Polen Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Polen Capital Management LLC reported 232 stock positions worth $30.8 billion. Its top holding was Oracle (ORCL) at 8.5% of the portfolio, followed by Microsoft (MSFT, 8.4%) and Amazon.com (AMZN, 8.0%). Compared with Q2 2025, it opened 52 new positions, sold out of 60, added to 67 and reduced 112. The biggest buy was a new position in Broadcom (AVGO) and the biggest sale Thermo Fisher Scientific (TMO, shares −95%).
- Most Recent 13F
- Q2 2026
- Location
- Boca Raton, FL
- CIK
- 0001034524
- Portfolio Value
- $30.8B (Q3 2025)
- SEC Filing
- 0001172661-25-004691 ↗ filed Nov 12, 2025
Holdings Value
Holdings 232 stocks · $30.8B
| ORCL Oracle Corp. | 8.48% | 9,288,638 | $2.6B | Reduce -22.5% |
| MSFT Microsoft Corp. | 8.44% | 5,020,158 | $2.6B | Reduce -7.5% |
| AMZN Amazon.com Inc. | 8.02% | 11,246,528 | $2.5B | Reduce -19.2% |
| SHOP Shopify Inc. Class A | 5.34% | 11,060,906 | $1.6B | Reduce -24.7% |
| MA Mastercard Inc. Class A | 5.06% | 2,741,243 | $1.6B | Reduce -8.4% |
| V Visa Inc. Class A | 4.81% | 4,340,224 | $1.5B | Reduce -22.6% |
| AVGO Broadcom Inc. | 4.80% | 4,485,854 | $1.5B | New |
| LLY Eli Lilly & Co. | 4.02% | 1,622,967 | $1.2B | Reduce -6.6% |
| NVDA Nvidia Corp. | 3.81% | 6,297,034 | $1.2B | Add +36850.1% |
| GOOG Alphabet Inc. Class C | 3.67% | 4,640,242 | $1.1B | Reduce -29.3% |
| ZTS Zoetis Inc. | 3.57% | 7,516,911 | $1.1B | Reduce -10.7% |
| NOW ServiceNow Inc. | 3.36% | 1,124,076 | $1.0B | Reduce -4.5% |
| ABT Abbott Laboratories | 3.23% | 7,420,604 | $993.9M | Reduce -30.4% |
| MSCI MSCI Inc. | 2.92% | 1,583,939 | $898.7M | Reduce -9.0% |
| AON Aon PLC Class A | 2.88% | 2,490,167 | $887.9M | Reduce -9.3% |
| SBUX Starbucks Corp. | 2.44% | 8,881,141 | $751.3M | Reduce -8.1% |
| IDXX Idexx Laboratories Inc. | 2.34% | 1,127,147 | $720.1M | Reduce -5.7% |
| ADBE Adobe Inc. | 2.13% | 1,857,198 | $655.1M | Reduce -44.7% |
| ACN Accenture PLC Class A | 1.97% | 2,461,759 | $607.1M | Reduce -16.5% |
| NFLX Netflix Inc. | 1.86% | 478,880 | $574.1M | Reduce -41.3% |
| PAYC Paycom Software Inc. | 1.78% | 2,636,423 | $548.7M | Reduce -9.0% |
| BSX Boston Scientific Corp. | 1.77% | 5,598,286 | $546.6M | New |
| CSGP Costar Group Inc. | 1.75% | 6,380,909 | $538.4M | Reduce -7.8% |
| SNPS Synopsys Inc. | 1.67% | 1,044,800 | $515.5M | New |
| ABNB Airbnb Inc. Class A | 1.57% | 3,974,571 | $482.6M | Reduce -46.0% |
| INTU Intuit Inc. | 1.47% | 661,727 | $451.9M | New |
| WDAY Workday Inc. Class A | 1.46% | 1,862,271 | $448.3M | Reduce -47.9% |
| UBER Uber Technologies Inc. | 1.45% | 4,570,653 | $447.8M | Add +24571.6% |
| MELI MercadoLibre Inc. | 0.38% | 49,515 | $115.7M | Reduce -20.4% |
| GOOGL Alphabet Inc. Class A | 0.37% | 473,431 | $115.1M | Reduce -23.6% |
