Polen Capital Management LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Polen Capital Management LLC reported 124 stock positions worth $37.0 billion. Its top holding was Amazon.com (AMZN) at 11.6% of the portfolio, followed by Microsoft (MSFT, 7.3%) and Alphabet Class C (GOOG, 5.7%). Compared with Q3 2024, it opened 15 new positions, sold out of 9, added to 27 and reduced 81. The biggest buy was Eli Lilly (LLY, shares +164%) and the biggest sale Unitedhealth (UNH, shares −44%).

Most Recent 13F
Q2 2026
Location
Boca Raton, FL
CIK
0001034524
Portfolio Value
$37.0B (Q4 2024)
SEC Filing
0001172661-25-000623 ↗ 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 Q3 2024 Q4 2024: $37.0B $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 124 stocks · $37.0B
AMZN Amazon.com Inc. 11.59% 19,546,612 $4.3B Reduce -24.1%
MSFT Microsoft Corp. 7.30% 6,410,882 $2.7B Reduce -8.6%
GOOG Alphabet Inc. Class C 5.70% 11,076,271 $2.1B Reduce -13.6%
V Visa Inc. Class A 5.62% 6,578,733 $2.1B Reduce -9.4%
MA Mastercard Inc. Class A 4.97% 3,492,466 $1.8B Reduce -8.9%
SHOP Shopify Inc. Class A 4.91% 17,079,480 $1.8B Reduce -10.0%
ORCL Oracle Corp. 4.83% 10,723,731 $1.8B Add +22.3%
NOW ServiceNow Inc. 4.68% 1,634,595 $1.7B Reduce -26.5%
AAPL Apple Inc. 4.17% 6,169,513 $1.5B Reduce -8.4%
NFLX Netflix Inc. 4.16% 1,727,862 $1.5B Reduce -9.4%
ABT Abbott Laboratories 3.88% 12,688,363 $1.4B Reduce -9.0%
ADBE Adobe Inc. 3.62% 3,015,574 $1.3B Reduce -8.9%
TMO Thermo Fisher Scientific Inc. 3.46% 2,461,195 $1.3B Reduce -12.3%
ACN Accenture PLC Class A 3.35% 3,526,610 $1.2B Reduce -9.6%
MSCI MSCI Inc. 3.29% 2,032,238 $1.2B Reduce -8.8%
ZTS Zoetis Inc. 3.29% 7,483,194 $1.2B Add +17.5%
WDAY Workday Inc. Class A 2.99% 4,287,623 $1.1B Reduce -10.7%
ABNB Airbnb Inc. Class A 2.92% 8,216,914 $1.1B Reduce -10.5%
LLY Eli Lilly & Co. 2.70% 1,295,389 $1.0B Add +164.4%
PAYC Paycom Software Inc. 1.76% 3,171,660 $650.1M Reduce -9.7%
UNH Unitedhealth Group Inc. 1.54% 1,125,593 $569.4M Reduce -43.6%
NVO Novo-Nordisk A/S-Spons ADR 1.49% 6,405,748 $551.0M Reduce -6.5%
CSGP Costar Group Inc. 1.26% 6,497,188 $465.1M New
IT Gartner Inc. 1.18% 902,690 $437.3M Reduce -38.6%
AON Aon PLC Class A 0.70% 719,322 $258.4M Reduce -8.0%
SAP Sap SE-Sponsored ADR 0.67% 999,944 $246.2M Reduce -6.1%
GOOGL Alphabet Inc. Class A 0.63% 1,230,197 $232.9M Reduce -3.5%
IWF iShares Russell 1000 Growth 0.55% 503,619 $202.2M Add +210.5%
ICLR Icon PLC 0.40% 711,510 $149.2M Reduce -32.5%
GLOB Globant SA 0.37% 634,524 $136.1M Add +0.2%
