Polen Capital

Q1 2025 13F · by Dan Davidowitz, portfolio manager

As of: Mar 31, 2025
Filed: May 12, 2025
US stock: $31.8B · prev $37.0B
Positions: 117 · prev 124
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%

Moves130 since the prior filing

+9.5 pp in · −9.5 pp out

New 7 +1.58 pp
Added 34 +7.92 pp
Trimmed 75 −9.41 pp
Exited 14 −0.05 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions35% of US stock

AMZN Amazon.Com Inc trimmed−0.99 pp trimmed−0.9910.6%
MSFT Microsoft Corp trimmed−0.30 pp trimmed−0.307.0%
V VISA Inc. trimmed+1.01 pp trimmed+1.016.6%
ORCL Oracle Corp added+0.71 pp added+0.715.5%
MA Mastercard Incorporated trimmed+0.56 pp trimmed+0.565.5%

Positions117 in this filing · 14 exited


AMZNAmazon.Com Inc	10.60%	17,747,395	$3.4B	trimmed−9%	−0.99 pp	17 q
MSFTMicrosoft Corp	7.00%	5,941,106	$2.2B	trimmed−7%	−0.30 pp	31 q
VVISA Inc.	6.63%	6,023,710	$2.1B	trimmed−8%	+1.01 pp	48 q
ORCLOracle Corp	5.54%	12,609,101	$1.8B	added+18%	+0.71 pp	3 q
MAMastercard Incorporated	5.53%	3,211,209	$1.8B	trimmed−8%	+0.56 pp	48 q
ABTAbbott Laboratories	4.74%	11,385,577	$1.5B	trimmed−10%	+0.86 pp	23 q
SHOPShopify Inc. Class A subordinate voting shares	4.58%	15,270,075	$1.5B	trimmed−11%	−0.33 pp	16 q
LLYEli Lilly & Co.	4.55%	1,754,571	$1.4B	added+35%	+1.85 pp	7 q
ZTSZoetis Inc.	4.55%	8,796,847	$1.4B	added+18%	+1.26 pp	30 q
AONAon plc Class A	3.77%	3,007,719	$1.2B	added×4.2	+3.07 pp	19 q
GOOGAlphabet Inc. Class C	3.65%	7,434,428	$1.2B	trimmed−33%	−2.05 pp	44 q
TMOThermo Fisher Scientific, Inc.	3.63%	2,322,482	$1.2B	trimmed−6%	+0.17 pp	10 q
ADBEAdobe Inc.	3.39%	2,818,625	$1.1B	trimmed−7%	−0.23 pp	41 q
MSCIMSCI, Inc.	3.32%	1,868,138	$1.1B	trimmed−8%	+0.03 pp	7 q
ACNAccenture PLC	3.14%	3,208,478	$1.0B	trimmed−9%	−0.21 pp	48 q
ABNBAirbnb, Inc. Class A	2.90%	7,726,604	$923M	trimmed−6%	−0.02 pp	15 q
WDAYWorkday, Inc. Class A	2.89%	3,944,506	$921M	trimmed−8%	−0.10 pp	8 q
NFLXNetFlix Inc	2.60%	888,072	$828M	trimmed−49%	−1.56 pp	17 q
NOWServicenow, Inc.	2.37%	949,728	$756M	trimmed−42%	−2.31 pp	22 q
PAYCPaycom Software, Inc.	2.13%	3,097,854	$677M	trimmed−2%	+0.37 pp	16 q
AAPLApple Inc.	1.87%	2,681,114	$596M	trimmed−57%	−2.30 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.71%	1,037,575	$543M	trimmed−8%	+0.17 pp	19 q
CSGPCoStar Group Inc	1.64%	6,601,800	$523M	added+2%	+0.38 pp	2 q
SBUXStarbucks Corp	1.58%	5,133,440	$504M	new	+1.58 pp	new
