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
Q2 2024Jun 30, 2024	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-345-5.7%	$1.18M	5,715
Q2 2024Jun 30, 2024	CNM Core & Main, Inc.	Core & Main, Inc.	Sell	-1,015-0.6%	$7.78M	158,999
Q2 2024Jun 30, 2024	MORN Morningstar, Inc.	Morningstar, Inc.	Sell	-1,267-13.6%	$2.39M	8,064
Q2 2024Jun 30, 2024	MPWR Monolithic Power Systems, Inc.	Monolithic Power Systems, Inc.	Sell	-1,450-37.3%	$2.01M	2,442
Q2 2024Jun 30, 2024	AZPN Aspen Technology, Inc.	Aspen Technology, Inc.	Sell	-1,555-13.6%	$1.96M	9,853
Q2 2024Jun 30, 2024	TECH Bio-Techne Corp	Bio-Techne Corp	Sell	-1,567-4.2%	$2.54M	35,457
Q2 2024Jun 30, 2024	FIVE Five Below, Inc.	Five Below, Inc.	Sell	-1,846-8.2%	$2.26M	20,784
Q2 2024Jun 30, 2024	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Sell	-2,240-6.7%	$51.01M	31,040
Q2 2024Jun 30, 2024	P31076105 Copa Holdings	Copa Holdings	Sell	-2,805-20.1%	$1.06M	11,168
Q2 2024Jun 30, 2024	KB KB Financial Group Inc	KB Financial Group Inc	Sell	-2,900-3.6%	$4.43M	78,267
Q2 2024Jun 30, 2024	GSHD Goosehead Insurance, Inc.	Goosehead Insurance, Inc.	Sell	-2,949-2.2%	$7.41M	129,053
Q2 2024Jun 30, 2024	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Sell	-3,086-4.2%	$9.39M	70,988
Q2 2024Jun 30, 2024	SITE SiteOne Landscape Supply, Inc.	SiteOne Landscape Supply, Inc.	Sell	-3,731-17.9%	$2.08M	17,111
Q2 2024Jun 30, 2024	LGIH LGI Homes, Inc.	LGI Homes, Inc.	Sell	-4,310-17.7%	$1.80M	20,103
Q2 2024Jun 30, 2024	BL BlackLine, Inc.	BlackLine, Inc.	Sell	-4,757-4.4%	$5.04M	104,007
Q2 2024Jun 30, 2024	QLYS Qualys, Inc.	Qualys, Inc.	Sell	-5,067-16.5%	$3.65M	25,568
Q2 2024Jun 30, 2024	SKIL Skillsoft Corp.	Skillsoft Corp.	Sell	-5,078-6.5%	$1.01M	73,112
Q2 2024Jun 30, 2024	TREX Trex Company, Inc.	Trex Company, Inc.	Sell	-5,187-49.1%	$398.69K	5,379
Q2 2024Jun 30, 2024	ETSY Etsy, Inc.	Etsy, Inc.	Sell	-5,314-13.9%	$1.94M	32,925
Q2 2024Jun 30, 2024	FSV FirstService Corporation	FirstService Corporation	Sell	-6,076-16.9%	$4.54M	29,787
Q2 2024Jun 30, 2024	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Sell	-7,646-8.5%	$11.11M	82,376
Q2 2024Jun 30, 2024	FND Floor & Decor Holdings, Inc.	Floor & Decor Holdings, Inc.	Sell	-8,020-51.2%	$759.00K	7,635
Q2 2024Jun 30, 2024	RH RH	RH	Sell	-8,035-49.2%	$2.02M	8,283
Q2 2024Jun 30, 2024	AON Aon Plc	Aon Plc	Sell	-8,075-1.0%	$241.33M	822,041
Q2 2024Jun 30, 2024	RVLV Revolve Group, Inc.	Revolve Group, Inc.	Sell	-8,475-1.6%	$8.15M	511,992
Q2 2024Jun 30, 2024	APPF AppFolio, Inc.	AppFolio, Inc.	Sell	-8,599-32.5%	$4.37M	17,855
Q2 2024Jun 30, 2024	Y4600W108 Karooooo	Karooooo	Sell - Position Exit	-9,250-100.0%	$0.00	-
Q2 2024Jun 30, 2024	BWMN Bowman Consulting Group Ltd.	Bowman Consulting Group Ltd.	Sell	-9,693-17.4%	$1.47M	46,145
Q2 2024Jun 30, 2024	EPAM EPAM Systems, Inc.	EPAM Systems, Inc.	Sell	-9,930-27.8%	$4.85M	25,775
Q2 2024Jun 30, 2024	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-10,113-2.0%	$117.42M	491,947

Page 24 of 105 • 3150 total trades

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