WhaleCreep

Polen Capital 13F holdings, Q3 2025

Long-only investorSEC filingsCompare with another fundHoldings as of 2025-09-30, filed 2025-11-12

Polen Capital disclosed 232 US equity positions worth $30.8bn in its Q3 2025 13F filing. Its largest position is ORCL at 8.5% of the reported book, followed by MSFT and AMZN. Versus Q2 2025 it opened 52 new positions, added to 59, reduced 111 and exited 60.

$30.8bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
232
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
8.5%
Largest position
The largest single position as a share of the reported equity book.
56.5%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
22
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
110
Quarters on file since Q1 1999
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q2 2025: 52 new, 59 added, 111 reduced, 60 exited

50 of 232
ORCL ORACLE CORPTechnology8.5%$2.6bn9.29m−22%reduced
MSFT MICROSOFT CORPTechnology8.4%$2.6bn5.02m−7.5%reduced
AMZN AMAZON COM INCConsumer Cyclical8.0%$2.5bn11.25m−19%reduced
SHOP SHOPIFY INCTechnology5.3%$1.6bn11.06m−25%reduced
MA MASTERCARD INCFinancial Services5.1%$1.6bn2.74m−8.4%reduced
V VISA INCFinancial Services4.8%$1.5bn4.34m−23%reduced
AVGO BROADCOM INCTechnology4.8%$1.5bn4.49m–new
LLY ELI LILLY & COHealthcare4.0%$1.2bn1.62m−6.6%reduced
NVDA NVIDIA CORPORATIONTechnology3.8%$1.2bn6.30m+36850%added
GOOG ALPHABET INCCommunication Services3.7%$1.1bn4.64m−29%reduced
ZTS ZOETIS INCHealthcare3.6%$1.1bn7.52m−11%reduced
NOW SERVICENOW INCTechnology3.4%$1.0bn1.12m−4.5%reduced
ABT ABBOTT LABORATORIESHealthcare3.2%$994m7.42m−30%reduced
MSCI MSCI INCFinancial Services2.9%$899m1.58m−9.0%reduced
AON AON PLCFinancial Services2.9%$888m2.49m−9.3%reduced
SBUX STARBUCKS CORPConsumer Cyclical2.4%$751m8.88m−8.1%reduced
IDXX IDEXX LABS INCHealthcare2.3%$720m1.13m−5.7%reduced
ADBE ADOBE INCTechnology2.1%$655m1.86m−45%reduced
ACCENTURE PLC IRELAND no ticker–2.0%$607m2.46m−16%reduced
NFLX NETFLIX INC.Communication Services1.9%$574m478,880−41%reduced
PAYC PAYCOM SOFTWARE INCTechnology1.8%$549m2.64m−9.0%reduced
BSX BOSTON SCIENTIFIC CORPHealthcare1.8%$547m5.60m–new
CSGP COSTAR GROUP INCReal Estate1.7%$538m6.38m−7.8%reduced
SNPS SYNOPSYS INCTechnology1.7%$515m1.04m–new
ABNB AIRBNB INCConsumer Cyclical1.6%$483m3.97m−46%reduced
INTU INTUITTechnology1.5%$452m661,727–new
WDAY WORKDAY INCTechnology1.5%$448m1.86m−48%reduced
UBER UBER TECHNOLOGIES INCTechnology1.5%$448m4.57m+24572%added
MELI MERCADOLIBREConsumer Cyclical0.4%$116m49,515−20%reduced
GOOGL ALPHABET INCCommunication Services0.4%$115m473,431−24%reduced
IWF ISHARES TR–0.3%$107m227,851+1.0%added
SAP SAP SETechnology0.3%$92.2m344,952−29%reduced
ICLR ICON PLCHealthcare0.3%$77.6m443,461−18%reduced
WTW WILLIS TOWERS WATSON PLC LTDFinancial Services0.2%$75.9m219,784−30%reduced
TMO THERMO FISHER SCIENTIFIC INCHealthcare0.2%$55.5m114,513−95%reduced
TSM TAIWAN SEMICONDUCTOR MANUFACTechnology0.2%$49.5m177,059–new
ACWI ISHARES TR–0.09%$26.3m190,449+115%added
NU NU HLDGS LTDFinancial Services0.08%$24.7m1.54m−38%reduced
MNDY MONDAY COM LTDTechnology0.08%$24.4m125,811+29%added
HDB HDFC BANK LTDFinancial Services0.07%$20.3m593,360+4.0%added
ASML ASML HLDG NVTechnology0.06%$19.2m19,797−56%reduced
HYG ISHARES TR–0.05%$16.2m200,000–new
TME TENCENT MUSIC ENTMT GROUPCommunication Services0.04%$13.1m561,433−43%reduced
SE SEA LTDConsumer Cyclical0.04%$12.6m70,233−16%reduced
MDT Medtronic PlcHealthcare0.04%$11.9m124,956−47%reduced
BE BLOOM ENERGY CORPIndustrials0.04%$11.1m131,390+92%added
ON HLDG AG no ticker–0.04%$10.9m258,374−47%reduced
AGX ARGAN INCIndustrials0.03%$10.1m37,533−16%reduced
DLO DLOCAL LTDTechnology0.03%$10.0m699,379+15%added
RSP INVESCO EXCHANGE TRADED FD T–0.03%$8.5m44,774–new