ITGartner, Inc.	1.10%	835,522	$351M	trimmed−7%	−0.08 pp	48 q
SAPSap SE	0.46%	542,699	$146M	trimmed−46%	−0.21 pp	31 q
IWFiShares Russell 1000 Growth ETF	0.44%	385,522	$139M	trimmed−23%	−0.11 pp	46 q
MELIMercado Libre, Inc	0.42%	68,534	$134M	added+87%	+0.25 pp	16 q
WTWWillis Towers Watson Public Limited Company	0.39%	366,539	$124M	added×2.9	+0.28 pp	2 q
ICLRIcon Plc	0.35%	635,052	$111M	trimmed−11%	−0.05 pp	32 q
GOOGLAlphabet Inc. Class A	0.30%	610,910	$94M	trimmed−50%	−0.33 pp	38 q
GLOBGlobant S.a.	0.29%	774,418	$91M	added+22%	−0.08 pp	28 q
NVONovo-Nordisk A/S	0.22%	1,001,906	$70M	trimmed−84%	−1.27 pp	7 q
MDTMedtronic plc	0.18%	629,483	$57M	trimmed−20%	+0.01 pp	30 q
ADPAutomatic Data Processing	0.16%	166,526	$51M	trimmed−7%	+0.02 pp	47 q
HDBHDFC Bank Limited	0.14%	651,063	$43M	trimmed−16%	+0.01 pp	10 q
ACWIiShares MSCI ACWI ETF	0.14%	384,795	$45M	added+21%	+0.04 pp	16 q
ASMLASML Holding NV	0.11%	52,677	$35M	trimmed−15%	−0.01 pp	16 q
NUNu Holdings Ltd.	0.10%	2,969,781	$30M	added+32%	+0.04 pp	2 q
TMETencent Music Entertainment Group	0.09%	1,978,769	$29M	added+87%	+0.06 pp	18 q
SPOTSpotify Technology S.A.	0.07%	38,749	$21M	trimmed−36%	0.00 pp	2 q
MNDYmonday.com Ltd.	0.05%	71,261	$17M	added+34%	+0.02 pp	2 q
EXLSExlService Holdings, Inc.	0.04%	260,017	$12M	trimmed−19%	0.00 pp	7 q
ONONOn Holding AG	0.03%	238,933	$10M	trimmed−14%	−0.01 pp	3 q
CCCCCC Intelligent Solutions Holdings Inc.	0.02%	544,653	$5M	trimmed−29%	0.00 pp	10 q
CNMCore & Main, Inc.	0.02%	124,953	$6M	trimmed−8%	0.00 pp	6 q
FSVFirstService Corporation	0.02%	29,648	$5M	trimmed−10%	0.00 pp	10 q
GSHDGoosehead Insurance, Inc. Class A	0.02%	61,317	$7M	trimmed−27%	0.00 pp	19 q
HLNEHamilton Lane Incorporated Class A	0.02%	52,320	$8M	trimmed−6%	0.00 pp	13 q
HLIHoulihan Lokey, Inc.	0.02%	32,295	$5M	trimmed−10%	0.00 pp	20 q
NSITInsight Enterprises Inc	0.02%	42,133	$6M	added+2%	0.00 pp	3 q
LVSLas Vegas Sands Corp.	0.02%	139,619	$5M	trimmed−10%	0.00 pp	10 q
MEDPMedpace Holdings, Inc.	0.02%	24,466	$7M	added+51%	+0.01 pp	6 q
PCTYPaylocity Holding Corporation	0.02%	31,338	$6M	added+9%	0.00 pp	3 q
PDDPDD Holdings Inc.	0.02%	66,193	$8M	trimmed−1%	0.00 pp	4 q
PGNYProgyny, Inc.	0.02%	261,506	$6M	added0%	+0.01 pp	17 q
RMBSRambus Inc	0.02%	109,117	$6M	added+10%	+0.01 pp	3 q
VUGVanguard Morningstar Growth ETF	0.02%	14,589	$5M	trimmed−63%	−0.02 pp	3 q
DLODLocal Limited Class A	0.02%	627,551	$5M	added0%	0.00 pp	10 q
