Polen Capital Management LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed February 10, 2025), Polen Capital Management LLC reported 118 stock positions worth $38.7 billion. Its top holding was Amazon.com (AMZN) at 12.4% of the portfolio, followed by Microsoft (MSFT, 7.8%) and Alphabet Class C (GOOG, 5.5%). Compared with Q2 2024, it opened 17 new positions, sold out of 9, added to 26 and reduced 74. The biggest buy was a new position in Apple (AAPL) and the biggest sale Salesforce (CRM, shares −99%).

Most Recent 13F
Q2 2026
Location
Boca Raton, FL
CIK
0001034524
Portfolio Value
$38.7B (Q3 2024)
SEC Filing
0001172661-25-000622 ↗ filed Feb 10, 2025

Holdings Value

0$10.0B$20.0B$30.0B$40.0B$50.0B Q1 2024: $43.3B Q1 2024 Q2 2024: $39.9B Q2 2024 Q3 2024: $38.7B $38.7B Q3 2024 Q4 2024: $37.0B Q4 2024 Q1 2025: $31.8B Q1 2025 Q2 2025: $32.6B Q2 2025 Q3 2025: $30.8B Q3 2025 Q4 2025: $23.4B Q4 2025 Q1 2026: $14.5B Q1 2026 Q2 2026: $11.6B Q2 2026

Holdings 118 stocks · $38.7B
AMZN Amazon.com Inc. 12.38% 25,744,857 $4.8B Reduce -13.1%
MSFT Microsoft Corp. 7.79% 7,012,465 $3.0B Reduce -22.0%
GOOG Alphabet Inc. Class C 5.53% 12,821,010 $2.1B Reduce -23.1%
V Visa Inc. Class A 5.15% 7,257,741 $2.0B Reduce -9.3%
NOW ServiceNow Inc. 5.13% 2,223,744 $2.0B Reduce -10.4%
MA Mastercard Inc. Class A 4.89% 3,833,355 $1.9B Reduce -9.6%
TMO Thermo Fisher Scientific Inc. 4.48% 2,806,786 $1.7B Reduce -9.5%
ADBE Adobe Inc. 4.43% 3,311,628 $1.7B Add +24.3%
ABT Abbott Laboratories 4.10% 13,937,610 $1.6B Reduce -8.9%
AAPL Apple Inc. 4.05% 6,736,143 $1.6B New
SHOP Shopify Inc. Class A 3.92% 18,967,838 $1.5B Add +28.8%
ORCL Oracle Corp. 3.86% 8,767,967 $1.5B New
ACN Accenture PLC Class A 3.56% 3,902,146 $1.4B Reduce -10.0%
NFLX Netflix Inc. 3.49% 1,907,867 $1.4B Reduce -10.0%
MSCI MSCI Inc. 3.35% 2,228,293 $1.3B Add +35.0%
ZTS Zoetis Inc. 3.21% 6,366,653 $1.2B Reduce -9.6%
WDAY Workday Inc. Class A 3.03% 4,802,526 $1.2B Add +40.1%
UNH Unitedhealth Group Inc. 3.01% 1,996,422 $1.2B Reduce -11.2%
ABNB Airbnb Inc. Class A 3.01% 9,182,584 $1.2B Reduce -9.7%
NVO Novo-Nordisk A/S-Spons ADR 2.11% 6,854,659 $816.2M Reduce -8.0%
IT Gartner Inc. 1.92% 1,469,390 $744.6M Reduce -11.0%
PAYC Paycom Software Inc. 1.51% 3,510,896 $584.8M Add +57.0%
LLY Eli Lilly & Co. 1.12% 489,955 $434.1M Reduce -10.4%
ICLR Icon PLC 0.78% 1,053,770 $302.8M Reduce -2.9%
AON Aon PLC Class A 0.70% 781,489 $270.4M Reduce -4.9%
SAP Sap SE-Sponsored ADR 0.63% 1,064,415 $243.9M Reduce -15.2%
GOOGL Alphabet Inc. Class A 0.55% 1,274,326 $211.3M Reduce -39.1%
GLOB Globant SA 0.32% 632,979 $125.4M Add +32.6%