Exited since Q2 2025

60 rows
NVO NOVO-NORDISK A S0.04%$12.3m
LOMA LOMA NEGRA C I A S A MTN 140.01%$2.1m
CNM CORE & MAIN INC0.01%$2.1m
ENVX ENOVIX CORPORATION0.01%$2.0m
GGAL GRUPO FINANCIERO GALICIA S.A0.01%$2.0m
EXLS EXLSERVICE HLDGS INC0.01%$1.8m
GSHD GOOSEHEAD INS INC0.01%$1.7m
PCTY PAYLOCITY HLDG CORP0.01%$1.7m
IOT SAMSARA INC0.0%$1.4m
HLNE HAMILTON LANE INC0.0%$1.4m
PGNY PROGYNY INC0.0%$1.4m
NSIT INSIGHT ENTERPRISES INC0.0%$1.4m
SHAK SHAKE SHACK INC0.0%$1.4m
RMBS RAMBUS INC DEL0.0%$1.3m
BDC BELDEN INC0.0%$1.2m
FN FABRINET0.0%$1.2m
ITRI ITRON INC0.0%$1.1m
FIVERR INTL LTD no ticker0.0%$1.1m
SUPV GRUPO SUPERVIELLE S.A.0.0%$1.0m
OLLI OLLIES BARGAIN OUTLET HLDGS0.0%$1.0m
BROS DUTCH BROS INC0.0%$1.0m
SFM SPROUTS FMRS MKT INC0.0%$999k
WSC WILLSCOT HLDGS CORP0.0%$937k
HQY HEALTHEQUITY INC0.0%$864k
IBP INSTALLED BLDG PRODS INC0.0%$782k
RVLV REVOLVE GROUP INC0.0%$764k
HNST HONEST CO INC0.0%$733k
MRX MAREX GROUP PLC0.0%$731k
KRNT KORNIT DIGITAL LTD0.0%$718k
PLNT PLANET FITNESS INC0.0%$637k
ALKT ALKAMI TECHNOLOGY INC0.0%$570k
LVS LAS VEGAS SANDS CORP0.0%$569k
ADMA ADMA BIOLOGICS INC0.0%$554k
TGTX TG THERAPEUTICS INC0.0%$532k
MLR MILLER INDS INC TENN0.0%$513k
PHR PHREESIA INC0.0%$494k
SITM SITIME CORP0.0%$493k
HLI HOULIHAN LOKEY INC0.0%$460k
YPF YPF SOCIEDAD ANONIMA0.0%$431k
ALSN ALLISON TRANSMISSION HLDGS I0.0%$417k
FSV FIRSTSERVICE CORP NEW0.0%$392k
CCC CCC INTELLIGENT SOLUTIONS HL0.0%$390k
OCULIS HOLDING AG no ticker0.0%$378k
KRUS KURA SUSHI USA INC0.0%$377k
AIT APPLIED INDL TECHNOLOGIES IN0.0%$364k
GNRC GENERAC HLDGS INC0.0%$362k
AXSM AXSOME THERAPEUTICS INC.0.0%$337k
PLTR PALANTIR TECHNOLOGIES INC0.0%$334k
PNTG PENNANT GROUP INC0.0%$327k
TREX TREX INC0.0%$324k

Sector mix

  • Technology44.9%
  • Financial Services16.1%
  • Healthcare15.5%
  • Consumer Cyclical12.6%
  • Communication Services6.0%
  • Unclassified2.7%
  • Real Estate1.8%
  • Industrials0.3%
  • Energy0.04%
  • Basic Materials0.03%
  • Consumer Defensive0.03%
  • Utilities0.01%

