Polen Capital's Trades and Holdings in Q2 2025

Breaking down the stocks Polen Capital bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Polen Capital's 13F filed on August 13, 2025.

Who is Polen Capital?

Polen Capital is a global investment management firm founded in 1979, specializing in high-conviction growth strategies across large-cap, small-cap, and emerging markets portfolios. Known for its disciplined approach and low turnover, Polen has established a strong track record of outperformance over multiple market cycles. The firm's investment philosophy centers on identifying businesses with sustainable competitive advantages, superior financial strength, and proven management teams that can deliver consistent, above-average earnings growth.

Polencapital.com
Wikipedia on Polen Capital
Q2 '25 13F filed with SEC

Portfolio Changes in Q2 2025

New positions

Polen Capital initiated 20 new positions during Q2 2025, with Idexx (IDXX) representing by far the largest new investment at $641 million. Other notable new holdings include ICICI Bank (IBN) at $16.8 million, Sea (SE) at $13.4 million, MakeMyTrip (MMYT) at $10.3 million, and Argan (AGX) at $9.9 million, along with smaller positions in companies like GeneDx (WGS), Nvidia (NVDA), Joby Aviation (JOBY), SoFi (SOFI), and Cameco (CCJ).

Bought

The firm significantly increased its position in Starbucks (SBUX), adding 4.5 million shares to boost the holding from $504 million to $886 million, representing a 76% return on the position during the quarter.

Sold

Polen Capital completely liquidated 10 positions including Yum China (YUMC), EPAM Systems (EPAM), Bio-Techne (TECH), and Kinsale Capital Group (KNSL). The firm also made dramatic reductions to several major holdings, nearly eliminating its positions in Apple (AAPL) and UnitedHealth (UNH) with 99%+ reductions, while also trimming significant stakes in Amazon (AMZN), Novo Nordisk (NVO), Tencent Music (TME), Alphabet (GOOG), Abbott (ABT), Oracle (ORCL), and Shopify (SHOP).

New Investments in Q2 2025

Idexx IDXX

Polen Capital bought $641.15M of Idexx in Q2 2025. IDEXX delivered exceptional Q2 2025 results with 11% revenue growth to $1.11 billion and 49% EPS growth to $3.63, significantly beating analyst expectations on both metrics. The company has demonstrated consistent execution with four consecutive quarters of earnings beats, driven by strong recurring revenue growth in its core Companion Animal Group diagnostics business and record instrument placements including nearly 2,400 IDEXX inVue Dx units. With shares up 29.5% year-to-date versus the S&P 500's 6.1% gain and raised full-year guidance, IDEXX is capitalizing on the expanding pet healthcare market through innovation and global commercial strength.

• Q2 2025 EPS of $3.63 represents 49% year-over-year growth and beat consensus by 9.67%.
• Revenue grew 11% to $1.11 billion with 9% organic growth, exceeding estimates by 4.01%.
• Stock has outperformed the S&P 500 by 23.4 percentage points year-to-date with 29.5% gains.

ICICI Bank IBN

Polen Capital bought $16.84M of ICICI Bank in Q2 2025. ICICI Bank demonstrated strong financial performance in Q2 2025 with robust profitability and revenue growth, though balanced by some liquidity concerns from negative cash flow. The bank released its Q2 2025 results in July 2025, showing improved asset quality and strong profit growth that supports analyst optimism with a Buy rating. Technical analysis indicates a moderate bullish outlook with analysts maintaining a $35.00 price target, reflecting confidence in the bank's strategic direction despite some operational challenges.

• Current market cap stands at $122.3B with analysts maintaining a Buy rating and $35.00 price target.
• Average trading volume reached 4,597,985 shares with technical sentiment signaling Buy.
• Q2 2025 results showed robust profit growth and improved asset quality with P/E ratio remaining at reasonable levels.