MDT Medtronic PLC 0.17% 782,478 $62.5M Reduce -23.5%
MELI MercadoLibre Inc. 0.17% 36,595 $62.2M Reduce -6.2%
ADP Automatic Data Processing 0.14% 179,749 $52.6M Reduce -9.3%
HDB HDFC Bank Ltd.-ADR 0.13% 774,580 $49.5M Reduce -7.7%
ASML ASML Holding NV-NY Reg SHS 0.12% 62,141 $43.1M Reduce -7.6%
WTW Willis Towers Watson PLC 0.11% 128,586 $40.3M New
ACWI iShares MSCI Acwi ETF 0.10% 317,801 $37.3M Add +248.8%
SPOT Spotify Technology SA 0.07% 60,861 $27.2M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.06% 2,243,471 $23.2M New
ACWX iShares MSCI Acwi Ex US ETF 0.05% 380,271 $19.8M Add +863.2%
VUG Vanguard Mrngstar GR ETF-Sui 0.04% 39,046 $16.0M Add +182.7%
ONON On Holding AG Class A filed as ON HLDG AG 0.04% 278,383 $15.2M Reduce -5.8%
EXLS Exlservice Holdings Inc. 0.04% 319,490 $14.2M Reduce -1.9%
UL Unilever PLC 0.04% 244,122 $13.8M Reduce -5.3%
MNDY Monday.com Ltd. 0.03% 53,186 $12.5M New
TME Tencent Music Entertainm-ADR 0.03% 1,059,587 $12.0M Reduce -31.2%
RVLV Revolve Group Inc. Class A 0.03% 304,529 $10.2M Reduce -24.4%
GSHD Goosehead Insurance Inc. Class A 0.02% 84,310 $9.0M Reduce -20.4%
CCC CCC Intelligent Solutions Ho 0.02% 762,304 $8.9M Reduce -4.3%
HLNE Hamilton Lane Inc. Class A 0.02% 55,644 $8.2M Reduce -0.3%
LVS Las Vegas Sands Corp. 0.02% 154,724 $7.9M Reduce -23.8%
WRBY Warby Parker Inc. Class A 0.02% 319,822 $7.7M Reduce -22.8%
ELF Elf Beauty Inc. 0.02% 61,473 $7.7M Reduce -4.1%
DLO Dlocal Ltd. 0.02% 627,360 $7.1M Reduce -36.5%
CNM Core & Main Inc. Class A 0.02% 135,737 $6.9M Reduce -7.9%
GNRC Generac Holdings Inc. 0.02% 44,416 $6.9M Reduce -23.3%
CRM Salesforce Inc. 0.02% 19,582 $6.5M Reduce -45.2%
PDD PDD Holdings Inc. 0.02% 67,092 $6.5M Reduce -28.7%
NSIT Insight Enterprises Inc. 0.02% 41,431 $6.3M Add +94.0%
HLI Houlihan Lokey Inc. 0.02% 35,999 $6.3M Reduce -47.3%
FSV Firstservice Corp. 0.02% 32,771 $5.9M Add +16.5%
RGEN Repligen Corp. 0.02% 40,556 $5.8M Add +14.6%
PCTY Paylocity Holding Corp. 0.02% 28,689 $5.7M Add +23.0%
SPY SS SPDR S&P 500 ETF Trust-US 0.02% 9,539 $5.6M Add +412.0%
BROS Dutch Bros Inc. Class A 0.01% 105,023 $5.5M Add +137.4%
MEDP Medpace Holdings Inc. 0.01% 16,223 $5.4M Add +8.4%
RMBS Rambus Inc. 0.01% 99,259 $5.2M Add +76.8%
PGNY Progyny Inc. 0.01% 260,708 $4.5M Reduce -28.0%
AIT Applied Industrial Tech Inc. 0.01% 18,556 $4.4M Add +14.5%
WSC Willscot Holdings Corp. 0.01% 125,024 $4.2M New
YUMC Yum China Holdings Inc. 0.01% 85,998 $4.1M Reduce -59.2%
TREX Trex Company Inc. 0.01% 56,268 $3.9M Add +984.4%
CWAN Clearwater Analytics HDS-A 0.01% 140,029 $3.9M Reduce -58.7%
