Polen Capital's Trades and Holdings in Q4 2025

Breaking down the stocks Polen Capital bought, sold, and held in Q4 2025, including their holdings at the end of the quarter. All data sourced from Polen Capital's 13F filed on February 12, 2026.

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
Q4 '25 13F filed with SEC

Holdings in Q4 2025

Current Investment Strategy

Polen Capital's Q4 2025 portfolio reflects a barbell approach anchoring core equity exposure through broad-market ETFs like iShares Core S&P 500 and Vanguard Total Stock Market alongside short-duration treasuries in iShares 0-3 Month Treasury Bond, while concentrating active bets in niche small- and mid-cap names such as Resolute Holdings, CompoSecure, Esquire Financial, and Preformed Line Products — firms with differentiated market positions and durable competitive moats consistent with the firm's quality-growth philosophy. New positions in Intuitive Surgical, Butterfly Network, and Planet Labs signal a growing conviction in MedTech innovation and data-driven technology platforms, while exits from equal-weight index funds like S&P 500 Equal Weight and First Trust Nasdaq-100 Equal Weighted suggest a deliberate shift away from passive diversification toward higher-conviction, thematic holdings.

New Investments

Intuitive Surgical ISRG

Polen Capital bought $477.22M of Intuitive Surgical in Q4 2025. Intuitive Surgical delivered strong Q4 2025 results with $2.87 billion in revenue, up 19% year-over-year, and pro forma EPS of $2.53 beating consensus estimates, driven by robust procedure growth of 18% and international expansion with 23% growth outside the U.S. The company's full-year 2025 performance was exceptional with $10.1 billion in revenue (+21% YoY) and $2.5 billion in free cash flow, though gross margins compressed to 67.8% in Q4 due to tariff impacts and product mix from the new da Vinci 5 system launch. Management's 2026 guidance projects 13-15% procedure growth with stable gross margins in the 67-68% range, suggesting the company is successfully navigating margin headwinds while maintaining operational momentum through international adoption and surgical expansion.

• Pro forma EPS grew 14.5% year-over-year to $2.53, beating consensus by 12.4%.
• Free cash flow surged 92.3% to $2.5 billion, with the company returning $2.3 billion through share buybacks.
• International da Vinci procedures increased 23% year-over-year, demonstrating strong geographic diversification beyond the U.S. general surgery segment.

Sphere Entertainment SPHR

Polen Capital bought $2.27M of Sphere Entertainment in Q4 2025. Sphere Entertainment delivered a striking turnaround in Q4 2025, with the core Sphere segment driving 62% revenue growth year-over-year to $274.2 million, primarily fueled by the blockbuster 'The Wizard of Oz at Sphere' experience and expanded sponsorship partnerships. The company swung to profitability on a consolidated basis with $1.23 EPS (beating forecasts by 510%) and $128.0 million in adjusted operating income, compared to losses in the prior year, reflecting both strong top-line momentum and improved operational efficiency. Full-year 2025 results reinforced the momentum, with $1.22 billion in total revenue (up 8% annually) and $261.8 million in adjusted operating income (up 138%), while the stock surged 19.36% in pre-market trading following the earnings announcement on February 12.

• Sphere segment revenue jumped 62% YoY in Q4 to $274.2 million, with 'The Wizard of Oz' generating approximately $290 million in ticket sales.
• Adjusted operating income surged 138% for full-year 2025 to $261.8 million, with Q4 segment operating income reaching $89.4 million versus an $800,000 loss in the prior year.
• Operating cash flow more than tripled to $243.3 million from $69.4 million year-over-year, demonstrating strong cash generation and financial health.

Planet Labs PL

Polen Capital bought $2.2M of Planet Labs in Q4 2025. Planet Labs has demonstrated exceptional momentum over the past two quarters, with the company achieving profitability milestones while maintaining robust revenue growth and a rapidly expanding customer backlog. The current quarter performance highlights the company's transition from a growth-focused, unprofitable entity to a sustainably profitable business, supported by 97% recurring revenue and strong operating leverage. Recent catalysts including a multi-year, low-nine-figure contract with the Swedish Armed Forces and 216% year-over-year backlog growth to $734.5 million have reinforced investor confidence in the company's expanding role across defense, agriculture, and geospatial intelligence markets.

