Polen Capital Management

In Q2 2026, Polen Capital Management held 215 US-listed stocks worth $12bn. Its biggest move was cutting Zoetis (92% fewer shares, now 0.2%), followed by cutting Aon (88% fewer shares, now 0.5%). It started 66 new positions and sold out of 70. Its largest holding is Eli Lilly & Co at 6.9%.

Source: SEC Form 13F for Q2 2026, filed 4 Aug 2026, and the funds’ Form N-PORT filings. How we use them

Latest 13F

Q2 2026

Filed 4 Aug 2026

Fund assets

$135m

2 US-registered funds

Q3 2026 13F due

26 days

Expected Thu 12 Nov

What changed in Q2 2026

New positions

GE Aerospace2.2% of the portfolio
Ge Vernova2.0% of the portfolio
ATI1.4% of the portfolio
Howmet Aerospace1.1% of the portfolio
EMCOR Group0.7% of the portfolio

Added to

Taiwan Semiconductor Manufacturing+187% shares, now 2.1%
Terawulf+429% shares, now 0.1%
Digitalocean Holdings+5.3% shares, now 0.1%
Jfrog+360% shares, now 0.1%
Nlight+49% shares, now 0.1%

Trimmed

Zoetis-92% shares, now 0.2%
Aon-88% shares, now 0.5%
Accenture-89% shares, now 0.2%
Synopsys-94% shares, now 0.2%
CoStar Group-30% shares, now 2.1%

Sold out

Intuitwas 0.1%
Fastlywas 0.1%
Medtronicwas under 0.1%
Ishareswas under 0.1%
Ishares Trwas under 0.1%

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

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29% of the $133m of shares held in Polen Capital Management’s 2 US-registered funds, by value, are not in its 13F. Those holdings are marked with a gold dot below.

US holdings from the 13F

Q2 2026, filed 4 Aug 2026 (filing): 66 new, 60 added to, 89 trimmed, 70 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

