Polen Capital
Portfolio value$11.6B
Positions219
QuarterQ2 2026ended 2026-06-30
Filed08/042026
Polen Capital Management LLC's Q2 2026 13F, filed Aug 4, 2026, reports 219 positions worth $11.6B. The ten largest are 58.7% of the book, led by Eli Lilly at 6.9%, NVIDIA at 6.9% and Microsoft at 6.7%. Against Q1 2026: 68 bought, 63 added to, 88 reduced, 70 sold; the largest moves were reduced Aon (−88%) and reduced Eli Lilly (−27%).
Where the money is
LLYNVDAMSFTGOOGAVGOAMZNVMANOWORCL209 other
Holdings
| Ticker | Issuer | Weight | Value | Q-end → now | Price vs model | Change |
|---|---|---|---|---|---|---|
| LLY | Eli Lilly & CO | 6.9% | $799.9M666,912 sh | 1,199.43 → +5% | 22% overvalued | reduced −27% |
| NVDA | Nvidia Corporation | 6.9% | $796.0M4.0M sh | 200.09 → +7% | 3% undervalued | reduced −3% |
| MSFT | Microsoft Corp | 6.7% | $782.8M2.1M sh | 373.02 → +42% | 10% overvalued | reduced −26% |
| GOOG | Alphabet INC | 6.6% | $765.0M2.2M sh | 353.33 → −5% | 49% overvalued | reduced −27% |
| AVGO | Broadcom INC | 6.4% | $740.5M2.0M sh | 377.75 → −13% | 49% undervalued | reduced −27% |
| AMZN | Amazon Com INC | 5.8% | $669.7M2.8M sh | 238.34 → +5% | 182% overvalued | reduced −28% |
| V | Visa INC | 5.3% | $619.5M1.8M sh | 343.09 → +17% | 40% overvalued | reduced −26% |
| MA | Mastercard Incorporated | 5.1% | $586.5M1.1M sh | 513.60 → +20% | 15% overvalued | reduced −26% |
| NOW | Servicenow INC | 4.6% | $533.2M5.4M sh | 99.28 → +43% | 264% overvalued | reduced −26% |
| ORCL | Oracle Corp | 4.5% | $523.8M3.6M sh | 146.55 → −13% | 30% undervalued | reduced −29% |
| SHOP | Shopify INC | 4.5% | $522.7M4.6M sh | 114.18 → +48% | 599% overvalued | reduced −27% |
| MSCI | Msci INC | 3.2% | $376.2M671,797 sh | 560.04 → +2% | 65% overvalued | reduced −28% |
| LRCX | Lam Research Corp | 3.2% | $372.2M859,036 sh | 433.33 → −39% | 147% overvalued | reduced −19% |
| SBUX | Starbucks Corp | 3.1% | $362.9M3.6M sh | 102.19 → −5% | 391% overvalued | reduced −30% |
| IDXX | Idexx Labs INC | 2.4% | $280.3M532,384 sh | 526.44 → +6% | 152% overvalued | reduced −23% |
| GE | Ge Aerospace | 2.2% | $258.1M690,493 sh | 373.73 → −16% | 101% overvalued | bought |
| CSGP | Costar Group INC | 2.1% | $248.1M8.8M sh | 28.32 → +14% | 94% overvalued | reduced −30% |
| TSM | Taiwan Semiconductor Manufac | 2.1% | $239.4M501,210 sh | 477.57 | — | added +187% |
| ABNB | Airbnb INC | 2.0% | $236.1M1.6M sh | 143.10 → +21% | 93% overvalued | reduced −27% |
| GEV | Ge Vernova INC | 2.0% | $231.0M196,612 sh | 1,174.86 → −22% | 77% overvalued | bought |
| META | Meta Platforms INC | 1.6% | $185.6M329,573 sh | 563.29 → +26% | 10% overvalued | reduced −31% |
| ISRG | Intuitive Surgical INC | 1.5% | $178.1M447,944 sh | 397.68 → +7% | 208% overvalued | reduced −26% |
| ATI | Ati INC | 1.4% | $161.5M819,236 sh | 197.10 | — | bought |
| HWM | Howmet Aerospace INC | 1.1% | $122.9M457,124 sh | 268.86 → −18% | 147% overvalued | bought |
| EME | Emcor Group INC | 0.7% | $85.6M103,123 sh | 829.88 → −13% | 25% overvalued | bought |
| IWF | Ishares Tr | 0.7% | $76.2M613,639 sh | 124.17 | — | added +51% |
| ROL | Rollins INC | 0.6% | $66.4M1.6M sh | 41.74 → −20% | 25% overvalued | reduced −27% |