| IWF iShares Russell 1000 Growth | 0.35% | 227,851 | $106.7M | Add +1.0% |
| SAP Sap SE-Sponsored ADR | 0.30% | 344,952 | $92.2M | Reduce -29.1% |
| ICLR Icon PLC | 0.25% | 443,461 | $77.6M | Reduce -17.9% |
| WTW Willis Towers Watson PLC | 0.25% | 219,784 | $75.9M | Reduce -30.0% |
| TMO Thermo Fisher Scientific Inc. | 0.18% | 114,513 | $55.5M | Reduce -94.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.16% | 177,059 | $49.5M | New |
| ACWI iShares MSCI Acwi ETF | 0.09% | 190,449 | $26.3M | Add +115.1% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.08% | 1,541,162 | $24.7M | Reduce -38.0% |
| MNDY Monday.com Ltd. | 0.08% | 125,811 | $24.4M | Add +28.9% |
| HDB HDFC Bank Ltd.-ADR | 0.07% | 593,360 | $20.3M | Reduce -48.0% |
| ASML ASML Holding NV-NY Reg SHS | 0.06% | 19,797 | $19.2M | Reduce -55.5% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.05% | 200,000 | $16.2M | New |
| TME Tencent Music Entertainm-ADR | 0.04% | 561,433 | $13.1M | Reduce -43.4% |
| SE Sea Ltd.-ADR | 0.04% | 70,233 | $12.6M | Reduce -16.3% |
| MDT Medtronic PLC | 0.04% | 124,956 | $11.9M | Reduce -46.8% |
| BE Bloom Energy Corp. Class A | 0.04% | 131,390 | $11.1M | Add +92.3% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.04% | 258,374 | $10.9M | Reduce -47.3% |
| AGX Argan Inc. | 0.03% | 37,533 | $10.1M | Reduce -16.3% |
| DLO Dlocal Ltd. | 0.03% | 699,379 | $10.0M | Add +15.4% |
| RSP Invesco S&P 500 Equal Weight | 0.03% | 44,774 | $8.5M | New |
| PDD PDD Holdings Inc. | 0.03% | 63,283 | $8.4M | Reduce -1.6% |
| MMYT Makemytrip Ltd. | 0.03% | 87,289 | $8.2M | Reduce -16.8% |
| GLOB Globant SA | 0.03% | 135,108 | $7.8M | Reduce -50.5% |
| SPOT Spotify Technology SA | 0.03% | 11,075 | $7.7M | Reduce -62.4% |
| WGS Genedx Holdings Corp. | 0.02% | 68,169 | $7.3M | Reduce -15.8% |
| VIST Vista Energy Sab DE CV | 0.02% | 210,976 | $7.3M | Add +1400.3% |
| POWL Powell Industries Inc. | 0.02% | 23,357 | $7.1M | Reduce -7.2% |
| IBN Icici Bank Ltd.-Spon ADR | 0.02% | 224,267 | $6.8M | Reduce -55.2% |
| BWXT BWX Technologies Inc. | 0.02% | 36,748 | $6.8M | Reduce -10.4% |
| METC Ramaco Resources Inc. Class A | 0.02% | 182,332 | $6.1M | Add +193.1% |
| VSEC Vse Corp. | 0.02% | 34,420 | $5.7M | Reduce -13.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.02% | 11,625 | $5.6M | Reduce -9.9% |
| JOBY Joby Aviation Inc. | 0.02% | 318,267 | $5.1M | Reduce -10.5% |
| IESC Ies Holdings Inc. filed as IES HLDGS INC | 0.02% | 12,144 | $4.8M | Reduce -12.1% |
| KARO Karooooo Ltd. | 0.02% | 82,608 | $4.7M | Reduce -2.5% |
| MOD Modine Manufacturing Co. | 0.01% | 32,523 | $4.6M | Add +67.9% |
| ADPT Adaptive Biotechnologies | 0.01% | 291,197 | $4.4M | Add +104.7% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.01% | 61,612 | $4.0M | Add +179.0% |