Book over time

Every quarter on file (110)
QuarterPositionsEquity book
Q2 2026219$11.6bn
Q1 2026221$14.5bn
Q4 2025231$23.4bn
Q3 2025232$30.8bn
Q2 2025240$32.6bn
Q1 2025117$31.8bn
Q4 2024124$37.0bn
Q3 2024118$38.7bn
Q2 2024110$39.9bn
Q1 2024104$43.3bn
Q4 2023107$41.5bn
Q3 202399$38.0bn
Q2 2023100$40.3bn
Q1 202394$37.9bn
Q4 202293$34.3bn
Q3 202285$35.8bn
Q2 202284$37.9bn
Q1 202291$51.3bn
Q4 202192$59.5bn
Q3 202191$54.5bn
Q2 202181$52.2bn
Q1 202171$44.5bn
Q4 202072$43.0bn
Q3 202065$37.4bn
Q2 202063$33.1bn
Q1 202063$23.1bn
Q4 201962$25.4bn
Q3 201958$21.7bn
Q2 201956$20.6bn
Q1 201959$19.1bn
Q4 201858$15.3bn
Q3 201858$17.6bn
Q2 201859$15.6bn
Q1 201856$14.1bn
Q4 201753$13.5bn
Q3 201735$12.4bn
Q2 201729$11.4bn
Q1 201726$10.7bn
Q4 201626$9.1bn
Q3 201627$8.4bn
Q2 201627$7.9bn
Q1 201627$7.3bn
Q4 201526$6.5bn
Q3 201524$5.5bn
Q2 201524$5.2bn
Q1 201524$5.1bn
Q4 201423$4.9bn
Q3 201422$4.4bn
Q2 201425$4.6bn
Q1 201423$4.6bn
Q4 201323$4.5bn
Q3 201324$4.3bn
Q2 201326$4.2bn
Q1 201324$4.7bn
Q4 201218$4.3bn
Q3 201217$4.2bn
Q2 201218$3.8bn
Q1 201217$3.3bn
Q4 201118$2.2bn
Q3 201117$1.7bn
Q2 201117$1.7bn
Q1 201117$1.4bn
Q4 201016$1.0bn
Q3 201017$903m
Q2 201016$643m
Q1 201017$692m
Q4 200917$581m
Q3 200917$461m
Q2 200918$348m
Q1 200918$260m
Q4 200820$243m
Q3 200819$308m
Q2 200819$320m
Q1 200821$516m
Q4 200719$621m
Q3 200719$589m
Q2 200723$580m
Q1 200721$607m
Q4 200621$646m
Q3 200620$626m
Q2 200620$841m
Q1 200618$1.2bn
Q4 200520$1.8bn
Q3 200519$2.0bn
Q2 200519$1.9bn
Q1 200519$1.9bn
Q4 200417$1.8bn
Q3 200418$1.8bn
Q2 200418$1.8bn
Q1 200418$1.6bn
Q4 200319$1.6bn
Q3 200319$1.3bn
Q2 200318$1.2bn
Q1 200318$968m
Q4 200218$910m
Q3 200218$733m
Q2 200218$719m
Q1 200218$719m
Q4 200117$608m
Q3 200117$556m
Q2 200114$494m
Q1 200116$569m
Q4 200017$559m
Q3 200017$645m
Q2 200017$623m
Q1 200017$625m
Q4 199917$613m
Q3 199917$539m
Q2 199920$504m
Q1 199919$443m