Sea SE

Polen Capital bought $13.42M of Sea in Q2 2025. Sea Limited has demonstrated strong momentum over the past two quarters, with the most recent Q2 2025 results showcasing robust growth across all business segments and driving a 16.7% post-earnings stock surge. The company's transformation from losses to significant profitability, coupled with 38.2% revenue growth and expanding market leadership in Asia and Brazil, signals a compelling turnaround story that institutional investors are embracing despite an EPS miss. Management's raised guidance for digital entertainment bookings and the company's ability to generate $414 million in net income compared to just $80 million a year ago underscores the operational leverage inherent in their diversified gaming, e-commerce, and fintech platform.

• Revenue surged 38.2% year-over-year to $5.3 billion in Q2 2025, beating consensus estimates by 4.67%.
• Net income exploded to $414 million from $80 million in the prior year quarter, representing a 417.5% increase.
• Gross profit margin expansion of 52.1% year-over-year to $2.4 billion demonstrates improving operational efficiency across segments.

MakeMyTrip MMYT

Polen Capital bought $10.29M of MakeMyTrip in Q2 2025. MakeMyTrip has demonstrated strong earnings momentum over the last two quarters, consistently beating analyst expectations despite some revenue volatility typical of the travel sector. The company delivered $0.36 EPS in Q2 2025, significantly outperforming the $0.26 consensus estimate, while Q1 2025 saw an even more impressive beat with $0.32 actual versus $0.09 expected. However, revenue performance has been mixed, with Q2 2025 revenue of $210.99M slightly missing estimates, following a strong Q1 2025 where revenue of $254.52M exceeded projections by over $20M.

• EPS grew 12.5% quarter-over-quarter from $0.32 in Q1 2025 to $0.36 in Q2 2025.
• Revenue declined 17.1% sequentially from $254.52M in Q1 2025 to $210.99M in Q2 2025, reflecting seasonal travel patterns.
• The company has beaten EPS estimates by an average of $0.165 per share over the last two quarters, demonstrating consistent operational efficiency.

Argan AGX

Polen Capital bought $9.88M of Argan in Q2 2025. Argan has demonstrated strong operational momentum with 61% revenue growth year-over-year in its most recent full quarter, driven by robust demand in the power generation construction market. The company maintains an exceptionally strong balance sheet with $484.7 million in cash and investments and zero debt, while recently achieving a record backlog of $1.9 billion that provides significant revenue visibility. Recent earnings performance has consistently exceeded analyst expectations, with the latest quarter showing EPS of $1.60 versus estimates of $1.09, representing a 46.8% beat.

• Revenue surged 61% year-over-year to $227.0 million in Q2 FY2025, significantly outpacing industry growth.
• EPS of $1.60 in the most recent quarter exceeded analyst estimates by 46.8%, demonstrating strong execution.
• Record backlog of $1.9 billion provides substantial revenue visibility and supports continued growth trajectory.

GeneDx WGS

Polen Capital bought $7.48M of GeneDx in Q2 2025. GeneDx demonstrated exceptional performance in Q2 2025 with $102.7 million in revenue representing 49% year-over-year growth, driven primarily by robust expansion in exome and genome testing which grew 69% year-over-year. The company's strategic focus on rare disease diagnostics and genomic testing is paying dividends, as evidenced by management raising full-year revenue guidance to $400-$415 million, representing a 30% increase from 2024 levels. Recent clinical breakthroughs including the SeqFirst study demonstrating reduced diagnosis times from 10 months to just 13 days, combined with AI-powered diagnostic improvements, position the company as a leader in the high-growth genomic diagnostics market.

• Q2 2025 revenue grew 49% year-over-year to $102.7 million.
• Exome and genome testing revenue surged 69% year-over-year in Q2 2025.
• Full-year 2025 revenue guidance raised 30% above 2024 levels to $400-$415 million.

BWX Technologies BWXT

Polen Capital bought $5.91M of BWX Technologies in Q2 2025. BWX Technologies delivered exceptionally strong Q2 2025 results with $764 million in revenue and $78.5 million net income, driven by solid operational performance particularly in Government Operations. The nuclear solutions specialist achieved record backlog levels after booking over $1 billion of a $2.6 billion total contract value, reflecting accelerating demand across global security, clean energy, and medical markets. Based on robust year-to-date performance and favorable market outlook, management raised 2025 financial guidance across all key metrics including adjusted EPS to $3.65-$3.75.

