Polen Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Polen Capital Management LLC reported 231 stock positions worth $23.4 billion. Its top holding was Amazon.com (AMZN) at 8.5% of the portfolio, followed by Microsoft (MSFT, 8.1%) and Oracle (ORCL, 6.0%). Compared with Q3 2025, it opened 56 new positions, sold out of 57, added to 45 and reduced 121. The biggest buy was a new position in Intuitive Surgical (ISRG) and the biggest sale Oracle (ORCL, shares −23%).
- Most Recent 13F
- Q2 2026
- Location
- Boca Raton, FL
- CIK
- 0001034524
- Portfolio Value
- $23.4B (Q4 2025)
- SEC Filing
- 0001172661-26-000654 ↗ filed Feb 12, 2026
Holdings Value
Holdings 231 stocks · $23.4B
| AMZN Amazon.com Inc. | 8.53% | 8,653,721 | $2.0B | Reduce -23.1% |
| MSFT Microsoft Corp. | 8.08% | 3,909,985 | $1.9B | Reduce -22.1% |
| ORCL Oracle Corp. | 5.98% | 7,185,496 | $1.4B | Reduce -22.6% |
| LLY Eli Lilly & Co. | 5.72% | 1,246,090 | $1.3B | Reduce -23.2% |
| GOOG Alphabet Inc. Class C | 5.38% | 4,018,121 | $1.3B | Reduce -13.4% |
| AVGO Broadcom Inc. | 5.22% | 3,531,637 | $1.2B | Reduce -21.3% |
| MA Mastercard Inc. Class A | 5.20% | 2,131,727 | $1.2B | Reduce -22.2% |
| V Visa Inc. Class A | 5.06% | 3,375,342 | $1.2B | Reduce -22.2% |
| SHOP Shopify Inc. Class A | 4.95% | 7,201,872 | $1.2B | Reduce -34.9% |
| NVDA Nvidia Corp. | 4.24% | 5,328,112 | $993.7M | Reduce -15.4% |
| NOW ServiceNow Inc. | 3.72% | 5,680,788 | $870.2M | Add +1.1% |
| MSCI MSCI Inc. | 3.26% | 1,331,085 | $763.7M | Reduce -16.0% |
| ZTS Zoetis Inc. | 2.99% | 5,562,669 | $699.9M | Reduce -26.0% |
| AON Aon PLC Class A | 2.78% | 1,846,294 | $651.5M | Reduce -25.9% |
| IDXX Idexx Laboratories Inc. | 2.78% | 960,537 | $649.8M | Reduce -14.8% |
| SBUX Starbucks Corp. | 2.44% | 6,785,308 | $571.4M | Reduce -23.6% |
| ACN Accenture PLC Class A | 2.16% | 1,882,707 | $505.1M | Reduce -23.5% |
| ABT Abbott Laboratories | 2.12% | 3,962,230 | $496.4M | Reduce -46.6% |
| ISRG Intuitive Surgical Inc. | 2.04% | 842,618 | $477.2M | New |
| ADBE Adobe Inc. | 2.01% | 1,345,588 | $470.9M | Reduce -27.6% |
| ABNB Airbnb Inc. Class A | 1.76% | 3,030,730 | $411.3M | Reduce -23.8% |
| SNPS Synopsys Inc. | 1.69% | 844,881 | $396.9M | Reduce -19.1% |
| BSX Boston Scientific Corp. | 1.64% | 4,019,552 | $383.3M | Reduce -28.2% |
| IWF iShares Russell 1000 Growth | 1.57% | 776,086 | $367.3M | Add +240.6% |
| INTU Intuit Inc. | 1.45% | 512,656 | $339.6M | Reduce -22.5% |
| CSGP Costar Group Inc. | 1.40% | 4,890,936 | $328.9M | Reduce -23.4% |
| PAYC Paycom Software Inc. | 1.25% | 1,835,028 | $292.4M | Reduce -30.4% |
