David M. Polen - Polen Capital Management 13F Activity & Position Changes (Q3 2025)

As of Sep 30, 2025, the Polen Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 12, 2025. 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 Q3 2025, the filing reported:

New Buys - AbCellera Biologics Inc., Alnylam Pharmaceuticals, Inc., Amprius Technologies, Inc., AppFolio, Inc., Aurora Innovation, Inc., and 47 more

Increases - Apple Inc., iShares MSCI ACWI ETF, iShares MSCI ACWI ex U.S. ETF, Adaptive Biotechnologies Corpor, ADT Inc., and 63 more

Reductions - Airbnb, Inc., Abbott Laboratories, Archer Aviation Inc., Accenture plc, Adobe Inc., and 106 more

Complete Exits - AAON, Inc., ADMA Biologics Inc, Applied Industrial Technologies, Alkami Technology, Inc., Allison Transmission Holdings, , and 55 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
Q3 2025	AAON AAON, Inc.	AAON, Inc.	Sell - Position Exit	-3,203	-100.0%	$0.00	-
Q3 2025	AAPL Apple Inc.	Apple Inc.	Buy	+6,829	+80.1%	$3.91M	15,355
Q3 2025	ABCL AbCellera Biologics Inc.	AbCellera Biologics Inc.	Buy - Position Entry	+269,248	-	$1.35M	269,248
Q3 2025	ABNB Airbnb, Inc.	Airbnb, Inc.	Sell	-3,379,657	-46.0%	$482.59M	3,974,571
Q3 2025	ABT Abbott Laboratories	Abbott Laboratories	Sell	-3,248,894	-30.5%	$993.92M	7,420,604
Q3 2025	ACHR Archer Aviation Inc.	Archer Aviation Inc.	Sell	-113,181	-58.1%	$780.63K	81,485
Q3 2025	ACN Accenture plc	Accenture plc	Sell	-485,399	-16.5%	$607.07M	2,461,759
Q3 2025	ACWI iShares MSCI ACWI ETF	iShares MSCI ACWI ETF	Buy	+101,891	+115.1%	$26.33M	190,449
Q3 2025	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy	+39,530	+179.0%	$4.01M	61,612
Q3 2025	ADBE Adobe Inc.	Adobe Inc.	Sell	-1,499,583	-44.7%	$655.13M	1,857,198
Q3 2025	ADMA ADMA Biologics Inc	ADMA Biologics Inc	Sell - Position Exit	-30,412	-100.0%	$0.00	-
Q3 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-92,074	-97.4%	$722.32K	2,461
Q3 2025	ADPT Adaptive Biotechnologies Corpor	Adaptive Biotechnologies Corpor	Buy	+148,940	+104.7%	$4.36M	291,197
Q3 2025	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell	-97	-6.9%	$413.54K	1,302
Q3 2025	ADT ADT Inc.	ADT Inc.	Buy	+5,211	+7.1%	$680.57K	78,137
Q3 2025	AEHR Aehr Test Systems	Aehr Test Systems	Buy	+2,308	+11.0%	$701.80K	23,308
Q3 2025	AFRM Affirm Holdings, Inc.	Affirm Holdings, Inc.	Buy	+3,069	+10.2%	$2.42M	33,096
Q3 2025	AGX Argan, Inc.	Argan, Inc.	Sell	-7,288	-16.3%	$10.14M	37,533
Q3 2025	AIT Applied Industrial Technologies	Applied Industrial Technologies	Sell - Position Exit	-1,565	-100.0%	$0.00	-
Q3 2025	ALKT Alkami Technology, Inc.	Alkami Technology, Inc.	Sell - Position Exit	-18,915	-100.0%	$0.00	-
Q3 2025	ALNY Alnylam Pharmaceuticals, Inc.	Alnylam Pharmaceuticals, Inc.	Buy - Position Entry	+693	-	$316.01K	693
Q3 2025	ALSN Allison Transmission Holdings,	Allison Transmission Holdings,	Sell - Position Exit	-4,389	-100.0%	$0.00	-
Q3 2025	AMPX Amprius Technologies, Inc.	Amprius Technologies, Inc.	Buy - Position Entry	+339,427	-	$3.57M	339,427
Q3 2025	AMSC American Superconductor Corpora	American Superconductor Corpora	Buy	+70	+0.1%	$2.81M	47,291
Q3 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-2,675,312	-19.2%	$2.47B	11,246,528
Q3 2025	AON Aon Plc	Aon Plc	Sell	-255,460	-9.3%	$887.94M	2,490,167
Q3 2025	APPF AppFolio, Inc.	AppFolio, Inc.	Buy - Position Entry	+753	-	$207.57K	753
Q3 2025	ARLO Arlo Technologies, Inc.	Arlo Technologies, Inc.	Buy	+11,296	+23.0%	$1.03M	60,486
Q3 2025	ASML ASML	ASML	Sell	-24,728	-55.5%	$19.17M	19,797
Q3 2025	ASND Ascendis Pharma A/S	Ascendis Pharma A/S	Buy	+47	+1.7%	$549.91K	2,766

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