• Adjusted EBITDA profitability achieved for four consecutive quarters with Q3 adjusted EBITDA of $5.6 million, demonstrating improved operating leverage.
• Backlog surged 216% year-over-year to $734.5 million with 97% of recurring annual contract value providing high-visibility revenue.
• Stock price increased over 620% over the past year with continued momentum from strategic government contracts and expanding market applications.

Butterfly Network BFLY

Polen Capital bought $1.8M of Butterfly Network in Q4 2025. Butterfly Network demonstrated resilience in Q3 2025 despite a sequential revenue decline, beating EPS expectations and maintaining operational efficiency improvements, while Q4 2025 preliminary results signal a strong recovery with anticipated at least 17% year-over-year revenue growth. The company's trajectory reflects initial headwinds from macroeconomic challenges that pressured Q3 results, but improving unit economics and strategic partnerships position it for inflection in 2026. Major catalysts including a co-development agreement with Midjourney, the Beam Steering API launch, and the Compass AI enterprise platform expansion suggest the company is transitioning from hardware-focused to a more diversified technology and software revenue model.

• Q3 2025 EPS beat analyst expectations by 33% (-$0.04 actual vs. -$0.06 expected), while Q4 2025 revenue growth projected at at least 17% YoY.
• Gross margin expanded to 63.7% in Q2 2025 (record level) and quarterly cash burn declined to $7.1 million (lowest in company history), demonstrating improving unit economics.
• Stock surged 144% in 2025 and broke above $100 in early 2026, with strategic partnerships including $15 million upfront payment and $10 million annual licensing from Midjourney deal announced.

Solaris Energy SEI

Polen Capital bought $1.31M of Solaris Energy in Q4 2025. Solaris Energy Infrastructure delivered a strong Q3 2025 with EPS of $0.32 beating analyst estimates of $0.24 and revenue of $167 million exceeding expectations by 17%, driven by 12% sequential revenue growth and operational scaling, though near-term momentum is expected to decelerate with Q4 2025 EPS downgraded to $0.15 from $0.30. The recent downgrade of FY2026 earnings guidance to $1.17 from $1.82 by Northland Securities reflects near-term headwinds across the full year, particularly in Q4 2025 and early 2026, raising earnings uncertainty despite the company's 25.2% annual revenue growth rate and strong operational metrics with ROE of 9.38% and net margins of 7.02%. Analysts project a significant rebound in 2027 with FY2027 EPS of $3.17, supported by the company's strategic initiatives including the HVMVLV acquisition, new co-CEO appointment of Amanda Brock, and a projected pro forma generation capacity of ~2,200 MW by early 2028, positioning the company favorably despite current near-term estimate revisions.

• Q3 2025 EPS beat by 33% ($0.32 vs. $0.24 consensus) with revenue 17% above estimates at $167 million.
• FY2026 EPS guidance lowered 36% to $1.17 from $1.82, but 2027 expected EPS growth of 43.6% annually.
• Adjusted EBITDA of $68 million up 12% sequentially; debt-to-equity ratio of 0.69 with strong liquidity metrics.

Ero Copper ERO

Polen Capital bought $1.29M of Ero Copper in Q4 2025. Ero Copper demonstrated accelerating revenue growth of 41.86% in Q3 2025, reaching $177.09M, though earnings performance deteriorated as the company reported EPS of $0.27, missing consensus estimates by $0.09 despite record copper production. The miss suggests margin compression despite strong operational execution, though management expects earnings to surge 215.49% next year as new gold production from Xavantina and expanded copper output mature. Recent operational milestones, including the maiden gold concentrate resource at Xavantina and NI 43-101 technical report supporting updated reserves, position the company for significant value creation, though prior earnings releases have produced mixed market reactions.

