Polen Capital Management Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

Polen Capital Management, a distinguished investment firm known for its high-conviction, growth-oriented investment philosophy, has unveiled its portfolio snapshot for the first quarter of 2026. As of March 31, 2026, the institution manages a substantial portfolio with a total reported market value of approximately $14.45 billion . This figure represents a significant footprint in the global equity markets, positioning Polen Capital as a major "smart money" player whose moves are closely scrutinized by retail and institutional investors alike. The current report reveals a portfolio comprised of 220 holdings , a number that suggests a strategic balance between concentrated high-conviction bets and a broader tail of diversified positions intended to capture emerging growth or mitigate specific idiosyncratic risks.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

At 42.18%, the Technology sector is not just a part of the portfolio; it is the portfolio's primary identity. This allocation suggests that Polen Capital views technology not as a cyclical industry, but as a fundamental layer of the global economy. Within this sector, the institution’s moves this quarter—specifically the reduction of mega-cap hardware and cloud providers in favor of software-as-a-service (SaaS) and semiconductor equipment—point to a nuanced view of the "AI Maturity Curve." They appear to be shifting capital from the "infrastructure builders" to the "application layers" and the "essential equipment providers" that sustain the ecosystem.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

The decision to trim such a significant portion of the position likely stems from two factors: profit-taking and risk management. After a multi-year rally driven by AI optimism, Microsoft’s valuation may have reached a level where Polen Capital felt it was prudent to "take chips off the table." Furthermore, the weight change (-0.78) indicates that even with the share reduction, Microsoft still commands a dominant 7.29% of the portfolio. This is an "active position adjustment" rather than a loss of faith. The institution is essentially harvesting the gains from a "winner" to reallocate capital into more undervalued or high-growth areas, while still maintaining Microsoft as its primary anchor.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The motivation here appears to be a " growth acceleration bet ." As the real estate market undergoes a digital transformation and navigates a complex post-pandemic recovery, the value of high-quality data becomes paramount. CoStar’s "moat" is its proprietary database, which is nearly impossible for competitors to replicate. By more than doubling its position, Polen Capital is signaling that it believes CoStar is at an inflection point, perhaps driven by its expansion into the residential real estate market or the integration of AI-driven predictive analytics. This is a high-conviction move into a "data monopoly."

These operations have significantly increased the portfolio's "Offensiveness" in the mid-cap and "New Mega-Cap" space. By adding Meta and Lam Research, Polen Capital is embracing higher-growth, higher-volatility assets compared to the "steady-state" growth of a mature Microsoft. However, the addition of Rollins, Inc. (ROL) —a leader in pest control—provides a fascinating "defensive" hedge. Rollins is a "boring" but highly consistent compounder with incredible pricing power. This "Meta-to-Rollins" spectrum shows that Polen Capital is building a more resilient growth portfolio that can withstand different economic climates.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

Why such a massive sell-off? The logic likely involves a combination of "valuation peaking" and "sector rotation." Amazon has two primary engines: E-commerce and AWS (Cloud). If Polen Capital believes that AWS growth is decelerating or that the e-commerce margins are under pressure from rising logistics costs, a 50% trim is a logical way to protect the portfolio. Furthermore, the capital retrieved from Amazon alone was enough to fund almost all the new positions (Meta, Lam Research, CoStar) combined. This is a clear signal that the firm believes the "Alpha" has shifted from the "Everything Store" to more specialized platforms.

The complete Exit of ICON Public Limited Company (ICLR) and monday.com (MNDY) represents " Portfolio Optimization ." ICON, a clinical research organization, had been in the portfolio since 2017. The exit suggests a "Logical Clearing" of a thesis that may have run its course. Similarly, the exit of monday.com —a high-growth but high-valuation SaaS player—indicates a shift toward more "established" software winners like ServiceNow. These exits, while smaller in dollar terms, show a disciplined approach to "cutting the tail" of the portfolio to focus on the highest-quality ideas.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is clear: 1. Sold What : Trimmings of 25-55% in Amazon, Microsoft, Alphabet, and NVIDIA. 2. Why Sell : To harvest massive gains from "overcrowded" mega-cap trades and reduce concentration risk at the top of the portfolio. 3. Bought What : Massive additions to CoStar Group and ServiceNow; new positions in Meta Platforms and Lam Research. 4. Why Buy : To capture the "Implementation Alpha." They are betting on companies that own proprietary data (CoStar), dominate social/ad platforms (Meta), or provide the essential equipment for the next generation of chips (Lam Research). 5. Overall Result : A portfolio that is slightly less concentrated in the "Magnificent Seven" but more deeply embedded in the "Quality Growth" fabric of the 2026 economy.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.