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

According to the SEC 13F filed on Nov 12, 2025, the Polen Capital Management portfolio showed several notable changes in holdings as of quarter-end Sep 30, 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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