BL Blackline Inc. 0.01% 62,791 $3.8M Reduce -9.4%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.01% 98,057 $3.8M Reduce -13.4%
AAON Aaon Inc. 0.01% 31,557 $3.7M Reduce -4.2%
CATH Global X S&P 500 Ca Val ETF 0.01% 47,625 $3.4M Reduce -13.0%
SITE Siteone Landscape Supply Inc. 0.01% 24,140 $3.2M Add +48.2%
VT Vanguard Tot World STK ETF 0.01% 26,794 $3.1M Add +566.9%
EPAM Epam Systems Inc. 0.01% 13,454 $3.1M Reduce -35.1%
ROAD Construction Partners Inc. Class A 0.01% 32,009 $2.8M Reduce -8.8%
FN Fabrinet 0.01% 12,605 $2.8M New
IBP Installed Building Products 0.01% 15,752 $2.8M Reduce -12.3%
BDC Belden Inc. 0.01% 24,182 $2.7M New
QLYS Qualys Inc. 0.01% 18,701 $2.6M Reduce -8.8%
IWM iShares Russell 2000 ETF 0.01% 10,007 $2.2M Reduce -25.2%
KNSL Kinsale Capital Group Inc. 0.01% 4,517 $2.1M Add +8.0%
POOL Pool Corp. 0.01% 5,962 $2.0M Add +62.4%
TTEK Tetra Tech Inc. 0.00% 43,162 $1.7M Add +86.7%
BLD Topbuild Corp. 0.00% 5,220 $1.6M Add +28.1%
DT Dynatrace Inc. 0.00% 29,021 $1.6M Reduce -25.2%
ADSK Autodesk Inc. 0.00% 5,174 $1.5M Reduce -28.5%
TECH Bio-Techne Corp. 0.00% 20,760 $1.5M Reduce -24.4%
LGIH Lgi Homes Inc. 0.00% 16,100 $1.4M Reduce -17.1%
OLLI Ollie's Bargain Outlet Holdi 0.00% 12,603 $1.4M Reduce -0.0%
SKIL Skillsoft Corp. 0.00% 57,172 $1.4M Reduce -4.9%
MORN Morningstar Inc. 0.00% 3,906 $1.3M Reduce -37.0%
ALRM Alarm.com Holdings Inc. 0.00% 21,461 $1.3M Reduce -81.9%
FOXF Fox Factory Holding Corp. 0.00% 41,273 $1.2M Reduce -39.9%
BAH Booz Allen Hamilton Holdings 0.00% 8,900 $1.1M Add +88.5%
CIGI Colliers Intl GR-Subord Vot 0.00% 8,226 $1.1M New
ENTG Entegris Inc. 0.00% 11,026 $1.1M New
NKE Nike Inc. Class B 0.00% 13,607 $1.0M Reduce -10.7%
BSY Bentley Systems Inc. Class B 0.00% 21,407 $1000K New
MKTX Marketaxess Holdings Inc. 0.00% 4,357 $985K Reduce -49.7%
FND Floor & Decor Holdings Inc. Class A 0.00% 9,800 $977K Add +34.9%
BWMN Bowman Consulting Group Ltd. 0.00% 38,968 $972K Reduce -5.4%
USHY iShares Broad Usd High Yield 0.00% 26,300 $968K No change
ALGN Align Technology Inc. 0.00% 4,504 $939K Reduce -55.9%
AMN Amn Healthcare Services Inc. 0.00% 38,142 $912K Reduce -14.9%
KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC 0.00% 14,529 $827K Reduce -81.4%
ETSY Etsy Inc. 0.00% 15,037 $795K Reduce -39.2%
CRL Charles River Laboratories 0.00% 4,248 $784K Reduce -22.8%
IOO iShares Global 100 ETF 0.00% 6,708 $676K New
CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP 0.00% 83,466 $656K Reduce -13.0%
P Everpure Inc. Class A filed as PURE STORAGE INC 0.00% 10,643 $654K New
