Polen Capital

Q2 2024 13F · by Dan Davidowitz, portfolio manager

As of: Jun 30, 2024
Filed: Aug 12, 2024
US stock: $39.9B · prev $43.3B
Positions: 110 · prev 103
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%

Moves114 since the prior filing

+4.9 pp in · −5.0 pp out

New 12 +0.05 pp
Added 21 +4.89 pp
Trimmed 76 −4.95 pp
Exited 5 −0.03 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.2 years per position

Low
Moderate
High

Top 5 positions42% of US stock

AMZN Amazon.Com Inc trimmed+0.02 pp trimmed+0.0214.4%
MSFT Microsoft Corp trimmed+0.69 pp trimmed+0.6910.1%
GOOG Alphabet Inc. Class C trimmed+1.32 pp trimmed+1.327.7%
V VISA Inc. trimmed−0.14 pp trimmed−0.145.3%
NOW Servicenow, Inc. trimmed+0.21 pp trimmed+0.214.9%

Positions110 in this filing · 5 exited


AMZNAmazon.Com Inc	14.36%	29,623,890	$5.7B	trimmed−14%	+0.02 pp	14 q
MSFTMicrosoft Corp	10.08%	8,985,549	$4.0B	trimmed−7%	+0.69 pp	28 q
GOOGAlphabet Inc. Class C	7.68%	16,682,933	$3.1B	trimmed−8%	+1.32 pp	41 q
VVISA Inc.	5.27%	7,997,622	$2.1B	trimmed−5%	−0.14 pp	45 q
NOWServicenow, Inc.	4.90%	2,482,798	$2.0B	trimmed−7%	+0.21 pp	19 q
MAMastercard Incorporated	4.69%	4,239,995	$1.9B	trimmed−5%	−0.28 pp	45 q
CRMSalesforce, Inc.	4.33%	6,714,688	$1.7B	trimmed−3%	−0.51 pp	19 q
TMOThermo Fisher Scientific, Inc.	4.30%	3,102,010	$1.7B	trimmed−5%	−0.07 pp	7 q
ABTAbbott Laboratories	3.99%	15,305,822	$1.6B	trimmed−5%	−0.25 pp	20 q
ABNBAirbnb, Inc. Class A	3.87%	10,173,464	$1.5B	trimmed−5%	−0.22 pp	12 q
ADBEAdobe Inc.	3.71%	2,665,186	$1.5B	trimmed−6%	+0.40 pp	38 q
NFLXNetFlix Inc	3.59%	2,119,328	$1.4B	trimmed−45%	−1.80 pp	14 q
ACNAccenture PLC	3.30%	4,333,582	$1.3B	trimmed−6%	−0.41 pp	45 q
ZTSZoetis Inc.	3.06%	7,046,051	$1.2B	added+1%	+0.32 pp	27 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.87%	2,249,052	$1.1B	trimmed−6%	+0.13 pp	16 q
NVONovo-Nordisk A/S	2.67%	7,447,972	$1.1B	trimmed−4%	+0.37 pp	4 q
SHOPShopify Inc. Class A subordinate voting shares	2.44%	14,722,354	$972M	added×17.7	+2.29 pp	13 q
MSCIMSCI, Inc.	1.99%	1,650,450	$795M	added×12.1	+1.81 pp	4 q
WDAYWorkday, Inc. Class A	1.92%	3,428,901	$767M	trimmed−7%	−0.40 pp	5 q
ITGartner, Inc.	1.86%	1,650,791	$741M	trimmed−6%	−0.07 pp	45 q
NKENike, Inc.	1.70%	8,967,481	$676M	trimmed−5%	−0.36 pp	45 q
LLYEli Lilly & Co.	1.24%	547,065	$495M	trimmed−6%	+0.19 pp	4 q
GOOGLAlphabet Inc. Class A	0.96%	2,094,374	$381M	trimmed−2%	+0.22 pp	35 q
ICLRIcon Plc	0.85%	1,085,062	$340M	trimmed−1%	0.00 pp	29 q
PAYCPaycom Software, Inc.	0.80%	2,236,125	$320M	added+47%	+0.10 pp	13 q
SAPSap SE	0.63%	1,254,529	$253M	trimmed−2%	+0.06 pp	28 q
AONAon plc Class A	0.61%	822,041	$241M	trimmed−1%	−0.03 pp	16 q
ADPAutomatic Data Processing	0.29%	491,947	$117M	trimmed−2%	0.00 pp	44 q
IWFiShares Russell 1000 Growth ETF	0.27%	297,803	$109M	added×3.9	+0.21 pp	43 q
MDTMedtronic plc	0.21%	1,049,969	$83M	trimmed−1%	0.00 pp	27 q