MDT Medtronic PLC 0.24% 1,023,029 $92.1M Reduce -2.6%
MELI MercadoLibre Inc. 0.21% 39,015 $80.1M Add +25.7%
IWF iShares Russell 1000 Growth 0.16% 162,206 $60.9M Reduce -45.5%
ASML ASML Holding NV-NY Reg SHS 0.14% 67,283 $56.1M Add +31.8%
ADP Automatic Data Processing 0.14% 198,152 $54.8M Reduce -59.7%
HDB HDFC Bank Ltd.-ADR 0.14% 839,039 $52.5M Reduce -1.7%
TME Tencent Music Entertainm-ADR 0.05% 1,539,938 $18.6M Add +2.3%
UL Unilever PLC 0.04% 257,804 $16.7M Reduce -48.5%
ONON On Holding AG Class A filed as ON HLDG AG 0.04% 295,518 $14.8M New
PDD PDD Holdings Inc. 0.03% 94,050 $12.7M Add +71.4%
EXLS Exlservice Holdings Inc. 0.03% 325,845 $12.4M Reduce -0.4%
ACWI iShares MSCI Acwi ETF 0.03% 91,122 $10.9M Reduce -48.1%
HLI Houlihan Lokey Inc. 0.03% 68,311 $10.8M Reduce -17.1%
LVS Las Vegas Sands Corp. 0.03% 202,934 $10.2M Add +3.3%
RVLV Revolve Group Inc. Class A 0.03% 402,820 $10.0M Reduce -21.3%
CRM Salesforce Inc. 0.03% 35,710 $9.8M Reduce -99.5%
YUMC Yum China Holdings Inc. 0.02% 210,855 $9.5M Add +4.7%
GSHD Goosehead Insurance Inc. Class A 0.02% 105,858 $9.5M Reduce -18.0%
HLNE Hamilton Lane Inc. Class A 0.02% 55,830 $9.4M Reduce -28.6%
GNRC Generac Holdings Inc. 0.02% 57,902 $9.2M Reduce -18.4%
CCC CCC Intelligent Solutions Ho 0.02% 796,190 $8.8M Reduce -6.8%
CWAN Clearwater Analytics HDS-A 0.02% 338,954 $8.6M Reduce -40.7%
DLO Dlocal Ltd. 0.02% 987,283 $7.9M Add +3.5%
ELF Elf Beauty Inc. 0.02% 64,126 $7.0M New
WRBY Warby Parker Inc. Class A 0.02% 414,405 $6.8M Reduce -10.7%
CNM Core & Main Inc. Class A 0.02% 147,407 $6.5M Reduce -7.3%
ALRM Alarm.com Holdings Inc. 0.02% 118,324 $6.5M Reduce -7.7%
IVV iShares Core S&P 500 ETF 0.02% 10,746 $6.2M New
PGNY Progyny Inc. 0.02% 362,120 $6.1M Add +4.0%
EEFT Euronet Worldwide Inc. 0.02% 59,928 $5.9M Reduce -7.4%
VUG Vanguard Mrngstar GR ETF-Sui 0.01% 13,814 $5.3M New
RGEN Repligen Corp. 0.01% 35,383 $5.3M Add +142.8%
FSV Firstservice Corp. 0.01% 28,137 $5.1M Reduce -5.5%
MEDP Medpace Holdings Inc. 0.01% 14,964 $5.0M Reduce -13.7%
KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC 0.01% 78,267 $4.8M No change
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.01% 113,236 $4.6M Reduce -6.1%
NSIT Insight Enterprises Inc. 0.01% 21,357 $4.6M New
OPCH Option Care Health Inc. 0.01% 144,294 $4.5M Reduce -6.0%
IBP Installed Building Products 0.01% 17,963 $4.4M Add +37.2%
EPAM Epam Systems Inc. 0.01% 20,722 $4.1M Reduce -19.6%
PCTY Paylocity Holding Corp. 0.01% 23,332 $3.8M New
BL Blackline Inc. 0.01% 69,297 $3.8M Reduce -33.4%
NVEE NV5 Global Inc. 0.01% 40,808 $3.8M New