AAONAaon Inc	0.01%	49,466	$4M	added+57%	0.00 pp	4 q
AITApplied Industrial Technologies, Inc.	0.01%	21,160	$5M	added+14%	0.00 pp	4 q
BDCBelden Inc.	0.01%	30,665	$3M	added+27%	0.00 pp	2 q
TECHBio-Techne Corp.	0.01%	46,314	$3M	added×2.2	+0.01 pp	6 q
BLBlackLine, Inc.	0.01%	55,099	$3M	trimmed−12%	0.00 pp	20 q
CWANClearwater Analytics Hds-a	0.01%	124,892	$3M	trimmed−11%	0.00 pp	7 q
ROADConstruction Partners, Inc. Class A	0.01%	34,795	$3M	added+9%	0.00 pp	4 q
BROSDutch Bros Inc.	0.01%	68,124	$4M	trimmed−35%	0.00 pp	3 q
ELFe.l.f. Beauty, Inc.	0.01%	69,325	$4M	added+13%	−0.01 pp	3 q
EPAMEpam Systems, Inc.	0.01%	16,512	$3M	added+23%	0.00 pp	9 q
GNRCGenerac Holdings Inc	0.01%	33,409	$4M	trimmed−25%	−0.01 pp	6 q
CATHGlobal X S&P 500 Catholic Values ETF	0.01%	53,317	$4M	added+12%	0.00 pp	15 q
IBPInstalled Building Products, Inc.	0.01%	15,650	$3M	trimmed−1%	0.00 pp	4 q
IWMiShares Russell 2000 ETF	0.01%	10,362	$2M	added+4%	0.00 pp	6 q
ACWXiShares MSCI ACWI ex US ETF	0.01%	58,768	$3M	trimmed−85%	−0.04 pp	16 q
SGOViShares 0-3 Month Treasury Bond ETF	0.01%	23,299	$2M	added×4.2	+0.01 pp	6 q
KNSLKinsale Capital Group, Inc.	0.01%	4,262	$2M	trimmed−6%	0.00 pp	4 q
POOLPool Corporation	0.01%	5,617	$2M	trimmed−6%	0.00 pp	6 q
QLYSQualys, Inc.	0.01%	16,742	$2M	trimmed−10%	0.00 pp	20 q
RGENRepligen Corp	0.01%	30,902	$4M	trimmed−24%	−0.01 pp	4 q
RVLVRevolve Group, Inc.	0.01%	160,282	$3M	trimmed−47%	−0.02 pp	21 q
CRMSalesforce, Inc.	0.01%	8,257	$2M	trimmed−58%	−0.01 pp	22 q
SITESiteOne Landscape Supply, Inc.	0.01%	21,338	$3M	trimmed−12%	0.00 pp	12 q
TREXTrex Company, Inc.	0.01%	78,742	$5M	added+40%	0.00 pp	30 q
WRBYWarby Parker Inc.	0.01%	147,071	$3M	trimmed−54%	−0.01 pp	14 q
WSCWillScot Holdings Corporation Class A	0.01%	116,917	$3M	trimmed−6%	0.00 pp	2 q
YUMCYum China Holdings, Inc.	0.01%	86,045	$4M	added0%	0.00 pp	8 q
FNFabrinet	0.01%	15,249	$3M	added+21%	0.00 pp	2 q
AMNAMN Healthcare Services	0.00%	38,564	$943,278	added+1%	0.00 pp	30 q
ADSKAutodesk Inc	0.00%	2,455	$642,794	trimmed−53%	0.00 pp	21 q
BSYBentley Systems, Incorporated Class B	0.00%	19,464	$765,714	trimmed−9%	0.00 pp	2 q
BWMNBowman Consulting Group Ltd.	0.00%	35,417	$773,152	trimmed−9%	0.00 pp	6 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.00%	7,933	$962,273	trimmed−4%	0.00 pp	2 q
FIXComfort Systems USA, Inc.	0.00%	1,166	$375,837	new	0.00 pp	new
DTDynatrace, Inc.	0.00%	26,718	$1M	trimmed−8%	0.00 pp	18 q
