Polen Capital

Q3 2024 13F · by Dan Davidowitz, portfolio manager

As of: Sep 30, 2024
Filed: Feb 10, 2025
US stock: $38.7B · prev $39.9B
Positions: 118 · prev 110
Options notional: $0
Documents: 1· 1 amendment

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%

Moves126 since the prior filing

+13.7 pp in · −13.7 pp out

New 17 +8.04 pp
Added 26 +5.64 pp
Trimmed 74 −13.59 pp
Exited 9 −0.08 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 49% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions36% of US stock

Revealed late, restated

restated 1 row corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Feb 10, 2025 ↗

Positions118 in this filing · 9 exited


AMZNAmazon.Com Inc	12.38%	25,744,857	$4.8B	trimmed−13%	−1.98 pp	15 q
MSFTMicrosoft Corp	7.79%	7,012,465	$3.0B	trimmed−22%	−2.29 pp	29 q
GOOGAlphabet Inc. Class C	5.53%	12,821,010	$2.1B	trimmed−23%	−2.15 pp	42 q
VVISA Inc.	5.15%	7,257,741	$2.0B	trimmed−9%	−0.12 pp	46 q
NOWServicenow, Inc.	5.13%	2,223,744	$2.0B	trimmed−10%	+0.23 pp	20 q
MAMastercard Incorporated	4.89%	3,833,355	$1.9B	trimmed−10%	+0.20 pp	46 q
TMOThermo Fisher Scientific, Inc.	4.48%	2,806,786	$1.7B	trimmed−10%	+0.18 pp	8 q
ADBEAdobe Inc.	4.43%	3,311,628	$1.7B	added+24%	+0.72 pp	39 q
ABTAbbott Laboratories	4.10%	13,937,610	$1.6B	trimmed−9%	+0.11 pp	21 q
AAPLApple Inc.	4.05%	6,736,143	$1.6B	new	+4.05 pp	new
SHOPShopify Inc. Class A subordinate voting shares	3.92%	18,967,838	$1.5B	added+29%	+1.48 pp	14 q
ORCLOracle Corp	3.86%	8,767,967	$1.5B	new	+3.86 pp	new
ACNAccenture PLC	3.56%	3,902,146	$1.4B	trimmed−10%	+0.26 pp	46 q
NFLXNetFlix Inc	3.49%	1,907,867	$1.4B	trimmed−10%	−0.10 pp	15 q
MSCIMSCI, Inc.	3.35%	2,228,293	$1.3B	added+35%	+1.36 pp	5 q
ZTSZoetis Inc.	3.21%	6,366,653	$1.2B	trimmed−10%	+0.15 pp	28 q
WDAYWorkday, Inc. Class A	3.03%	4,802,526	$1.2B	added+40%	+1.11 pp	6 q
ABNBAirbnb, Inc. Class A	3.01%	9,182,584	$1.2B	trimmed−10%	−0.86 pp	13 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.01%	1,996,422	$1.2B	trimmed−11%	+0.14 pp	17 q
NVONovo-Nordisk A/S	2.11%	6,854,659	$816M	trimmed−8%	−0.56 pp	5 q
ITGartner, Inc.	1.92%	1,469,390	$745M	trimmed−11%	+0.06 pp	46 q
PAYCPaycom Software, Inc.	1.51%	3,510,896	$585M	added+57%	+0.71 pp	14 q
LLYEli Lilly & Co.	1.12%	489,955	$434M	trimmed−10%	−0.12 pp	5 q
ICLRIcon Plc	0.78%	1,053,770	$303M	trimmed−3%	−0.07 pp	30 q
AONAon plc Class A	0.70%	781,489	$270M	trimmed−5%	+0.09 pp	17 q
SAPSap SE	0.63%	1,064,415	$244M	trimmed−15%	0.00 pp	29 q
GOOGLAlphabet Inc. Class A	0.55%	1,274,326	$211M	trimmed−39%	−0.41 pp	36 q
GLOBGlobant S.a.	0.32%	632,979	$125M	added+33%	+0.11 pp	26 q
MDTMedtronic plc	0.24%	1,023,029	$92M	trimmed−3%	+0.03 pp	28 q
MELIMercado Libre, Inc	0.21%	39,015	$80M	added+26%	+0.08 pp	14 q
IWFiShares Russell 1000 Growth ETF	0.16%	162,206	$61M	trimmed−46%	−0.11 pp	44 q
ADPAutomatic Data Processing	0.14%	198,152	$55M	trimmed−60%	−0.15 pp	45 q
HDBHDFC Bank Limited	0.14%	839,039	$52M	trimmed−2%	0.00 pp	8 q
ASMLASML Holding NV	0.14%	67,283	$56M	added+32%	+0.01 pp	14 q
TMETencent Music Entertainment Group	0.05%	1,539,938	$19M	added+2%	0.00 pp	16 q