CATH Global X S&P 500 Ca Val ETF 0.01% 54,750 $3.8M Reduce -1.9%
AIT Applied Industrial Tech Inc. 0.01% 16,204 $3.6M Add +113.3%
AAON Aaon Inc. 0.01% 32,928 $3.6M Reduce -5.6%
IWM iShares Russell 2000 ETF 0.01% 13,381 $3.0M Add +35.3%
FOXF Fox Factory Holding Corp. 0.01% 68,723 $2.9M Reduce -14.7%
QLYS Qualys Inc. 0.01% 20,504 $2.6M Reduce -19.8%
ALGN Align Technology Inc. 0.01% 10,215 $2.6M Reduce -48.9%
SITE Siteone Landscape Supply Inc. 0.01% 16,293 $2.5M Reduce -4.8%
ROAD Construction Partners Inc. Class A 0.01% 35,094 $2.4M Add +37.2%
RMBS Rambus Inc. 0.01% 56,150 $2.4M New
LGIH Lgi Homes Inc. 0.01% 19,430 $2.3M Reduce -3.4%
ACWX iShares MSCI Acwi Ex US ETF 0.01% 39,480 $2.3M Add +0.3%
MKTX Marketaxess Holdings Inc. 0.01% 8,669 $2.2M Add +7.2%
TECH Bio-Techne Corp. 0.01% 27,443 $2.2M Reduce -22.6%
DT Dynatrace Inc. 0.01% 38,791 $2.1M Reduce -24.1%
ADSK Autodesk Inc. 0.01% 7,239 $2.0M Reduce -82.8%
MORN Morningstar Inc. 0.01% 6,196 $2.0M Reduce -23.2%
KNSL Kinsale Capital Group Inc. 0.01% 4,181 $1.9M Add +80.6%
AMN Amn Healthcare Services Inc. 0.00% 44,812 $1.9M Reduce -27.5%
SGOV iShares 0-3 Month Treasury B 0.00% 18,526 $1.9M Add +79.3%
AZPN Aspen Technology Inc. 0.00% 7,483 $1.8M Reduce -24.1%
BLD Topbuild Corp. 0.00% 4,075 $1.7M New
BROS Dutch Bros Inc. Class A 0.00% 44,241 $1.4M New
TYL Tyler Technologies Inc. 0.00% 2,397 $1.4M Reduce -22.9%
POOL Pool Corp. 0.00% 3,672 $1.4M Add +5.4%
ETSY Etsy Inc. 0.00% 24,738 $1.4M Reduce -24.9%
NKE Nike Inc. Class B 0.00% 15,237 $1.3M Reduce -99.8%
OLLI Ollie's Bargain Outlet Holdi 0.00% 12,608 $1.2M Reduce -1.5%
TTEK Tetra Tech Inc. 0.00% 23,124 $1.1M Add +39.8%
CRL Charles River Laboratories 0.00% 5,504 $1.1M Reduce -3.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.00% 1,863 $1.1M New
CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP 0.00% 95,972 $1.1M Reduce -37.3%
BWMN Bowman Consulting Group Ltd. 0.00% 41,186 $992K Reduce -10.8%
USHY iShares Broad Usd High Yield 0.00% 26,300 $990K New
SKIL Skillsoft Corp. 0.00% 60,108 $932K Reduce -17.8%
CPA Copa Holdings SA Class A 0.00% 9,628 $903K Reduce -13.8%
FND Floor & Decor Holdings Inc. Class A 0.00% 7,266 $902K Reduce -4.8%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.00% 8,371 $887K Reduce -13.6%
BAH Booz Allen Hamilton Holdings 0.00% 4,722 $769K New
PYPL PayPal Holdings Inc. 0.00% 8,813 $688K Reduce -31.0%
NTES Netease Inc.-ADR 0.00% 5,268 $493K Add +31.7%
VT Vanguard Tot World STK ETF 0.00% 4,018 $481K New
BIL SS SPDR BB 1-3M T-Bill ETF 0.00% 5,072 $466K Reduce -94.5%
FIVE Five Below 0.00% 5,004 $442K Reduce -75.9%
