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Polen Capital Management LLC

The positions Polen Capital Management LLC reported on its Form 13F for Q2 2026, the quarter ending 30 Jun 2026, filed on 4 Aug 2026. Every figure below is the filing’s own: US-listed long equity, valued at the quarter end, with the change measured against the same manager’s previous filing.

Reported book
$11.6bn
-$2.8bn on Q1 2026
Positions
219
55+ new, 70 sold out
Top ten weight
59%
Concentrated
Quarter
Q2 2026
Filed 4 Aug 2026
Read the Q2 2026 filing on sec.gov CIK 0001034524 · Long-only · FL

Reported book is the quarter-end market value of the securities on the 13F, mostly US-listed long equity. It is not the manager’s assets under management: shorts, cash, leverage and most non-US or private holdings sit outside it.

Reported book by quarter
$0$19.4bn$38.7bnQ3 24: $38.7bn$38.7bnQ3 24Q4 24: $37.0bn$37.0bnQ4 24Q1 25: $31.8bn$31.8bnQ1 25Q2 25: $32.6bn$32.6bnQ2 25Q3 25: $30.8bn$30.8bnQ3 25Q4 25: $23.4bn$23.4bnQ4 25Q1 26: $14.5bn$14.5bnQ1 26Q2 26: $11.6bn$11.6bnQ2 26
Every quarter since Q2 2013: what Polen Capital Management LLC bought, cut and sold →
Largest positions, share of the book
LLY · Eli Lilly & Co: 6.9%LLY · Eli Lilly & Co6.9%NVDA · Nvidia Corporation: 6.9%NVDA · Nvidia Corporati…6.9%MSFT · Microsoft Corp: 6.7%MSFT · Microsoft Corp6.7%GOOG · Alphabet Inc: 6.6%GOOG · Alphabet Inc6.6%AVGO · Broadcom Inc: 6.4%AVGO · Broadcom Inc6.4%AMZN · Amazon Com Inc: 5.8%AMZN · Amazon Com Inc5.8%V · Visa Inc: 5.3%V · Visa Inc5.3%MA · Mastercard Incorporated: 5.1%MA · Mastercard Incorpo…5.1%NOW · Servicenow Inc: 4.6%NOW · Servicenow Inc4.6%ORCL · Oracle Corp: 4.5%ORCL · Oracle Corp4.5%

Opened this quarter

A new position is the clearest thing a filing says. Somebody argued for it recently, and it is the easiest question to be ready for.

  • Ge Aerospace (GE)$258m · 2.2%
  • Ge Vernova Inc (GEV)$231m · 2.0%
  • Ati Inc (ATI)$162m · 1.4%
  • Howmet Aerospace Inc (HWM)$123m · 1.1%
  • Emcor Group Inc (EME)$86m · 0.7%
  • Rackspace Technology Inc (RXT)$4.6m · 0.0%
  • Applied Digital Corp (APLD)$3.7m · 0.0%
  • Entravision Communications C (EVC)Class A$3.1m · 0.0%
  • Copa Holdings SA (CPA)Class A$2.9m · 0.0%
  • Cardinal Infrastructure Grou (CDNL)Class A$2.9m · 0.0%
  • Forgent Power Solutions Inc (FPS)Common Shares Class A$2.8m · 0.0%
  • Alpha Tau Medical LTD (DRTS)$2.8m · 0.0%
  • and 43 more, in the table below.

Sold out of this quarter

Exits are valued at what the position was worth in the previous filing, because by this one it is gone.

  • Intuit (INTU)$8.6m held before
  • Fastly Inc (FSLY)$6.9m held before
  • iShares Trust (MCHI)$5.4m held before
  • Medtronic PLC (MDT)$5.3m held before
  • iShares Inc (EWT)$5.2m held before
  • Genedx Holdings Corp (WGS)$5.0m held before
  • Paycom Software Inc (PAYC)$3.7m held before
  • Figure Technology Solutio (FIGR)$3.6m held before
  • Karman HLDGS Inc (KRMN)$3.5m held before
  • Corporacion Amer Arpts S A (CAAP)$2.7m held before
  • Kratos Defense & Sec Solutio (KTOS)$2.1m held before
  • Iradimed Corp (IRMD)$2.0m held before
  • and 58 more.