Eli Lilly & CoLLY	$800m	666,912	6.9%$800m	Trimmed -27%	5.8%
NVIDIANVDA	$796m	3,978,446	6.9%$796m	Trimmed -3.1%	5.0%
MicrosoftMSFT	$783m	2,098,613	6.7%$783m	Trimmed -26%	7.3%
AlphabetGOOG	$775m	2,193,028	6.7%$775m	Trimmed -26%	5.9%
BroadcomAVGO	$740m	1,960,209	6.4%$740m	Trimmed -27%	5.8%
Amazon.comAMZN	$670m	2,809,953	5.8%$670m	Trimmed -28%	5.6%
VisaV	$619m	1,805,617	5.3%$619m	Trimmed -26%	5.1%
MastercardMA	$587m	1,141,958	5.0%$587m	Trimmed -26%	5.3%
ServiceNowNOW	$533m	5,370,172	4.6%$533m	Trimmed -26%	5.3%
OracleORCL	$524m	3,574,259	4.5%$524m	Trimmed -29%	5.1%
ShopifySHOP	$523m	4,577,524	4.5%$523m	Trimmed -27%	5.2%
MSCIMSCI	$376m	671,797	3.2%$376m	Trimmed -28%	3.5%
Lam ResearchLRCX	$372m	859,036	3.2%$372m	Trimmed -18%	1.6%
StarbucksSBUX	$363m	3,550,773	3.1%$363m	Trimmed -30%	3.1%
IDEXX LaboratoriesIDXX	$280m	532,384	2.4%$280m	Trimmed -23%	2.7%
GE AerospaceGE	$258m	690,493	2.2%$258m	New	–
CoStar GroupCSGP	$248m	8,759,314	2.1%$248m	Trimmed -30%	3.5%
Taiwan Semiconductor ManufacturingTSM	$239m	501,210	2.1%$239m	Added +187%	0.4%
AirbnbABNB	$236m	1,649,884	2.0%$236m	Trimmed -27%	2.0%
Ge VernovaGEV	$231m	196,612	2.0%$231m	New	–
Meta PlatformsMETA	$186m	329,573	1.6%$186m	Trimmed -31%	1.9%
Intuitive SurgicalISRG	$178m	447,944	1.5%$178m	Trimmed -26%	1.9%
ATIATI	$161m	819,236	1.4%$161m	New	–
Howmet AerospaceHWM	$123m	457,124	1.1%$123m	New	–
EMCOR GroupEME	$85.6m	103,123	0.7%$85.6m	New	–
Ishares TrEFA	$76.6m	616,255	0.7%$76.6m	Added +52%	1.2%
RollinsROL	$66.4m	1,590,903	0.6%$66.4m	Trimmed -27%	0.8%
AonAON	$54.4m	164,035	0.5%$54.4m	Trimmed -88%	3.0%
MercadoLibreMELI	$44.0m	25,926	0.4%$44.0m	Trimmed -25%	0.4%
Uber TechnologiesUBER	$41.1m	570,063	0.3%$41.1m	Trimmed -80%	1.4%
Spotify TechnologySPOT	$37.5m	81,578	0.3%$37.5m	Trimmed -24%	0.4%
ASML HoldingASML	$30.7m	15,427	0.3%$30.7m	Trimmed -4.0%	0.1%
ZoetisZTS	$23.0m	320,420	0.2%$23.0m	Trimmed -92%	3.5%
Ishares TrACWI	$21.0m	148,295	0.2%$21.0m	Trimmed -55%	0.3%
AccentureACN	$19.0m	152,800	0.2%$19.0m	Trimmed -89%	1.9%
SynopsysSNPS	$18.4m	41,267	0.2%$18.4m	Trimmed -94%	1.8%
Digitalocean HoldingsDOCN	$15.9m	101,350	0.1%$15.9m	Added +5.3%	0.1%
TerawulfWULF	$13.9m	563,139	0.1%$13.9m	Added +429%	0.0%
Ceco EnvironmentalCECO	$12.5m	137,977	0.1%$12.5m	Trimmed -3.7%	0.1%
Bloom EnergyBE	$12.4m	40,838	0.1%$12.4m	Trimmed -39%	0.1%
Bel FuseBELFB	$10.9m	32,845	0.1%$10.9m	Trimmed -24%	0.1%
NU Holdings Ltd/Cayman IslandsNU	$10.1m	752,747	0.1%$10.1m	Trimmed -38%	0.1%
NlightLASR	$9.3m	133,448	0.1%$9.3m	Added +49%	0.0%
JfrogFROG	$8.5m	93,117	0.1%$8.5m	Added +360%	0.0%
Powell IndustriesPOWL	$8.4m	29,181	0.1%$8.4m	Trimmed -44%	0.1%
ArganAGX	$8.2m	10,214	0.1%$8.2m	Trimmed -43%	0.1%
Modine ManufacturingMOD	$7.8m	29,335	0.1%$7.8m	Added +1.0%	0.0%
Vanguard Index FdsVOO	$7.3m	74,718	0.1%$7.3m	Added +366%	0.1%
Clear SecureYOU	$7.3m	131,773	0.1%$7.3m	Trimmed -9.7%	0.1%
Brookdale Senior LivingBKD	$7.3m	451,082	0.1%$7.3m	Added +7.3%	0.0%
BWX TechnologiesBWXT	$7.2m	36,974	0.1%$7.2m	Trimmed -3.0%	0.1%
CamecoCCJ	$7.0m	68,968	0.1%$7.0m	Added +241%	0.0%