KARO Karooooo Ltd. 0.00% 10,634 $421K New
TREX Trex Company Inc. 0.00% 5,189 $345K Reduce -3.5%
DAVA Endava PLC- Spon ADR 0.00% 9,776 $250K Reduce -48.4%

Portfolio Sells Q2 2024 → Q3 2024
CRM Salesforce Inc. Reduce -99.5% 0.03% −4.31
MSFT Microsoft Corp. Reduce -22.0% 7.79% −2.29
GOOG Alphabet Inc. Class C Reduce -23.1% 5.53% −2.14
AMZN Amazon.com Inc. Reduce -13.1% 12.38% −1.98
NKE Nike Inc. Class B Reduce -99.8% 0.00% −1.69
ABNB Airbnb Inc. Class A Reduce -9.7% 3.01% −0.86
NVO Novo-Nordisk A/S-Spons ADR Reduce -8.0% 2.11% −0.56
GOOGL Alphabet Inc. Class A Reduce -39.1% 0.55% −0.41
ADP Automatic Data Processing Reduce -59.7% 0.14% −0.15
LLY Eli Lilly & Co. Reduce -10.4% 1.12% −0.12
V Visa Inc. Class A Reduce -9.3% 5.15% −0.12
IWF iShares Russell 1000 Growth Reduce -45.5% 0.16% −0.12
NFLX Netflix Inc. Reduce -10.0% 3.49% −0.10
ICLR Icon PLC Reduce -2.9% 0.78% −0.07
UL Unilever PLC Reduce -48.5% 0.04% −0.03
ACWI iShares MSCI Acwi ETF Reduce -48.1% 0.03% −0.02
ADSK Autodesk Inc. Reduce -82.8% 0.01% −0.02
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -94.5% 0.00% −0.02
ALIT Alight Inc. Class A Sold out 0.00% −0.02
SITM Sitime Corp. Sold out 0.00% −0.01
APPF Appfolio Inc. Class A Sold out 0.00% −0.01
VONG Vanguard Russell 1000 Growth Sold out 0.00% −0.01
DOCS Doximity Inc. Class A Sold out 0.00% −0.01
ALGN Align Technology Inc. Reduce -48.9% 0.01% −0.01
SAP Sap SE-Sponsored ADR Reduce -15.2% 0.63% −0.01
RH RH Sold out 0.00% −0.01
MEDP Medpace Holdings Inc. Reduce -13.7% 0.01% −0.01
MPWR Monolithic Power Systems Inc. Sold out 0.00% −0.01
CWAN Clearwater Analytics HDS-A Reduce -40.7% 0.02% −0.00
FIVE Five Below Reduce -75.9% 0.00% −0.00
ALRM Alarm.com Holdings Inc. Reduce -7.7% 0.02% −0.00
CALY Callaway Golf Company Reduce -37.3% 0.00% −0.00
AMN Amn Healthcare Services Inc. Reduce -27.5% 0.00% −0.00
BL Blackline Inc. Reduce -33.4% 0.01% −0.00
CNM Core & Main Inc. Class A Reduce -7.3% 0.02% −0.00
FOXF Fox Factory Holding Corp. Reduce -14.7% 0.01% −0.00
HDB HDFC Bank Ltd.-ADR Reduce -1.7% 0.14% −0.00
QLYS Qualys Inc. Reduce -19.8% 0.01% −0.00
EPAM Epam Systems Inc. Reduce -19.6% 0.01% −0.00
EEFT Euronet Worldwide Inc. Reduce -7.4% 0.02% −0.00
ETSY Etsy Inc. Reduce -24.9% 0.00% −0.00
FCX Freeport-McMoran Inc. Sold out 0.00% −0.00
WRBY Warby Parker Inc. Class A Reduce -10.7% 0.02% −0.00
BWMN Bowman Consulting Group Ltd. Reduce -10.8% 0.00% −0.00
CCC CCC Intelligent Solutions Ho Reduce -6.8% 0.02% −0.00
META Meta Platforms Inc. Class A Sold out 0.00% −0.00
MORN Morningstar Inc. Reduce -23.2% 0.01% −0.00
KSPI JSC Kaspi.kz ADR Reduce -13.6% 0.00% −0.00