| UBER Uber Technologies Inc. | 1.24% | 3,565,793 | $291.4M | Reduce -22.0% |
| MELI MercadoLibre Inc. | 0.41% | 47,920 | $96.5M | Reduce -3.2% |
| ACWI iShares MSCI Acwi ETF | 0.37% | 610,133 | $86.3M | Add +220.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.26% | 200,593 | $61.0M | Add +13.3% |
| SAP Sap SE-Sponsored ADR | 0.24% | 233,332 | $56.7M | Reduce -32.4% |
| SPOT Spotify Technology SA | 0.18% | 71,658 | $41.6M | Add +547.0% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.08% | 1,157,836 | $19.4M | Reduce -24.9% |
| ICLR Icon PLC | 0.08% | 105,206 | $19.2M | Reduce -76.3% |
| NFLX Netflix Inc. | 0.07% | 173,797 | $16.3M | Reduce -96.4% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.07% | 33,124 | $16.2M | Add +184.9% |
| HDB HDFC Bank Ltd.-ADR | 0.06% | 367,007 | $13.4M | Reduce -38.1% |
| ASML ASML Holding NV-NY Reg SHS | 0.05% | 11,195 | $12.0M | Reduce -43.5% |
| MNDY Monday.com Ltd. | 0.05% | 79,332 | $11.7M | Reduce -36.9% |
| GOOGL Alphabet Inc. Class A | 0.04% | 30,864 | $9.7M | Reduce -93.5% |
| IVV iShares Core S&P 500 ETF | 0.04% | 13,669 | $9.4M | New |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.04% | 194,483 | $9.0M | Reduce -24.7% |
| WTW Willis Towers Watson PLC | 0.04% | 27,425 | $9.0M | Reduce -87.5% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.04% | 126,761 | $8.5M | Add +105.7% |
| MDT Medtronic PLC | 0.03% | 84,500 | $8.1M | Reduce -32.4% |
| AGX Argan Inc. | 0.03% | 24,886 | $7.8M | Reduce -33.7% |
| WGS Genedx Holdings Corp. | 0.03% | 59,861 | $7.8M | Reduce -12.2% |
| TME Tencent Music Entertainm-ADR | 0.03% | 412,467 | $7.2M | Reduce -26.5% |
| DLO Dlocal Ltd. | 0.03% | 466,809 | $6.6M | Reduce -33.3% |
| BE Bloom Energy Corp. Class A | 0.03% | 75,434 | $6.6M | Reduce -42.6% |
| POWL Powell Industries Inc. | 0.03% | 20,341 | $6.5M | Reduce -12.9% |
| VSEC Vse Corp. | 0.03% | 34,390 | $5.9M | Reduce -0.1% |
| GLOB Globant SA | 0.03% | 90,462 | $5.9M | Reduce -33.0% |
| BWXT BWX Technologies Inc. | 0.02% | 32,328 | $5.6M | Reduce -12.0% |
| SE Sea Ltd.-ADR | 0.02% | 42,710 | $5.4M | Reduce -39.2% |
| ADPT Adaptive Biotechnologies | 0.02% | 325,767 | $5.3M | Add +11.9% |
| VT Vanguard Tot World STK ETF | 0.02% | 33,592 | $4.7M | Add +632.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.02% | 6,717 | $4.6M | Add +167.9% |
| MMYT Makemytrip Ltd. | 0.02% | 53,658 | $4.4M | Reduce -38.5% |
| RHLD Resolute Holdings Manag | 0.02% | 20,915 | $4.3M | No change |
| IESC Ies Holdings Inc. filed as IES HLDGS INC | 0.02% | 10,941 | $4.3M | Reduce -9.9% |
| CECO Ceco Environmental Corp. | 0.02% | 69,775 | $4.2M | Add +15.9% |