VseVSEC	$6.8m	29,853	0.1%$6.8m	Trimmed -29%	0.1%
Sphere EntertainmentSPHR	$6.7m	38,529	0.1%$6.7m	Trimmed -20%	0.0%
Solaris Energy InfrastructureSEI	$6.5m	80,324	0.1%$6.5m	Trimmed -4.0%	0.0%
Amprius TechnologiesAMPX	$6.5m	465,598	0.1%$6.5m	Added +10%	0.1%
Aehr Test SystemsAEHR	$6.4m	66,157	0.1%$6.4m	Trimmed -17%	0.0%
DlocalDLO	$5.9m	456,087	0.1%$5.9m	Trimmed -0.6%	0.0%
RealrealREAL	$5.9m	496,556	0.1%$5.9m	Added +124%	0.0%
Twist BioscienceTWST	$5.7m	55,310	0.1%$5.7m	Added +130%	0.0%
VicorVICR	$5.7m	14,924	0.1%$5.7m	Added +7.4%	0.0%
Ies HoldingsIESC	$5.3m	7,275	0.1%$5.3m	Trimmed -39%	0.0%
Guardant HealthGH	$5.2m	34,372	0.0%$5.2m	Trimmed -1.0%	0.0%
Lightpath TechnologiesLPTH	$5.1m	314,476	0.0%$5.1m	Added +298%	0.0%
Planet Labs PbcPL	$4.9m	149,211	0.0%$4.9m	Trimmed -30%	0.0%
Vishay Precision GroupVPG	$4.9m	32,744	0.0%$4.9m	Added +35%	0.0%
NetflixNFLX	$4.9m	68,139	0.0%$4.9m	Trimmed -18%	0.1%
Rackspace TechnologyRXT	$4.6m	709,189	0.0%$4.6m	New	–
Flotek IndustriesFTK	$4.6m	195,504	0.0%$4.6m	Added +607%	0.0%
SAPSAP	$4.4m	28,773	0.0%$4.4m	Trimmed -57%	0.1%
Carpenter TechnologyCRS	$4.2m	6,756	0.0%$4.2m	Trimmed -46%	0.0%
SitimeSITM	$4.1m	5,555	0.0%$4.1m	Trimmed -22%	0.0%
Butterfly NetworkBFLY	$4.0m	480,502	0.0%$4.0m	Added +18%	0.0%
AxtAXTI	$3.8m	52,707	0.0%$3.8m	Added +6.8%	0.0%
TeslaTSLA	$3.8m	8,974	0.0%$3.8m	Added +22%	0.0%
Applied DigitalAPLD	$3.7m	98,328	0.0%$3.7m	New	–
Veeco InstrumentsVECO	$3.7m	48,314	0.0%$3.7m	Added +302%	0.0%
Babcock & Wilcox EnterprisesBW	$3.5m	249,411	0.0%$3.5m	Trimmed -8.1%	0.0%
AstrazenecaAZN	$3.5m	18,621	0.0%$3.5m	Trimmed -28%	0.0%
Tencent Music Entertainment GroupTME	$3.4m	407,182	0.0%$3.4m	Trimmed -0.8%	0.0%
AarAIR	$3.4m	23,561	0.0%$3.4m	Added +45%	0.0%
Willis Towers WatsonWTW	$3.4m	12,833	0.0%$3.4m	Trimmed -34%	0.0%
Taysha Gene TherapiesTSHA	$3.3m	489,219	0.0%$3.3m	Added +53%	0.0%
Lindblad Expeditions HoldingsLIND	$3.2m	114,915	0.0%$3.2m	Added +13%	0.0%
AstronicsATRO	$3.2m	39,379	0.0%$3.2m	Trimmed -7.1%	0.0%
LittelfuseLFUS	$3.2m	7,016	0.0%$3.2m	Added +42%	0.0%
Astec IndustriesASTE	$3.2m	52,160	0.0%$3.2m	Added +27%	0.0%
Life Time Group HoldingsLTH	$3.1m	76,705	0.0%$3.1m	Added +90%	0.0%
Entravision Communications CEVC	$3.1m	236,939	0.0%$3.1m	New	–
Millicom International CellularTIGO	$3.0m	33,602	0.0%$3.0m	Trimmed -6.9%	0.0%
Spdr S&P 500 Etf TrustSPY	$3.0m	4,018	0.0%$3.0m	Added +6.9%	0.0%
Joby AviationJOBY	$3.0m	332,157	0.0%$3.0m	Added +13%	0.0%
Copa HoldingsCPA	$2.9m	18,948	0.0%$2.9m	New	–
Cardinal Infrastructure GroupCDNL	$2.9m	30,787	0.0%$2.9m	New	–
Scholar Rock HoldingSRRK	$2.9m	52,132	0.0%$2.9m	Added +0.3%	0.0%
Applied OptoelectronicsAAOI	$2.9m	19,272	0.0%$2.9m	Added +29%	0.0%
Proto LabsPRLB	$2.9m	35,011	0.0%$2.9m	Trimmed -6.9%	0.0%
Oppenheimer HoldingsOPY	$2.8m	26,834	0.0%$2.8m	Trimmed -0.4%	0.0%
Preformed Line ProductsPLPC	$2.8m	6,875	0.0%$2.8m	Trimmed -6.3%	0.0%
Forgent Power SolutionsFPS	$2.8m	50,328	0.0%$2.8m	New	–
Alpha Tau MedicalDRTS	$2.8m	220,751	0.0%$2.8m	New	–