unresolvedUnilever Spn.Adr 1:1	0.04%	257,804	$17M	trimmed−49%	−0.03 pp	30 q
ONONOn Holding AG	0.04%	295,518	$15M	new	+0.04 pp	new
EXLSExlService Holdings, Inc.	0.03%	325,845	$12M	trimmed−0%	0.00 pp	5 q
HLIHoulihan Lokey, Inc.	0.03%	68,311	$11M	trimmed−17%	0.00 pp	18 q
ACWIiShares MSCI ACWI ETF	0.03%	91,122	$11M	trimmed−48%	−0.02 pp	14 q
LVSLas Vegas Sands Corp.	0.03%	202,934	$10M	added+3%	+0.01 pp	8 q
PDDPDD Holdings Inc.	0.03%	94,050	$13M	added+71%	+0.01 pp	2 q
RVLVRevolve Group, Inc.	0.03%	402,820	$10M	trimmed−21%	+0.01 pp	19 q
CRMSalesforce, Inc.	0.03%	35,710	$10M	trimmed−99%	−4.30 pp	20 q
ALRMAlarm.com Holdings, Inc.	0.02%	118,324	$6M	trimmed−8%	0.00 pp	28 q
CCCCCC Intelligent Solutions Holdings Inc.	0.02%	796,190	$9M	trimmed−7%	0.00 pp	8 q
CWANClearwater Analytics Hds-a	0.02%	338,954	$9M	trimmed−41%	−0.01 pp	5 q
CNMCore & Main, Inc.	0.02%	147,407	$7M	trimmed−7%	0.00 pp	4 q
ELFe.l.f. Beauty, Inc.	0.02%	64,126	$7M	new	+0.02 pp	new
EEFTEuronet Worldwide Inc	0.02%	59,928	$6M	trimmed−7%	0.00 pp	9 q
GNRCGenerac Holdings Inc	0.02%	57,902	$9M	trimmed−18%	0.00 pp	4 q
GSHDGoosehead Insurance, Inc. Class A	0.02%	105,858	$9M	trimmed−18%	0.00 pp	17 q
HLNEHamilton Lane Incorporated Class A	0.02%	55,830	$9M	trimmed−29%	0.00 pp	11 q
IVViShares Core S&P 500 ETF	0.02%	10,746	$6M	new	+0.02 pp	new
PGNYProgyny, Inc.	0.02%	362,120	$6M	added+4%	−0.01 pp	15 q
WRBYWarby Parker Inc.	0.02%	414,405	$7M	trimmed−11%	0.00 pp	12 q
YUMCYum China Holdings, Inc.	0.02%	210,855	$9M	added+5%	0.00 pp	6 q
DLODLocal Limited Class A	0.02%	987,283	$8M	added+4%	0.00 pp	8 q
AAONAaon Inc	0.01%	32,928	$4M	trimmed−6%	0.00 pp	2 q
ALGNAlign Technology Inc	0.01%	10,215	$3M	trimmed−49%	0.00 pp	35 q
AITApplied Industrial Technologies, Inc.	0.01%	16,204	$4M	added×2.1	+0.01 pp	2 q
ADSKAutodesk Inc	0.01%	7,239	$2M	trimmed−83%	−0.02 pp	19 q
TECHBio-Techne Corp.	0.01%	27,443	$2M	trimmed−23%	0.00 pp	4 q
BLBlackLine, Inc.	0.01%	69,297	$4M	trimmed−33%	0.00 pp	18 q
ROADConstruction Partners, Inc. Class A	0.01%	35,094	$2M	added+37%	+0.01 pp	2 q
DTDynatrace, Inc.	0.01%	38,791	$2M	trimmed−24%	0.00 pp	16 q
EPAMEpam Systems, Inc.	0.01%	20,722	$4M	trimmed−20%	0.00 pp	7 q
FSVFirstService Corporation	0.01%	28,137	$5M	trimmed−6%	0.00 pp	8 q
FOXFFox Factory Holding Corp.	0.01%	68,723	$3M	trimmed−15%	0.00 pp	29 q
CATHGlobal X S&P 500 Catholic Values ETF	0.01%	54,750	$4M	trimmed−2%	0.00 pp	13 q
NSITInsight Enterprises Inc	0.01%	21,357	$5M	new	+0.01 pp	new
IBPInstalled Building Products, Inc.	0.01%	17,963	$4M	added+37%	0.00 pp	2 q
IWMiShares Russell 2000 ETF	0.01%	13,381	$3M	added+35%	0.00 pp	4 q
ACWXiShares MSCI ACWI ex US ETF	0.01%	39,480	$2M	added0%	0.00 pp	14 q
KBKB Financial Group Inc	0.01%	78,267	$5M	held	—	3 q
KNSLKinsale Capital Group, Inc.	0.01%	4,181	$2M	added+81%	+0.01 pp	2 q
LGIHLGI Homes, Inc.	0.01%	19,430	$2M	trimmed−3%	+0.01 pp	4 q
MKTXMarketAxess Holdings Inc.	0.01%	8,669	$2M	added+7%	+0.01 pp	4 q
MEDPMedpace Holdings, Inc.	0.01%	14,964	$5M	trimmed−14%	−0.01 pp	4 q
MORNMorningstar, Inc.	0.01%	6,196	$2M	trimmed−23%	0.00 pp	6 q
NVEENV5 Global, Inc.	0.01%	40,808	$4M	new	+0.01 pp	new