| BELFB Bel Fuse Inc. Class B | 0.02% | 22,522 | $3.8M | Add +15.3% |
| CVNA Carvana Co. | 0.02% | 8,974 | $3.8M | Reduce -14.2% |
| IBN Icici Bank Ltd.-Spon ADR | 0.02% | 123,872 | $3.7M | Reduce -44.8% |
| TSLA Tesla Inc. | 0.02% | 8,171 | $3.7M | Reduce -4.9% |
| PDD PDD Holdings Inc. | 0.02% | 31,329 | $3.6M | Reduce -50.5% |
| HCI Hci Group Inc. | 0.01% | 18,126 | $3.5M | Reduce -0.2% |
| KARO Karooooo Ltd. | 0.01% | 74,821 | $3.4M | Reduce -9.4% |
| JOBY Joby Aviation Inc. | 0.01% | 250,067 | $3.3M | Reduce -21.4% |
| SOFI Sofi Technologies Inc. | 0.01% | 117,450 | $3.1M | Reduce -18.0% |
| BBIO Bridgebio Pharma Inc. | 0.01% | 38,241 | $2.9M | Add +5.7% |
| ATRO Astronics Corp. | 0.01% | 53,691 | $2.9M | Reduce -0.6% |
| REAL The Realreal Inc. filed as THE REALREAL INC | 0.01% | 175,088 | $2.8M | Add +142.9% |
| W Wayfair Inc. Class A | 0.01% | 26,857 | $2.7M | Reduce -10.1% |
| IRMD Iradimed Corp. | 0.01% | 26,891 | $2.6M | Reduce -5.5% |
| DAVE Dave Inc. | 0.01% | 11,805 | $2.6M | Reduce -5.0% |
| HURN Huron Consulting Group Inc. | 0.01% | 15,086 | $2.6M | Add +46.5% |
| CCJ Cameco Corp. | 0.01% | 28,174 | $2.6M | Reduce -27.1% |
| IE Ivanhoe Electric Inc. / US | 0.01% | 157,882 | $2.5M | Reduce -16.1% |
| AFRM Affirm Holdings Inc. | 0.01% | 32,969 | $2.5M | Reduce -0.4% |
| WDAY Workday Inc. Class A | 0.01% | 10,782 | $2.3M | Reduce -99.4% |
| LASR Nlight Inc. | 0.01% | 61,624 | $2.3M | Add +18.9% |
| AMPX Amprius Technologies Inc. | 0.01% | 288,290 | $2.3M | Reduce -15.1% |
| CATH Global X S&P 500 Ca Val ETF | 0.01% | 27,566 | $2.3M | Reduce -10.7% |
| SPHR Sphere Entertainment Co. | 0.01% | 23,828 | $2.3M | New |
| IT Gartner Inc. | 0.01% | 8,753 | $2.2M | Reduce -5.7% |
| PL Planet Labs PBC | 0.01% | 111,538 | $2.2M | New |
| FSLR First Solar Inc. | 0.01% | 8,302 | $2.2M | Reduce -26.0% |
| BKD Brookdale Senior Living Inc. | 0.01% | 200,588 | $2.2M | Add +20.2% |
| AAPL Apple Inc. | 0.01% | 7,724 | $2.1M | Reduce -49.7% |
| ATEC Alphatec Holdings Inc. | 0.01% | 95,761 | $2.0M | Add +85.2% |
| GH Guardant Health Inc. | 0.01% | 19,667 | $2.0M | Add +13.9% |
| MOD Modine Manufacturing Co. | 0.01% | 14,309 | $1.9M | Reduce -56.0% |
| CRS Carpenter Technology | 0.01% | 6,062 | $1.9M | Reduce -0.4% |
| VTI VG Morningstar TS MKT ETF-US | 0.01% | 5,677 | $1.9M | New |
| MIR Mirion Technologies Inc. | 0.01% | 79,419 | $1.9M | Add +4.3% |
| BFLY Butterfly Network Inc. | 0.01% | 472,971 | $1.8M | New |
| PTGX Protagonist Therapeutics Inc. | 0.01% | 20,349 | $1.8M | Add +0.1% |
Options reported separately and not counted above: BWXT puts ($2.2M), BE puts ($1.9M), SOFI puts ($1.1M).
