELXPEL, Inc.	0.01%	50,490	$3M	trimmed−12%	0.00 pp	3 q
YETIYETI Holdings, Inc.	0.01%	137,974	$5M	trimmed−16%	−0.01 pp	17 q
HELEHelen Of Troy Ltd	0.01%	19,642	$2M	trimmed−2%	−0.19 pp	17 q
BWMNBowman Consulting Group Ltd.	0.00%	55,838	$2M	trimmed−1%	0.00 pp	2 q
BMBLBumble Inc. Class A	0.00%	98,635	$1M	trimmed−81%	−0.02 pp	9 q
CALYCallaway Golf Company	0.00%	128,762	$2M	trimmed−1%	0.00 pp	2 q
CRLCharles River Laboratories International, Inc.	0.00%	6,060	$2M	trimmed−4%	0.00 pp	8 q
FNDFloor & Decor Holdings, Inc.	0.00%	15,655	$2M	trimmed−50%	−0.01 pp	10 q
FCXFreeport-McMoran Inc.	0.00%	10,410	$489,478	new	0.00 pp	new
CATHGlobal X S&P 500 Catholic Values ETF	0.00%	15,688	$998,384	added×2.9	0.00 pp	11 q
IWMiShares Russell 2000 ETF	0.00%	5,040	$1M	added×2.8	−0.01 pp	2 q
ACWXiShares MSCI ACWI ex US ETF	0.00%	33,154	$2M	trimmed−80%	−0.01 pp	12 q
ACWIiShares MSCI ACWI ETF	0.00%	17,409	$2M	trimmed−83%	−0.20 pp	12 q
SGOViShares 0-3 Month Treasury Bond ETF	0.00%	3,475	$349,967	trimmed−31%	−0.16 pp	2 q
MKTXMarketAxess Holdings Inc.	0.00%	8,165	$2M	added+83%	−0.16 pp	2 q
NTESNetEase, inc.	0.00%	4,000	$413,880	new	0.00 pp	new
POOLPool Corporation	0.00%	3,296	$1M	trimmed−3%	0.00 pp	2 q
SKILSkillsoft Corp.	0.00%	78,190	$703,710	held	—	9 q
TREXTrex Company, Inc.	0.00%	10,566	$1M	trimmed−61%	−0.01 pp	26 q
TYLTyler Technologies, Inc.	0.00%	3,299	$1M	trimmed−47%	−0.01 pp	11 q
CPACopa Holdings, S.A.	0.00%	13,973	$1M	new	0.00 pp	new
KAROKarooooo Ltd.	0.00%	9,250	$231,805	held	—	12 q
ILMNIllumina Inc	—	−33,913	—	exited	−0.20 pp	—
ATHMAutohome Inc.	—	−253,643	—	exited	−0.02 pp	—
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−42,083	—	exited	−0.01 pp	—
VUGVanguard Morningstar Growth ETF	—	−8,412	—	exited	−0.01 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−662	—	exited	0.00 pp	—
TPIFTimothy Plan International ETF	—	−15,875	—	exited	0.00 pp	—
TPLCTimothy Plan US Large/Mid Cap Core ETF	—	−15,147	—	exited	0.00 pp	—