Protagonist TherapeuticsPTGX	$2.8m	22,651	0.0%$2.8m	Trimmed -6.9%	0.0%
Callaway GolfCALY	$2.7m	146,013	0.0%$2.7m	Added +107%	0.0%
AZZAZZ	$2.7m	17,364	0.0%$2.7m	Added +20%	0.0%
Hyperliquid StrategiesPURR	$2.7m	340,311	0.0%$2.7m	Added +449%	0.0%
Cheesecake FactoryCAKE	$2.6m	33,297	0.0%$2.6m	Added +34%	0.0%
Construction PartnersROAD	$2.6m	22,291	0.0%$2.6m	Trimmed -15%	0.0%
WisdomtreeWT	$2.5m	149,051	0.0%$2.5m	Added +37%	0.0%
Five9FIVN	$2.5m	117,256	0.0%$2.5m	New	–
CarvanaCVNA	$2.5m	37,504	0.0%$2.5m	Added +410%	0.0%
Mirum PharmaceuticalsMIRM	$2.4m	20,899	0.0%$2.4m	Added +1.8%	0.0%
Praxis Precision MedicinesPRAX	$2.4m	7,252	0.0%$2.4m	Trimmed -28%	0.0%
KnowlesKN	$2.4m	58,485	0.0%$2.4m	New	–
Victory Capital HoldingsVCTR	$2.4m	28,223	0.0%$2.4m	Trimmed -29%	0.0%
Mayville EngineeringMEC	$2.3m	61,827	0.0%$2.3m	New	–
Rocket LabRKLB	$2.3m	22,751	0.0%$2.3m	Trimmed -3.4%	0.0%
SeaSE	$2.2m	23,119	0.0%$2.2m	Trimmed -30%	0.0%
Adaptive Biotechnologies CorADPT	$2.2m	102,457	0.0%$2.2m	Trimmed -12%	0.0%
NovantaNOVT	$2.2m	13,366	0.0%$2.2m	New	–
SemtechSMTC	$2.2m	13,353	0.0%$2.2m	Added +104%	0.0%
Penguin SolutionsPENG	$2.2m	28,293	0.0%$2.2m	New	–
On HoldingONON	$2.1m	58,741	0.0%$2.1m	Trimmed -33%	0.0%
Aktis OncologyAKTS	$2.0m	63,514	0.0%$2.0m	New	–
BilliontooneBLLN	$2.0m	16,975	0.0%$2.0m	New	–
Ptc TherapeuticsPTCT	$2.0m	24,916	0.0%$2.0m	New	–
Outfront MediaOUT	$2.0m	60,351	0.0%$2.0m	Added +17%	0.0%
GrahamGHM	$2.0m	15,852	0.0%$2.0m	Trimmed -11%	0.0%
Travere TherapeuticsTVTX	$1.9m	34,315	0.0%$1.9m	New	–
Establishment Labs HoldingsESTA	$1.9m	22,541	0.0%$1.9m	Trimmed -7.3%	0.0%
WolfspeedWOLF	$1.8m	38,219	0.0%$1.8m	New	–
Mama’s CreationsMAMA	$1.8m	100,497	0.0%$1.8m	Added +54%	0.0%
AdeiaADEA	$1.7m	52,575	0.0%$1.7m	New	–
ERO CopperERO	$1.7m	62,613	0.0%$1.7m	Trimmed -11%	0.0%
Resolute Holdings ManagementRHLD	$1.7m	11,464	0.0%$1.7m	Trimmed -16%	0.0%
Eton PharmaceuticalsETON	$1.6m	45,379	0.0%$1.6m	Added +51%	0.0%
Curtiss WrightCW	$1.6m	2,085	0.0%$1.6m	Added +75%	0.0%
RingcentralRNG	$1.6m	40,133	0.0%$1.6m	New	–
AdobeADBE	$1.6m	7,581	0.0%$1.6m	Trimmed -36%	0.0%
TechnipfmcFTI	$1.5m	22,164	0.0%$1.5m	Trimmed -35%	0.0%
Ermenegildo ZegnaZGN	$1.4m	111,273	0.0%$1.4m	New	–
Covenant Logistics GroupCVLG	$1.4m	31,943	0.0%$1.4m	New	–
Kodiak SciencesKOD	$1.4m	35,469	0.0%$1.4m	Trimmed -14%	0.0%
Airjoule TechnologiesAIRJ	$1.3m	243,378	0.0%$1.3m	New	–
Velo3dVELO	$1.3m	74,422	0.0%$1.3m	Added +21%	0.0%
OpenlaneOPLN	$1.3m	30,970	0.0%$1.3m	Trimmed -7.2%	0.0%
Bitdeer Technologies GroupBTDR	$1.3m	79,540	0.0%$1.3m	New	–
Green Brick PartnersGRBK	$1.2m	15,242	0.0%$1.2m	Added +16%	0.0%
Vanguard International Equity Index FVT	$1.2m	7,719	0.0%$1.2m	Added +17%	0.0%
Sofi TechnologiesSOFI	$1.2m	65,611	0.0%$1.2m	Trimmed -36%	0.0%
FabrinetFN	$1.2m	2,087	0.0%$1.2m	Added +8.1%	0.0%
TwilioTWLO	$1.1m	5,572	0.0%$1.1m	Added +106%	0.0%
Space Exploration TechnologiesSPCX	$1.1m	6,705	0.0%$1.1m	New	–
National Energy Services ReunitedNESR	$1.1m	38,252	0.0%$1.1m	New	–
ViadPRSU	$1.1m	19,995	0.0%$1.1m	New	–
ICICI BankIBN	$1.1m	38,124	0.0%$1.1m	Trimmed -68%	0.0%
