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← Polen Capital Management LLC, its record

Polen Capital Management LLC and Janus Henderson Group Ltd: where the books meet

At Q2 2026, at least 32% of the two 13F books was the same, across 65 stocks both listed, against 15% at Q2 2013. Overlap is the smaller of each shared stock’s two weights, added up: the part of one book that could be swapped for the other’s without a trade.

Overlap by quarter
0%16%33%Q2 2013: 15%, 18 in bothQ3 2013: 18%, 19 in bothQ4 2013: 20%, 19 in bothQ1 2014: 18%, 18 in both14Q2 2014: 19%, 19 in bothQ3 2014: 17%, 18 in bothQ4 2014: 14%, 21 in bothQ1 2015: 15%, 22 in both15Q2 2015: 16%, 22 in bothQ3 2015: 14%, 20 in bothQ4 2015: 17%, 23 in bothQ1 2016: 17%, 24 in both16Q2 2016: 15%, 23 in bothQ3 2016: 17%, 24 in bothQ4 2016: 13%, 23 in bothQ1 2017: 15%, 23 in both17Q2 2017: 11%, 22 in bothQ3 2017: 13%, 21 in bothQ4 2017: 13%, 32 in bothQ1 2018: 13%, 30 in both18Q2 2018: 14%, 32 in bothQ3 2018: 14%, 31 in bothQ4 2018: 14%, 30 in bothQ1 2019: 14%, 31 in both19Q2 2019: 14%, 31 in bothQ3 2019: 15%, 32 in bothQ4 2019: 16%, 34 in bothQ1 2020: 18%, 35 in both20Q2 2020: 19%, 34 in bothQ3 2020: 21%, 40 in bothQ4 2020: 20%, 41 in bothQ1 2021: 23%, 38 in both21Q2 2021: 24%, 43 in bothQ3 2021: 24%, 47 in bothQ4 2021: 25%, 46 in bothQ1 2022: 23%, 41 in both22Q2 2022: 22%, 34 in bothQ3 2022: 21%, 33 in bothQ4 2022: 19%, 36 in bothQ1 2023: 20%, 35 in both23Q2 2023: 22%, 38 in bothQ3 2023: 23%, 42 in bothQ4 2023: 23%, 42 in bothQ1 2024: 23%, 40 in both24Q2 2024: 23%, 43 in bothQ3 2024: 26%, 44 in bothQ4 2024: 27%, 48 in bothQ1 2025: 26%, 49 in both25Q2 2025: 22%, 67 in bothQ3 2025: 31%, 70 in bothQ4 2025: 30%, 63 in bothQ1 2026: 29%, 54 in both26Q2 2026: 32%, 65 in both
  • Q2 2013: 15%, 18 in both
  • Q3 2013: 18%, 19 in both
  • Q4 2013: 20%, 19 in both
  • Q1 2014: 18%, 18 in both
  • Q2 2014: 19%, 19 in both
  • Q3 2014: 17%, 18 in both
  • Q4 2014: 14%, 21 in both
  • Q1 2015: 15%, 22 in both
  • Q2 2015: 16%, 22 in both
  • Q3 2015: 14%, 20 in both
  • Q4 2015: 17%, 23 in both
  • Q1 2016: 17%, 24 in both
  • Q2 2016: 15%, 23 in both
  • Q3 2016: 17%, 24 in both
  • Q4 2016: 13%, 23 in both
  • Q1 2017: 15%, 23 in both
  • Q2 2017: 11%, 22 in both
  • Q3 2017: 13%, 21 in both
  • Q4 2017: 13%, 32 in both
  • Q1 2018: 13%, 30 in both
  • Q2 2018: 14%, 32 in both
  • Q3 2018: 14%, 31 in both
  • Q4 2018: 14%, 30 in both
  • Q1 2019: 14%, 31 in both
  • Q2 2019: 14%, 31 in both
  • Q3 2019: 15%, 32 in both
  • Q4 2019: 16%, 34 in both
  • Q1 2020: 18%, 35 in both
  • Q2 2020: 19%, 34 in both
  • Q3 2020: 21%, 40 in both
  • Q4 2020: 20%, 41 in both
  • Q1 2021: 23%, 38 in both
  • Q2 2021: 24%, 43 in both
  • Q3 2021: 24%, 47 in both
  • Q4 2021: 25%, 46 in both
  • Q1 2022: 23%, 41 in both
  • Q2 2022: 22%, 34 in both
  • Q3 2022: 21%, 33 in both
  • Q4 2022: 19%, 36 in both
  • Q1 2023: 20%, 35 in both
  • Q2 2023: 22%, 38 in both
  • Q3 2023: 23%, 42 in both
  • Q4 2023: 23%, 42 in both
  • Q1 2024: 23%, 40 in both
  • Q2 2024: 23%, 43 in both
  • Q3 2024: 26%, 44 in both
  • Q4 2024: 27%, 48 in both
  • Q1 2025: 26%, 49 in both
  • Q2 2025: 22%, 67 in both
  • Q3 2025: 31%, 70 in both
  • Q4 2025: 30%, 63 in both
  • Q1 2026: 29%, 54 in both
  • Q2 2026: 32%, 65 in both