• Revenue growth accelerated to 41.86% in Q3 2025 versus 39.64% in Q2, with trailing twelve-month revenue up 20.59% year-over-year to $535.97M.
• Q3 EPS missed consensus by $0.09 to $0.27, reversing Q2's outperformance of $0.13, indicating profitability challenges amid production growth.
• Analysts project earnings growth of 215.49% for next year (from $0.71 to $2.24 per share) as new gold operations and expanded copper capacity contribute incremental profitability.

Establishment Labs ESTA

Polen Capital bought $1.27M of Establishment Labs in Q4 2025. Establishment Labs demonstrated exceptional momentum in Q4 2025 with preliminary revenue of $64.0-$65.0 million, representing record quarterly performance and continuing the company's strong execution trajectory established in Q3 2025 when it achieved EBITDA positive status. Full year 2025 revenue of $210.5-$211.5 million reflects 27% global growth, driven primarily by the successful U.S. market launch which generated over $45 million in its inaugural year and captured approximately 20% market share by year-end. The company is positioned for sustained growth with guidance of at least 25% revenue expansion in 2026-2027, margin expansion with gross margins exceeding 70%, and a transition to free cash flow positive in 2026, supported by improved cash position of $75.5 million and anticipated contributions from the Preservae platform exceeding $30 million in 2026.

• Revenue grew 27% in 2025 to $210.5-$211.5 million, with Q4 preliminary results of $64.0-$65.0 million representing record quarterly performance.
• U.S. market generated $45 million in inaugural year with 20% market share capture, while gross margins expanded above 70% from mid-to-high 60s year-over-year.
• Company achieved EBITDA positive status in Q3 2025 and projects minimum 25% growth through 2027 with transition to free cash flow positive in 2026.

Liquidia LQDA

Polen Capital bought $1.16M of Liquidia in Q4 2025. Liquidia delivered exceptional execution in Q4 2025 with $90.1M in YUTREPIA net product sales and $30M+ positive cash flow, representing 74% quarter-over-quarter growth and achieving profitability in the first quarter post-launch. The company demonstrated significant operational momentum with over 2,800 unique prescriptions since the June 2025 launch and an 85% prescription-to-start conversion rate, driving full-year 2025 sales of $148.3M. Near-term profitability appears within reach as the company maintains $190.7M in cash and cash equivalents while expanding its prescriber base to approximately 750 providers, with the stock appreciating 12.9% following the preliminary 2025 results announcement.

• Q4 sales of $90.1M represent 60.8% of full-year 2025 revenue, with 74% quarter-over-quarter growth demonstrating accelerating commercial traction.
• EPS improved dramatically from -$0.49 in Q2 2025 to -$0.04 in Q3 2025, a 91.8% improvement, signaling path to profitability.
• Generated $30M+ positive cash flow in Q4 2025 with $190.7M cash balance, eliminating near-term funding concerns and enabling sustained commercialization investment.

Grupo Financiero Galicia GGAL

Polen Capital bought $1.15M of Grupo Financiero Galicia in Q4 2025. Grupo Financiero Galicia experienced a dramatic reversal in profitability, shifting from ARS 574 billion net income in Q4 2024 to a net loss of ARS 87.7 billion in Q3 2025, primarily driven by ARS 105.3 billion in HSBC Argentina integration restructuring expenses. Nine-month 2025 results deteriorated significantly with net income down 80% year-over-year to ARS 259.2 billion, though management attributes the weakness to non-recurring integration costs expected to normalize in 2026. The company maintains a recovery trajectory with 2026 ROE guidance of 11-12% and a projected 15% run-rate by Q4 2026, suggesting the current integration phase is temporary and accretive long-term.

• Q3 2025 net income declined 80% year-over-year; efficiency ratio surged 1,730 bps to 65.5% due to merger integration costs.
• 2025 reported ROE of 4% masks underlying strength at 6% excluding non-recurring restructuring expenses.
• 2026 ROE guidance of 11-12% and long-term target of 15-20% indicates significant recovery potential post-integration.

