Polen Capital

Polen Growth·quality·Retail & diversified funds

POLRX

~14% since 1989

Portfolio value

$2.1B

Positions

Top 5 concentration

34%

New buys this quarter

Track record vs S&P 500

$POLRX · total return since 2010

$10k grew to

$53k

CAGR

11.0%

vs S&P 500

-2.5%/yr

See the full comparison chart

Quarterly activity

What Polen Capital bought and sold each quarter.

Apr 2026vs Jan 2026

Bought (5)

$VONGNew buy3.1%$LRCXNew buy2.2%$METANew buy1.9%$ROLNew buy1%$VUGAdded+1085.7%

Sold (25)

$ADBESold out$BSXSold out$CSGPSold out$INTUSold out$PAYCSold out$AMZNTrimmed-63.8%$ACNTrimmed-52%$IDXXTrimmed-42.6%$VTrimmed-41.9%$GOOGTrimmed-41%$MATrimmed-40.9%$ZTSTrimmed-40.4%$MSFTTrimmed-39.9%$LLYTrimmed-38.9%$SNPSTrimmed-36%$MSCITrimmed-35.1%$ORCLTrimmed-35.1%$ABNBTrimmed-34.2%$AVGOTrimmed-34.1%$NVDATrimmed-34.1%$AONTrimmed-34%$ISRGTrimmed-33.8%$SBUXTrimmed-33.7%$UBERTrimmed-33.5%$SHOP.TOTrimmed-28.4%

Jan 2026vs Oct 2025

Bought (5)

$ISRGNew buy2.2%$VUGNew buy1%$NOWAdded+385.1%$CSGPAdded+55.7%$INTUAdded+41%

Sold (25)

$ABTSold out$NFLXSold out$WDAYSold out$SHOP.TOTrimmed-38.4%$PAYCTrimmed-29.6%$UBERTrimmed-29.5%$ABNBTrimmed-29.4%$SBUXTrimmed-29.4%$BSXTrimmed-29.3%$AONTrimmed-29%$AVGOTrimmed-28.9%$NVDATrimmed-28.9%$AMZNTrimmed-28.3%$GOOGTrimmed-28.1%$ORCLTrimmed-28.1%$VTrimmed-28.1%$MSFTTrimmed-28%$IDXXTrimmed-27.8%$LLYTrimmed-27.8%$MATrimmed-27.8%$MSCITrimmed-27.8%$ZTSTrimmed-27.8%$SNPSTrimmed-27.4%$ADBETrimmed-27.3%$ACNTrimmed-26.6%

Oct 2025vs Jul 2025

Bought (4)

$AVGONew buy5.7%$NVDANew buy4.4%$SNPSNew buy2%$UBERNew buy1.6%

Sold (25)

$TMOSold out$WDAYTrimmed-48.4%$ADBETrimmed-47.9%$ABNBTrimmed-41.5%$ABTTrimmed-31.9%$GOOGTrimmed-31.2%$SHOP.TOTrimmed-25.6%$VTrimmed-25.5%$ORCLTrimmed-24.9%$AMZNTrimmed-20%$INTUTrimmed-11.4%$ACNTrimmed-10.6%$AONTrimmed-10.6%$BSXTrimmed-10.6%$CSGPTrimmed-10.6%$IDXXTrimmed-10.6%$LLYTrimmed-10.6%$MATrimmed-10.6%$MSCITrimmed-10.6%$NOWTrimmed-10.6%$PAYCTrimmed-10.6%$SBUXTrimmed-10.6%$ZTSTrimmed-10.6%$MSFTTrimmed-10.4%$NFLXTrimmed-10.2%

Jul 2025vs Apr 2025

Bought (3)

$INTUNew buy2.1%$BSXNew buy2%$ADBEAdded+23.2%

Sold (24)

$UNHSold out$ITSold out$TMOTrimmed-53.5%$NFLXTrimmed-41.8%$CSGPTrimmed-8.2%$IDXXTrimmed-8.2%$SBUXTrimmed-8%$ACNTrimmed-7.1%$AMZNTrimmed-7.1%$GOOGTrimmed-7.1%$MATrimmed-7.1%$MSCITrimmed-7.1%$MSFTTrimmed-7.1%$PAYCTrimmed-7.1%$ZTSTrimmed-7.1%$ABNBTrimmed-7%$ABTTrimmed-7%$AONTrimmed-7%$LLYTrimmed-7%$ORCLTrimmed-7%$SHOP.TOTrimmed-7%$VTrimmed-7%$WDAYTrimmed-7%$NOWTrimmed-6.9%

Apr 2025vs Jan 2025

Bought (6)

$AONNew buy3%$SBUXNew buy2.7%$IDXXNew buy2.2%$ORCLAdded+14.2%$NOWAdded+30.2%$CSGPAdded+9.9%

Sold (20)

$AAPLSold out$GOOGTrimmed-35.4%$AMZNTrimmed-24.4%$NFLXTrimmed-7.2%$ABTTrimmed-7.2%$TMOTrimmed-7.2%$SHOP.TOTrimmed-7.2%$ABNBTrimmed-7.2%$ADBETrimmed-7.2%$ACNTrimmed-7.1%$UNHTrimmed-7.1%$MATrimmed-7.1%$ZTSTrimmed-7.1%$PAYCTrimmed-7.1%$MSCITrimmed-7.1%$LLYTrimmed-7.1%$WDAYTrimmed-7.1%$MSFTTrimmed-6.5%$VTrimmed-6.5%$ITTrimmed-6.2%

Jan 2025vs Oct 2024

Bought (5)

$SHOP.TONew buy5.2%$ORCLAdded+22.4%$LLYAdded+283%$ZTSAdded+55.3%$CSGPAdded+38%

Sold (20)