Oscar HealthOSCR	$1.1m	38,701	0.0%$1.1m	New	–
Axsome TherapeuticsAXSM	$1.1m	4,468	0.0%$1.1m	Added +111%	0.0%
Urogen PharmaURGN	$1.1m	29,615	0.0%$1.1m	New	–
Global X FdsCATH	$1.1m	11,866	0.0%$1.1m	Trimmed -37%	0.0%
RXORXO	$1.0m	37,400	0.0%$1.0m	New	–
WhitefiberWYFI	$1.0m	26,281	0.0%$1.0m	New	–
Willscot HoldingsWSC	$988k	34,229	0.0%$988k	New	–
Adtran HoldingsADTN	$977k	70,292	0.0%$977k	Trimmed -7.1%	0.0%
EmbraerEMBJ	$938k	14,701	0.0%$938k	Added +61%	0.0%
Asp IsotopesASPI	$930k	149,559	0.0%$930k	Added +22%	0.0%
Dianthus TherapeuticsDNTH	$910k	9,333	0.0%$910k	Added +127%	0.0%
China Yuchai InternationalCYD	$908k	19,146	0.0%$908k	New	–
AppleAAPL	$837k	2,892	0.0%$837k	Trimmed -29%	0.0%
Churchill Capital Corp XiCCXI	$796k	45,590	0.0%$796k	New	–
El Pollo Loco HoldingsLOCO	$787k	46,419	0.0%$787k	Added +254%	0.0%
Macom Technologies Solutions HoldingsMTSI	$779k	2,048	0.0%$779k	Added +93%	0.0%
American Public EducationAPEI	$750k	13,971	0.0%$750k	Trimmed -1.1%	0.0%
Affirm HoldingsAFRM	$731k	8,958	0.0%$731k	Added +88%	0.0%
United Airlines HoldingsUAL	$718k	5,277	0.0%$718k	New	–
Mitek SystemsMITK	$715k	35,504	0.0%$715k	Added +34%	0.0%
XPO LogisticsXPO	$697k	3,396	0.0%$697k	New	–
GlaukosGKOS	$673k	4,818	0.0%$673k	New	–
CamtekCAMT	$671k	4,113	0.0%$671k	New	–
SharkninjaSN	$631k	4,146	0.0%$631k	Added +66%	0.0%
Nexgen EnergyNXE	$588k	62,639	0.0%$588k	Trimmed -47%	0.0%
FormfactorFORM	$574k	3,591	0.0%$574k	New	–
Talen EnergyTLN	$566k	1,473	0.0%$566k	Added +116%	0.0%
Advanced Energy IndustriesAEIS	$560k	1,503	0.0%$560k	New	–
Vista Energy S.a.b. de C.v.VIST	$541k	8,483	0.0%$541k	Added +164%	0.0%
Arrowhead PharmaceuticalsARWR	$539k	6,612	0.0%$539k	New	–
Integra ResourcesITRG	$535k	241,160	0.0%$535k	New	–
Lattice SemiconductorLSCC	$532k	3,478	0.0%$532k	New	–
ThredupTDUP	$516k	75,291	0.0%$516k	New	–
RubrikRBRK	$498k	6,201	0.0%$498k	New	–
Descartes Systems GroupDSGX	$484k	6,987	0.0%$484k	New	–
Eikon TherapeuticsEIKN	$466k	35,742	0.0%$466k	New	–
Franklin ResourcesBEN	$458k	13,760	0.0%$458k	New	–
Jazz PharmaceuticalsJAZZ	$448k	1,858	0.0%$448k	New	–
NateraNTRA	$442k	1,627	0.0%$442k	Added +28%	0.0%
SandiskSNDK	$439k	193	0.0%$439k	Trimmed -57%	0.0%
OomaOOMA	$404k	21,039	0.0%$404k	New	–
Ftai AviationFTAI	$380k	1,404	0.0%$380k	Trimmed -20%	0.0%
Mercury SystemsMRCY	$355k	2,904	0.0%$355k	New	–
Alliance Laundry HoldingsALH	$330k	12,442	0.0%$330k	New	–
Mueller IndustriesMLI	$318k	5,172	0.0%$318k	Trimmed -6.6%	0.0%
Roivant SciencesROIV	$306k	8,659	0.0%$306k	New	–
EverpureP	$302k	3,828	0.0%$302k	New	–
Bridgebio PharmaBBIO	$298k	4,002	0.0%$298k	Trimmed -91%	0.0%
Abbott LaboratoriesABT	$286k	3,156	0.0%$286k	Trimmed -79%	0.0%
MillerknollMLKN	$255k	12,466	0.0%$255k	Trimmed -53%	0.0%
Fidelity Covington TrustFREL	$254k	8,672	0.0%$254k	New	–
MarinemaxHZO	$247k	6,750	0.0%$247k	New	–
Advanced Micro DevicesAMD	$242k	417	0.0%$242k	New	–
SanminaSANM	$224k	886	0.0%$224k	New	–
EtsyETSY	$224k	2,968	0.0%$224k	New	–
WayfairW	$222k	2,402	0.0%$222k	Trimmed -93%	0.0%