| AON | Aon PLC | 0.5% | $54.4M164,035 sh | 331.69 → −12% | 19% undervalued | reduced −88% |
| MELI | Mercadolibre INC | 0.4% | $44.0M25,926 sh | 1,697.36 → +8% | 861% overvalued | reduced −25% |
| UBER | Uber Technologies INC | 0.4% | $41.1M570,063 sh | 72.16 → −3% | 12% overvalued | reduced −80% |
| SPOT | Spotify Technology S A | 0.3% | $37.5M81,578 sh | 459.13 | — | reduced −24% |
| ASML | Asml Hldg NV | 0.3% | $30.7M15,427 sh | 1,989.49 → −17% | no usable model value | reduced −4% |
| ZTS | Zoetis INC | 0.2% | $23.0M320,420 sh | 71.86 → +10% | 37% undervalued | reduced −92% |
| ACN | Accenture PLC Ireland | 0.2% | $19.0M152,800 sh | 124.44 → +85% | 13% undervalued | reduced −89% |
| ACWI | Ishares Tr | 0.2% | $18.9M120,540 sh | 156.97 | — | reduced −61% |
| SNPS | Synopsys INC | 0.2% | $18.4M41,267 sh | 446.07 → +2% | 306% overvalued | reduced −94% |
| DOCN | Digitalocean Hldgs INC | 0.1% | $15.9M101,350 sh | 157.03 | — | added +5% |
| WULF | Terawulf INC | 0.1% | $13.9M563,139 sh | 24.70 | — | added +429% |
| CECO | Ceco Environmental Corp | 0.1% | $12.5M137,977 sh | 90.74 | — | reduced −4% |
| BE | Bloom Energy Corp | 0.1% | $12.4M40,838 sh | 302.70 | — | reduced −39% |
| BELFB | Bel Fuse INC | 0.1% | $10.9M32,845 sh | 333.04 | — | reduced −24% |
| NU | Nu Hldgs LTD | 0.1% | $10.1M752,747 sh | 13.36 | — | reduced −38% |
| GOOGL | Alphabet INC | 0.1% | $9.9M27,810 sh | 357.37 → −5% | 51% overvalued | reduced −1% |
| LASR | Nlight INC | 0.1% | $9.3M133,448 sh | 69.62 | — | added +49% |
| FROG | Jfrog LTD | 0.1% | $8.5M93,117 sh | 90.88 | — | added +360% |
| POWL | Powell Inds INC | 0.1% | $8.4M29,181 sh | 286.36 | — | added +67% |
| AGX | Argan INC | 0.1% | $8.2M10,214 sh | 798.55 | — | reduced −43% |
| MOD | Modine Mfg CO | 0.1% | $7.8M29,335 sh | 267.02 | — | added +1% |
| YOU | Clear Secure INC | 0.1% | $7.3M131,773 sh | 55.73 | — | reduced −10% |
| BKD | Brookdale Sr Living INC | 0.1% | $7.3M451,082 sh | 16.09 | — | added +7% |
| BWXT | Bwx Technologies INC | 0.1% | $7.2M36,974 sh | 194.65 | — | reduced −3% |
| CCJ | Cameco Corp | 0.1% | $7.0M68,968 sh | 101.88 | — | added +241% |
| VSEC | Vse Corp | 0.1% | $6.8M29,853 sh | 228.50 | — | reduced −29% |
| SPHR | Sphere Entertainment CO | 0.1% | $6.7M38,529 sh | 173.03 | — | reduced −20% |
| SEI | Solaris Energy Infras INC | 0.1% | $6.5M80,324 sh | 80.46 | — | reduced −4% |
| AMPX | Amprius Technologies INC | 0.1% | $6.5M465,598 sh | 13.86 | — | added +10% |
| AEHR | Aehr Test Sys | 0.1% | $6.4M66,157 sh | 96.06 | — | reduced −17% |
| VUG | Vanguard Index Fds | 0.1% | $6.3M73,200 sh | 86.14 | — | added +357% |
| DLO | Dlocal LTD | 0.1% | $5.9M456,087 sh | 13.00 | — | reduced −1% |
| REAL | The Realreal INC | 0.1% | $5.9M496,556 sh | 11.79 | — | added +124% |
| TWST | Twist Bioscience Corp | 0.0% | $5.7M55,310 sh | 102.88 | — | added +130% |
| VICR | Vicor Corp | 0.0% | $5.7M14,924 sh | 379.78 | — | added +7% |
| IESC | Ies Holdings INC | 0.0% | $5.3M7,275 sh | 734.66 | — | reduced −39% |
| GH | Guardant Health INC | 0.0% | $5.2M34,372 sh | 150.03 | — | reduced −1% |
| LPTH | Lightpath Technologies INC | 0.0% | $5.1M314,476 sh | 16.35 | — | added +298% |
