David M. Polen – Polen Capital Management Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Polen Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 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 Q2 2025, the filing reported:

New Buys – IDEXX Laboratories, Inc. (IDXX), ICICI Bank Limited (IBN), The Real Brokerage, Inc. (REAX), Joby Aviation (G65163100), Peloton Interactive, Inc. (PTON), and 146 more

Increases – Starbucks Corporation (SBUX), Adobe Inc. (ADBE), CoStar Group, Inc. (CSGP), ON Holding (ONON), ServiceNow, Inc. (NOW), and 4 more

Reductions – NetEase, Inc. (NTES), PayPal Holdings, Inc. (PYPL), Autodesk, Inc. (ADSK), Ollie's Bargain Outlet Holdings (OLLI), Vanguard Growth ETF (VUG), and 75 more

Complete Exits – Comfort Systems USA, Inc. (FIX), Wingstop Inc. (WING), iShares Russell 2000 Growth ETF (IWO), Manhattan Associates, Inc. (MANH), Saia, Inc. (SAIA), and 22 more

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

Polen Capital Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q3 2023Sep 30, 2023	EPAM EPAM Systems, Inc.	EPAM Systems, Inc.	Sell	-2,560-4.4%	$14.30M	55,925
Q3 2023Sep 30, 2023	SAP SAP SE	SAP SE	Sell	-4,585-0.4%	$163.29M	1,262,674
Q3 2023Sep 30, 2023	APPF AppFolio, Inc.	AppFolio, Inc.	Sell	-5,258-13.2%	$6.33M	34,652
Q3 2023Sep 30, 2023	GSHD Goosehead Insurance, Inc.	Goosehead Insurance, Inc.	Sell	-8,229-3.6%	$16.54M	221,873
Q3 2023Sep 30, 2023	YUMC Yum China Holdings, Inc.	Yum China Holdings, Inc.	Sell	-9,624-4.4%	$11.75M	210,827
Q3 2023Sep 30, 2023	LVS Las Vegas Sands Corp.	Las Vegas Sands Corp.	Sell	-15,012-4.5%	$14.62M	318,881
Q3 2023Sep 30, 2023	ATHM Autohome Inc.	Autohome Inc.	Sell	-20,084-4.2%	$13.75M	452,923
Q3 2023Sep 30, 2023	CPRT Copart, Inc.	Copart, Inc.	Sell - Position Exit	-21,011-100.0%	$0.00	-
Q3 2023Sep 30, 2023	IT Gartner, Inc.	Gartner, Inc.	Sell	-37,666-1.9%	$658.08M	1,915,189
Q3 2023Sep 30, 2023	ALGN Align Technology, Inc.	Align Technology, Inc.	Sell	-37,906-2.4%	$471.47M	1,544,171
Q3 2023Sep 30, 2023	CATH Global X S&P 500 Catholic Value	Global X S&P 500 Catholic Value	Sell	-39,916-85.3%	$361.13K	6,905
Q3 2023Sep 30, 2023	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-44,818-8.2%	$120.41M	500,514
Q3 2023Sep 30, 2023	MYTE MYT Netherlands Parent B.V.	MYT Netherlands Parent B.V.	Sell - Position Exit	-51,576-100.0%	$0.00	-
Q3 2023Sep 30, 2023	Y4600W108 Karooooo	Karooooo	Sell	-63,036-51.8%	$1.17M	58,641
Q3 2023Sep 30, 2023	ALTR Altair Engineering Inc.	Altair Engineering Inc.	Sell - Position Exit	-67,792-100.0%	$0.00	-
Q3 2023Sep 30, 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-85,461-3.8%	$284.13M	2,171,266
Q3 2023Sep 30, 2023	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-87,621-3.9%	$1.09B	2,151,028
Q3 2023Sep 30, 2023	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-118,140-4.4%	$1.28B	2,538,134
Q3 2023Sep 30, 2023	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell	-130,735-2.4%	$1.11B	5,349,776
Q3 2023Sep 30, 2023	ACN Accenture plc	Accenture plc	Sell	-170,551-3.3%	$1.53B	4,989,956
Q3 2023Sep 30, 2023	NFLX Netflix, Inc.	Netflix, Inc.	Sell	-170,759-2.6%	$2.43B	6,437,255
Q3 2023Sep 30, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-184,861-3.7%	$1.90B	4,798,026
Q3 2023Sep 30, 2023	NKE Nike, Inc.	Nike, Inc.	Sell	-195,813-3.1%	$588.76M	6,157,296
Q3 2023Sep 30, 2023	NOW ServiceNow, Inc.	ServiceNow, Inc.	Sell	-220,433-5.2%	$2.23B	3,994,534
Q3 2023Sep 30, 2023	ZTS Zoetis Inc.	Zoetis Inc.	Sell	-234,037-4.3%	$898.41M	5,163,881
Q3 2023Sep 30, 2023	ICLR ICON	ICON	Sell	-243,060-16.6%	$301.15M	1,222,961
Q3 2023Sep 30, 2023	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-252,109-3.2%	$1.55B	7,660,386
Q3 2023Sep 30, 2023	LESL Leslie's, Inc.	Leslie's, Inc.	Sell - Position Exit	-262,203-100.0%	$0.00	-
Q3 2023Sep 30, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-272,624-3.7%	$2.26B	7,151,377
Q3 2023Sep 30, 2023	V Visa Inc.	Visa Inc.	Sell	-287,355-3.7%	$1.74B	7,569,168

Page 36 of 105 • 3150 total trades

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