Reinvent Technology PartnersAUROW	$222k	32,520	0.0%$222k	New	–
BackblazeBLZE	$210k	13,268	0.0%$210k	New	–
Lumentum HoldingsLITE	$209k	243	0.0%$209k	New	–
Boston ScientificBSX	$203k	4,750	0.0%$203k	Trimmed -99%	0.3%
IntuitINTU	–	–	–	Sold out	0.1%
FastlyFSLY	–	–	–	Sold out	0.1%
MedtronicMDT	–	–	–	Sold out	0.0%
IsharesIEMG	–	–	–	Sold out	0.0%
Ishares TrINDA	–	–	–	Sold out	0.0%
Paycom SoftwarePAYC	–	–	–	Sold out	0.0%
Genedx HoldingsWGS	–	–	–	Sold out	0.0%
Karman HoldingsKRMN	–	–	–	Sold out	0.0%
Corporacion America AirportsCAAP	–	–	–	Sold out	0.0%
Figure Technology SolutionsFIGR	–	–	–	Sold out	0.0%
Shake ShackSHAK	–	–	–	Sold out	0.0%
Denali TherapeuticsDNLI	–	–	–	Sold out	0.0%
StrideLRN	–	–	–	Sold out	0.0%
Kratos Defense & Security SolutionsKTOS	–	–	–	Sold out	0.0%
Circle Internet GroupCRCL	–	–	–	Sold out	0.0%
XometryXMTR	–	–	–	Sold out	0.0%
Arlo TechnologiesARLO	–	–	–	Sold out	0.0%
Central Pacific FinancialCPF	–	–	–	Sold out	0.0%
Cantor Equity Partners II	–	–	–	Sold out	0.0%
Sterling InfrastructureSTRL	–	–	–	Sold out	0.0%
Kontoor BrandsKTB	–	–	–	Sold out	0.0%
Transmedics GroupTMDX	–	–	–	Sold out	0.0%
Ramaco ResourcesMETCB	–	–	–	Sold out	0.0%
CelcuityCELC	–	–	–	Sold out	0.0%
Irsa Inversiones y Rep SAIRS	–	–	–	Sold out	0.0%
IradimedIRMD	–	–	–	Sold out	0.0%
Ivanhoe ElectricIE	–	–	–	Sold out	0.0%
HCI GroupHCI	–	–	–	Sold out	0.0%
Firefly AerospaceFLY	–	–	–	Sold out	0.0%
Blacksky TechnologyBKSY	–	–	–	Sold out	0.0%
IonqIONQ	–	–	–	Sold out	0.0%
FluorFLR	–	–	–	Sold out	0.0%
FigsFIGS	–	–	–	Sold out	0.0%
WinmarkWINA	–	–	–	Sold out	0.0%
Esquire Financial HoldingsESQ	–	–	–	Sold out	0.0%
Axos FinancialAX	–	–	–	Sold out	0.0%
Sionna TherapeuticsSION	–	–	–	Sold out	0.0%
NuvalentNUVL	–	–	–	Sold out	0.0%
Ishares TrSGOV	–	–	–	Sold out	0.0%
Ascendis Pharma	–	–	–	Sold out	0.0%
Spdr Series TrustBIL	–	–	–	Sold out	0.0%
AlcoaAA	–	–	–	Sold out	0.0%
LemonadeLMND	–	–	–	Sold out	0.0%
Better Home & Finance HoldingBETR	–	–	–	Sold out	0.0%
HDFC BankHDB	–	–	–	Sold out	0.0%
QXOQXO	–	–	–	Sold out	0.0%
SES AiSES	–	–	–	Sold out	0.0%
Skywater TechnologySKYT	–	–	–	Sold out	0.0%
Nuscale PowerSMR	–	–	–	Sold out	0.0%
Clear Channel Outdoor HoldingsCCO	–	–	–	Sold out	0.0%
ManitowocMTW	–	–	–	Sold out	0.0%
Nautilus BiotechnologyNAUT	–	–	–	Sold out	0.0%
Orion Group HoldingsORN	–	–	–	Sold out	0.0%
Ani PharmaceuticalsANIP	–	–	–	Sold out	0.0%
Mirion TechnologiesMIR	–	–	–	Sold out	0.0%
Grupo Financiero GaliciaGGAL	–	–	–	Sold out	0.0%
GartnerIT	–	–	–	Sold out	0.0%
First SolarFSLR	–	–	–	Sold out	0.0%
Once Upon A Farm PbcOFRM	–	–	–	Sold out	0.0%
GpgiGPGI	–	–	–	Sold out	0.0%
Central Puerto SACEPU	–	–	–	Sold out	0.0%
Alto NeuroscienceANRO	–	–	–	Sold out	0.0%
DeluxeDLX	–	–	–	Sold out	0.0%
Bristow GroupVTOL	–	–	–	Sold out	0.0%
SalesforceCRM	–	–	–	Sold out	0.0%
AnnexonANNX	–	–	–	Sold out	0.0%
Opendoor TechnologiesOPEN	–	–	–	Sold out	0.0%
Thermon Group Holdings8TG	–	–	–	Sold out	0.0%
Phibro Animal HealthPAHC	–	–	–	Sold out	0.0%
DaveDAVE	–	–	–	Sold out	0.0%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

