Polen Capital Management LLC

Name: POLEN CAPITAL MANAGEMENT LLC 13F holdings, Q1 2025
Creator: POLEN CAPITAL MANAGEMENT LLC
Published: 2025-05-12

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Polen Capital Management LLC reported 117 stock positions worth $31.8 billion. Its top holding was Amazon.com (AMZN) at 10.6% of the portfolio, followed by Microsoft (MSFT, 7.0%) and Visa Class A (V, 6.6%). Compared with Q4 2024, it opened 7 new positions, sold out of 14, added to 34 and reduced 75. The biggest buy was Aon Class A (AON, shares +318%) and the biggest sale ServiceNow (NOW, shares −42%).

Most Recent 13F: Q2 2026
Location: Boca Raton, FL
CIK: 0001034524
Portfolio Value: $31.8B (Q1 2025)
SEC Filing: 0001172661-25-001713 ↗ filed May 12, 2025

Holdings Value

Holdings 117 stocks · $31.8B


AMZN Amazon.com Inc.	10.60%	17,747,395	$3.4B	Reduce -9.2%
MSFT Microsoft Corp.	7.00%	5,941,106	$2.2B	Reduce -7.3%
V Visa Inc. Class A	6.63%	6,023,710	$2.1B	Reduce -8.4%
ORCL Oracle Corp.	5.54%	12,609,101	$1.8B	Add +17.6%
MA Mastercard Inc. Class A	5.53%	3,211,209	$1.8B	Reduce -8.1%
ABT Abbott Laboratories	4.74%	11,385,577	$1.5B	Reduce -10.3%
SHOP Shopify Inc. Class A	4.58%	15,270,075	$1.5B	Reduce -10.6%
LLY Eli Lilly & Co.	4.55%	1,754,571	$1.4B	Add +35.5%
ZTS Zoetis Inc.	4.55%	8,796,847	$1.4B	Add +17.6%
AON Aon PLC Class A	3.77%	3,007,719	$1.2B	Add +318.1%
GOOG Alphabet Inc. Class C	3.65%	7,434,428	$1.2B	Reduce -32.9%
TMO Thermo Fisher Scientific Inc.	3.63%	2,322,482	$1.2B	Reduce -5.6%
ADBE Adobe Inc.	3.39%	2,818,625	$1.1B	Reduce -6.5%
MSCI MSCI Inc.	3.32%	1,868,138	$1.1B	Reduce -8.1%
ACN Accenture PLC Class A	3.14%	3,208,478	$1.0B	Reduce -9.0%
ABNB Airbnb Inc. Class A	2.90%	7,726,604	$923.0M	Reduce -6.0%
WDAY Workday Inc. Class A	2.89%	3,944,506	$921.2M	Reduce -8.0%
NFLX Netflix Inc.	2.60%	888,072	$828.2M	Reduce -48.6%
NOW ServiceNow Inc.	2.37%	949,728	$756.1M	Reduce -41.9%
PAYC Paycom Software Inc.	2.13%	3,097,854	$676.8M	Reduce -2.3%
AAPL Apple Inc.	1.87%	2,681,114	$595.6M	Reduce -56.5%
UNH Unitedhealth Group Inc.	1.71%	1,037,575	$543.4M	Reduce -7.8%
CSGP Costar Group Inc.	1.64%	6,601,800	$523.1M	Add +1.6%
SBUX Starbucks Corp.	1.58%	5,133,440	$503.5M	New
IT Gartner Inc.	1.10%	835,522	$350.7M	Reduce -7.4%
SAP Sap SE-Sponsored ADR	0.46%	542,699	$145.7M	Reduce -45.7%
IWF iShares Russell 1000 Growth	0.44%	385,522	$139.2M	Reduce -23.4%
MELI MercadoLibre Inc.	0.42%	68,534	$133.7M	Add +87.3%
WTW Willis Towers Watson PLC	0.39%	366,539	$123.9M	Add +185.1%
ICLR Icon PLC	0.35%	635,052	$111.1M	Reduce -10.8%
