David M. Polen - Polen Capital Management 13F Activity & Position Changes (Q4 2025)

As of Dec 31, 2025, the Polen Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 12, 2026. 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 Q4 2025, the filing reported:

New Buys - Artivion, Inc., American Public Education, Inc., Appian Corporation, AXT Inc, Butterfly Network, Inc., and 44 more

Increases - iShares MSCI ACWI ETF, iShares MSCI ACWI ex U.S. ETF, Adaptive Biotechnologies Corpor, Aehr Test Systems, Astec Industries, Inc., and 40 more

Reductions - Apple Inc., AbCellera Biologics Inc., Airbnb, Inc., Abbott Laboratories, Accenture plc, and 116 more

Complete Exits - Archer Aviation Inc., Alnylam Pharmaceuticals, Inc., AppFolio, Inc., Arlo Technologies, Inc., Aurora Innovation, Inc., and 52 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
Q4 2025	AAPL Apple Inc.	Apple Inc.	Sell	-7,631	-49.7%	$2.10M	7,724
Q4 2025	ABCL AbCellera Biologics Inc.	AbCellera Biologics Inc.	Sell	-166,740	-61.9%	$350.58K	102,508
Q4 2025	ABNB Airbnb, Inc.	Airbnb, Inc.	Sell	-943,841	-23.7%	$411.33M	3,030,730
Q4 2025	ABT Abbott Laboratories	Abbott Laboratories	Sell	-3,458,374	-46.6%	$496.43M	3,962,230
Q4 2025	ACHR Archer Aviation Inc.	Archer Aviation Inc.	Sell - Position Exit	-81,485	-100.0%	$0.00	-
Q4 2025	ACN Accenture plc	Accenture plc	Sell	-579,052	-23.5%	$505.13M	1,882,707
Q4 2025	ACWI iShares MSCI ACWI ETF	iShares MSCI ACWI ETF	Buy	+419,684	+220.4%	$86.33M	610,133
Q4 2025	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy	+65,149	+105.7%	$8.51M	126,761
Q4 2025	ADBE Adobe Inc.	Adobe Inc.	Sell	-511,610	-27.5%	$470.94M	1,345,588
Q4 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-485	-19.7%	$508.39K	1,976
Q4 2025	ADPT Adaptive Biotechnologies Corpor	Adaptive Biotechnologies Corpor	Buy	+34,570	+11.9%	$5.29M	325,767
Q4 2025	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell	-120	-9.2%	$349.79K	1,182
Q4 2025	ADT ADT Inc.	ADT Inc.	Sell	-28,769	-36.8%	$398.40K	49,368
Q4 2025	AEHR Aehr Test Systems	Aehr Test Systems	Buy	+6,803	+29.2%	$607.94K	30,111
Q4 2025	AFRM Affirm Holdings, Inc.	Affirm Holdings, Inc.	Sell	-127	-0.4%	$2.45M	32,969
Q4 2025	AGX Argan, Inc.	Argan, Inc.	Sell	-12,647	-33.7%	$7.80M	24,886
Q4 2025	ALNY Alnylam Pharmaceuticals, Inc.	Alnylam Pharmaceuticals, Inc.	Sell - Position Exit	-693	-100.0%	$0.00	-
Q4 2025	AMPX Amprius Technologies, Inc.	Amprius Technologies, Inc.	Sell	-51,137	-15.1%	$2.27M	288,290
Q4 2025	AMSC American Superconductor Corpora	American Superconductor Corpora	Sell	-23,726	-50.2%	$678.20K	23,565
Q4 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-2,592,807	-23.1%	$2.00B	8,653,721
Q4 2025	AON Aon Plc	Aon Plc	Sell	-643,873	-25.9%	$651.52M	1,846,294
Q4 2025	AORT Artivion, Inc.	Artivion, Inc.	Buy - Position Entry	+25,259	-	$1.15M	25,259
Q4 2025	APEI American Public Education, Inc.	American Public Education, Inc.	Buy - Position Entry	+14,117	-	$533.62K	14,117
Q4 2025	APPF AppFolio, Inc.	AppFolio, Inc.	Sell - Position Exit	-753	-100.0%	$0.00	-
Q4 2025	APPN Appian Corporation	Appian Corporation	Buy - Position Entry	+10,366	-	$367.16K	10,366
Q4 2025	ARLO Arlo Technologies, Inc.	Arlo Technologies, Inc.	Sell - Position Exit	-60,486	-100.0%	$0.00	-
Q4 2025	ASML ASML	ASML	Sell	-8,602	-43.5%	$11.98M	11,195
Q4 2025	ASND Ascendis Pharma A/S	Ascendis Pharma A/S	Sell	-1,555	-56.2%	$258.23K	1,211
Q4 2025	ASPI ASP Isotopes Inc.	ASP Isotopes Inc.	Sell	-93,402	-40.1%	$746.38K	139,511
Q4 2025	ASTE Astec Industries, Inc.	Astec Industries, Inc.	Buy	+4,236	+23.4%	$967.94K	22,344

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