Artivion CRY

Polen Capital bought $1.15M of Artivion in Q4 2025. Artivion delivered a strong Q4 2025 with adjusted revenue of $118.3 million, up 18.5% year-over-year, demonstrating significant recovery from the prior-year cybersecurity incident that had impacted results by approximately $4.5 million. The company's earnings per share of $0.17 substantially exceeded the forecast of $0.06, representing a 183% EPS surprise, while adjusted EBITDA grew 29% to $22.7 million with margin expansion of 110 basis points. Key product lines showed robust momentum with stent grafts increasing 36% and On-X heart valves up 24%, while all major geographic regions posted double-digit growth, positioning the company well despite providing modest forward guidance of 10-14% revenue growth for 2026.

• EPS beat forecast by 183%, with $0.17 reported versus $0.06 expected.
• Adjusted EBITDA improved 29% year-over-year to $22.7 million with EBITDA margin expanding 110 basis points to 19.2%.
• Asia Pacific revenues surged 32% while all regions posted growth; stent grafts and On-X products increased 36% and 24% respectively.

Rocket Lab RKLB

Polen Capital bought $1.07M of Rocket Lab in Q4 2025. Rocket has demonstrated strong operational momentum over the last two quarters with Q3 2025 revenue of $155 million, representing a 48% year-over-year increase, while significantly improving its net loss to $18.25 million from $51.93 million in the prior year period. The company is gaining value through record launch backlog of 49 contracts and major recent wins including an $816 million Space Development Agency contract announced in December 2025, though near-term momentum has been tempered by Neutron development setbacks and the stock pullback following the Q4 earnings date announcement. With 45.27% revenue growth year-to-date and 37% gross margins at historically high levels, the company is on a positive trajectory despite ongoing net losses, positioning it favorably for 2026 as results from the February 26 Q4 release could validate strong execution across both launch services and space systems programs.

• Revenue growth accelerating at 45.27% with Q3 gross margins reaching 37% (highest on record) while net loss improved by 64.8% year-over-year.
• Stock surged 174% in 2025 with significant contract wins and successful launch execution, though recent Neutron development delays created -21.25% pullback from January highs.
• Launch services backlog at 49 contracts with $816 million SDA contract win in December 2025 demonstrating strong demand from U.S. national security programs.

Kura Oncology KURA

Polen Capital bought $943.9K of Kura Oncology in Q4 2025. Kura Oncology has undergone a transformational shift from clinical-stage to commercial-stage biotech following FDA approval of KOMZIFTI (ziftomenib) for acute myeloid leukemia on November 13, 2025, marking a critical inflection point for the company. While Q3 2025 earnings showed a loss of -$0.85 per share, the company demonstrated meaningful improvement with results beating expectations by 34.92% year-over-year, reflecting narrowing losses as the company approaches commercial viability. Wall Street consensus remains bullish with a "Buy" rating and average price target of $26.88 (representing 114.78% upside), though the stock remains down 24% year-to-date despite recent catalysts, suggesting potential undervaluation ahead of Q4 2025 earnings on February 25, 2026.

• Q3 2025 EPS improved 34.92% year-over-year, with losses narrowing to -$0.85 as commercial operations began.
• FDA approval of KOMZIFTI in November 2025 unlocked a $135 million milestone payment and generated $2.1 million in initial product revenue during the 5-week launch period.
• Revenue forecast for 2025 increased 138.16% to $128.33 million, with analyst consensus rating of "Buy" and average price target representing 114.78% upside potential.

Taysha Gene Therapies TSHA

Polen Capital bought $861.22K of Taysha Gene Therapies in Q4 2025. Taysha Gene Therapies demonstrated significant clinical momentum in Q3 and Q4 2025 with its lead TSHA-102 program achieving a 100% response rate in Part A REVEAL data and receiving FDA Breakthrough Therapy designation, positioning the company for an accelerated regulatory pathway. The company regained full global rights to TSHA-102 following the expiration of its Astellas agreement in October 2025 and dosed the first pivotal patient in Q4 2025, advancing toward a potential 6-month interim analysis that could enable expedited BLA submission. Goldman Sachs upgraded the stock to buy with an $11 price target reflecting 145% upside potential and peak sales estimates of $3 billion for TSHA-102, though the company continues to operate at a loss with a strong $297.3M cash position providing runway into 2028.