Portfolio Sells Q3 2025 → Q4 2025
| ORCL Oracle Corp. | Reduce -22.6% | 5.98% | −2.50 |
| NFLX Netflix Inc. | Reduce -96.4% | 0.07% | −1.79 |
| WDAY Workday Inc. Class A | Reduce -99.4% | 0.01% | −1.45 |
| ABT Abbott Laboratories | Reduce -46.6% | 2.12% | −1.11 |
| ZTS Zoetis Inc. | Reduce -26.0% | 2.99% | −0.58 |
| PAYC Paycom Software Inc. | Reduce -30.4% | 1.25% | −0.53 |
| SHOP Shopify Inc. Class A | Reduce -34.9% | 4.95% | −0.39 |
| MSFT Microsoft Corp. | Reduce -22.1% | 8.08% | −0.37 |
| CSGP Costar Group Inc. | Reduce -23.4% | 1.40% | −0.34 |
| GOOGL Alphabet Inc. Class A | Reduce -93.5% | 0.04% | −0.33 |
| UBER Uber Technologies Inc. | Reduce -22.0% | 1.24% | −0.21 |
| WTW Willis Towers Watson PLC | Reduce -87.5% | 0.04% | −0.21 |
| TMO Thermo Fisher Scientific Inc. | Reduce -98.0% | 0.01% | −0.17 |
| ICLR Icon PLC | Reduce -76.3% | 0.08% | −0.17 |
| BSX Boston Scientific Corp. | Reduce -28.2% | 1.64% | −0.14 |
| ADBE Adobe Inc. | Reduce -27.6% | 2.01% | −0.12 |
| AON Aon PLC Class A | Reduce -25.9% | 2.78% | −0.10 |
| SAP Sap SE-Sponsored ADR | Reduce -32.4% | 0.24% | −0.06 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −0.05 |
| MNDY Monday.com Ltd. | Reduce -36.9% | 0.05% | −0.03 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −0.03 |
| VIST Vista Energy Sab DE CV | Sold out | 0.00% | −0.02 |
| SE Sea Ltd.-ADR | Reduce -39.2% | 0.02% | −0.02 |
| INTU Intuit Inc. | Reduce -22.5% | 1.45% | −0.02 |
| METC Ramaco Resources Inc. Class A | Reduce -51.5% | 0.01% | −0.01 |
| PDD PDD Holdings Inc. | Reduce -50.5% | 0.02% | −0.01 |
| TME Tencent Music Entertainm-ADR | Reduce -26.5% | 0.03% | −0.01 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -43.5% | 0.05% | −0.01 |
| QQEW First TR Nasdaq-100 Sel Eq | Sold out | 0.00% | −0.01 |
| PRCH Porch Group Inc. | Reduce -75.3% | 0.00% | −0.01 |
| HDB HDFC Bank Ltd.-ADR | Reduce -38.1% | 0.06% | −0.01 |
| PTON Peloton Interactive Inc. Class A | Reduce -88.7% | 0.00% | −0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Sold out | 0.00% | −0.01 |
| BE Bloom Energy Corp. Class A | Reduce -42.6% | 0.03% | −0.01 |
| CORT Corcept Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| MMYT Makemytrip Ltd. | Reduce -38.5% | 0.02% | −0.01 |
| MOD Modine Manufacturing Co. | Reduce -56.0% | 0.01% | −0.01 |
| CVLT Commvault Systems Inc. | Sold out | 0.00% | −0.01 |
| AMSC American Superconductor Corp. | Reduce -50.2% | 0.00% | −0.01 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -44.8% | 0.02% | −0.01 |
| WRBY Warby Parker Inc. Class A | Sold out | 0.00% | −0.01 |
| SMR Nuscale Power Corp. | Reduce -22.7% | 0.00% | −0.01 |
| LRN Stride Inc. | Sold out | 0.00% | −0.01 |
| BBSI Barrett Business SVCS Inc. | Sold out | 0.00% | −0.01 |
| DLO Dlocal Ltd. | Reduce -33.3% | 0.03% | −0.00 |
| ASPI Asp Isotopes Inc. | Reduce -40.1% | 0.00% | −0.00 |
| MDT Medtronic PLC | Reduce -32.4% | 0.03% | −0.00 |
| PCT Purecycle Technologies Inc. | Sold out | 0.00% | −0.00 |
| AAPL Apple Inc. | Reduce -49.7% | 0.01% | −0.00 |
| LQDT Liquidity Services Inc. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| ISRG Intuitive Surgical Inc. | New | 2.04% | +2.04 |