GOOGL Alphabet Inc. Class A	0.30%	610,910	$94.5M	Reduce -50.3%
GLOB Globant SA	0.29%	774,418	$91.2M	Add +22.1%
NVO Novo-Nordisk A/S-Spons ADR	0.22%	1,001,906	$69.6M	Reduce -84.4%
MDT Medtronic PLC	0.18%	629,483	$56.6M	Reduce -19.6%
ADP Automatic Data Processing	0.16%	166,526	$50.9M	Reduce -7.4%
ACWI iShares MSCI Acwi ETF	0.14%	384,795	$44.8M	Add +21.1%
HDB HDFC Bank Ltd.-ADR	0.14%	651,063	$43.3M	Reduce -15.9%
ASML ASML Holding NV-NY Reg SHS	0.11%	52,677	$34.9M	Reduce -15.2%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	0.10%	2,969,781	$30.4M	Add +32.4%
TME Tencent Music Entertainm-ADR	0.09%	1,978,769	$28.5M	Add +86.8%
SPOT Spotify Technology SA	0.07%	38,749	$21.3M	Reduce -36.3%
MNDY Monday.com Ltd.	0.05%	71,261	$17.3M	Add +34.0%
EXLS Exlservice Holdings Inc.	0.04%	260,017	$12.3M	Reduce -18.6%
ONON On Holding AG Class A filed as ON HLDG AG	0.03%	238,933	$10.5M	Reduce -14.2%
PDD PDD Holdings Inc.	0.02%	66,193	$7.8M	Reduce -1.3%
HLNE Hamilton Lane Inc. Class A	0.02%	52,320	$7.8M	Reduce -6.0%
MEDP Medpace Holdings Inc.	0.02%	24,466	$7.5M	Add +50.8%
GSHD Goosehead Insurance Inc. Class A	0.02%	61,317	$7.2M	Reduce -27.3%
NSIT Insight Enterprises Inc.	0.02%	42,133	$6.3M	Add +1.7%
CNM Core & Main Inc. Class A	0.02%	124,953	$6.0M	Reduce -7.9%
PCTY Paylocity Holding Corp.	0.02%	31,338	$5.9M	Add +9.2%
PGNY Progyny Inc.	0.02%	261,506	$5.8M	Add +0.3%
RMBS Rambus Inc.	0.02%	109,117	$5.6M	Add +9.9%
VUG Vanguard Mrngstar GR ETF-Sui	0.02%	14,589	$5.4M	Reduce -62.6%
LVS Las Vegas Sands Corp.	0.02%	139,619	$5.4M	Reduce -9.8%
DLO Dlocal Ltd.	0.02%	627,551	$5.2M	Add +0.0%
HLI Houlihan Lokey Inc.	0.02%	32,295	$5.2M	Reduce -10.3%
FSV Firstservice Corp.	0.02%	29,648	$4.9M	Reduce -9.5%
CCC CCC Intelligent Solutions Ho	0.02%	544,653	$4.9M	Reduce -28.6%
AIT Applied Industrial Tech Inc.	0.01%	21,160	$4.8M	Add +14.0%
TREX Trex Company Inc.	0.01%	78,742	$4.6M	Add +39.9%
YUMC Yum China Holdings Inc.	0.01%	86,045	$4.5M	Add +0.1%
ELF Elf Beauty Inc.	0.01%	69,325	$4.4M	Add +12.8%
GNRC Generac Holdings Inc.	0.01%	33,409	$4.2M	Reduce -24.8%
BROS Dutch Bros Inc. Class A	0.01%	68,124	$4.2M	Reduce -35.1%
RGEN Repligen Corp.	0.01%	30,902	$3.9M	Reduce -23.8%
AAON Aaon Inc.	0.01%	49,466	$3.9M	Add +56.8%
CATH Global X S&P 500 Ca Val ETF	0.01%	53,317	$3.6M	Add +11.9%
RVLV Revolve Group Inc. Class A	0.01%	160,282	$3.4M	Reduce -47.4%
CWAN Clearwater Analytics HDS-A	0.01%	124,892	$3.3M	Reduce -10.8%
ACWX iShares MSCI Acwi Ex US ETF	0.01%	58,768	$3.3M	Reduce -84.5%
WSC Willscot Holdings Corp.	0.01%	116,917	$3.3M	Reduce -6.5%