$NVOSold out$SHOPSold out$NOWTrimmed-56.3%$NFLXTrimmed-51.1%$ITTrimmed-39.2%$AMZNTrimmed-29.5%$VTrimmed-10.6%$MSFTTrimmed-10.5%$GOOGTrimmed-10.5%$AAPLTrimmed-10%$MSCITrimmed-10%$ADBETrimmed-10%$PAYCTrimmed-10%$ABNBTrimmed-9.9%$ACNTrimmed-9.9%$WDAYTrimmed-9.9%$ABTTrimmed-9.9%$TMOTrimmed-9.9%$UNHTrimmed-9.6%$MATrimmed-9.4%

Oct 2024vs Jul 2024

Bought (5)

$ORCLNew buy4.1%$CSGPNew buy1%$SHOPAdded+27.9%$MSCIAdded+41.9%$PAYCAdded+54.3%

Sold (20)

$CRMSold out$UNHTrimmed-41.6%$GOOGTrimmed-27.4%$MSFTTrimmed-23.3%$AAPLTrimmed-9.2%$ABNBTrimmed-9.2%$ABTTrimmed-9.2%$ACNTrimmed-9.2%$LLYTrimmed-9.2%$NFLXTrimmed-9.2%$NOWTrimmed-9.2%$NVOTrimmed-9.2%$TMOTrimmed-9.2%$VTrimmed-9.2%$ZTSTrimmed-9.2%$ITTrimmed-9.1%$AMZNTrimmed-8.8%$WDAYTrimmed-8.8%$MATrimmed-8.6%$ADBETrimmed-8.5%

Jul 2024vs Apr 2024

Bought (5)

$AAPLNew buy4.6%$MSCINew buy2.2%$SHOPNew buy2.2%$ADBEAdded+30.7%$WDAYAdded+42.2%

Sold (21)

$ALGNSold out$NKESold out$ADSKSold out$CRMTrimmed-54.4%$NFLXTrimmed-46%$AMZNTrimmed-15.5%$ZTSTrimmed-10.8%$PAYCTrimmed-10.4%$ACNTrimmed-10.2%$ITTrimmed-10.2%$LLYTrimmed-10.2%$NVOTrimmed-10.2%$UNHTrimmed-10.2%$MATrimmed-10.1%$GOOGTrimmed-9.8%$MSFTTrimmed-9.7%$NOWTrimmed-9.6%$ABNBTrimmed-9.5%$TMOTrimmed-9.5%$ABTTrimmed-9.3%$VTrimmed-9%

Quarter-over-quarter change in disclosed positions. Diversified book — only the larger sell-outs are shown.

Holdings

Stock	Move	% of portfolio	Reported px	Now	Since report
$AVGO BROADCOM INC	Trimmed	7.7%	$417.43	$401.11	-3.9%
$MSFT MICROSOFT CORP	Trimmed	7.3%	$407.78	$384.36	-5.7%
$GOOG ALPHABET INC	Trimmed	6.7%	$381.94	$356.24	-6.7%
$AMZN AMAZON.COM INC	Trimmed	6.4%	$265.06	$247.04	-6.8%
$ORCL ORACLE CORP	Trimmed	5.7%	$161.39	$144.27	-10.6%
$LLY ELI LILLY & COMPANY	Trimmed	5.6%	$934.60	$1216.95	+30.2%
$NVDA NVIDIA CORP	Trimmed	5.1%	$199.57	$202.78	+1.6%
$V VISA INC	Trimmed	4.8%	$329.84	$348.20	+5.6%
$MA MASTERCARD INC	Trimmed	4.8%	$502.92	$523.20	+4%
$SHOP.TO SHOPIFY INC	Trimmed	4.7%	$121.13	$174.45	+44%
$NOW SERVICENOW INC	Held	4.2%	$88.31	$108.84	+23.2%
$MSCI MSCI INC	Trimmed	3.8%	$591.41	$603.35	+2%
$SBUX STARBUCKS CORP	Trimmed	3.6%	$105.33	$106.41	+1%
$VUG VANGUARD INDEX FUNDS	Added	3.2%	$83.17	$86.98	+4.6%
$ZTS ZOETIS INC	Trimmed	3.1%	$114.97	$75.08	-34.7%
$VONG VANGUARD SCOTTSDALE FUNDS	New buy	3.1%	$122.76	$126.93	+3.4%
$AON AON PLC	Trimmed	2.6%	$311.65	$355.56	+14.1%
$SNPS SYNOPSYS INC	Trimmed	2.5%	$482.60	$443.37	-8.1%
$IDXX IDEXX LABORATORIES INC	Trimmed	2.5%	$560.80	$558.60	-0.4%
$ABNB AIRBNB INC	Trimmed	2.3%	$140.36	$146.89	+4.7%
$LRCX LAM RESEARCH CORP	New buy	2.2%	$257.86	$353.17	+37%
$ISRG INTUITIVE SURGICAL INC	Trimmed	2.2%	$457.61	$411.55	-10.1%
$META META PLATFORMS INC	New buy	1.9%	$611.91	$631.48	+3.2%
$UBER UBER TECHNOLOGIES INC	Trimmed	1.5%	$74.61	$74.35	-0.3%
$ACN ACCENTURE PLC	Trimmed	1.4%	$178.71	$139.06	-22.2%
$ROL ROLLINS INC	New buy	1%	$55.73	$44.77	-19.7%

Notable sell-outs this quarter: $ADBE, $BSX, $CSGP, $INTU, $PAYC

Source: SEC N-PORT via FMP · Apr 2026 report · monthly portfolio, public with a delay. Long equity positions only. Not financial advice.