Polen Capital

Q4 2024 13F · by Dan Davidowitz, portfolio manager

As of: Dec 31, 2024
Filed: Feb 10, 2025
US stock: $37.0B · prev $38.7B
Positions: 124 · prev 118
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%

Moves132 since the prior filing

+4.9 pp in · −4.9 pp out

New 15 +1.56 pp
Added 27 +3.31 pp
Trimmed 81 −4.85 pp
Exited 9 −0.06 pp

The book

Focused · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.8 years per position

Low
Moderate
High

Top 5 positions35% of US stock

Positions124 in this filing · 9 exited


AMZNAmazon.Com Inc	11.59%	19,546,612	$4.3B	trimmed−24%	−0.79 pp	16 q
MSFTMicrosoft Corp	7.30%	6,410,882	$2.7B	trimmed−9%	−0.49 pp	30 q
GOOGAlphabet Inc. Class C	5.70%	11,076,271	$2.1B	trimmed−14%	+0.17 pp	43 q
VVISA Inc.	5.62%	6,578,733	$2.1B	trimmed−9%	+0.47 pp	47 q
MAMastercard Incorporated	4.97%	3,492,466	$1.8B	trimmed−9%	+0.08 pp	47 q
SHOPShopify Inc. Class A subordinate voting shares	4.91%	17,079,480	$1.8B	trimmed−10%	+0.99 pp	15 q
ORCLOracle Corp	4.83%	10,723,731	$1.8B	added+22%	+0.97 pp	2 q
NOWServicenow, Inc.	4.68%	1,634,595	$1.7B	trimmed−26%	−0.45 pp	21 q
AAPLApple Inc.	4.17%	6,169,513	$1.5B	trimmed−8%	+0.12 pp	2 q
NFLXNetFlix Inc	4.16%	1,727,862	$1.5B	trimmed−9%	+0.67 pp	16 q
ABTAbbott Laboratories	3.88%	12,688,363	$1.4B	trimmed−9%	−0.22 pp	22 q
ADBEAdobe Inc.	3.62%	3,015,574	$1.3B	trimmed−9%	−0.81 pp	40 q
TMOThermo Fisher Scientific, Inc.	3.46%	2,461,195	$1.3B	trimmed−12%	−1.02 pp	9 q
ACNAccenture PLC	3.35%	3,526,610	$1.2B	trimmed−10%	−0.21 pp	47 q
MSCIMSCI, Inc.	3.29%	2,032,238	$1.2B	trimmed−9%	−0.06 pp	6 q
ZTSZoetis Inc.	3.29%	7,483,194	$1.2B	added+18%	+0.08 pp	29 q
WDAYWorkday, Inc. Class A	2.99%	4,287,623	$1.1B	trimmed−11%	−0.04 pp	7 q
ABNBAirbnb, Inc. Class A	2.92%	8,216,914	$1.1B	trimmed−11%	−0.09 pp	14 q
LLYEli Lilly & Co.	2.70%	1,295,389	$1.0B	added×2.6	+1.58 pp	6 q
PAYCPaycom Software, Inc.	1.76%	3,171,660	$650M	trimmed−10%	+0.25 pp	15 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.54%	1,125,593	$569M	trimmed−44%	−1.47 pp	18 q
NVONovo-Nordisk A/S	1.49%	6,405,748	$551M	trimmed−7%	−0.62 pp	6 q
CSGPCoStar Group Inc	1.26%	6,497,188	$465M	new	+1.26 pp	new
ITGartner, Inc.	1.18%	902,690	$437M	trimmed−39%	−0.74 pp	47 q
AONAon plc Class A	0.70%	719,322	$258M	trimmed−8%	0.00 pp	18 q
SAPSap SE	0.67%	999,944	$246M	trimmed−6%	+0.04 pp	30 q
GOOGLAlphabet Inc. Class A	0.63%	1,230,197	$233M	trimmed−3%	+0.08 pp	37 q