BDC Belden Inc.	0.01%	30,665	$3.1M	Add +26.8%
FN Fabrinet	0.01%	15,249	$3.0M	Add +21.0%
EPAM Epam Systems Inc.	0.01%	16,512	$2.8M	Add +22.7%
TECH Bio-Techne Corp.	0.01%	46,314	$2.7M	Add +123.1%
IBP Installed Building Products	0.01%	15,650	$2.7M	Reduce -0.7%
WRBY Warby Parker Inc. Class A	0.01%	147,071	$2.7M	Reduce -54.0%
BL Blackline Inc.	0.01%	55,099	$2.7M	Reduce -12.3%
SITE Siteone Landscape Supply Inc.	0.01%	21,338	$2.6M	Reduce -11.6%
ROAD Construction Partners Inc. Class A	0.01%	34,795	$2.5M	Add +8.7%
SGOV iShares 0-3 Month Treasury B	0.01%	23,299	$2.3M	Add +318.4%
CRM Salesforce Inc.	0.01%	8,257	$2.2M	Reduce -57.8%
QLYS Qualys Inc.	0.01%	16,742	$2.1M	Reduce -10.5%
KNSL Kinsale Capital Group Inc.	0.01%	4,262	$2.1M	Reduce -5.7%
IWM iShares Russell 2000 ETF	0.01%	10,362	$2.1M	Add +3.5%
POOL Pool Corp.	0.01%	5,617	$1.8M	Reduce -5.8%
BLD Topbuild Corp.	0.00%	4,931	$1.5M	Reduce -5.5%
VT Vanguard Tot World STK ETF	0.00%	10,959	$1.3M	Reduce -59.1%
DT Dynatrace Inc.	0.00%	26,718	$1.3M	Reduce -7.9%
SKIL Skillsoft Corp.	0.00%	57,172	$1.1M	No change
MORN Morningstar Inc.	0.00%	3,534	$1.1M	Reduce -9.5%
OLLI Ollie's Bargain Outlet Holdi	0.00%	8,998	$1.0M	Reduce -28.6%
ENTG Entegris Inc.	0.00%	11,539	$1.0M	Add +4.7%
LGIH Lgi Homes Inc.	0.00%	14,523	$965K	Reduce -9.8%
CIGI Colliers Intl GR-Subord Vot	0.00%	7,933	$962K	Reduce -3.6%
AMN Amn Healthcare Services Inc.	0.00%	38,564	$943K	Add +1.1%
MKTX Marketaxess Holdings Inc.	0.00%	4,046	$875K	Reduce -7.1%
SAIA Saia Inc.	0.00%	2,464	$861K	New
SPY SS SPDR S&P 500 ETF Trust-US	0.00%	1,448	$810K	Reduce -84.8%
BWMN Bowman Consulting Group Ltd.	0.00%	35,417	$773K	Reduce -9.1%
BSY Bentley Systems Inc. Class B	0.00%	19,464	$766K	Reduce -9.1%
FND Floor & Decor Holdings Inc. Class A	0.00%	8,924	$718K	Reduce -8.9%
ADSK Autodesk Inc.	0.00%	2,455	$643K	Reduce -52.5%
BIL SS SPDR BB 1-3M T-Bill ETF	0.00%	5,242	$481K	New
NTES Netease Inc.-ADR	0.00%	4,321	$445K	Reduce -8.4%
P Everpure Inc. Class A filed as PURE STORAGE INC	0.00%	9,597	$425K	Reduce -9.8%
TTEK Tetra Tech Inc.	0.00%	14,061	$411K	Reduce -67.4%
NKE Nike Inc. Class B	0.00%	6,209	$394K	Reduce -54.4%
IWO iShares Russell 2000 Growth	0.00%	1,528	$391K	New
MANH Manhattan Associates Inc.	0.00%	2,226	$385K	New
FIX Comfort Systems USA Inc.	0.00%	1,166	$376K	New
WING Wingstop Inc.	0.00%	1,476	$333K	New
PYPL PayPal Holdings Inc.	0.00%	4,943	$323K	Reduce -33.6%
IOO iShares Global 100 ETF	0.00%	2,474	$306K	Reduce -63.1%
KARO Karooooo Ltd.	0.00%	6,899	$293K	Reduce -48.0%
CLBT Cellebrite Di Ltd.	0.00%	14,849	$289K	Add +47.1%