| IWF iShares Russell 1000 Growth | Add +240.6% | 1.57% | +1.22 |
| NOW ServiceNow Inc. | Add +1.1% | 3.72% | +0.36 |
| ACWI iShares MSCI Acwi ETF | Add +220.4% | 0.37% | +0.28 |
| SPOT Spotify Technology SA | Add +547.0% | 0.18% | +0.15 |
| TSM Taiwan Semiconductor-SP ADR | Add +13.3% | 0.26% | +0.10 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +184.9% | 0.07% | +0.05 |
| IVV iShares Core S&P 500 ETF | New | 0.04% | +0.04 |
| ACWX iShares MSCI Acwi Ex US ETF | Add +105.7% | 0.04% | +0.02 |
| VT Vanguard Tot World STK ETF | Add +632.5% | 0.02% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +167.9% | 0.02% | +0.01 |
| SPHR Sphere Entertainment Co. | New | 0.01% | +0.01 |
| PL Planet Labs PBC | New | 0.01% | +0.01 |
| REAL The Realreal Inc. | Add +142.9% | 0.01% | +0.01 |
| ADPT Adaptive Biotechnologies | Add +11.9% | 0.02% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | New | 0.01% | +0.01 |
| CECO Ceco Environmental Corp. | Add +15.9% | 0.02% | +0.01 |
| BFLY Butterfly Network Inc. | New | 0.01% | +0.01 |
| BELFB Bel Fuse Inc. Class B | Add +15.3% | 0.02% | +0.01 |
| BBIO Bridgebio Pharma Inc. | Add +5.7% | 0.01% | +0.01 |
| ATEC Alphatec Holdings Inc. | Add +85.2% | 0.01% | +0.01 |
| HURN Huron Consulting Group Inc. | Add +46.5% | 0.01% | +0.01 |
| SEI Solaris Energy Infrastructur | New | 0.01% | +0.01 |
| ERO Ero Copper Corp. | New | 0.01% | +0.01 |
| ESTA Establishment Labs Holdings | New | 0.01% | +0.01 |
| GH Guardant Health Inc. | Add +13.9% | 0.01% | +0.01 |
| AORT Artivion Inc. | New | 0.00% | +0.00 |
| GGAL Grupo Financiero Galicia-ADR | New | 0.00% | +0.00 |
| LQDA Liquidia Corp. | New | 0.00% | +0.00 |
| LASR Nlight Inc. | Add +18.9% | 0.01% | +0.00 |
| BKD Brookdale Senior Living Inc. | Add +20.2% | 0.01% | +0.00 |
| RKLB Rocket Lab Corp. | New | 0.00% | +0.00 |
| XMTR Xometry Inc. Class A | Add +169.3% | 0.01% | +0.00 |
| KURA Kura Oncology Inc. | New | 0.00% | +0.00 |
| KOD Kodiak Sciences Inc. | Add +91.7% | 0.00% | +0.00 |
| TSHA Taysha Gene Therapies Inc. | New | 0.00% | +0.00 |
| IRS Irsa -SP ADR | Add +8.0% | 0.01% | +0.00 |
| TMDX Transmedics Group Inc. | Add +90.3% | 0.01% | +0.00 |
| BW Babcock & Wilcox Enterpr | New | 0.00% | +0.00 |
| PTGX Protagonist Therapeutics Inc. | Add +0.1% | 0.01% | +0.00 |
| CAAP Corp. America Airports SA | Add +18.9% | 0.01% | +0.00 |
| UPWK Upwork Inc. | Add +278.7% | 0.00% | +0.00 |
| YOU Clear Secure Inc. Class A | Add +36.2% | 0.01% | +0.00 |
| NUVL Nuvalent Inc. Class A | New | 0.00% | +0.00 |
| CYTK Cytokinetics Inc. | New | 0.00% | +0.00 |
| FROG Jfrog Ltd. | New | 0.00% | +0.00 |
| FIGS Figs Inc. Class A | New | 0.00% | +0.00 |
| APEI American Public Education | New | 0.00% | +0.00 |
| CSIQ Canadian Solar Inc. | New | 0.00% | +0.00 |
| VELO VELO3D Inc. | New | 0.00% | +0.00 |
Options Activity Q3 2025 → Q4 2025
| BWXT BWX Technologies Inc. | put | New | 12,500 | $2.2M |
| BE Bloom Energy Corp. Class A | put | New | 21,600 | $1.9M |
| SOFI Sofi Technologies Inc. | put | New | 41,800 | $1.1M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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 |