• Q3 2025 net loss of $32.7M with $297.3M in cash providing 2+ years of runway; Q2 2025 revenue of $1.99M beat consensus estimates.
• TSHA-102 achieved 100% response rate (N=10) on primary endpoint in Part A REVEAL trial with 22 total milestones gained across patients.
• Goldman Sachs initiated buy coverage with $11 price target, implying 145% upside from current levels, and stock has surged 11% following analyst upgrade and regulatory progress.

Babcock & Wilcox BW

Polen Capital bought $775.25K of Babcock & Wilcox in Q4 2025. Babcock & Wilcox has demonstrated significant operational improvement and momentum over the past two quarters, driven by strong demand from baseload generation, artificial intelligence data centers, and strategic asset optimization. The company beat Q3 2025 EPS expectations by 40% and has substantially improved its financial position through debt reduction and margin expansion, resolving prior going concern doubts. With a 49% year-over-year backlog increase and $7.6 billion in identified project opportunities in its pipeline, the company is positioned for sustained growth despite persistent near-term losses.

• Adjusted EBITDA from continuing operations grew 89% in Q2 2025 ($15.1 million vs. $8.0 million in Q2 2024), while Global Parts & Services revenues increased 31% year-over-year.
• Q3 2025 EPS of -$0.06 beat analyst expectations of -$0.10 by 40%, compared to -$0.16 in Q3 2024, demonstrating significant earnings improvement.
• Continuing Operations Backlog surged 49% to $418.1 million in Q2 2025, with the company's $7.6 billion global pipeline of identified opportunities providing substantial revenue visibility.

Nuvalent NUVL

Polen Capital bought $639.65K of Nuvalent in Q4 2025. Nuvalent remains a clinical-stage biopharmaceutical company with no revenue, reporting a widening net loss of $122.4 million in Q3 2025 with an EPS of -$1.70, representing a deterioration from Q2's -$1.39 EPS. Despite negative earnings, the stock has delivered 27.0% returns over the past 12 months, outpacing the broader U.S. market's 14.0% return while slightly underperforming the biotech sector's 29.0%. Recent pipeline milestones—including completion of a rolling NDA submission for zidesamtinib and advancement toward pivotal data readout for neladalkib—have sustained strong analyst sentiment with 15 analysts rating the stock as Strong Buy at a $135.00 price target, implying 34.6% upside.

• EPS losses widened 22.3% sequentially from Q2 2025 (-$1.39) to Q3 2025 (-$1.70).
• Stock outperformed U.S. market by 13.0 percentage points over 12 months (27.0% vs. 14.0%).
• Analyst price target implies 34.6% upside from current levels with 15 analysts rating Strong Buy.

JFrog FROG

Polen Capital bought $617.36K of JFrog in Q4 2025. JFrog delivered a solid Q4 2025 with $145.3 million in revenue, up 25% year-over-year and representing sequential growth from Q3's $136.9 million, while beating analyst EPS estimates by 16.2% at $0.22 per share. The company demonstrated strong operational momentum with cloud revenue accelerating at 42% year-over-year growth (now 48% of total revenue) and high net revenue retention of 119%, though market sentiment turned negative post-earnings amid broader AI-related software concerns, resulting in a 10.2% stock decline despite the operational beat. Looking forward, management issued optimistic guidance with Q1 2026 revenue expected at $147 million (above consensus by 2.4%) and full-year 2026 EPS of $0.90, supported by $704 million in cash and strong free cash flow generation of 34.3% margin.

• Revenue growth moderated from 26% YoY in Q3 to 25% YoY in Q4, though cloud revenue acceleration of 42% YoY offsets on-premises decline of 11% YoY.
• Enterprise customer expansion accelerated with customers spending over $1 million annually growing 42% YoY to 74 accounts, and net revenue retention of 119% signaling strong land-and-expand dynamics.
• Free cash flow margin expanded to 34.3% with $49.9 million in Q4 cash generation, while management raised full-year 2026 EPS guidance by 1.8% above consensus estimates.