IWFiShares Russell 1000 Growth ETF	0.55%	503,619	$202M	added×3.1	+0.39 pp	45 q
ICLRIcon Plc	0.40%	711,510	$149M	trimmed−32%	−0.38 pp	31 q
GLOBGlobant S.a.	0.37%	634,524	$136M	added0%	+0.05 pp	27 q
MELIMercado Libre, Inc	0.17%	36,595	$62M	trimmed−6%	−0.04 pp	15 q
MDTMedtronic plc	0.17%	782,478	$63M	trimmed−24%	−0.07 pp	29 q
ADPAutomatic Data Processing	0.14%	179,749	$53M	trimmed−9%	0.00 pp	46 q
HDBHDFC Bank Limited	0.13%	774,580	$49M	trimmed−8%	−0.01 pp	9 q
ASMLASML Holding NV	0.12%	62,141	$43M	trimmed−8%	−0.02 pp	15 q
WTWWillis Towers Watson Public Limited Company	0.11%	128,586	$40M	new	+0.11 pp	new
ACWIiShares MSCI ACWI ETF	0.10%	317,801	$37M	added×3.5	+0.07 pp	15 q
SPOTSpotify Technology S.A.	0.07%	60,861	$27M	new	+0.07 pp	new
NUNu Holdings Ltd.	0.06%	2,243,471	$23M	new	+0.06 pp	new
ACWXiShares MSCI ACWI ex US ETF	0.05%	380,271	$20M	added×9.6	+0.04 pp	15 q
EXLSExlService Holdings, Inc.	0.04%	319,490	$14M	trimmed−2%	+0.01 pp	6 q
unresolvedUnilever Spn.Adr 1:1	0.04%	244,122	$14M	trimmed−5%	0.00 pp	31 q
VUGVanguard Morningstar Growth ETF	0.04%	39,046	$16M	added×2.8	+0.03 pp	2 q
ONONOn Holding AG	0.04%	278,383	$15M	trimmed−6%	0.00 pp	2 q
RVLVRevolve Group, Inc.	0.03%	304,529	$10M	trimmed−24%	0.00 pp	20 q
TMETencent Music Entertainment Group	0.03%	1,059,587	$12M	trimmed−31%	−0.02 pp	17 q
MNDYmonday.com Ltd.	0.03%	53,186	$13M	new	+0.03 pp	new
CCCCCC Intelligent Solutions Holdings Inc.	0.02%	762,304	$9M	trimmed−4%	0.00 pp	9 q
CNMCore & Main, Inc.	0.02%	135,737	$7M	trimmed−8%	0.00 pp	5 q
ELFe.l.f. Beauty, Inc.	0.02%	61,473	$8M	trimmed−4%	0.00 pp	2 q
FSVFirstService Corporation	0.02%	32,771	$6M	added+16%	+0.01 pp	9 q
GNRCGenerac Holdings Inc	0.02%	44,416	$7M	trimmed−23%	0.00 pp	5 q
GSHDGoosehead Insurance, Inc. Class A	0.02%	84,310	$9M	trimmed−20%	0.00 pp	18 q
HLNEHamilton Lane Incorporated Class A	0.02%	55,644	$8M	trimmed−0%	0.00 pp	12 q
HLIHoulihan Lokey, Inc.	0.02%	35,999	$6M	trimmed−47%	−0.01 pp	19 q
NSITInsight Enterprises Inc	0.02%	41,431	$6M	added+94%	+0.01 pp	2 q
LVSLas Vegas Sands Corp.	0.02%	154,724	$8M	trimmed−24%	−0.01 pp	9 q
PCTYPaylocity Holding Corporation	0.02%	28,689	$6M	added+23%	+0.01 pp	2 q
PDDPDD Holdings Inc.	0.02%	67,092	$7M	trimmed−29%	−0.01 pp	3 q
RGENRepligen Corp	0.02%	40,556	$6M	added+15%	+0.01 pp	3 q
SPYState Street SPDR S&P 500 ETF Trust	0.02%	9,539	$6M	added×5.1	+0.02 pp	2 q
CRMSalesforce, Inc.	0.02%	19,582	$7M	trimmed−45%	−0.01 pp	21 q
