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
Q4 2022Dec 31, 2022	MDT Medtronic	Medtronic	Sell	-97,484-10.7%	$63.26M	813,991
Q4 2022Dec 31, 2022	SAP SAP SE	SAP SE	Sell	-102,059-7.1%	$137.93M	1,336,698
Q4 2022Dec 31, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-106,305-1.1%	$2.28B	9,494,199
Q4 2022Dec 31, 2022	OLO Olo Inc.	Olo Inc.	Sell	-111,200-13.2%	$4.57M	731,579
Q4 2022Dec 31, 2022	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-123,918-4.3%	$1.45B	2,725,675
Q4 2022Dec 31, 2022	ICLR ICON	ICON	Sell	-131,085-7.9%	$297.58M	1,531,939
Q4 2022Dec 31, 2022	IT Gartner, Inc.	Gartner, Inc.	Sell	-141,117-4.9%	$922.07M	2,743,099
Q4 2022Dec 31, 2022	ALGN Align Technology, Inc.	Align Technology, Inc.	Sell	-313,965-15.8%	$353.06M	1,674,073
Q4 2022Dec 31, 2022	ACN Accenture plc	Accenture plc	Sell	-341,372-5.9%	$1.46B	5,457,887
Q4 2022Dec 31, 2022	ZTS Zoetis Inc.	Zoetis Inc.	Sell	-361,819-6.1%	$820.98M	5,602,029
Q4 2022Dec 31, 2022	NFLX Netflix, Inc.	Netflix, Inc.	Sell	-401,980-5.5%	$2.04B	6,930,451
Q4 2022Dec 31, 2022	DOCU DocuSign, Inc.	DocuSign, Inc.	Sell	-437,088-5.1%	$455.00M	8,209,972
Q4 2022Dec 31, 2022	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-497,581-3.9%	$872.05M	12,244,474
Q4 2022Dec 31, 2022	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell	-517,423-6.1%	$1.48B	7,907,485
Q4 2022Dec 31, 2022	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-577,251-5.2%	$1.39B	10,480,436
Q4 2022Dec 31, 2022	ADBE Adobe Inc.	Adobe Inc.	Sell	-660,748-9.5%	$2.11B	6,270,216
Q4 2022Dec 31, 2022	ABNB Airbnb, Inc.	Airbnb, Inc.	Sell	-857,111-6.8%	$1.01B	11,828,267
Q4 2022Dec 31, 2022	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-861,968-14.0%	$1.84B	5,289,548
Q4 2022Dec 31, 2022	SBUX Starbucks Corporation	Starbucks Corporation	Sell	-949,230-99.7%	$298.49K	3,009
Q4 2022Dec 31, 2022	ABT Abbott Laboratories	Abbott Laboratories	Sell	-1,070,770-6.8%	$1.60B	14,618,742
Q4 2022Dec 31, 2022	V Visa Inc.	Visa Inc.	Sell	-1,510,448-14.9%	$1.80B	8,654,720
Q4 2022Dec 31, 2022	NKE Nike, Inc.	Nike, Inc.	Sell	-1,580,796-19.5%	$763.41M	6,524,307
Q4 2022Dec 31, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-2,089,456-5.6%	$2.95B	35,148,401
Q4 2022Dec 31, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-2,110,648-7.4%	$2.34B	26,360,711
Q4 2022Dec 31, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-13,260,494-100.0%	$584.85K	4,860
Q3 2022Sep 30, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+27,045,038+1896.1%	$2.74M	28,471,359
Q3 2022Sep 30, 2022	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+3,411,908+1914.1%	$343.40K	3,590,163
Q3 2022Sep 30, 2022	NFLX Netflix, Inc.	Netflix, Inc.	Buy	+2,569,072+53.9%	$1.73M	7,332,431
Q3 2022Sep 30, 2022	ILMN Illumina, Inc.	Illumina, Inc.	Buy	+1,731,169+62.0%	$862.64K	4,521,397
Q3 2022Sep 30, 2022	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+1,228,763+12.5%	$1.59M	11,057,687

Page 46 of 105 • 3150 total trades

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