Largest reported positions, Q2 2026

200 positions, sorted by weight · page 1 of 2

Showing the largest 200 reported positions, representing 99.9% of reported market value.

PositionWeight ↓ValueSharesChange on the quarterAction
Eli Lilly & Co (LLY)
CUSIP 532457108
6.9%$800m666,912
-$41m
-247,645 shares
Trimmed
Nvidia Corporation (NVDA)
CUSIP 67066G104
6.9%$796m3,978,446
+$80m
-125,801 shares
Trimmed
Microsoft Corp (MSFT)
CUSIP 594918104
6.7%$783m2,098,613
-$271m
-747,275 shares
Trimmed
Alphabet Inc (GOOG)
Capital Stock Class C · CUSIP 02079K107
6.6%$765m2,165,218
-$80m
-781,419 shares
Trimmed
Broadcom Inc (AVGO)
CUSIP 11135F101
6.4%$741m1,960,209
-$95m
-737,358 shares
Trimmed
Amazon Com Inc (AMZN)
CUSIP 023135106
5.8%$670m2,809,953
-$142m
-1,086,786 shares
Trimmed
Visa Inc (V)
Common Class A · CUSIP 92826C839
5.3%$620m1,805,617
-$120m
-640,143 shares
Trimmed
Mastercard Incorporated (MA)
Class A · CUSIP 57636Q104
5.1%$587m1,141,958
-$184m
-399,430 shares
Trimmed
Servicenow Inc (NOW)
CUSIP 81762P102
4.6%$533m5,370,172
-$227m
-1,899,281 shares
Trimmed
Oracle Corp (ORCL)
CUSIP 68389X105
4.5%$524m3,574,259
-$215m
-1,449,998 shares
Trimmed
Shopify Inc (SHOP)
Class A SUB Voting Shares · CUSIP 82509L107
4.5%$523m4,577,524
-$225m
-1,729,216 shares
Trimmed
Msci Inc (MSCI)
CUSIP 55354G100
3.2%$376m671,797
-$125m
-257,712 shares
Trimmed
Lam Research Corp (LRCX)
CUSIP 512807306
3.2%$372m859,036
+$147m
-195,459 shares
Trimmed
Starbucks Corp (SBUX)
CUSIP 855244109
3.1%$363m3,550,773
-$90m
-1,504,715 shares
Trimmed
Idexx Labs Inc (IDXX)
CUSIP 45168D104
2.4%$280m532,384
-$111m
-163,427 shares
Trimmed
Ge Aerospace (GE)
CUSIP 369604301
2.2%$258m690,493No earlier filingNew
Costar Group Inc (CSGP)
CUSIP 22160N109
2.1%$248m8,759,314
-$259m
-3,811,054 shares
Trimmed
Taiwan Semiconductor Manufac (TSM)
Sponsored ADS · CUSIP 874039100
2.1%$239m501,210
+$180m
+326,524 shares
Added
Airbnb Inc (ABNB)
Common Class A · CUSIP 009066101
2.0%$236m1,649,884
-$51m
-623,863 shares
Trimmed
Ge Vernova Inc (GEV)
CUSIP 36828A101
2.0%$231m196,612No earlier filingNew
Meta Platforms Inc (META)
Class A · CUSIP 30303M102
1.6%$186m329,573
-$87m
-147,090 shares
Trimmed
Intuitive Surgical Inc (ISRG)
CUSIP 46120E602
1.5%$178m447,944
-$102m
-158,882 shares
Trimmed
Ati Inc (ATI)
CUSIP 01741R102
1.4%$162m819,236No earlier filingNew
Howmet Aerospace Inc (HWM)
CUSIP 443201108
1.1%$123m457,124No earlier filingNew
Emcor Group Inc (EME)
CUSIP 29084Q100
0.7%$86m103,123No earlier filingNew
iShares RUS 1000 GRW ETF (IWF)
CUSIP 464287614
0.7%$76m613,639
-$97m
+206,776 shares
Added
Rollins Inc (ROL)
CUSIP 775711104
0.6%$66m1,590,903
-$50m
-586,775 shares
Trimmed
Aon PLC (AON)
Shares Class A · CUSIP G0403H108
0.5%$54m164,035
-$383m
-1,190,018 shares
Trimmed
Mercadolibre Inc (MELI)
CUSIP 58733R102
0.4%$44m25,926
-$16m
-8,526 shares
Trimmed
Uber Technologies Inc (UBER)
CUSIP 90353T100
0.4%$41m570,063
-$169m
-2,347,865 shares
Trimmed
Spotify Technology S A (SPOT)
CUSIP L8681T102
0.3%$38m81,578
-$15m
-25,851 shares
Trimmed
Asml HLDG NV (ASML)
N Y Registry Shares · CUSIP N07059210
0.3%$31m15,427