| CVNA Carvana Co. | 0.01% | 10,456 | $3.9M | Reduce -10.6% |
| AAPL Apple Inc. | 0.01% | 15,355 | $3.9M | Add +80.1% |
| TSLA Tesla Inc. | 0.01% | 8,590 | $3.8M | Add +27.8% |
| SOFI Sofi Technologies Inc. | 0.01% | 143,218 | $3.8M | Reduce -16.2% |
| PRCH Porch Group Inc. | 0.01% | 217,423 | $3.6M | Add +61.0% |
| AMPX Amprius Technologies Inc. | 0.01% | 339,427 | $3.6M | New |
| HCI Hci Group Inc. | 0.01% | 18,168 | $3.5M | Add +30.0% |
| CCJ Cameco Corp. | 0.01% | 38,622 | $3.2M | Reduce -15.3% |
| QQEW First TR Nasdaq-100 Sel Eq | 0.01% | 22,529 | $3.2M | New |
| CECO Ceco Environmental Corp. | 0.01% | 60,223 | $3.1M | Add +228.8% |
| SMR Nuscale Power Corp. | 0.01% | 83,543 | $3.0M | Reduce -2.2% |
| PTON Peloton Interactive Inc. Class A | 0.01% | 324,372 | $2.9M | Add +51.3% |
| AMSC American Superconductor Corp. | 0.01% | 47,291 | $2.8M | Add +0.1% |
| BELFB Bel Fuse Inc. Class B | 0.01% | 19,539 | $2.8M | Reduce -4.2% |
| W Wayfair Inc. Class A | 0.01% | 29,861 | $2.7M | Add +72.8% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.01% | 8,690 | $2.6M | New |
| CATH Global X S&P 500 Ca Val ETF | 0.01% | 30,866 | $2.5M | Reduce -34.3% |
| DAVE Dave Inc. | 0.01% | 12,429 | $2.5M | Reduce -1.5% |
| FSLR First Solar Inc. | 0.01% | 11,214 | $2.5M | New |
| ATRO Astronics Corp. | 0.01% | 53,993 | $2.5M | Add +8.4% |
| IT Gartner Inc. | 0.01% | 9,284 | $2.4M | Reduce -98.8% |
| AFRM Affirm Holdings Inc. | 0.01% | 33,096 | $2.4M | Add +10.2% |
| IE Ivanhoe Electric Inc. / US | 0.01% | 188,274 | $2.4M | Add +64.4% |
| CORT Corcept Therapeutics Inc. | 0.01% | 28,363 | $2.4M | Add +31.5% |
| PGY Pagaya Technologies Ltd. Class A | 0.01% | 75,870 | $2.3M | Add +120.0% |
| ASPI Asp Isotopes Inc. | 0.01% | 232,913 | $2.2M | Add +33.0% |
| KTOS Kratos Defense & Security | 0.01% | 23,719 | $2.2M | Reduce -31.3% |
| IRMD Iradimed Corp. | 0.01% | 28,459 | $2.0M | Add +14.3% |
| FTI Technipfmc PLC | 0.01% | 50,920 | $2.0M | Reduce -1.3% |
| CVLT Commvault Systems Inc. | 0.01% | 10,395 | $2.0M | Reduce -20.9% |
| HHH Howard Hughes Holdings Inc. | 0.01% | 23,823 | $2.0M | New |
| BBIO Bridgebio Pharma Inc. | 0.01% | 36,164 | $1.9M | Add +1.4% |
Portfolio Sells Q2 2025 → Q3 2025
| TMO Thermo Fisher Scientific Inc. | Reduce -94.8% | 0.18% | −2.54 |
| ADBE Adobe Inc. | Reduce -44.7% | 2.13% | −1.86 |
| NFLX Netflix Inc. | Reduce -41.3% | 1.86% | −1.49 |
| ABNB Airbnb Inc. Class A | Reduce -46.0% | 1.57% | −1.42 |
| AMZN Amazon.com Inc. | Reduce -19.2% | 8.02% | −1.36 |
| V Visa Inc. Class A | Reduce -22.6% | 4.81% | −1.30 |
| ABT Abbott Laboratories | Reduce -30.4% | 3.23% | −1.23 |
| WDAY Workday Inc. Class A | Reduce -47.9% | 1.46% | −1.18 |
