Polen Capital Management 13F, Q3 2025
Polen Capital · quarter ending 30 September 2025 · filed 12 November 2025 · SEC CIK 1034524
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 232 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| ORACLE CORP | ORCL | $2.61B | 8.5% | -23% shares |
| MICROSOFT CORP | MSFT | $2.60B | 8.4% | -8% shares |
| AMAZON COM INC | AMZN | $2.47B | 8.0% | -19% shares |
| SHOPIFY INC | SHOP | $1.64B | 5.3% | -25% shares |
| MASTERCARD INCORPORATED | MA | $1.56B | 5.1% | -8% shares |
| VISA INC | V | $1.48B | 4.8% | -23% shares |
| BROADCOM INC | AVGO | $1.48B | 4.8% | new |
| ELI LILLY & CO | LLY | $1.24B | 4.0% | -7% shares |
| NVIDIA CORPORATION | NVDA | $1.17B | 3.8% | +36850% shares |
| ALPHABET INC | GOOG | $1.13B | 3.7% | -29% shares |
| ZOETIS INC | ZTS | $1.10B | 3.6% | -11% shares |
| SERVICENOW INC | NOW | $1.03B | 3.4% | -5% shares |
| ABBOTT LABS | ABT | $993.92M | 3.2% | -31% shares |
| MSCI INC | MSCI | $898.74M | 2.9% | -9% shares |
| AON PLC | $887.94M | 2.9% | -9% shares | |
| STARBUCKS CORP | SBUX | $751.34M | 2.4% | -8% shares |
| IDEXX LABS INC | IDXX | $720.12M | 2.3% | -6% shares |
| ADOBE INC | ADBE | $655.13M | 2.1% | -45% shares |
| ACCENTURE PLC IRELAND | $607.07M | 2.0% | -17% shares | |
| NETFLIX INC | NFLX | $574.14M | 1.9% | -41% shares |
| PAYCOM SOFTWARE INC | PAYC | $548.75M | 1.8% | -9% shares |
| BOSTON SCIENTIFIC CORP | BSX | $546.56M | 1.8% | new |
| COSTAR GROUP INC | CSGP | $538.36M | 1.8% | -8% shares |
| SYNOPSYS INC | SNPS | $515.49M | 1.7% | new |
| AIRBNB INC | ABNB | $482.59M | 1.6% | -46% shares |
What changed since Q2 2025
Against the Q2 2025 filing, Polen Capital Management opened 52 new positions, added to 55, trimmed 108, left 17 unchanged and exited 60. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
and 44 more
Exited
- NVOwas $12.33M
- LOMAwas $2.06M
- CNMwas $2.05M
- ENVXwas $2.00M
- GGALwas $1.99M
- EXLSwas $1.85M
- GSHDwas $1.73M
- PCTYwas $1.67M
and 52 more
Other quarters
Source: SEC Form 13F-HR, accession 0001172661-25-004691, filed by POLEN CAPITAL MANAGEMENT LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.