WRBYWarby Parker Inc.	0.02%	319,822	$8M	trimmed−23%	0.00 pp	13 q
DLODLocal Limited Class A	0.02%	627,360	$7M	trimmed−36%	0.00 pp	9 q
AAONAaon Inc	0.01%	31,557	$4M	trimmed−4%	0.00 pp	3 q
AITApplied Industrial Technologies, Inc.	0.01%	18,556	$4M	added+15%	0.00 pp	3 q
BDCBelden Inc.	0.01%	24,182	$3M	new	+0.01 pp	new
BLBlackLine, Inc.	0.01%	62,791	$4M	trimmed−9%	0.00 pp	19 q
CWANClearwater Analytics Hds-a	0.01%	140,029	$4M	trimmed−59%	−0.01 pp	6 q
ROADConstruction Partners, Inc. Class A	0.01%	32,009	$3M	trimmed−9%	0.00 pp	3 q
BROSDutch Bros Inc.	0.01%	105,023	$6M	added×2.4	+0.01 pp	2 q
EPAMEpam Systems, Inc.	0.01%	13,454	$3M	trimmed−35%	0.00 pp	8 q
CATHGlobal X S&P 500 Catholic Values ETF	0.01%	47,625	$3M	trimmed−13%	0.00 pp	14 q
IBPInstalled Building Products, Inc.	0.01%	15,752	$3M	trimmed−12%	0.00 pp	3 q
IWMiShares Russell 2000 ETF	0.01%	10,007	$2M	trimmed−25%	0.00 pp	5 q
KNSLKinsale Capital Group, Inc.	0.01%	4,517	$2M	added+8%	0.00 pp	3 q
MEDPMedpace Holdings, Inc.	0.01%	16,223	$5M	added+8%	0.00 pp	5 q
POOLPool Corporation	0.01%	5,962	$2M	added+62%	+0.01 pp	5 q
PGNYProgyny, Inc.	0.01%	260,708	$4M	trimmed−28%	−0.01 pp	16 q
QLYSQualys, Inc.	0.01%	18,701	$3M	trimmed−9%	0.00 pp	19 q
RMBSRambus Inc	0.01%	99,259	$5M	added+77%	0.00 pp	2 q
SITESiteOne Landscape Supply, Inc.	0.01%	24,140	$3M	added+48%	0.00 pp	11 q
TREXTrex Company, Inc.	0.01%	56,268	$4M	added×10.8	+0.01 pp	29 q
VTVanguard Total World Stock ETF	0.01%	26,794	$3M	added×6.7	+0.01 pp	2 q
WSCWillScot Holdings Corporation Class A	0.01%	125,024	$4M	new	+0.01 pp	new
YETIYETI Holdings, Inc.	0.01%	98,057	$4M	trimmed−13%	0.00 pp	20 q
YUMCYum China Holdings, Inc.	0.01%	85,998	$4M	trimmed−59%	−0.01 pp	7 q
FNFabrinet	0.01%	12,605	$3M	new	+0.01 pp	new
AMNAMN Healthcare Services	0.00%	38,142	$912,357	trimmed−15%	0.00 pp	29 q
ALRMAlarm.com Holdings, Inc.	0.00%	21,461	$1M	trimmed−82%	−0.02 pp	29 q
ALGNAlign Technology Inc	0.00%	4,504	$939,062	trimmed−56%	−0.01 pp	36 q
ADSKAutodesk Inc	0.00%	5,174	$2M	trimmed−29%	−0.01 pp	20 q
BSYBentley Systems, Incorporated Class B	0.00%	21,407	$999,707	new	0.00 pp	new
TECHBio-Techne Corp.	0.00%	20,760	$1M	trimmed−24%	−0.01 pp	5 q
BAHBooz Allen Hamilton Holding Corporation	0.00%	8,900	$1M	added+88%	0.00 pp	2 q
BWMNBowman Consulting Group Ltd.	0.00%	38,968	$972,239	trimmed−5%	0.00 pp	5 q
CALYCallaway Golf Company	0.00%	83,466	$656,043	trimmed−13%	0.00 pp	5 q