TECH Bio-Techne Corp. Reduce -22.6% 0.01% −0.00
DAVA Endava PLC- Spon ADR Reduce -48.4% 0.00% −0.00

Portfolio Buys Q2 2024 → Q3 2024
AAPL Apple Inc. New 4.05% +4.05
ORCL Oracle Corp. New 3.86% +3.86
SHOP Shopify Inc. Class A Add +28.8% 3.92% +1.48
MSCI MSCI Inc. Add +35.0% 3.35% +1.36
WDAY Workday Inc. Class A Add +40.1% 3.03% +1.11
ADBE Adobe Inc. Add +24.3% 4.43% +0.71
PAYC Paycom Software Inc. Add +57.0% 1.51% +0.71
GLOB Globant SA Add +32.6% 0.32% +0.11
MELI MercadoLibre Inc. Add +25.7% 0.21% +0.08
ONON On Holding AG Class A New 0.04% +0.04
ELF Elf Beauty Inc. New 0.02% +0.02
IVV iShares Core S&P 500 ETF New 0.02% +0.02
PDD PDD Holdings Inc. Add +71.4% 0.03% +0.01
VUG Vanguard Mrngstar GR ETF-Sui New 0.01% +0.01
ASML ASML Holding NV-NY Reg SHS Add +31.8% 0.14% +0.01
NSIT Insight Enterprises Inc. New 0.01% +0.01
PCTY Paylocity Holding Corp. New 0.01% +0.01
NVEE NV5 Global Inc. New 0.01% +0.01
RGEN Repligen Corp. Add +142.8% 0.01% +0.01
YUMC Yum China Holdings Inc. Add +4.7% 0.02% +0.01
RMBS Rambus Inc. New 0.01% +0.01
AIT Applied Industrial Tech Inc. Add +113.3% 0.01% +0.01
IBP Installed Building Products Add +37.2% 0.01% +0.00
LVS Las Vegas Sands Corp. Add +3.3% 0.03% +0.00
BLD Topbuild Corp. New 0.00% +0.00
BROS Dutch Bros Inc. Class A New 0.00% +0.00
ROAD Construction Partners Inc. Class A Add +37.2% 0.01% +0.00
KNSL Kinsale Capital Group Inc. Add +80.6% 0.01% +0.00
SPY SS SPDR S&P 500 ETF Trust-US New 0.00% +0.00
IWM iShares Russell 2000 ETF Add +35.3% 0.01% +0.00
USHY iShares Broad Usd High Yield New 0.00% +0.00
SGOV iShares 0-3 Month Treasury B Add +79.3% 0.00% +0.00
BAH Booz Allen Hamilton Holdings New 0.00% +0.00
MKTX Marketaxess Holdings Inc. Add +7.2% 0.01% +0.00
VT Vanguard Tot World STK ETF New 0.00% +0.00
TTEK Tetra Tech Inc. Add +39.8% 0.00% +0.00
KARO Karooooo Ltd. New 0.00% +0.00
DLO Dlocal Ltd. Add +3.5% 0.02% +0.00
POOL Pool Corp. Add +5.4% 0.00% +0.00
ACWX iShares MSCI Acwi Ex US ETF Add +0.3% 0.01% +0.00
NTES Netease Inc.-ADR Add +31.7% 0.00% +0.00
TME Tencent Music Entertainm-ADR Add +2.3% 0.05% −0.01
PGNY Progyny Inc. Add +4.0% 0.02% −0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 219$11.6BLLY, NVDA, MSFT, GOOG, AVGO
Q1 2026 221$14.5BMSFT, GOOG, LLY, AVGO, AMZN
Q4 2025 231$23.4BAMZN, MSFT, ORCL, LLY, GOOG
Q3 2025 232$30.8BORCL, MSFT, AMZN, SHOP, MA
Q2 2025 240$32.6BAMZN, MSFT, ORCL, V, SHOP
Q1 2025 117$31.8BAMZN, MSFT, V, ORCL, MA
Q4 2024 124$37.0BAMZN, MSFT, GOOG, V, MA
Q3 2024Amended 118$38.7BAMZN, MSFT, GOOG, V, NOW
Q2 2024 110$39.9BAMZN, MSFT, GOOG, V, NOW
Q1 2024 103$43.3BAMZN, MSFT, GOOG, V, NFLX