Portfolio Sells Q4 2024 → Q1 2025


NOW ServiceNow Inc.	Reduce -41.9%	2.37%	−2.31
AAPL Apple Inc.	Reduce -56.5%	1.87%	−2.30
GOOG Alphabet Inc. Class C	Reduce -32.9%	3.65%	−2.05
NFLX Netflix Inc.	Reduce -48.6%	2.60%	−1.56
NVO Novo-Nordisk A/S-Spons ADR	Reduce -84.4%	0.22%	−1.27
AMZN Amazon.com Inc.	Reduce -9.2%	10.60%	−0.98
GOOGL Alphabet Inc. Class A	Reduce -50.3%	0.30%	−0.33
SHOP Shopify Inc. Class A	Reduce -10.6%	4.58%	−0.33
MSFT Microsoft Corp.	Reduce -7.3%	7.00%	−0.30
ADBE Adobe Inc.	Reduce -6.5%	3.39%	−0.23
ACN Accenture PLC Class A	Reduce -9.0%	3.14%	−0.21
SAP Sap SE-Sponsored ADR	Reduce -45.7%	0.46%	−0.21
IWF iShares Russell 1000 Growth	Reduce -23.4%	0.44%	−0.11
WDAY Workday Inc. Class A	Reduce -8.0%	2.89%	−0.10
IT Gartner Inc.	Reduce -7.4%	1.10%	−0.08
ICLR Icon PLC	Reduce -10.8%	0.35%	−0.05
ACWX iShares MSCI Acwi Ex US ETF	Reduce -84.5%	0.01%	−0.04
UL Unilever PLC	Sold out	0.00%	−0.04
VUG Vanguard Mrngstar GR ETF-Sui	Reduce -62.6%	0.02%	−0.03
ABNB Airbnb Inc. Class A	Reduce -6.0%	2.90%	−0.02
RVLV Revolve Group Inc. Class A	Reduce -47.4%	0.01%	−0.02
SPY SS SPDR S&P 500 ETF Trust-US	Reduce -84.8%	0.00%	−0.01
WRBY Warby Parker Inc. Class A	Reduce -54.0%	0.01%	−0.01
CRM Salesforce Inc.	Reduce -57.8%	0.01%	−0.01
YETI Yeti Holdings Inc.	Sold out	0.00%	−0.01
CCC CCC Intelligent Solutions Ho	Reduce -28.6%	0.02%	−0.01
ONON On Holding AG Class A	Reduce -14.2%	0.03%	−0.01
ASML ASML Holding NV-NY Reg SHS	Reduce -15.2%	0.11%	−0.01
SPOT Spotify Technology SA	Reduce -36.3%	0.07%	−0.01
GNRC Generac Holdings Inc.	Reduce -24.8%	0.01%	−0.01
LVS Las Vegas Sands Corp.	Reduce -9.8%	0.02%	−0.00
VT Vanguard Tot World STK ETF	Reduce -59.1%	0.00%	−0.00
ALRM Alarm.com Holdings Inc.	Sold out	0.00%	−0.00
FOXF Fox Factory Holding Corp.	Sold out	0.00%	−0.00
RGEN Repligen Corp.	Reduce -23.8%	0.01%	−0.00
TTEK Tetra Tech Inc.	Reduce -67.4%	0.00%	−0.00
BAH Booz Allen Hamilton Holdings	Sold out	0.00%	−0.00
USHY iShares Broad Usd High Yield	Sold out	0.00%	−0.00
ALGN Align Technology Inc.	Sold out	0.00%	−0.00
KB KB Financial Group Inc.-ADR	Sold out	0.00%	−0.00
ADSK Autodesk Inc.	Reduce -52.5%	0.00%	−0.00
CRL Charles River Laboratories	Sold out	0.00%	−0.00
ETSY Etsy Inc.	Sold out	0.00%	−0.00
BL Blackline Inc.	Reduce -12.3%	0.01%	−0.00
CALY Callaway Golf Company	Sold out	0.00%	−0.00
BROS Dutch Bros Inc. Class A	Reduce -35.1%	0.01%	−0.00
GSHD Goosehead Insurance Inc. Class A	Reduce -27.3%	0.02%	−0.00
CPA Copa Holdings SA Class A	Sold out	0.00%	−0.00
NKE Nike Inc. Class B	Reduce -54.4%	0.00%	−0.00
WSC Willscot Holdings Corp.	Reduce -6.5%	0.01%	−0.00