ENTGEntegris Inc	0.00%	11,539	$1M	added+5%	0.00 pp	2 q
FNDFloor & Decor Holdings, Inc.	0.00%	8,924	$718,114	trimmed−9%	0.00 pp	14 q
IOOiShares Global 100 ETF	0.00%	2,474	$305,553	trimmed−63%	0.00 pp	2 q
IWOiShares Russell 2000 Growth ETF	0.00%	1,528	$390,530	new	0.00 pp	new
LGIHLGI Homes, Inc.	0.00%	14,523	$965,349	trimmed−10%	0.00 pp	6 q
MANHManhattan Associates Inc	0.00%	2,226	$385,187	new	0.00 pp	new
MKTXMarketAxess Holdings Inc.	0.00%	4,046	$875,352	trimmed−7%	0.00 pp	6 q
MORNMorningstar, Inc.	0.00%	3,534	$1M	trimmed−10%	0.00 pp	8 q
NTESNetEase, inc.	0.00%	4,321	$444,717	trimmed−8%	0.00 pp	5 q
NKENike, Inc.	0.00%	6,209	$394,152	trimmed−54%	0.00 pp	48 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	8,998	$1M	trimmed−29%	0.00 pp	4 q
PYPLPayPal Holdings, Inc.	0.00%	4,943	$322,549	trimmed−34%	0.00 pp	25 q
PEverpure, Inc.	0.00%	9,597	$424,859	trimmed−10%	0.00 pp	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	1,448	$809,812	trimmed−85%	−0.02 pp	3 q
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF	0.00%	5,242	$480,849	new	0.00 pp	new
SAIASaia, Inc.	0.00%	2,464	$860,996	new	0.00 pp	new
SKILSkillsoft Corp.	0.00%	57,172	$1M	held	—	13 q
TTEKTetra Tech Inc	0.00%	14,061	$411,284	trimmed−67%	0.00 pp	4 q
BLDTopBuild Corp.	0.00%	4,931	$2M	trimmed−6%	0.00 pp	3 q
VTVanguard Total World Stock ETF	0.00%	10,959	$1M	trimmed−59%	−0.01 pp	3 q
WINGWingstop Inc	0.00%	1,476	$332,956	new	0.00 pp	new
CLBTCellebrite DI Ltd. Class A	0.00%	14,849	$288,516	added+47%	0.00 pp	2 q
KAROKarooooo Ltd.	0.00%	6,899	$293,483	trimmed−48%	0.00 pp	3 q
unresolvedUnilever Spn.Adr 1:1	—	−244,122	—	exited	−0.04 pp	—
YETIYETI Holdings, Inc.	—	−98,057	—	exited	−0.01 pp	—
ALRMAlarm.com Holdings, Inc.	—	−21,461	—	exited	0.00 pp	—
ALGNAlign Technology Inc	—	−4,504	—	exited	0.00 pp	—
BAHBooz Allen Hamilton Holding Corporation	—	−8,900	—	exited	0.00 pp	—
CALYCallaway Golf Company	—	−83,466	—	exited	0.00 pp	—
CRLCharles River Laboratories International, Inc.	—	−4,248	—	exited	0.00 pp	—
ETSYEtsy, Inc.	—	−15,037	—	exited	0.00 pp	—
FERGFerguson Enterprises Inc.	—	−1,238	—	exited	0.00 pp	—
FOXFFox Factory Holding Corp.	—	−41,273	—	exited	0.00 pp	—
USHYiShares Broad USD High Yield Corporate Bond ETF	—	−26,300	—	exited	0.00 pp	—
KBKB Financial Group Inc	—	−14,529	—	exited	0.00 pp	—
KSPIJoint Stock Company Kaspi.kz American Depository Shares	—	−3,105	—	exited	0.00 pp	—
CPACopa Holdings, S.A.	—	−7,293	—	exited	0.00 pp	—