| PL | Planet Labs Pbc | 0.0% | $4.9M149,211 sh | 33.13 | — | reduced −30% |
| VPG | Vishay Precision Group INC | 0.0% | $4.9M32,744 sh | 149.91 | — | added +35% |
| NFLX | Netflix Inc. | 0.0% | $4.9M68,139 sh | 71.40 → −1% | 39% overvalued | reduced −18% |
| RXT | Rackspace Technology INC | 0.0% | $4.6M709,189 sh | 6.53 | — | bought |
| FTK | Flotek Industries INC | 0.0% | $4.6M195,504 sh | 23.52 | — | added +607% |
| SAP | Sap Se | 0.0% | $4.4M28,773 sh | 154.11 | — | reduced −57% |
| CRS | Carpenter Technology Corp | 0.0% | $4.2M6,756 sh | 616.84 | — | reduced −46% |
| SITM | Sitime Corp | 0.0% | $4.1M5,555 sh | 745.56 | — | reduced −22% |
| BFLY | Butterfly Network INC | 0.0% | $4.0M480,502 sh | 8.42 | — | added +18% |
| AXTI | Axt INC | 0.0% | $3.8M52,707 sh | 72.08 | — | added +7% |
| TSLA | Tesla INC | 0.0% | $3.8M8,974 sh | 420.60 → −16% | 1544% overvalued | added +22% |
| APLD | Applied Digital Corp | 0.0% | $3.7M98,328 sh | 37.30 | — | bought |
| VECO | Veeco Instrs INC Del | 0.0% | $3.7M48,314 sh | 75.80 | — | added +302% |
| BW | Babcock & Wilcox Enterprises | 0.0% | $3.5M249,411 sh | 14.10 | — | reduced −8% |
| AZN | Astrazeneca PLC | 0.0% | $3.5M18,621 sh | 188.69 | — | reduced −29% |
| TME | Tencent Music Entmt Group | 0.0% | $3.4M407,182 sh | 8.35 | — | reduced −1% |
| AIR | Aar Corp | 0.0% | $3.4M23,561 sh | 142.93 | — | added +45% |
| WTW | Willis Towers Watson PLC LTD | 0.0% | $3.4M12,833 sh | 261.38 → +21% | 41% undervalued | reduced −34% |
| TSHA | Taysha Gene Therapies INC | 0.0% | $3.3M489,219 sh | 6.81 | — | added +53% |
| LIND | Lindblad Expeditions Hldgs I | 0.0% | $3.2M114,915 sh | 28.24 | — | added +13% |
| ATRO | Astronics Corp | 0.0% | $3.2M39,379 sh | 81.26 | — | reduced −7% |
| LFUS | Littelfuse INC | 0.0% | $3.2M7,016 sh | 455.33 | — | added +41% |
| ASTE | Astec Inds INC | 0.0% | $3.2M52,160 sh | 61.19 | — | added +27% |
| LTH | Life Time Group Holdings INC | 0.0% | $3.1M76,705 sh | 40.84 | — | added +89% |
| EVC | Entravision Communications C | 0.0% | $3.1M236,939 sh | 13.04 | — | bought |
| TIGO | Millicom Intl Cellular S A | 0.0% | $3.0M33,602 sh | 90.76 | — | reduced −7% |
| SPY | State Str Spdr S&p 500 ETF T | 0.0% | $3.0M4,018 sh | 746.83 | — | added +7% |
| JOBY | Joby Aviation INC | 0.0% | $3.0M332,157 sh | 8.92 | — | added +13% |
| CPA | Copa Holdings SA | 0.0% | $2.9M18,948 sh | 155.57 | — | bought |
| CDNL | Cardinal Infrastructure Grou | 0.0% | $2.9M30,787 sh | 94.20 | — | bought |
| SRRK | Scholar Rock Hldg Corp | 0.0% | $2.9M52,132 sh | 55.00 | — | added +0% |
| AAOI | Applied Optoelectronics INC | 0.0% | $2.9M19,272 sh | 148.16 | — | added +29% |
| PRLB | Proto Labs INC | 0.0% | $2.9M35,011 sh | 81.51 | — | reduced −7% |
| OPY | Oppenheimer Hldgs INC | 0.0% | $2.8M26,834 sh | 105.54 | — | reduced −0% |
| PLPC | Preformed Line Prods CO | 0.0% | $2.8M6,875 sh | 410.56 | — | reduced −6% |
Source: the manager's Form 13F-HR on SEC EDGAR, kept as immutable quarterly snapshots; changes compare two consecutive filings. A 13F is filed up to 45 days after quarter end and covers US-listed long positions only. Tickers come from a self-maintained CUSIP map; a position without one shows its CUSIP. Method notes in where the numbers come from.