• Q2 2025 revenue reached $764 million with adjusted EBITDA of $145.9 million.
• Management raised 2025 adjusted EPS guidance to $3.65-$3.75 and free cash flow to $275-285 million.
• Company booked over $1 billion in new contracts during Q2 2025, representing significant portion of $2.6 billion total contract value.

Powell Industries POWL

Polen Capital bought $5.3M of Powell Industries in Q2 2025. Powell Industries delivered strong financial performance in Q2 2025 with revenue growth of 9% to $279 million and impressive net income growth of 38% to $46 million, driven by robust operational efficiency and project execution. The company demonstrated significant margin expansion with gross profit margins improving 530 basis points year-over-year to 29.9%, while maintaining a solid backlog of $1.3 billion and strong liquidity position of $389 million in cash with no debt. Recent major project wins including a new greenfield LNG facility on the U.S. Gulf Coast and a large Canadian mining project position the company well for continued growth.

• EPS increased 38.6% year-over-year to $3.81 per diluted share, beating analyst estimates by 14.07%.
• Gross profit margins expanded 530 basis points to 29.9% of revenue, demonstrating strong operational efficiency improvements.
• Generated $22 million in operating cash flow with $389 million in cash and short-term investments while maintaining zero debt.

VSE VSEC

Polen Capital bought $5.18M of VSE in Q2 2025. VSE Corporation delivered exceptional Q2 2025 results with record revenue and profitability, demonstrating the success of its aviation-focused transformation strategy. The company's strategic divestiture of its Fleet segment and acquisition of Turbine Weld Industries has sharpened its focus on the high-margin aviation aftermarket, driving significant operational improvements. Multiple analysts maintained Buy ratings following results that surpassed market expectations, with the company raising full-year guidance.

• Q2 2025 revenue increased 41.1% year-over-year to a record $272.1 million.
• Adjusted EPS grew 106.4% to $0.97 in Q2 2025.
• Adjusted EBITDA surged 51.9% to $43.5 million in the quarter.

IES Holdings IESC

Polen Capital bought $4.09M of IES Holdings in Q2 2025. IES Holdings delivered strong fiscal 2025 second quarter results with robust growth across key financial metrics, demonstrating the company's ability to capitalize on demand in electrical and technology systems infrastructure. The company's performance reflects solid execution in serving high-growth end markets including data centers, residential housing, and commercial facilities. With over 9,000 employees and an expanding operational footprint, IES Holdings appears well-positioned to continue benefiting from infrastructure investment trends.

• Revenue increased 18% to $834 million in Q2 FY2025.
• Net income surged 34% to $70.7 million in the most recent quarter.
• Company maintains strong operational scale with over 9,000 employees serving diverse end markets.

Carvana CVNA

Polen Capital bought $3.94M of Carvana in Q2 2025. Carvana delivered exceptional Q2 2025 results, posting record-breaking performance with 41% unit growth and $4.84B in revenue (up 42%), demonstrating the company's successful transition to profitable growth after years of restructuring. The online used car retailer significantly outperformed analyst expectations with EPS of $1.28 versus estimates of $1.12, representing a dramatic improvement from $0.14 in the same quarter last year. Strong operational execution drove $601M in adjusted EBITDA with a 12.4% margin, while management cited sustained improvements in gross profit per unit and operational efficiencies as key drivers of the turnaround.

• EPS surged 814% year-over-year from $0.14 in Q2 2024 to $1.28 in Q2 2025.
• Revenue grew 42% to a record $4.84B with retail units sold increasing 41% to 143,280 vehicles.
• Adjusted EBITDA margin expanded to 12.4% with $601M in absolute EBITDA, driven by $195 improvement in non-GAAP retail GPU.

Joby Aviation JOBY

Polen Capital bought $3.75M of Joby Aviation in Q2 2025. Joby Aviation reported a widening Q2 2025 loss of 24 cents per share, significantly missing expectations and deteriorating from the prior year's 18 cents loss, while maintaining negligible revenues and increasing operating expenses by 16% year-over-year. Despite poor financial performance, the company made substantial progress toward commercialization with 70% completion of its FAA certification stage four and secured major partnerships including a $250 million investment tranche from Toyota. The company's strong balance sheet with $991 million in cash provides runway for continued development, though management projects cash will decline to $500-540 million by year-end 2025.