CRLCharles River Laboratories International, Inc.	0.00%	4,248	$784,181	trimmed−23%	0.00 pp	11 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.00%	8,226	$1M	new	0.00 pp	new
DTDynatrace, Inc.	0.00%	29,021	$2M	trimmed−25%	−0.01 pp	17 q
ENTGEntegris Inc	0.00%	11,026	$1M	new	0.00 pp	new
ETSYEtsy, Inc.	0.00%	15,037	$795,307	trimmed−39%	0.00 pp	20 q
FERGFerguson Enterprises Inc.	0.00%	1,238	$214,880	new	0.00 pp	new
FNDFloor & Decor Holdings, Inc.	0.00%	9,800	$977,060	added+35%	0.00 pp	13 q
FOXFFox Factory Holding Corp.	0.00%	41,273	$1M	trimmed−40%	−0.01 pp	30 q
IOOiShares Global 100 ETF	0.00%	6,708	$675,974	new	0.00 pp	new
USHYiShares Broad USD High Yield Corporate Bond ETF	0.00%	26,300	$967,577	held	—	2 q
SGOViShares 0-3 Month Treasury Bond ETF	0.00%	5,569	$558,682	trimmed−70%	0.00 pp	5 q
KBKB Financial Group Inc	0.00%	14,529	$826,700	trimmed−81%	−0.01 pp	4 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.00%	3,105	$294,075	trimmed−63%	0.00 pp	3 q
LGIHLGI Homes, Inc.	0.00%	16,100	$1M	trimmed−17%	−0.01 pp	5 q
MKTXMarketAxess Holdings Inc.	0.00%	4,357	$984,856	trimmed−50%	−0.01 pp	5 q
MORNMorningstar, Inc.	0.00%	3,906	$1M	trimmed−37%	−0.01 pp	7 q
NTESNetEase, inc.	0.00%	4,719	$420,982	trimmed−10%	0.00 pp	4 q
NKENike, Inc.	0.00%	13,607	$1M	trimmed−11%	0.00 pp	47 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	12,603	$1M	trimmed−0%	0.00 pp	3 q
PYPLPayPal Holdings, Inc.	0.00%	7,441	$635,102	trimmed−16%	0.00 pp	24 q
PEverpure, Inc.	0.00%	10,643	$653,799	new	0.00 pp	new
SKILSkillsoft Corp.	0.00%	57,172	$1M	trimmed−5%	0.00 pp	12 q
TTEKTetra Tech Inc	0.00%	43,162	$2M	added+87%	0.00 pp	3 q
BLDTopBuild Corp.	0.00%	5,220	$2M	added+28%	0.00 pp	2 q
CLBTCellebrite DI Ltd. Class A	0.00%	10,095	$222,393	new	0.00 pp	new
CPACopa Holdings, S.A.	0.00%	7,293	$640,909	trimmed−24%	0.00 pp	4 q
KAROKarooooo Ltd.	0.00%	13,273	$599,276	added+25%	0.00 pp	2 q
EEFTEuronet Worldwide Inc	—	−59,928	—	exited	−0.02 pp	—
IVViShares Core S&P 500 ETF	—	−10,746	—	exited	−0.02 pp	—
NVEENV5 Global, Inc.	—	−163,232	—	exited	−0.01 pp	—
OPCHOption Care Health, Inc.	—	−144,294	—	exited	−0.01 pp	—
AZPNAspen Technology Inc	—	−7,483	—	exited	0.00 pp	—
DAVAEndava plc	—	−9,776	—	exited	0.00 pp	—
FIVEFive Below, Inc.	—	−5,004	—	exited	0.00 pp	—
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF	—	−5,072	—	exited	0.00 pp	—
TYLTyler Technologies, Inc.	—	−2,397	—	exited	0.00 pp	—