David M. Polen - Polen Capital Management 13F Activity & Position Changes (Q1 2020)

According to the SEC 13F filed on Aug 04, 2026, the Polen Capital Management portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2020. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2020, the filing reported:

New Buys - Autodesk, Inc., Etsy, Inc., Helen of Troy, Paylocity Holding Corporation, Revolve Group, Inc., and 1 more

Increases - Abbott Laboratories, Accenture plc, Adobe Inc., Automatic Data Processing, Inc., Align Technology, Inc., and 42 more

Reductions - iShares MSCI ACWI ex U.S. ETF, Booking Holdings Inc. Common St, Dollar General Corporation, Nike, Inc., O'Reilly Automotive, Inc., and 4 more

Complete Exits - ExlService Holdings, Inc., Grand Canyon Education, Inc., MEDIFAST INC, Neogen Corporation, Novo Nordisk A/S, and 1 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2020	ABT Abbott Laboratories	Abbott Laboratories	Buy	+7,735,426	+86.7%	$1.31M	16,659,583
Q1 2020	ACN Accenture plc	Accenture plc	Buy	+367,649	+5.8%	$1.09M	6,658,492
Q1 2020	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-34,304	-74.4%	$444.00	11,804
Q1 2020	ADBE Adobe Inc.	Adobe Inc.	Buy	+180,710	+3.6%	$1.63M	5,134,597
Q1 2020	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+275,548	+5.5%	$728.13K	5,327,251
Q1 2020	ADSK Autodesk, Inc.	Autodesk, Inc.	Buy - Position Entry	+3,725,811	-	$581.60K	3,725,811
Q1 2020	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy	+212,224	+7.5%	$528.63K	3,039,006
Q1 2020	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Buy	+13,849	+67.3%	$1.34K	34,418
Q1 2020	ALTR Altair Engineering Inc.	Altair Engineering Inc.	Buy	+15,382	+67.3%	$1.01K	38,228
Q1 2020	AMN AMN Healthcare Services Inc	AMN Healthcare Services Inc	Buy	+10,459	+66.8%	$1.51K	26,116
Q1 2020	APPF AppFolio, Inc.	AppFolio, Inc.	Buy	+9,389	+67.6%	$2.58K	23,275
Q1 2020	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Buy	+111,530	+28.1%	$98.80K	508,008
Q1 2020	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell	-266,758	-99.8%	$613.00	456
Q1 2020	BLKB Blackbaud, Inc.	Blackbaud, Inc.	Buy	+12,607	+66.9%	$1.75K	31,463
Q1 2020	CHKP Check Point	Check Point	Buy	+30,431	+21.5%	$17.32K	172,300
Q1 2020	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+2,980,823	+96.7%	$872.89K	6,062,595
Q1 2020	DG Dollar General Corporation	Dollar General Corporation	Sell	-1,304,385	-20.3%	$772.01K	5,112,345
Q1 2020	EEFT Euronet Worldwide, Inc.	Euronet Worldwide, Inc.	Buy	+5,151	+67.7%	$1.09K	12,760
Q1 2020	ENV Envestnet, Inc	Envestnet, Inc	Buy	+10,239	+84.8%	$1.20K	22,315
Q1 2020	EPAM EPAM Systems, Inc.	EPAM Systems, Inc.	Buy	+3,616	+67.6%	$1.67K	8,967
Q1 2020	ETSY Etsy, Inc.	Etsy, Inc.	Buy - Position Entry	+25,454	-	$978.00	25,454
Q1 2020	EXLS ExlService Holdings, Inc.	ExlService Holdings, Inc.	Sell - Position Exit	-12,633	-100.0%	$0.00	-
Q1 2020	EXPO Exponent, Inc.	Exponent, Inc.	Buy	+13,076	+67.0%	$2.34K	32,603
Q1 2020	FIVE Five Below, Inc.	Five Below, Inc.	Buy	+3,995	+68.7%	$691.00	9,813
Q1 2020	FND Floor & Decor Holdings, Inc.	Floor & Decor Holdings, Inc.	Buy	+17,739	+66.8%	$1.42K	44,294
Q1 2020	FOXF Fox Factory Holding Corp.	Fox Factory Holding Corp.	Buy	+21,483	+67.4%	$2.24K	53,367
Q1 2020	G4388N106 Helen of Troy	Helen of Troy	Buy - Position Entry	+8,280	-	$1.19K	8,280
Q1 2020	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+63,919	+4.5%	$1.71M	1,472,308
Q1 2020	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+7,456	+1.8%	$478.25K	411,589
Q1 2020	ICLR ICON	ICON	Buy	+57,091	+21.9%	$43.14K	317,219

Page 1 of 3