CPA Copa Holdings SA Class A 0.00% 7,293 $641K Reduce -24.3%
PYPL PayPal Holdings Inc. 0.00% 7,441 $635K Reduce -15.6%
KARO Karooooo Ltd. 0.00% 13,273 $599K Add +24.8%
SGOV iShares 0-3 Month Treasury B 0.00% 5,569 $559K Reduce -69.9%
NTES Netease Inc.-ADR 0.00% 4,719 $421K Reduce -10.4%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.00% 3,105 $294K Reduce -62.9%
CLBT Cellebrite Di Ltd. 0.00% 10,095 $222K New
FERG Ferguson Enterprises Inc. 0.00% 1,238 $215K New

Portfolio Sells Q3 2024 → Q4 2024
UNH Unitedhealth Group Inc. Reduce -43.6% 1.54% −1.47
TMO Thermo Fisher Scientific Inc. Reduce -12.3% 3.46% −1.02
ADBE Adobe Inc. Reduce -8.9% 3.62% −0.80
AMZN Amazon.com Inc. Reduce -24.1% 11.59% −0.80
IT Gartner Inc. Reduce -38.6% 1.18% −0.74
NVO Novo-Nordisk A/S-Spons ADR Reduce -6.5% 1.49% −0.62
MSFT Microsoft Corp. Reduce -8.6% 7.30% −0.49
NOW ServiceNow Inc. Reduce -26.5% 4.68% −0.45
ICLR Icon PLC Reduce -32.5% 0.40% −0.38
ABT Abbott Laboratories Reduce -9.0% 3.88% −0.22
ACN Accenture PLC Class A Reduce -9.6% 3.35% −0.21
ABNB Airbnb Inc. Class A Reduce -10.5% 2.92% −0.09
MDT Medtronic PLC Reduce -23.5% 0.17% −0.07
MSCI MSCI Inc. Reduce -8.8% 3.29% −0.06
WDAY Workday Inc. Class A Reduce -10.7% 2.99% −0.04
MELI MercadoLibre Inc. Reduce -6.2% 0.17% −0.04
ASML ASML Holding NV-NY Reg SHS Reduce -7.6% 0.12% −0.03
IVV iShares Core S&P 500 ETF Sold out 0.00% −0.02
EEFT Euronet Worldwide Inc. Sold out 0.00% −0.02
TME Tencent Music Entertainm-ADR Reduce -31.2% 0.03% −0.02
PDD PDD Holdings Inc. Reduce -28.7% 0.02% −0.02
YUMC Yum China Holdings Inc. Reduce -59.2% 0.01% −0.01
ALRM Alarm.com Holdings Inc. Reduce -81.9% 0.00% −0.01
CWAN Clearwater Analytics HDS-A Reduce -58.7% 0.01% −0.01
OPCH Option Care Health Inc. Sold out 0.00% −0.01
HLI Houlihan Lokey Inc. Reduce -47.3% 0.02% −0.01
KB KB Financial Group Inc.-ADR Reduce -81.4% 0.00% −0.01
NVEE NV5 Global Inc. Sold out 0.00% −0.01
CRM Salesforce Inc. Reduce -45.2% 0.02% −0.01
UL Unilever PLC Reduce -5.3% 0.04% −0.01
GNRC Generac Holdings Inc. Reduce -23.3% 0.02% −0.01
LVS Las Vegas Sands Corp. Reduce -23.8% 0.02% −0.00
AZPN Aspen Technology Inc. Sold out 0.00% −0.00
ALGN Align Technology Inc. Reduce -55.9% 0.00% −0.00
FOXF Fox Factory Holding Corp. Reduce -39.9% 0.00% −0.00
IBP Installed Building Products Reduce -12.3% 0.01% −0.00
TYL Tyler Technologies Inc. Sold out 0.00% −0.00
PGNY Progyny Inc. Reduce -28.0% 0.01% −0.00
SGOV iShares 0-3 Month Treasury B Reduce -69.9% 0.00% −0.00
MKTX Marketaxess Holdings Inc. Reduce -49.7% 0.00% −0.00