GOOGVMSFTAMZNORCLMAEverything else

Q2 2026

Q4 2013Q2 2026

Polen Global Growth Fund

1 year-7.1%

3 yearsa year+4.2%

5 yearsa year-0.1%

10 yearsa year+9.8%

Yearly costs1.03%

Total returns after fees for the PGIIX, Institutional Class share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 31 Jul 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 30 Apr 2026. Costs are the expense ratio in the annual report to 30 Apr 2026, about $103 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 31 Jul 2026, from the fund’s N-PORT filing. Net assets $111m. Cash, bonds and other assets make up 0.7%. Changes are against 30 Apr 2026: 6 new, 2 added to, 27 trimmed, 2 sold out. The 13F is at 30 Jun 2026, so a gold dot can also mean the fund bought the shares after that date.

Polen Global Growth Fund holdings with change from the previous filing

AlphabetGOOG	United States	6.7%	Trimmed -24%	7.3%
NVIDIANVDA	United States	5.5%	Trimmed -43%	7.5%
MicrosoftMSFT	United States	5.5%	Trimmed -24%	5.0%
VisaV	United States	5.1%	Trimmed -24%	4.7%
Taiwan Semiconductor Manufacturing2330 Taipei	Taiwan	5.1%	Trimmed -23%	4.9%
MastercardMA	United States	4.8%	Trimmed -24%	4.3%
Eli Lilly & CoLLY	United States	4.7%	Trimmed -25%	3.9%
Amazon.comAMZN	United States	4.6%	Trimmed -24%	4.6%
Tencent Holdings700 Hong Kong	Cayman Islands	3.7%	Trimmed -23%	3.8%
BroadcomAVGO	United States	3.7%	Trimmed -51%	6.2%
GE AerospaceGE	United States	3.2%	Added +46%	1.4%
ServiceNowNOW	United States	3.1%	Trimmed -24%	2.5%
ShopifySHOP Toronto	Canada	2.9%	Trimmed -45%	4.2%
Siemens EnergyENR Xetra	Germany	2.8%	Trimmed -24%	3.5%
MercadoLibreMELI	United States	2.6%	Trimmed -23%	2.5%
Spotify TechnologySPOT	Luxembourg	2.5%	Trimmed -24%	2.3%
AonAON	Ireland	2.4%	Trimmed -62%	4.3%
ASML HoldingASML Amsterdam	Netherlands	2.3%	Trimmed -26%	2.1%
L'OrealOR Paris	France	2.2%	Trimmed -23%	2.1%
MSCIMSCI	United States	2.1%	Trimmed -24%	2.2%
AdyenADYEN Amsterdam	Netherlands	2.1%	Trimmed -24%	2.4%
IDEXX LaboratoriesIDXX	United States	2.1%	Added +12%	1.4%
Seagate Technology HoldingsSTX	Ireland	2.0%	New	–
Advanced Micro DevicesAMD	United States	1.9%	New	–
Tokyo Electron8035 Tokyo	Japan	1.9%	Trimmed -24%	1.7%
Ge VernovaGEV	United States	1.9%	New	–
Meta PlatformsMETA	United States	1.7%	Trimmed -22%	1.9%
Uber TechnologiesUBER	United States	1.6%	Trimmed -22%	1.7%
Keyence6861 Tokyo	Japan	1.5%	New	–
StarbucksSBUX	United States	1.3%	Trimmed -23%	1.4%
Hermes InternationalRMS Paris	France	1.2%	Trimmed -24%	1.3%
CoStar GroupCSGP	United States	1.2%	Trimmed -24%	1.5%
Howmet AerospaceHWM	United States	1.1%	New	–
RheinmetallRHM Xetra	Germany	0.9%	New	–
OracleORCL	United States	0.9%	Trimmed -57%	2.0%
		–	Sold out	2.5%
		–	Sold out	2.0%

Polen International Growth Fund

1 year-7.6%

3 yearsa year-1.2%

5 yearsa year-3.8%

Yearly costs1.10%

Total returns after fees for the POIIX, Institutional Class share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 31 Jul 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. Costs are the expense ratio in the annual report to 30 Apr 2026, about $104 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 31 Jul 2026, from the fund’s N-PORT filing. Net assets $24.0m. Cash, bonds and other assets make up 1.1%. Changes are against 30 Apr 2026: 2 new, 6 added to, 21 trimmed, 2 sold out. The 13F is at 30 Jun 2026, so a gold dot can also mean the fund bought the shares after that date.

Polen International Growth Fund holdings with change from the previous filing

MercadoLibreMELI	United States	6.4%	Trimmed -23%	6.5%
Spotify TechnologySPOT	Luxembourg	6.1%	Trimmed -10%	5.0%
Schneider ElectricSU Paris	France	5.9%	Trimmed -19%	5.7%
ASML HoldingASML Amsterdam	Netherlands	5.5%	Trimmed -48%	7.6%
ShopifySHOP Toronto	Canada	5.2%	Added +0.8%	4.4%
Lonza GroupLONN Zurich	Switzerland	5.0%	Trimmed -17%	4.4%
Tencent Holdings700 Hong Kong	Cayman Islands	5.0%	Added +23%	3.3%
AonAON	Ireland	3.8%	Trimmed -23%	3.5%
Tokyo Electron8035 Tokyo	Japan	3.7%	Trimmed -57%	6.2%
ASM InternationalASM Amsterdam	Netherlands	3.6%	Trimmed -22%	4.1%
AIA Group1299 Hong Kong	Hong Kong	3.6%	Trimmed -10%	3.6%
Sage GroupSGE London	United Kingdom	3.5%	Trimmed -23%	3.4%
SAPSAP Xetra	Germany	3.5%	Trimmed -41%	4.5%
AdyenADYEN Amsterdam	Netherlands	3.4%	Added +12%	2.8%
Keyence6861 Tokyo	Japan	3.0%	Added +77%	1.3%
AstraZenecaAZN London	United Kingdom	2.9%	Trimmed -16%	3.2%
Disco6146 Tokyo	Japan	2.8%	Trimmed -8.9%	3.4%
Taiwan Semiconductor ManufacturingTSM	Taiwan	2.6%	Trimmed -23%	2.8%
Willis Towers WatsonWTW	Ireland	2.6%	Trimmed -22%	2.1%
Seagate Technology HoldingsSTX	Ireland	2.5%	New	–
Samsung Electronics005930 Seoul	South Korea	2.4%	Trimmed -21%	2.2%
Mitsubishi Heavy Industries Lt7011 Tokyo	Japan	2.2%	Added +5.7%	2.2%
NU Holdings Ltd/Cayman IslandsNU	Cayman Islands	2.2%	Trimmed -55%	4.0%
Siemens EnergyENR Xetra	Germany	2.1%	Added +69%	1.3%
SaabSAABB Stockholm	Sweden	1.9%	Trimmed -7.5%	1.6%
Capcom9697 Tokyo	Japan	1.5%	New	–
SeaSE	Cayman Islands	1.4%	Trimmed -20%	1.2%
RheinmetallRHM Xetra	Germany	1.4%	Trimmed -0.8%	1.4%
ICICI BankICICIBC Mumbai	India	0.8%	Trimmed -66%	1.8%
		–	Sold out	1.3%
		–	Sold out	0.5%