+$9.5m
-645 shares
Trimmed
Zoetis Inc (ZTS)
Class A · CUSIP 98978V103
0.2%$23m320,420
-$476m
-3,902,656 shares
Trimmed
Accenture PLC Ireland (ACN)
Shares Class A · CUSIP G1151C101
0.2%$19m152,800
-$250m
-1,201,948 shares
Trimmed
iShares MSCI Acwi ETF (ACWI)
CUSIP 464288257
0.2%$19m120,540
-$24m
-185,875 shares
Trimmed
Synopsys Inc (SNPS)
CUSIP 871607107
0.2%$18m41,267
-$248m
-629,966 shares
Trimmed
Digitalocean HLDGS Inc (DOCN)
CUSIP 25402D102
0.1%$16m101,350
+$7.7m
+5,144 shares
Added
Terawulf Inc (WULF)
CUSIP 88080T104
0.1%$14m563,139
+$12m
+456,764 shares
Added
Ceco Environmental Corp (CECO)
CUSIP 125141101
0.1%$13m137,977
+$4.0m
-5,254 shares
Trimmed
Bloom Energy Corp (BE)
Common Class A · CUSIP 093712107
0.1%$12m40,838
+$3.3m
-26,393 shares
Trimmed
Bel Fuse Inc (BELFB)
Class B · CUSIP 077347300
0.1%$11m32,845
+$2.4m
-10,494 shares
Trimmed
Nu HLDGS LTD (NU)
Ordinary Shares Class A · CUSIP G6683N103
0.1%$10m752,747
-$7.4m
-464,491 shares
Trimmed
Alphabet Inc (GOOGL)
Capital Stock Class A · CUSIP 02079K305
0.1%$9.9m27,810
+$1.8m
-385 shares
Trimmed
Nlight Inc (LASR)
CUSIP 65487K100
0.1%$9.3m133,448
+$4.2m
+43,657 shares
Added
Jfrog LTD (FROG)
CUSIP M6191J100
0.1%$8.5m93,117
+$7.5m
+72,877 shares
Added
Powell Inds Inc (POWL)
CUSIP 739128106
0.1%$8.4m29,181
-$1.1m
+11,696 shares
Added
Argan Inc (AGX)
CUSIP 04010E109
0.1%$8.2m10,214
-$1.6m
-7,767 shares
Trimmed
Modine MFG Co (MOD)
CUSIP 607828100
0.1%$7.8m29,335
+$1.5m
+293 shares
Added
Clear Secure Inc (YOU)
Common Class A · CUSIP 18467V109
0.1%$7.3m131,773
+$300k
-14,127 shares
Trimmed
Brookdale SR Living Inc (BKD)
CUSIP 112463104
0.1%$7.3m451,082
+$1.5m
+30,708 shares
Added
BWX Technologies Inc (BWXT)
CUSIP 05605H100
0.1%$7.2m36,974
-$600k
-1,149 shares
Trimmed
Cameco Corp (CCJ)
CUSIP 13321L108
0.1%$7.0m68,968
+$4.8m
+48,758 shares
Added
Vse Corp (VSEC)
CUSIP 918284100
0.1%$6.8m29,853
-$900k
-12,187 shares
Trimmed
Sphere Entertainment Co (SPHR)
Class A · CUSIP 55826T102
0.1%$6.7m38,529
+$1.0m
-9,764 shares
Trimmed
Solaris Energy Infras Inc (SEI)
Common Class A · CUSIP 83418M103
0.1%$6.5m80,324
+$1.7m
-3,351 shares
Trimmed
Amprius Technologies Inc (AMPX)
CUSIP 03214Q108
0.1%$6.5m465,598
-$700k
+43,453 shares
Added
Aehr Test Sys (AEHR)
CUSIP 00760J108
0.1%$6.4m66,157
+$3.4m
-13,239 shares
Trimmed
Vanguard Index Growth ETF (VUG)
CUSIP 922908736
0.1%$6.3m73,200
-$700k
+57,170 shares
Added
Dlocal LTD (DLO)
Class A Common · CUSIP G29018101
0.1%$5.9m456,087
unchanged
-2,822 shares
Trimmed
The Realreal Inc (REAL)
CUSIP 88339P101
0.1%$5.9m496,556
+$3.8m
+274,691 shares
Added
Twist Bioscience Corp (TWST)
CUSIP 90184D100
0.0%$5.7m55,310
+$4.5m
+31,273 shares
Added
Vicor Corp (VICR)
CUSIP 925815102
0.0%$5.7m14,924
+$3.4m
+1,025 shares
Added
Ies Holdings Inc (IESC)
CUSIP 44951W106
0.0%$5.3m7,275
-$400k
-4,678 shares
Trimmed
Guardant Health Inc (GH)
CUSIP 40131M109
0.0%$5.2m34,372
+$1.9m
-353 shares
Trimmed
Lightpath Technologies Inc (LPTH)
Common Class A · CUSIP 532257805
0.0%$5.1m314,476
+$4.3m
+235,421 shares
Added
Planet Labs PBC (PL)
Common Class A · CUSIP 72703X106
0.0%$4.9m149,211