Portfolio Buys Q4 2024 → Q1 2025


AON Aon PLC Class A	Add +318.1%	3.77%	+3.07
LLY Eli Lilly & Co.	Add +35.5%	4.55%	+1.85
SBUX Starbucks Corp.	New	1.58%	+1.58
ZTS Zoetis Inc.	Add +17.6%	4.55%	+1.25
ORCL Oracle Corp.	Add +17.6%	5.54%	+0.71
CSGP Costar Group Inc.	Add +1.6%	1.64%	+0.39
WTW Willis Towers Watson PLC	Add +185.1%	0.39%	+0.28
MELI MercadoLibre Inc.	Add +87.3%	0.42%	+0.25
TME Tencent Music Entertainm-ADR	Add +86.8%	0.09%	+0.06
ACWI iShares MSCI Acwi ETF	Add +21.1%	0.14%	+0.04
NU Nu Holdings Ltd./Cayman Isl-A	Add +32.4%	0.10%	+0.03
MNDY Monday.com Ltd.	Add +34.0%	0.05%	+0.02
MEDP Medpace Holdings Inc.	Add +50.8%	0.02%	+0.01
PGNY Progyny Inc.	Add +0.3%	0.02%	+0.01
SGOV iShares 0-3 Month Treasury B	Add +318.4%	0.01%	+0.01
TECH Bio-Techne Corp.	Add +123.1%	0.01%	+0.00
TREX Trex Company Inc.	Add +39.9%	0.01%	+0.00
RMBS Rambus Inc.	Add +9.9%	0.02%	+0.00
AIT Applied Industrial Tech Inc.	Add +14.0%	0.01%	+0.00
PCTY Paylocity Holding Corp.	Add +9.2%	0.02%	+0.00
YUMC Yum China Holdings Inc.	Add +0.1%	0.01%	+0.00
NSIT Insight Enterprises Inc.	Add +1.7%	0.02%	+0.00
SAIA Saia Inc.	New	0.00%	+0.00
BDC Belden Inc.	Add +26.8%	0.01%	+0.00
CATH Global X S&P 500 Ca Val ETF	Add +11.9%	0.01%	+0.00
AAON Aaon Inc.	Add +56.8%	0.01%	+0.00
FN Fabrinet	Add +21.0%	0.01%	+0.00
BIL SS SPDR BB 1-3M T-Bill ETF	New	0.00%	+0.00
FIX Comfort Systems USA Inc.	New	0.00%	+0.00
IWO iShares Russell 2000 Growth	New	0.00%	+0.00
MANH Manhattan Associates Inc.	New	0.00%	+0.00
WING Wingstop Inc.	New	0.00%	+0.00
AMN Amn Healthcare Services Inc.	Add +1.1%	0.00%	+0.00
IWM iShares Russell 2000 ETF	Add +3.5%	0.01%	+0.00
EPAM Epam Systems Inc.	Add +22.7%	0.01%	+0.00
CLBT Cellebrite Di Ltd.	Add +47.1%	0.00%	+0.00
ROAD Construction Partners Inc. Class A	Add +8.7%	0.01%	+0.00
ENTG Entegris Inc.	Add +4.7%	0.00%	+0.00
DLO Dlocal Ltd.	Add +0.0%	0.02%	−0.00
ELF Elf Beauty Inc.	Add +12.8%	0.01%	−0.01
GLOB Globant SA	Add +22.1%	0.29%	−0.08

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	219	$11.6B	LLY, NVDA, MSFT, GOOG, AVGO
Q1 2026	221	$14.5B	MSFT, GOOG, LLY, AVGO, AMZN
Q4 2025	231	$23.4B	AMZN, MSFT, ORCL, LLY, GOOG
Q3 2025	232	$30.8B	ORCL, MSFT, AMZN, SHOP, MA
Q2 2025	240	$32.6B	AMZN, MSFT, ORCL, V, SHOP
Q1 2025	117	$31.8B	AMZN, MSFT, V, ORCL, MA
Q4 2024	124	$37.0B	AMZN, MSFT, GOOG, V, MA
Q3 2024Amended	118	$38.7B	AMZN, MSFT, GOOG, V, NOW
Q2 2024	110	$39.9B	AMZN, MSFT, GOOG, V, NOW
Q1 2024	103	$43.3B	AMZN, MSFT, GOOG, V, NFLX