Cytokinetics CYTK

Polen Capital bought $608.97K of Cytokinetics in Q4 2025. Cytokinetics has demonstrated consistent earnings beat performance over the last two quarters, with Q2 2025 EPS of -$1.12 and Q3 2025 EPS of -$1.54, both exceeding analyst expectations despite the company remaining pre-profitable. While earnings losses have widened sequentially from Q2 to Q3, the company has outpaced expectations in both periods, bolstered by the January 27, 2026 U.S. commercial launch of MYQORZO (aficamten) and concurrent hypertrophic cardiomyopathy awareness initiatives. The stock has responded positively to commercial momentum and pipeline visibility, trading near 52-week highs with institutional analyst consensus positioning for significant appreciation.

• EPS beat estimates by 17.04% in Q2 2025 and 2.53% in Q3 2025, demonstrating consistent operational discipline relative to expectations.
• Stock trading within 5.89% of 52-week high of $70.98 and above the 200-day moving average of $49.34, reflecting sustained investor confidence.
• Analyst median price target of $86.08 implies ~35.8% upside from current trading levels, with high estimate reaching $136.00.

FIGS FIGS

Polen Capital bought $554.69K of FIGS in Q4 2025. FIGS delivered exceptional results in Q3 2025, significantly outperforming analyst expectations and demonstrating clear operational momentum with robust revenue acceleration. The company is decisively gaining, with EPS expanding from $0.04 in Q2 to $0.05 in Q3 while net revenues grew 8.2% (the strongest quarterly growth rate in two years), driven by strategic initiatives focused on reduced promotional activities and brand equity enhancement. Management raised full-year 2025 net revenue guidance to approximately 7% year-over-year growth from a prior low single-digit outlook, while analyst forecasts project 28.5% annual earnings growth and 18.5% EPS growth over the coming years.

• Q3 2025 EPS of $0.05 beat analyst estimates by 400%, with the company exceeding expectations on both top and bottom lines.
• Net revenues grew 8.2% in Q3 2025, representing the strongest quarterly growth rate in two years.
• Full-year 2025 net revenue guidance raised to 7% year-over-year growth, upgraded from prior low single-digit outlook.

Velo3D VELO

Polen Capital bought $548.17K of Velo3D in Q4 2025. Velo3D experienced a sequential revenue decline from $13.6 million in Q3 2025 to $12.6 million in Q4 2025, though this represents significant year-over-year growth driven by increased system sales and the company's strategic shift toward higher-margin products. The company demonstrated meaningful operational progress with adjusted EBITDA improving to -$14.6 million in Q4 2024 from -$50 million in Q4 2023, reflecting aggressive cost management with operating expenses declining over 20% compared to 2023 levels. While gross margins remain negative at -3.5% in Q4, management projects improvement to above 30% by end of 2025, supported by recent financing achievements including elimination of senior secured debt and $15 million in bridge financing secured to fund strategic initiatives and advance the path to EBITDA profitability in H1 2026.

• Adjusted EBITDA improved 70.8% from Q4 2023 (-$50M) to Q4 2025 (-$14.6M).
• Operating expenses declined over 20% year-over-year reflecting restructuring and cost controls.
• Full-year 2025 revenue guidance of $50-60M represents 39.6% projected growth with EBITDA profitability targeted for H1 2026.

American Public Ed APEI

Polen Capital bought $533.62K of American Public Ed in Q4 2025. American Public Education delivered a strong recovery in Q3 2025 with $0.30 EPS, beating consensus estimates by 200%, significantly improving from the prior quarter's miss and establishing positive momentum heading into Q4. The company has demonstrated robust operational performance with 13.66% revenue growth and a Zacks Rank #1 (Strong Buy) rating, though the stock trades at a valuation premium to peers at 18.8x forward P/E versus the industry average of 14.2x. Recent updates include raised Q4 2025 guidance of $0.32-$0.45 EPS and strong full-year 2025 expectations of $2.23 EPS, reflecting management confidence and consistent execution despite near-term valuation concerns.