-$1.0m
-64,703 shares
Trimmed
Vishay Precision Group Inc (VPG)
CUSIP 92835K103
0.0%$4.9m32,744
+$3.9m
+8,481 shares
Added
Netflix Inc. (NFLX)
CUSIP 64110L106
0.0%$4.9m68,139
-$3.1m
-15,146 shares
Trimmed
Rackspace Technology Inc (RXT)
CUSIP 750102105
0.0%$4.6m709,189No earlier filingNew
Flotek Industries Inc (FTK)
CUSIP 343389409
0.0%$4.6m195,504
+$4.1m
+167,862 shares
Added
SAP Se (SAP)
Sponsored ADR · CUSIP 803054204
0.0%$4.4m28,773
-$7.0m
-37,901 shares
Trimmed
Carpenter Technology Corp (CRS)
CUSIP 144285103
0.0%$4.2m6,756
-$700k
-5,675 shares
Trimmed
Sitime Corp (SITM)
CUSIP 82982T106
0.0%$4.1m5,555
+$1.7m
-1,546 shares
Trimmed
Butterfly Network Inc (BFLY)
Common Class A · CUSIP 124155102
0.0%$4.0m480,502
+$2.4m
+74,242 shares
Added
Axt Inc (AXTI)
CUSIP 00246W103
0.0%$3.8m52,707
+$1.0m
+3,339 shares
Added
Tesla Inc (TSLA)
CUSIP 88160R101
0.0%$3.8m8,974
+$1.0m
+1,606 shares
Added
Applied Digital Corp (APLD)
CUSIP 038169207
0.0%$3.7m98,328No earlier filingNew
Veeco Instrs Inc Del (VECO)
CUSIP 922417100
0.0%$3.7m48,314
+$3.3m
+36,286 shares
Added
Babcock & Wilcox Enterprises (BW)
CUSIP 05614L209
0.0%$3.5m249,411
-$500k
-22,081 shares
Trimmed
Astrazeneca PLC (AZN)
CUSIP G0593M107
0.0%$3.5m18,621
-$1.6m
-7,425 shares
Trimmed
Tencent Music Entmt Group (TME)
Sponsored ADS · CUSIP 88034P109
0.0%$3.4m407,182
-$400k
-3,096 shares
Trimmed
Aar Corp (AIR)
CUSIP 000361105
0.0%$3.4m23,561
+$1.6m
+7,353 shares
Added
Willis Towers Watson PLC LTD (WTW)
CUSIP G96629103
0.0%$3.4m12,833
-$2.3m
-6,543 shares
Trimmed
Taysha Gene Therapies Inc (TSHA)
CUSIP 877619106
0.0%$3.3m489,219
+$1.9m
+169,471 shares
Added
Lindblad Expeditions HLDGS I (LIND)
CUSIP 535219109
0.0%$3.2m114,915
+$1.5m
+12,788 shares
Added
Astronics Corp (ATRO)
CUSIP 046433108
0.0%$3.2m39,379
+$400k
-3,031 shares
Trimmed
Littelfuse Inc (LFUS)
CUSIP 537008104
0.0%$3.2m7,016
+$1.5m
+2,057 shares
Added
Astec Inds Inc (ASTE)
CUSIP 046224101
0.0%$3.2m52,160
+$1.0m
+10,988 shares
Added
Life Time Group Holdings Inc (LTH)
CUSIP 53190C102
0.0%$3.1m76,705
+$2.0m
+36,224 shares
Added
Entravision Communications C (EVC)
Class A · CUSIP 29382R107
0.0%$3.1m236,939No earlier filingNew
Millicom Intl Cellular S A (TIGO)
CUSIP L6388F110
0.0%$3.0m33,602
+$300k
-2,494 shares
Trimmed
State Street SPDR S&P 500 ETF (SPY)
CUSIP 78462F103
0.0%$3.0m4,018
+$600k
+261 shares
Added
Joby Aviation Inc (JOBY)
CUSIP G65163100
0.0%$3.0m332,157
+$500k
+37,403 shares
Added
Copa Holdings SA (CPA)
Class A · CUSIP P31076105
0.0%$2.9m18,948No earlier filingNew
Cardinal Infrastructure Grou (CDNL)
Class A · CUSIP 14154A102
0.0%$2.9m30,787No earlier filingNew
Scholar Rock HLDG Corp (SRRK)
CUSIP 80706P103
0.0%$2.9m52,132
+$300k
+181 shares
Added
Applied Optoelectronics Inc (AAOI)
CUSIP 03823U102
0.0%$2.9m19,272
+$1.6m
+4,359 shares
Added
Proto Labs Inc (PRLB)
CUSIP 743713109
0.0%$2.9m35,011
+$700k
-2,583 shares
Trimmed
Oppenheimer HLDGS Inc (OPY)
Class A NON Voting · CUSIP 683797104
0.0%$2.8m26,834
+$400k
-120 shares
Trimmed
Preformed Line Prods Co (PLPC)
CUSIP 740444104
0.0%$2.8m6,875
+$800k
-466 shares
Trimmed

