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
Q1 2024Mar 31, 2024	TREX Trex Company, Inc.	Trex Company, Inc.	Sell	-16,307-60.7%	$1.05M	10,566
Q1 2024Mar 31, 2024	DT Dynatrace, Inc.	Dynatrace, Inc.	Sell	-18,417-20.0%	$3.43M	73,856
Q1 2024Mar 31, 2024	GSHD Goosehead Insurance, Inc.	Goosehead Insurance, Inc.	Sell	-19,969-13.1%	$8.79M	132,002
Q1 2024Mar 31, 2024	WING Wingstop Inc.	Wingstop Inc.	Sell	-21,793-61.5%	$4.99M	13,617
Q1 2024Mar 31, 2024	YETI YETI Holdings, Inc.	YETI Holdings, Inc.	Sell	-26,467-16.1%	$5.32M	137,974
Q1 2024Mar 31, 2024	CNM Core & Main, Inc.	Core & Main, Inc.	Sell	-27,126-14.5%	$9.16M	160,014
Q1 2024Mar 31, 2024	ILMN Illumina, Inc.	Illumina, Inc.	Sell - Position Exit	-33,913-100.0%	$0.00	-
Q1 2024Mar 31, 2024	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Sell	-37,276-29.3%	$11.54M	90,022
Q1 2024Mar 31, 2024	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-41,293-1.7%	$1.18B	2,393,781
Q1 2024Mar 31, 2024	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell - Position Exit	-42,083-100.0%	$0.00	-
Q1 2024Mar 31, 2024	ALGN Align Technology, Inc.	Align Technology, Inc.	Sell	-52,049-4.1%	$398.77M	1,216,069
Q1 2024Mar 31, 2024	IT Gartner, Inc.	Gartner, Inc.	Sell	-57,909-3.2%	$833.61M	1,748,829
Q1 2024Mar 31, 2024	ACWI iShares MSCI ACWI ETF	iShares MSCI ACWI ETF	Sell	-84,181-82.9%	$1.92M	17,409
Q1 2024Mar 31, 2024	WDAY Workday, Inc.	Workday, Inc.	Sell	-86,067-2.3%	$1.00B	3,682,106
Q1 2024Mar 31, 2024	ICLR ICON	ICON	Sell	-93,396-7.8%	$368.95M	1,098,219
Q1 2024Mar 31, 2024	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-132,302-80.0%	$1.77M	33,154
Q1 2024Mar 31, 2024	ACN Accenture plc	Accenture plc	Sell	-171,640-3.6%	$1.60B	4,628,987
Q1 2024Mar 31, 2024	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-176,845-3.8%	$2.15B	4,469,582
Q1 2024Mar 31, 2024	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell	-183,087-3.6%	$1.29B	4,938,732
Q1 2024Mar 31, 2024	NVO Novo Nordisk A/S	Novo Nordisk A/S	Sell	-189,665-2.4%	$997.51M	7,768,779
Q1 2024Mar 31, 2024	NFLX Netflix, Inc.	Netflix, Inc.	Sell	-241,896-5.9%	$2.33B	3,839,310
Q1 2024Mar 31, 2024	ALIT Alight, Inc.	Alight, Inc.	Sell	-243,304-15.9%	$12.68M	1,287,304
Q1 2024Mar 31, 2024	ATHM Autohome Inc.	Autohome Inc.	Sell - Position Exit	-253,643-100.0%	$0.00	-
Q1 2024Mar 31, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-290,210-2.9%	$4.07B	9,665,372
Q1 2024Mar 31, 2024	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-320,627-4.4%	$2.09B	6,954,745
Q1 2024Mar 31, 2024	IWF iShares Russell 1000 Growth ETF	iShares Russell 1000 Growth ETF	Sell	-339,609-81.8%	$25.54M	75,786
Q1 2024Mar 31, 2024	BIL SPDR Bloomberg 1-3 Month T-Bill	SPDR Bloomberg 1-3 Month T-Bill	Sell	-356,690-58.8%	$22.94M	249,900
Q1 2024Mar 31, 2024	BMBL Bumble Inc.	Bumble Inc.	Sell	-418,995-80.9%	$1.12M	98,635
Q1 2024Mar 31, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-714,786-3.8%	$2.75B	18,078,336
Q1 2024Mar 31, 2024	NOW ServiceNow, Inc.	ServiceNow, Inc.	Sell	-1,133,348-29.9%	$2.03B	2,662,881

Page 29 of 105 • 3150 total trades

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