Polen Capital Management, LLC 13F holdings and portfolio analysis

Directly following the baseline exposes an investor to a highly concentrated large-cap growth portfolio with notable single-name and sector dependence. In the baseline artifact, the top 5 holdings make up 36.67% and the top 10 reach 62.0%, with Amazon.com, Inc. at 9.33%, Microsoft Corporation at 8.83%, Oracle Corporation at 6.55%, Eli Lilly and Company at 6.26%, and Broadcom Inc. at 5.7%. Sector exposure is also concentrated in Information Technology at 43.37%, followed by Health Care at 19.11%, Financials at 18.03%, and Consumer Discretionary at 14.52%. The backtest shows this concentration came with beta of 1.09 and maxDrawdown of -41.27%.

Two good periods to study are 2024-06-30 and 2025-03-31. In 2024-06-30, the baseline returned 13.03% versus 9.83% for SPY, generating +3.2% excess return with 15.35 turnover and 34 trades, which shows how concentration could add upside when favored growth names work. In contrast, 2025-03-31 returned 2.08% versus 9.22% for SPY, a -7.14% excess result with 25.0 turnover and 34 trades. Another weak stretch was 2025-06-30, where baseline lost -1.01% while SPY gained 4.2%, for -5.21% excess return. These periods capture the core trade-off: strong upside in winning regimes, but meaningful lag when the concentrated growth tilt falls out of favor.

A user should inspect concentration, disclosure-lag risk, and turnover behavior next. The baseline has top10 concentration of 62.0% and top20 concentration of 88.61%, so returns are driven by a fairly small set of names. Risk notes also flag delayed filing implementation and stale-holdings risk, which matters for any 13F copy strategy. Finally, turnoverSeries shows several elevated quarters such as 2024-09-30 at 32.74, 2025-03-31 at 25.0, and 2025-09-30 at 38.35, while totalEstimatedCost is 2.4406 and total trades reached 1,179 in the risk notes. Those are the practical frictions that determine whether the baseline is investable for a copycat investor.