| IT Gartner Inc. | Reduce -98.8% | 0.01% | −0.96 |
| ACN Accenture PLC Class A | Reduce -16.5% | 1.97% | −0.73 |
| ZTS Zoetis Inc. | Reduce -10.7% | 3.57% | −0.46 |
| NOW ServiceNow Inc. | Reduce -4.5% | 3.36% | −0.35 |
| SBUX Starbucks Corp. | Reduce -8.1% | 2.44% | −0.28 |
| PAYC Paycom Software Inc. | Reduce -9.0% | 1.78% | −0.28 |
| MSCI MSCI Inc. | Reduce -9.0% | 2.92% | −0.16 |
| SAP Sap SE-Sponsored ADR | Reduce -29.1% | 0.30% | −0.15 |
| LLY Eli Lilly & Co. | Reduce -6.6% | 4.02% | −0.14 |
| AON Aon PLC Class A | Reduce -9.3% | 2.88% | −0.12 |
| MELI MercadoLibre Inc. | Reduce -20.4% | 0.38% | −0.12 |
| MA Mastercard Inc. Class A | Reduce -8.4% | 5.06% | −0.10 |
| ADP Automatic Data Processing | Reduce -97.4% | 0.00% | −0.09 |
| HDB HDFC Bank Ltd.-ADR | Reduce -48.0% | 0.07% | −0.07 |
| GLOB Globant SA | Reduce -50.5% | 0.03% | −0.05 |
| WTW Willis Towers Watson PLC | Reduce -30.0% | 0.25% | −0.05 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -55.5% | 0.06% | −0.05 |
| SPOT Spotify Technology SA | Reduce -62.4% | 0.03% | −0.04 |
| ONON On Holding AG Class A | Reduce -47.3% | 0.04% | −0.04 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.04 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -55.2% | 0.02% | −0.03 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -38.0% | 0.08% | −0.02 |
| MDT Medtronic PLC | Reduce -46.8% | 0.04% | −0.02 |
| TME Tencent Music Entertainm-ADR | Reduce -43.4% | 0.04% | −0.02 |
| CNM Core & Main Inc. Class A | Sold out | 0.00% | −0.01 |
| LOMA Loma Negra Cia Ind-Spon ADR | Sold out | 0.00% | −0.01 |
| ENVX Enovix Corp. | Sold out | 0.00% | −0.01 |
| GGAL Grupo Financiero Galicia-ADR | Sold out | 0.00% | −0.01 |
| EXLS Exlservice Holdings Inc. | Sold out | 0.00% | −0.01 |
| GSHD Goosehead Insurance Inc. Class A | Sold out | 0.00% | −0.01 |
| PCTY Paylocity Holding Corp. | Sold out | 0.00% | −0.01 |
| MMYT Makemytrip Ltd. | Reduce -16.8% | 0.03% | −0.01 |
| HLNE Hamilton Lane Inc. Class A | Sold out | 0.00% | −0.00 |
| PGNY Progyny Inc. | Sold out | 0.00% | −0.00 |
| IOT Samsara Inc. Class A | Sold out | 0.00% | −0.00 |
| NSIT Insight Enterprises Inc. | Sold out | 0.00% | −0.00 |
| SHAK Shake Shack Inc. Class A | Sold out | 0.00% | −0.00 |
| UNH Unitedhealth Group Inc. | Reduce -76.0% | 0.00% | −0.00 |
| TWLO Twilio Inc. Class A | Reduce -77.4% | 0.00% | −0.00 |
| RMBS Rambus Inc. | Sold out | 0.00% | −0.00 |
| ACHR Archer Aviation Inc. Class A | Reduce -58.1% | 0.00% | −0.00 |
| BDC Belden Inc. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| AVGO Broadcom Inc. | New | 4.80% | +4.80 |
| NVDA Nvidia Corp. | Add +36850.1% | 3.81% | +3.81 |
| BSX Boston Scientific Corp. | New | 1.77% | +1.77 |
| SNPS Synopsys Inc. | New | 1.67% | +1.67 |