AMN Amn Healthcare Services Inc. Reduce -14.9% 0.00% −0.00
EPAM Epam Systems Inc. Reduce -35.1% 0.01% −0.00
LGIH Lgi Homes Inc. Reduce -17.1% 0.00% −0.00
HLNE Hamilton Lane Inc. Class A Reduce -0.3% 0.02% −0.00
HDB HDFC Bank Ltd.-ADR Reduce -7.7% 0.13% −0.00
YETI Yeti Holdings Inc. Reduce -13.4% 0.01% −0.00
IWM iShares Russell 2000 ETF Reduce -25.2% 0.01% −0.00
TECH Bio-Techne Corp. Reduce -24.4% 0.00% −0.00
KSPI JSC Kaspi.kz ADR Reduce -62.9% 0.00% −0.00
MORN Morningstar Inc. Reduce -37.0% 0.00% −0.00

Portfolio Buys Q3 2024 → Q4 2024
LLY Eli Lilly & Co. Add +164.4% 2.70% +1.58
CSGP Costar Group Inc. New 1.26% +1.26
ORCL Oracle Corp. Add +22.3% 4.83% +0.97
IWF iShares Russell 1000 Growth Add +210.5% 0.55% +0.39
WTW Willis Towers Watson PLC New 0.11% +0.11
ZTS Zoetis Inc. Add +17.5% 3.29% +0.08
SPOT Spotify Technology SA New 0.07% +0.07
ACWI iShares MSCI Acwi ETF Add +248.8% 0.10% +0.07
NU Nu Holdings Ltd./Cayman Isl-A New 0.06% +0.06
ACWX iShares MSCI Acwi Ex US ETF Add +863.2% 0.05% +0.05
GLOB Globant SA Add +0.2% 0.37% +0.04
MNDY Monday.com Ltd. New 0.03% +0.03
VUG Vanguard Mrngstar GR ETF-Sui Add +182.7% 0.04% +0.03
SPY SS SPDR S&P 500 ETF Trust-US Add +412.0% 0.02% +0.01
WSC Willscot Holdings Corp. New 0.01% +0.01
BROS Dutch Bros Inc. Class A Add +137.4% 0.01% +0.01
TREX Trex Company Inc. Add +984.4% 0.01% +0.01
RMBS Rambus Inc. Add +76.8% 0.01% +0.01
FN Fabrinet New 0.01% +0.01
BDC Belden Inc. New 0.01% +0.01
VT Vanguard Tot World STK ETF Add +566.9% 0.01% +0.01
PCTY Paylocity Holding Corp. Add +23.0% 0.02% +0.01
NSIT Insight Enterprises Inc. Add +94.0% 0.02% +0.01
CIGI Colliers Intl GR-Subord Vot New 0.00% +0.00
ENTG Entegris Inc. New 0.00% +0.00
FSV Firstservice Corp. Add +16.5% 0.02% +0.00
AIT Applied Industrial Tech Inc. Add +14.5% 0.01% +0.00
BSY Bentley Systems Inc. Class B New 0.00% +0.00
RGEN Repligen Corp. Add +14.6% 0.02% +0.00
SITE Siteone Landscape Supply Inc. Add +48.2% 0.01% +0.00
POOL Pool Corp. Add +62.4% 0.01% +0.00
IOO iShares Global 100 ETF New 0.00% +0.00
P Everpure Inc. Class A New 0.00% +0.00
TTEK Tetra Tech Inc. Add +86.7% 0.00% +0.00
MEDP Medpace Holdings Inc. Add +8.4% 0.01% +0.00
BAH Booz Allen Hamilton Holdings Add +88.5% 0.00% +0.00
KNSL Kinsale Capital Group Inc. Add +8.0% 0.01% +0.00
FERG Ferguson Enterprises Inc. New 0.00% +0.00
CLBT Cellebrite Di Ltd. New 0.00% +0.00
KARO Karooooo Ltd. Add +24.8% 0.00% +0.00
FND Floor & Decor Holdings Inc. Class A Add +34.9% 0.00% +0.00
BLD Topbuild Corp. Add +28.1% 0.00% +0.00

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