Only quarters both managers filed. Where either filing has more positions than are read each quarter, a stock both hold below that range is not counted, so the figure is a floor.

What the overlap is made of, Q2 2026

Stocks both listed, by the smaller of the two weights. A weight is the stock’s share of that manager’s reported book, which says how large the position is, not how strongly it is held.

StockPolen Capital Management LLCJanus Henderson Group Ltd
Nvidia Corp(NVDA)6.9%Trimmed6.6%Trimmed
Alphabet Inc(GOOG)6.6%Trimmed4.3%Added
Broadcom Inc(AVGO)6.4%Trimmed3.0%Added
Microsoft Corp(MSFT)6.7%Trimmed2.8%Trimmed
Amazon Com Inc(AMZN)5.8%Trimmed2.4%Trimmed
Eli Lilly & Co(LLY)6.9%Trimmed1.9%Trimmed
Lam Research Corp(LRCX)3.2%Trimmed1.7%Added
Taiwan Semiconductor MFG LTD(TSM)2.1%Added1.6%Added
Facebook Inc Cl A(META)1.6%Trimmed1.2%Trimmed
Ge Vernova Inc(GEV)2.0%New1.0%Added
Howmet Aerospace Inc(HWM)1.1%New0.8%Trimmed
Mastercard Inc(MA)5.1%Trimmed0.8%Trimmed
Oracle Corp(ORCL)4.5%Trimmed0.8%Added
Visa Inc Cl A(V)5.3%Trimmed0.6%Trimmed
Ge Aerospace(GE)2.2%New0.5%Added
Mercadolibre Inc(MELI)0.4%Trimmed0.4%Trimmed
Spotify Technology S A(SPOT)0.3%Trimmed0.4%Added
Intuitive Surgical(ISRG)1.5%Trimmed0.3%Added
Shopify Inc(SHOP)4.5%Trimmed0.2%Trimmed
Uber Technologies Inc(UBER)0.4%Trimmed0.1%Trimmed

and 45 smaller ones

Moved different ways in Q2 2026

Stocks one manager started or added to while the other trimmed or sold out, between the same two quarter ends. A 13F shows the quarter ends, never when in between anything was bought or sold, or why.

  • Alphabet Inc(GOOG)Polen Capital Management LLC trimmed; Janus Henderson Group Ltd added
  • Broadcom Inc(AVGO)Polen Capital Management LLC trimmed; Janus Henderson Group Ltd added
  • Lam Research Corp(LRCX)Polen Capital Management LLC trimmed; Janus Henderson Group Ltd added
  • Howmet Aerospace Inc(HWM)Polen Capital Management LLC started; Janus Henderson Group Ltd trimmed
  • Oracle Corp(ORCL)Polen Capital Management LLC trimmed; Janus Henderson Group Ltd added
  • Bridgebio Pharma Inc(BBIO)Polen Capital Management LLC trimmed; Janus Henderson Group Ltd added
  • Spotify Technology S A(SPOT)Polen Capital Management LLC trimmed; Janus Henderson Group Ltd added
  • Boston Scientific Corp(BSX)Polen Capital Management LLC trimmed; Janus Henderson Group Ltd added
  • Intuitive Surgical(ISRG)Polen Capital Management LLC trimmed; Janus Henderson Group Ltd added
  • 604749101(MIRM)Polen Capital Management LLC added; Janus Henderson Group Ltd trimmed
  • Glaukos Corp(GKOS)Polen Capital Management LLC started; Janus Henderson Group Ltd trimmed
  • 89422g107(TVTX)Polen Capital Management LLC started; Janus Henderson Group Ltd trimmed
Polen Capital Management LLC: the recordJanus Henderson Group Ltd: the record

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