GLOBGlobant S.a.	0.21%	477,338	$85M	trimmed−4%	−0.02 pp	25 q
HDBHDFC Bank Limited	0.14%	853,428	$55M	added+20%	+0.05 pp	7 q
MELIMercado Libre, Inc	0.13%	31,040	$51M	trimmed−7%	+0.01 pp	13 q
ASMLASML Holding NV	0.13%	51,068	$52M	trimmed−0%	+0.02 pp	13 q
unresolvedUnilever Spn.Adr 1:1	0.07%	500,714	$28M	trimmed−0%	+0.01 pp	29 q
ACWIiShares MSCI ACWI ETF	0.05%	175,686	$20M	added×10.1	+0.05 pp	13 q
TMETencent Music Entertainment Group	0.05%	1,504,807	$21M	trimmed−43%	−0.02 pp	15 q
ADSKAutodesk Inc	0.03%	42,117	$10M	trimmed−99%	−2.94 pp	18 q
CWANClearwater Analytics Hds-a	0.03%	571,837	$11M	added+5%	+0.01 pp	4 q
EXLSExlService Holdings, Inc.	0.03%	327,095	$10M	added+5%	+0.01 pp	4 q
HLIHoulihan Lokey, Inc.	0.03%	82,376	$11M	trimmed−8%	0.00 pp	17 q
PGNYProgyny, Inc.	0.03%	348,292	$10M	trimmed−8%	0.00 pp	14 q
ALRMAlarm.com Holdings, Inc.	0.02%	128,165	$8M	added+2%	0.00 pp	27 q
ALITAlight, Inc.	0.02%	1,008,705	$7M	trimmed−22%	−0.01 pp	6 q
CCCCCC Intelligent Solutions Holdings Inc.	0.02%	854,191	$9M	added+51%	0.00 pp	7 q
CNMCore & Main, Inc.	0.02%	158,999	$8M	trimmed−1%	0.00 pp	3 q
EEFTEuronet Worldwide Inc	0.02%	64,711	$7M	trimmed−15%	0.00 pp	8 q
GNRCGenerac Holdings Inc	0.02%	70,988	$9M	trimmed−4%	0.00 pp	3 q
GSHDGoosehead Insurance, Inc. Class A	0.02%	129,053	$7M	trimmed−2%	0.00 pp	16 q
HLNEHamilton Lane Incorporated Class A	0.02%	78,225	$10M	trimmed−15%	0.00 pp	10 q
LVSLas Vegas Sands Corp.	0.02%	196,374	$9M	trimmed−15%	−0.01 pp	7 q
MEDPMedpace Holdings, Inc.	0.02%	17,341	$7M	added+2%	0.00 pp	3 q
PDDPDD Holdings Inc.	0.02%	54,875	$7M	new	+0.02 pp	new
RVLVRevolve Group, Inc.	0.02%	511,992	$8M	trimmed−2%	−0.01 pp	18 q
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF	0.02%	91,892	$8M	trimmed−63%	−0.03 pp	3 q
WRBYWarby Parker Inc.	0.02%	463,853	$7M	trimmed−3%	0.00 pp	11 q
YUMCYum China Holdings, Inc.	0.02%	201,365	$6M	trimmed−34%	−0.01 pp	5 q
DLODLocal Limited Class A	0.02%	953,716	$8M	trimmed−25%	−0.02 pp	7 q
AAONAaon Inc	0.01%	34,884	$3M	new	+0.01 pp	new
AMNAMN Healthcare Services	0.01%	61,781	$3M	added+5%	0.00 pp	27 q
ALGNAlign Technology Inc	0.01%	20,006	$5M	trimmed−98%	−0.91 pp	34 q
APPFAppFolio, Inc. Class A	0.01%	17,855	$4M	trimmed−33%	−0.01 pp	20 q
TECHBio-Techne Corp.	0.01%	35,457	$3M	trimmed−4%	0.00 pp	3 q
BLBlackLine, Inc.	0.01%	104,007	$5M	trimmed−4%	−0.01 pp	17 q
CALYCallaway Golf Company	0.01%	153,111	$2M	added+19%	+0.01 pp	3 q
DOCSDoximity, Inc.	0.01%	105,500	$3M	trimmed−37%	0.00 pp	9 q
DTDynatrace, Inc.	0.01%	51,083	$2M	trimmed−31%	0.00 pp	15 q
EPAMEpam Systems, Inc.	0.01%	25,775	$5M	trimmed−28%	−0.01 pp	6 q
FSVFirstService Corporation	0.01%	29,787	$5M	trimmed−17%	0.00 pp	7 q
FIVEFive Below, Inc.	0.01%	20,784	$2M	trimmed−8%	0.00 pp	10 q
FOXFFox Factory Holding Corp.	0.01%	80,541	$4M	trimmed−14%	0.00 pp	28 q
CATHGlobal X S&P 500 Catholic Values ETF	0.01%	55,803	$4M	added×3.6	+0.01 pp	12 q