| INTU Intuit Inc. | New | 1.47% | +1.47 |
| UBER Uber Technologies Inc. | Add +24571.6% | 1.45% | +1.45 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.16% | +0.16 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | New | 0.05% | +0.05 |
| IWF iShares Russell 1000 Growth | Add +1.0% | 0.35% | +0.05 |
| ACWI iShares MSCI Acwi ETF | Add +115.1% | 0.09% | +0.05 |
| BE Bloom Energy Corp. Class A | Add +92.3% | 0.04% | +0.03 |
| RSP Invesco S&P 500 Equal Weight | New | 0.03% | +0.03 |
| VIST Vista Energy Sab DE CV | Add +1400.3% | 0.02% | +0.02 |
| METC Ramaco Resources Inc. Class A | Add +193.1% | 0.02% | +0.02 |
| AMPX Amprius Technologies Inc. | New | 0.01% | +0.01 |
| DLO Dlocal Ltd. | Add +15.4% | 0.03% | +0.01 |
| QQEW First TR Nasdaq-100 Sel Eq | New | 0.01% | +0.01 |
| MOD Modine Manufacturing Co. | Add +67.9% | 0.01% | +0.01 |
| ADPT Adaptive Biotechnologies | Add +104.7% | 0.01% | +0.01 |
| ACWX iShares MSCI Acwi Ex US ETF | Add +179.0% | 0.01% | +0.01 |
| CECO Ceco Environmental Corp. | Add +228.8% | 0.01% | +0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | New | 0.01% | +0.01 |
| FSLR First Solar Inc. | New | 0.01% | +0.01 |
| AAPL Apple Inc. | Add +80.1% | 0.01% | +0.01 |
| PRCH Porch Group Inc. | Add +61.0% | 0.01% | +0.01 |
| HHH Howard Hughes Holdings Inc. | New | 0.01% | +0.01 |
| W Wayfair Inc. Class A | Add +72.8% | 0.01% | +0.01 |
| TSLA Tesla Inc. | Add +27.8% | 0.01% | +0.01 |
| PGY Pagaya Technologies Ltd. Class A | Add +120.0% | 0.01% | +0.01 |
| PTON Peloton Interactive Inc. Class A | Add +51.3% | 0.01% | +0.00 |
| HCI Hci Group Inc. | Add +30.0% | 0.01% | +0.00 |
| IE Ivanhoe Electric Inc. / US | Add +64.4% | 0.01% | +0.00 |
| ABCL Abcellera Biologics Inc. | New | 0.00% | +0.00 |
| AMSC American Superconductor Corp. | Add +0.1% | 0.01% | +0.00 |
| RHLD Resolute Holdings Manag | Add +45.9% | 0.00% | +0.00 |
| ASPI Asp Isotopes Inc. | Add +33.0% | 0.01% | +0.00 |
| YOU Clear Secure Inc. Class A | New | 0.00% | +0.00 |
| LASR Nlight Inc. | Add +70.3% | 0.01% | +0.00 |
| TEM Tempus AI Inc. Class A | Add +149.2% | 0.00% | +0.00 |
| ATRO Astronics Corp. | Add +8.4% | 0.01% | +0.00 |
| BKD Brookdale Senior Living Inc. | Add +98.6% | 0.00% | +0.00 |
| CORT Corcept Therapeutics Inc. | Add +31.5% | 0.01% | +0.00 |
| MRUS Merus NV | Add +96.4% | 0.00% | +0.00 |
| AX Axos Financial Inc. | New | 0.00% | +0.00 |
| REAL The Realreal Inc. | New | 0.00% | +0.00 |
| PG The Procter & Gamble Co. | New | 0.00% | +0.00 |
| KO The Coca-Cola Co. | New | 0.00% | +0.00 |
| SES Ses AI Corp. | New | 0.00% | +0.00 |
| SRRK Scholar Rock Holding Corp. | New | 0.00% | +0.00 |
| TDUP Thredup Inc. Class A | Add +108.3% | 0.00% | +0.00 |
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 |