• Q3 2025 EPS beat estimates by 200%, representing 650% improvement from the prior quarter's $0.04 result year-over-year.
• Stock has gained 15.6% over the past month and 10.5% year-to-date, with a recent 52-week high of $44.88.
• Revenue growth of 13.66% combined with ROE of 11.42% supports earnings momentum despite trading at a 32% premium to peer valuation multiples.

Added, Trimmed, and Exited

Added

Polen Capital made one massive addition to an existing position, dramatically increasing its stake in ServiceNow (NOW) by over 4.5 million shares, growing the position roughly fivefold from Q3 to Q4.
What it means: This concentrated bet on ServiceNow signals extremely high conviction in the enterprise software and AI workflow automation leader. With the position now valued at approximately $870M, Polen Capital appears to be doubling down on ServiceNow's role as a dominant platform for enterprise AI adoption, even as the stock experienced a roughly 16% decline during the quarter—suggesting the firm viewed the pullback as an attractive entry point to build a cornerstone holding.

Trimmed

Polen Capital conducted broad-based trimming across 19 major positions, with the largest reductions in Shopify (SHOP) (-3.9M shares), Abbott (ABT) (-3.5M shares), Amazon (AMZN) (-2.6M shares), Oracle (ORCL) (-2.1M shares), Starbucks (SBUX) (-2.1M shares), and Zoetis (ZTS) (-1.95M shares). The firm also nearly eliminated its Workday (WDAY) position (down 99.5%) and meaningfully reduced holdings in mega-cap names including Microsoft (MSFT), Nvidia (NVDA), Visa (V), Broadcom (AVGO), Mastercard (MA), and Alphabet (GOOG), alongside cuts to Boston Scientific (BSX), CoStar (CSGP), Uber (UBER), Paycom (PAYC), Aon (AON), and Airbnb (ABNB).
What it means: The sweeping nature of these trims—spanning payments, cloud software, healthcare, consumer, and mega-cap tech—suggests Polen Capital was strategically harvesting gains and reallocating capital rather than souring on any single sector. The near-complete exit from Workday and heavy reductions in Oracle and Paycom (both down ~47% in value) hint at a de-risking of enterprise software names facing valuation compression, while the proceeds appear to have been funneled into the massive ServiceNow build and a diversified slate of new small- and mid-cap positions across healthcare innovation, space technology, and emerging markets.

Exited

Polen Capital fully liquidated 20 positions, led by ETF holdings S&P 500 Equal Weight (RSP) ($8.5M) and First Trust (QQEW) ($3.2M), along with individual stock exits from Vista Energy (VIST) ($7.3M), Corcept Therapeutics (CORT) ($2.4M), CommVault (CVLT) ($2.0M), Warby Parker (WRBY) ($1.8M), Stride (LRN) ($1.7M), Barrett (BBSI) ($1.6M), PureCycle Technologies (PCT) ($1.2M), Liquidity Services (LQDT) ($1.1M), Merus (MRUS) ($1.1M), Arlo (ARLO) ($1.0M), Real Brokerage (REAX), ELF Beauty (ELF), Universal Technical Institute (UTI), Archer Aviation (ACHR), Cheesecake Factory (CAKE), Procter & Gamble (PG), Hims & Hers (HIMS), and Coca-Cola (KO).
What it means: The exits from broad-market ETFs like RSP and QQEW indicate Polen Capital moved away from passive placeholders toward active, high-conviction stock picks. The liquidation of defensive consumer staples names like Procter & Gamble and Coca-Cola alongside growth names like Archer Aviation and Hims & Hers suggests a comprehensive portfolio clean-up, shedding smaller, lower-conviction positions to concentrate capital into the firm's highest-conviction themes—particularly the outsized ServiceNow build and newly initiated positions in medtech, biotech, and space infrastructure.

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.