Polen Capital
growth, quality, concentrated, active
Quarter Analysis
13F change notes for Polen Capital in 2026-03-31.
Polen ran a deeper cut quarter — book $23B → $14.5B (-38% AUM drop, suggesting fund outflows), top-3 weight 22.6% → 19.0%. Across-the-board ~27% trims on MSFT, GOOG, MA, V (uniformly proportional, signaling redemption-driven liquidation). Amazon cut -55% — the deepest cut. CoStar +157% shares is the lone real conviction add. Mature growth-quality book under real flow stress.
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★ HELD
MICROSOFT CORP MSFT
Top weight 7.29%, 35 quarters held. Cut -27% in shares but kept as #1 weight; +107% unrealized.
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★ HELD
ALPHABET INC GOOG
42 quarters at +453% unrealized — the long-running Polen Alphabet position.
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▼ REDUCED
AMAZON COM INC AMZN
Cut -55% in shares — the largest single trim, halving AMZN weight from 8.5% to 5.6%.
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★ HELD
MASTERCARD INCORPORATED MA
52 quarters at +105% unrealized — payment networks anchor, trimmed proportionally with the rest.
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★ HELD
SHOPIFY INC SHOP
20 quarters at +64% unrealized.
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★ HELD
VISA INC V
52 quarters at +105% unrealized — Visa held since the entire Polen Focus Growth history.
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▲ ADDED
COSTAR GROUP INC CSGP
Shares +157% even at -33% unrealized — Polen aggressively averaging into the real-estate-data drawdown.
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• CONTEXT
Book shrank 38% in one quarter — uniform -22 to -28% share trims across the top names suggest a redemption-driven liquidation rather than view changes.