Look-through earnings

Polen Capital Management’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

$498m

Last 12 months, holdings with SEC financials

Price paid for those earnings

21.1×

Value of those holdings ÷ their earnings

Earnings per share growth

-36.0%

Same holdings, against a year earlier

Portfolio covered

90%

Of the 13F value

$311m2017

$447m2018

$620m2019

$850m2020

$978m2021

$709m2022

$1.0bn2023

$1.0bn2024

$815m2025

$221m2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

AlphabetGOOG	0.02%	$244bn	$43.5m	$20.0m	+109.4%
Amazon.comAMZN	0.03%	$135bn	$34.9m	$16.1m	+89.8%
MicrosoftMSFT	0.03%	$134bn	$37.7m	$10.1m	+31.6%
NVIDIANVDA	0.02%	$193bn	$31.6m	$9.8m	+125.0%
MastercardMA	0.1%	$16bn	$21.0m	$5.7m	+23.2%
ShopifySHOP	0.3%	$1.9bn	$6.8m	$5.3m	-17.1%
Eli Lilly & CoLLY	0.07%	$27bn	$19.9m	$5.3m	+94.9%
BroadcomAVGO	0.04%	$38bn	$15.3m	$5.2m	+101.0%
OracleORCL	0.1%	$17bn	$20.8m	$5.2m	+34.7%
StarbucksSBUX	0.3%	$2.0bn	$6.2m	$3.2m	-25.0%
MSCIMSCI	0.9%	$1.4bn	$12.5m	$3.2m	+22.5%
IDEXX LaboratoriesIDXX	0.7%	$1.1bn	$7.6m	$2.3m	+18.1%
AirbnbABNB	0.3%	$2.7bn	$7.4m	$2.3m	+7.5%
Meta PlatformsMETA	0.01%	$68bn	$8.7m	$2.0m	-4.6%
GE AerospaceGE	0.07%	$9.0bn	$5.9m	$1.6m	+18.3%
Lam ResearchLRCX	0.07%	$7.3bn	$5.0m	$1.6m	+38.9%
ServiceNowNOW	0.5%	$1.7bn	$8.7m	$1.5m	+1.7%
CoStar GroupCSGP	2.2%	$73.5m	$1.6m	$1.2m	-25.7%
Intuitive SurgicalISRG	0.1%	$3.1bn	$3.9m	$1.0m	+22.7%
EMCOR GroupEME	0.2%	$1.4bn	$3.3m	$934k	+31.5%
ATIATI	0.6%	$476m	$2.8m	$894k	+17.9%
Uber TechnologiesUBER	0.03%	$9.6bn	$2.7m	$666k	-21.3%
Howmet AerospaceHWM	0.1%	$1.9bn	$2.1m	$607k	+35.3%
AccentureACN	0.02%	$7.8bn	$1.9m	$581k	+0.4%
ZoetisZTS	0.08%	$2.6bn	$2.0m	$530k	+8.5%
Ge VernovaGEV	0.07%	$9.5bn	$6.9m	$486k	+742.6%
RollinsROL	0.3%	$532m	$1.8m	$476k	+9.4%
AonAON	0.08%	$3.9bn	$3.0m	$423k	+52.8%
MercadoLibreMELI	0.05%	$1.9bn	$953k	$238k	-9.3%
SynopsysSNPS	0.02%	$1.1bn	$231k	$117k	-54.7%

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

5% stake filings

Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F. How this works

Polen Capital Management’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company. How to read a 13D.

Company	Owns	Form	Filed
Paycom Software	4.9%below 5%	13G/A	24 Jul 2025

US holdings by sector

Technology37.0%
Financials14.1%
Consumer discretionary11.7%
Health care11.6%
Industrials10.6%
Communication and media8.7%
Materials2.6%
Real estate2.1%
Insurance0.5%
Other0.0%
Consumer staples0.0%
Energy0.0%
Not classified1.0%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$38bnQ3 ’23

$41bnQ4 ’23

$43bnQ1 ’24

$40bnQ2 ’24

$39bnQ3 ’24

$37bnQ4 ’24

$32bnQ1 ’25

$33bnQ2 ’25

$31bnQ3 ’25

$23bnQ4 ’25

$14bnQ1 ’26

$12bnQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.