• Q2 2025 loss per share of 24 cents was 33% worse than the prior year's 18 cents loss.
• Operating expenses increased 16% year-over-year with R&D costs surging 20.7%.
• FAA certification progress advanced to 70% complete on the company side, up 10 percentage points from Q1 2025.

Dave DAVE

Polen Capital bought $3.39M of Dave in Q2 2025. Dave has delivered exceptional performance in Q2 2025 with 64% year-over-year revenue growth to $131.7 million, driven by strategic fee structure changes and AI-powered credit solutions that boosted both member acquisition and monetization. The company's adjusted EBITDA tripled year-over-year to $50.9 million, reflecting strong operational leverage and disciplined cost management, while non-GAAP EPS surged 210% to $3.14, significantly beating analyst estimates of $1.43. Management's raised full-year guidance to $460-475 million and accelerating growth for three consecutive quarters to the fastest rate in over five years demonstrates strong momentum heading into the second half of 2025.

• Revenue growth accelerated 64% year-over-year in Q2 2025, beating estimates by 16.86%.
• Non-GAAP EPS jumped 210% year-over-year to $3.14, crushing analyst expectations of $1.43.
• ARPU increased 42% while monthly transacting members grew 16%, driving ExtraCash originations up 51% to $1.8 billion.

Cameco CCJ

Polen Capital bought $3.39M of Cameco in Q2 2025. Cameco delivered exceptional Q2 2025 results with $0.51 EPS that crushed consensus estimates by over 40%, representing a massive 410% year-over-year increase from $0.10 in Q2 2024. The uranium producer has demonstrated remarkable operational momentum with 47% revenue growth driven by higher uranium sales volumes and strengthened by significant equity earnings from its 49% stake in Westinghouse Electric Company. After a disappointing Q1 miss, the company's Q2 turnaround positions it well for continued growth with consensus projecting 149% earnings growth for fiscal 2025.

• Q2 2025 EPS of $0.51 beat consensus by 41.67% and surged 410% year-over-year.
• Uranium sales volume increased 40% to 8.7 million pounds with revenue growing 47% to $510 million.
• Stock has outperformed significantly with 51.3% gains year-to-date versus S&P 500's 8.2% return.

NuScale Power SMR

Polen Capital bought $3.38M of NuScale Power in Q2 2025. NuScale Power has demonstrated strong operational momentum over the past two quarters, with Q2 2025 revenue surging 710% year-over-year to $8.1 million, though missing analyst estimates by 30.5%. The company achieved a significant regulatory milestone with early NRC approval for its uprated 77 MWe design, positioning it as the only SMR technology provider with NRC design approval and strengthening its competitive moat in the emerging small modular reactor market. Despite revenue growth acceleration, the stock declined 12-14.6% post-earnings due to the revenue miss and continued losses, though shares remain up 110.1% year-to-date, significantly outperforming the broader technology sector.

• Revenue increased 710% year-over-year in Q2 2025 but missed analyst estimates by 30.5%.
• Net loss improved 36% to $17.6 million with EPS loss narrowing from $0.31 to $0.13 year-over-year.
• Strong liquidity position with $489.9 million in cash and investments supporting over 2 years of operations at current spending rates.

SoFi SOFI

Polen Capital bought $3.11M of SoFi in Q2 2025. SoFi delivered exceptional Q2 2025 results that significantly exceeded expectations, with $858.2 million in revenue representing 43.4% year-over-year growth and earnings per share of $0.08 beating estimates by 33.3%. The company demonstrated robust operational momentum by adding a record 850,000 new members in the quarter, bringing total membership to 11.7 million with 34% annual growth, while fee-based revenue surged 72% to a record $377.5 million. Strong institutional interest is evident with ARK Investment acquiring 328,500 shares and Mizuho raising its price target from $20 to $26, reflecting confidence in the company's digital banking platform expansion and disruptive market position.