Where Polen Capital was early

45 rows
UPS UPSQ2 20001 of 1745.3%8.4%27Exited by Q1 2007+27%
HSY The Hershey CompanyQ3 20011 of 1256.5%8.3%21Exited by Q4 2006+64%
PFE Pfizer IncQ3 20012 of 2086.9%7.6%18Exited by Q1 2006−42%
PEP PEPSICO INCQ4 20021 of 1393.9%7.9%23Exited by Q4 2025+233%
GD General DynamicsQ4 20023 of 1346.1%6.1%6Exited by Q2 2004+13%
JNJ Johnson & JohnsonQ3 20032 of 1693.0%7.4%16Exited by Q3 2007+24%
HOG Harley-Davidson IncQ4 20032 of 1202.9%6.5%15Exited by Q3 2007+25%
MMM 3M CompanyQ4 20032 of 1655.7%6.3%15Exited by Q3 2007+2.1%
CSCO Cisco Sys IncQ1 20054 of 1703.2%8.7%23Exited by Q4 2010+22%
ORCL ORACLE CORPQ3 20054 of 2565.5%8.5%73Held at last filing, Q2 2026+1082%
ADBE ADOBE INCQ2 20063 of 2752.2%9.9%54Held at last filing, Q2 2026+575%
SYK StrykerQ2 20063 of 1502.0%6.7%12Exited by Q2 2009−19%
EBAY Ebay IncQ2 20068 of 1861.9%5.9%11Exited by Q2 2014+89%
NKE NIKE INCQ3 20064 of 2083.2%8.4%59Exited by Q4 2025+537%
ADSK AUTODESK INCQ4 20062 of 2173.1%6.5%32Exited by Q1 2026+632%
ABT ABBOTT LABORATORIESQ4 20065 of 1814.8%7.5%61Held at last filing, Q2 2026+288%
ADP AUTOMATIC DATA PROCESSING INQ1 20076 of 1486.2%6.5%58Exited by Q1 2026+570%
MA MASTERCARD INCORPORATEDQ3 20076 of 2633.3%8.5%71Held at last filing, Q2 2026+3371%
CHRW CH Robinson IncQ1 20082 of 1341.6%6.9%23Exited by Q4 2013+9.5%
EXPD Expeditors IntlQ1 20084 of 1203.5%3.8%6Exited by Q3 2009−26%
QCOM Qualcomm IncQ1 200814 of 2463.1%7.5%26Exited by Q3 2014+93%
FDS FACTSET RESH SYS INCQ3 20084 of 1300.07%4.8%16Exited by Q2 2015+205%
V VISA INCQ3 20089 of 2842.1%8.6%61Held at last filing, Q2 2026+2135%
AMZN AMAZON COM INCQ4 20083 of 3782.0%14.4%32Held at last filing, Q2 2026+9196%
GILD Gilead IncQ1 20096 of 1814.2%6.7%6Exited by Q3 2010−26%
AAPL APPLE INCQ1 200914 of 2755.0%10.5%44Held at last filing, Q2 2026+7607%
SBUX STARBUCKS CORPQ3 20102 of 2172.7%7.0%56Held at last filing, Q2 2026+700%
TROW Price T Rowe Group IncQ4 20106 of 1205.2%7.0%15Exited by Q3 2014+31%
CTSH Cognizant Tech SolQ1 20113 of 1493.9%7.4%9Exited by Q2 2013−5.9%
ISRG INTUITIVE SURGICAL INCQ2 20112 of 1893.3%6.4%21Held at last filing, Q2 2026+862%
INTU INTUITQ4 20114 of 2392.0%5.7%11Exited by Q2 2026+722%
GWW GRAINGER W W INCQ4 20123 of 1202.0%4.3%12Exited by Q4 2015+6.3%
IT GARTNER INCQ1 20131 of 1331.3%5.0%53Exited by Q2 2026+191%
FAST FASTENAL COQ1 20137 of 1422.1%4.3%18Exited by Q3 2017−15%
REGN REGENERON PHARMACEUTICALSQ2 20133 of 1710.01%6.8%34Exited by Q2 2022+211%
META META PLATFORMS INCQ3 201315 of 3842.8%8.8%38Held at last filing, Q2 2026+1021%
TJX TJX COS INC NEWQ4 20135 of 1852.0%5.5%16Exited by Q4 2017+16%
ORLY OREILLY AUTOMOTIVE INCQ3 20146 of 1623.0%6.5%26Exited by Q2 2022+356%
CELG CELGENE CORPQ4 20149 of 1343.7%6.1%15Exited by Q3 2018−29%
GOOG ALPHABET INCQ4 201528 of 3506.3%8.2%43Held at last filing, Q2 2026+831%
ALGN ALIGN TECHNOLOGY INCQ1 20166 of 1781.5%5.2%36Exited by Q1 2025+187%
BKNG BOOKING HOLDINGS INCQ1 201824 of 3133.4%3.4%12Exited by Q2 2022+13%
NVDA NVIDIA CORPORATIONQ3 201839 of 3974.0%6.9%7Held at last filing, Q2 2026+2748%
MSCI MSCI INCQ3 201914 of 1762.1%3.5%23Held at last filing, Q2 2026+157%
ABNB AIRBNB INCQ3 202119 of 2532.9%4.3%20Held at last filing, Q2 2026−15%

Concentration and tenure

9.0%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
65.1%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
4
Median completed holding, quarters