Every filing on file

QuarterPeriod endFiledBookPositionsTop 10Filing
Q2 202630 Jun 20264 Aug 2026$11.6bn21959%13F-HR
Q1 202631 Mar 202614 May 2026$14.5bn22156%13F-HR
Q4 202531 Dec 202512 Feb 2026$23.4bn23458%13F-HR
Q3 202530 Sept 202512 Nov 2025$30.8bn23256%13F-HR
Q2 202530 Jun 202513 Aug 2025$32.6bn24059%13F-HR
Q1 202531 Mar 202512 May 2025$31.8bn11757%13F-HR
Q4 202431 Dec 202410 Feb 2025$37.0bn12458%13F-HR
Q3 202430 Sept 202410 Feb 2025$38.7bn11858%13F-HR

Taking this into the room

Pick one name from the top of the book and one from the new positions, and know both properly: what the company earns, what it is priced at, and what has to be true for the position to work. That is a conversation. Reciting the whole table is not, and the interviewer wrote it.

A position sold out of is worth as much preparation as one opened. Ask what changed rather than asserting the fund was wrong, and be ready for the answer that the thesis played out and the money went somewhere better.

Compare this against every other manager →How a hedge fund interview runs →

What this filing leaves out

A 13F covers US-listed long equity at one moment in time. Shorts, bonds, cash, private positions and non-US listings never appear, and options are reported in a form that will mislead you if you read them as a position. A long/short manager showing $8bn here may run a book several times that size.

The lag matters too. Positions are as at the quarter end and the filing arrives up to forty-five days later, so what you are reading is at least six weeks old and possibly four months. Phrase it as what the filing showed, not what the fund holds today.

You have read the book. Now have a view on one name

Pick a position, work out what it is worth, and be ready to defend it. That is the difference between a candidate who read the filing and one who did something with it.

Comps ExplorerValue any holding above against its peer setEvery other managerWho else owns it, and who was buying last quarterDeal tapeWhat a buyer paid for a whole company in the sectorHedge fund interviewsHow the room runs, and the stock pitch it wants

Company names, tickers and logos are the trademarks of their respective owners and appear here to identify the company whose public figures are being used. L3VLUP is not affiliated with, sponsored by or endorsed by any company shown, and nothing here is a statement by or about that company. More

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