• EPS increased sevenfold from $0.01 to $0.08 year-over-year, beating estimates by 33.3%.
• Net revenue grew 44% year-over-year with adjusted net income surging 459% to $97.3 million.
• Adjusted EBITDA jumped 81% while membership expanded 34% annually to 11.7 million total members.

Nvidia NVDA

Polen Capital bought $2.69M of Nvidia in Q2 2025. Nvidia continues to demonstrate exceptional growth driven by AI and data center demand, with revenue reaching $44.1 billion in Q1 FY2026, representing 69% year-over-year growth and 12% sequential growth from the previous quarter. The company has sustained remarkable momentum over the past year, with data center revenue driving performance as cloud service providers and enterprises accelerate AI adoption. Blackwell GPU demand significantly exceeds supply and is expected to continue into next year, positioning Nvidia favorably for sustained growth.

• Revenue grew 69% year-over-year in Q1 FY2026 to $44.1 billion, with sequential quarterly growth of 12%.
• Data Center segment revenue surged 154% year-over-year in Q2 FY2025 to $26.3 billion, beating consensus estimates by $1.3 billion.
• Non-GAAP EPS increased 152% year-over-year in Q2 FY2025 to $0.68 per share, consistently exceeding analyst expectations.

Carpenter Technology CRS

Polen Capital bought $2.62M of Carpenter Technology in Q2 2025. Carpenter Technology has delivered exceptional performance over the last two quarters, achieving record profitability in Q3 FY2025 with $137.8 million in operating income and demonstrating strong operational leverage through expanding margins. The company has sustained 13 consecutive quarters of increasing adjusted operating margins in its core Specialty Alloys Operations segment, with margins expanding to 29.1% in Q3 from 21.4% a year ago. While Q4 revenue of $755.6 million missed estimates, earnings per share of $2.21 exceeded expectations and continued the strong earnings trajectory from $1.66 in Q2 to $1.88 in Q3.

• Operating income surged 70% year-over-year in Q2 and reached a record $137.8 million in Q3.
• EPS growth accelerated from $1.66 in Q2 to $2.21 in Q4, beating estimates by $0.12.
• Specialty Alloys Operations margins expanded to 29.1% in Q3, up from 21.4% in the prior year period.

Oddity Tech ODD

Polen Capital bought $2.55M of Oddity Tech in Q2 2025. Oddity Tech delivered exceptional Q2 2025 results with 25% revenue growth to $241 million and 8% net income growth to $49.28 million, significantly exceeding guidance and prompting management to raise full-year revenue outlook to $799-804 million. Despite these strong fundamentals, the stock declined 22% immediately following earnings due to profit-taking after previous gains, creating a potential buying opportunity. The company continues to demonstrate robust momentum with double-digit growth across both IL MAKIAGE and SpoiledChild brands, supported by accelerating international expansion.

• Net revenue surged 25% year-over-year in Q2 2025 to $241 million.
• Delivered earnings surprise of +4.55% and revenue surprise of +0.83% versus estimates.
• Stock declined 24.1% over the past month from $76.01 to $57.72 despite strong fundamentals.

CommVault CVLT

Polen Capital bought $2.29M of CommVault in Q2 2025. CommVault has demonstrated exceptional performance over the last two quarters, with the most recent quarter (Q2 2025) delivering $282 million in revenue, representing 25.5% year-over-year growth and beating Wall Street estimates by 5.2%. The company has maintained strong momentum with consistent earnings beats across multiple quarters, including a 10.75% EPS surprise in Q4 2025 and 4.1% beat in the most recent quarter. CommVault's transition to a subscription-based model continues to drive predictable growth, with annualized recurring revenue (ARR) reaching $996.2 million and growing at an average rate of 20.8% year-over-year over the last four quarters.

• Revenue growth accelerated to 25.5% year-over-year in Q2 2025, up from 16% in the previous year.
• EPS consistently exceeded expectations with $1.01 actual vs $0.97 estimated in the most recent quarter.
• ARR reached $996.2 million with 20.8% average year-over-year growth demonstrating strong recurring revenue momentum.

Holdings at the end of Q2 2025

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.