IBPInstalled Building Products, Inc.	0.01%	13,093	$3M	new	+0.01 pp	new
IWMiShares Russell 2000 ETF	0.01%	9,888	$2M	added+96%	+0.01 pp	3 q
ACWXiShares MSCI ACWI ex US ETF	0.01%	39,371	$2M	added+19%	+0.01 pp	13 q
KBKB Financial Group Inc	0.01%	78,267	$4M	trimmed−4%	0.00 pp	2 q
MPWRMonolithic Power Systems, Inc.	0.01%	2,442	$2M	trimmed−37%	0.00 pp	6 q
MORNMorningstar, Inc.	0.01%	8,064	$2M	trimmed−14%	0.00 pp	5 q
OPCHOption Care Health, Inc.	0.01%	153,541	$4M	new	+0.01 pp	new
QLYSQualys, Inc.	0.01%	25,568	$4M	trimmed−17%	0.00 pp	17 q
RHRh	0.01%	8,283	$2M	trimmed−49%	0.00 pp	12 q
SITESiteOne Landscape Supply, Inc.	0.01%	17,111	$2M	trimmed−18%	0.00 pp	9 q
SITMSiTime Corporation	0.01%	46,054	$6M	trimmed−25%	0.00 pp	7 q
VONGVanguard Russell 1000 Growth ETF	0.01%	34,536	$3M	added+4%	0.00 pp	3 q
YETIYETI Holdings, Inc.	0.01%	120,632	$5M	trimmed−13%	0.00 pp	18 q
AITApplied Industrial Technologies, Inc.	0.00%	7,595	$1M	new	0.00 pp	new
BWMNBowman Consulting Group Ltd.	0.00%	46,145	$1M	trimmed−17%	0.00 pp	3 q
CRLCharles River Laboratories International, Inc.	0.00%	5,715	$1M	trimmed−6%	0.00 pp	9 q
ROADConstruction Partners, Inc. Class A	0.00%	25,574	$1M	new	0.00 pp	new
AZPNAspen Technology Inc	0.00%	9,853	$2M	trimmed−14%	−0.01 pp	9 q
DAVAEndava plc	0.00%	18,930	$553,515	trimmed−73%	−0.01 pp	15 q
ETSYEtsy, Inc.	0.00%	32,925	$2M	trimmed−14%	−0.01 pp	18 q
METAMeta Platforms, Inc. Class A	0.00%	808	$407,328	new	0.00 pp	new
FNDFloor & Decor Holdings, Inc.	0.00%	7,635	$758,995	trimmed−51%	0.00 pp	11 q
FCXFreeport-McMoran Inc.	0.00%	10,419	$506,363	added0%	0.00 pp	2 q
SGOViShares 0-3 Month Treasury Bond ETF	0.00%	10,334	$1M	added×3.0	0.00 pp	3 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.00%	9,686	$1M	new	0.00 pp	new
KNSLKinsale Capital Group, Inc.	0.00%	2,315	$891,923	new	0.00 pp	new
LGIHLGI Homes, Inc.	0.00%	20,103	$2M	trimmed−18%	−0.01 pp	3 q
MKTXMarketAxess Holdings Inc.	0.00%	8,084	$2M	trimmed−1%	0.00 pp	3 q
NTESNetEase, inc.	0.00%	4,000	$382,320	held	—	2 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	12,800	$1M	new	0.00 pp	new
PYPLPayPal Holdings, Inc.	0.00%	12,770	$741,064	trimmed−74%	−0.01 pp	22 q
POOLPool Corporation	0.00%	3,485	$1M	added+6%	0.00 pp	3 q
RGENRepligen Corp	0.00%	14,572	$2M	new	0.00 pp	new
SKILSkillsoft Corp.	0.00%	73,112	$1M	trimmed−6%	0.00 pp	10 q
TTEKTetra Tech Inc	0.00%	3,309	$676,624	new	0.00 pp	new
TREXTrex Company, Inc.	0.00%	5,379	$398,691	trimmed−49%	0.00 pp	27 q
TYLTyler Technologies, Inc.	0.00%	3,110	$2M	trimmed−6%	0.00 pp	12 q
CPACopa Holdings, S.A.	0.00%	11,168	$1M	trimmed−20%	0.00 pp	2 q
WINGWingstop Inc	—	−13,617	—	exited	−0.01 pp	—
XPELXPEL, Inc.	—	−50,490	—	exited	−0.01 pp	—
HELEHelen Of Troy Ltd	—	−19,642	—	exited	−0.01 pp	—
BMBLBumble Inc. Class A	—	−98,635	—	exited	0.00 pp	—
KAROKarooooo Ltd.	—	−9,250	—	exited	0.00 pp	—