OPCHOption Care Health, Inc.	0.01%	144,294	$5M	trimmed−6%	0.00 pp	2 q
PCTYPaylocity Holding Corporation	0.01%	23,332	$4M	new	+0.01 pp	new
QLYSQualys, Inc.	0.01%	20,504	$3M	trimmed−20%	0.00 pp	18 q
RMBSRambus Inc	0.01%	56,150	$2M	new	+0.01 pp	new
RGENRepligen Corp	0.01%	35,383	$5M	added×2.4	+0.01 pp	2 q
SITESiteOne Landscape Supply, Inc.	0.01%	16,293	$2M	trimmed−5%	0.00 pp	10 q
VUGVanguard Morningstar Growth ETF	0.01%	13,814	$5M	new	+0.01 pp	new
YETIYETI Holdings, Inc.	0.01%	113,236	$5M	trimmed−6%	0.00 pp	19 q
AMNAMN Healthcare Services	0.00%	44,812	$2M	trimmed−27%	−0.01 pp	28 q
BAHBooz Allen Hamilton Holding Corporation	0.00%	4,722	$768,553	new	0.00 pp	new
BWMNBowman Consulting Group Ltd.	0.00%	41,186	$991,756	trimmed−11%	0.00 pp	4 q
CALYCallaway Golf Company	0.00%	95,972	$1M	trimmed−37%	−0.01 pp	4 q
CRLCharles River Laboratories International, Inc.	0.00%	5,504	$1M	trimmed−4%	0.00 pp	10 q
BROSDutch Bros Inc.	0.00%	44,241	$1M	new	0.00 pp	new
AZPNAspen Technology Inc	0.00%	7,483	$2M	trimmed−24%	0.00 pp	10 q
DAVAEndava plc	0.00%	9,776	$249,689	trimmed−48%	0.00 pp	16 q
ETSYEtsy, Inc.	0.00%	24,738	$1M	trimmed−25%	0.00 pp	19 q
FIVEFive Below, Inc.	0.00%	5,004	$442,103	trimmed−76%	−0.01 pp	11 q
FNDFloor & Decor Holdings, Inc.	0.00%	7,266	$902,219	trimmed−5%	0.00 pp	12 q
USHYiShares Broad USD High Yield Corporate Bond ETF	0.00%	26,300	$990,195	new	0.00 pp	new
SGOViShares 0-3 Month Treasury Bond ETF	0.00%	18,526	$2M	added+79%	0.00 pp	4 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.00%	8,371	$887,242	trimmed−14%	0.00 pp	2 q
NTESNetEase, inc.	0.00%	5,268	$492,611	added+32%	0.00 pp	3 q
NKENike, Inc.	0.00%	15,237	$1M	trimmed−100%	−1.70 pp	46 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	12,608	$1M	trimmed−2%	0.00 pp	2 q
PYPLPayPal Holdings, Inc.	0.00%	8,813	$687,662	trimmed−31%	0.00 pp	23 q
POOLPool Corporation	0.00%	3,672	$1M	added+5%	0.00 pp	4 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	1,863	$1M	new	0.00 pp	new
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF	0.00%	5,072	$465,647	trimmed−94%	−0.02 pp	4 q
SKILSkillsoft Corp.	0.00%	60,108	$931,674	trimmed−18%	0.00 pp	11 q
TTEKTetra Tech Inc	0.00%	23,124	$1M	added+40%	0.00 pp	2 q
BLDTopBuild Corp.	0.00%	4,075	$2M	new	0.00 pp	new
TREXTrex Company, Inc.	0.00%	5,189	$345,484	trimmed−4%	0.00 pp	28 q
TYLTyler Technologies, Inc.	0.00%	2,397	$1M	trimmed−23%	0.00 pp	13 q
VTVanguard Total World Stock ETF	0.00%	4,018	$480,924	new	0.00 pp	new
CPACopa Holdings, S.A.	0.00%	9,628	$903,492	trimmed−14%	0.00 pp	3 q
KAROKarooooo Ltd.	0.00%	10,634	$421,425	new	0.00 pp	new
ALITAlight, Inc.	—	−1,008,705	—	exited	−0.02 pp	—
APPFAppFolio, Inc. Class A	—	−17,855	—	exited	−0.01 pp	—
DOCSDoximity, Inc.	—	−105,500	—	exited	−0.01 pp	—
MPWRMonolithic Power Systems, Inc.	—	−2,442	—	exited	−0.01 pp	—
RHRh	—	−8,283	—	exited	−0.01 pp	—
SITMSiTime Corporation	—	−46,054	—	exited	−0.01 pp	—
VONGVanguard Russell 1000 Growth ETF	—	−34,536	—	exited	−0.01 pp	—
METAMeta Platforms, Inc. Class A	—	−808	—	exited	0.00 pp	—
FCXFreeport-McMoran Inc.	—	−10,419	—	exited	0.00 pp	—