We break down the stocks Polen Capital bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Polen Capital's 13F filed on May 15, 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.
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Wikipedia on Polen Capital
Portfolio Changes in Q1 2025
New Positions
Polen Capital established six new positions in Q1 2025, with Starbucks Corporation (SBUX) being the most significant addition at over $503 million (5.1 million shares), while also initiating smaller positions in Saia, Inc. (SAIA), SPDR Bloomberg 1-3 Month T-Bill ETF (BIL), Manhattan Associates, Inc. (MANH), Comfort Systems USA, Inc. (FIX), and Wingstop Inc. (WING).
Bought
The firm significantly increased its stake in Aon plc (AON) by 364.6% (adding 2.3 million shares), while also making substantial additions to Oracle Corporation (ORCL) (+1.9 million shares), Zoetis Inc. (ZTS) (+1.3 million shares), Tencent Music Entertainment Group (TME) (+137% increase), Nu Holdings Ltd. (NU) (+30.8%), and Eli Lilly and Company (LLY) (+44.9%).
Sold
Polen Capital drastically reduced its positions in several tech giants, cutting Novo Nordisk A/S (NVO) by 87.4% (-5.4 million shares), Alphabet Inc. (GOOG) by 44.9% (-3.6 million shares), Apple Inc. (AAPL) by 61.5% (-3.5 million shares), while completely liquidating positions in 14 companies including Unilever PLC (UL), YETI Holdings, Inc. (YETI), Alarm.com Holdings, Inc. (ALRM), and Etsy, Inc. (ETSY).
New Investments in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SBUX | Starbucks Corporation | 2.2% | NEW | $503,539,113 |
| SAIA | Saia, Inc. | 0.0% | NEW | $860,996 |
| BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | 0.0% | NEW | $480,849 |
| MANH | Manhattan Associates, Inc. | 0.0% | NEW | $385,187 |
| FIX | Comfort Systems USA, Inc. | 0.0% | NEW | $375,837 |
| WING | Wingstop Inc. | 0.0% | NEW | $332,956 |
Starbucks Corporation SBUX
Polen Capital bought 5,133,440 shares of Starbucks Corporation in Q1 2025. Starbucks Corporation has faced mixed performance over the last 12 months, with its stock price fluctuating between a 52-week low of $71.55 and an average of $91.98, currently trading at $85.67 (up 6.69% from its previous close). While global comparable store sales declined 1% in Q2 FY2025 due to lower transactions, consolidated net revenues grew 2% to $8.8 billion, reflecting disciplined cost management. The company's 'Back to Starbucks' turnaround strategy has shown early signs of stabilizing operations, though earnings fell 8.82% in 2024 amid challenging consumer conditions.
- Revenue increased 0.56% to $36.18 billion in 2024 despite declining transactions.
- Q2 FY2025 non-GAAP EPS of $0.41, with analysts forecasting an 11.91% price upside to $97.65.
- Stock remains 17.3% above its 52-week low but 6.9% below its annual average price.
Saia, Inc. SAIA
Polen Capital bought 2,464 shares of Saia, Inc. in Q1 2025. Saia, Inc. (SAIA) has experienced mixed financial performance over the last 12 months, with 11.37% revenue growth in 2024 but a 37% stock price decline since its 2024 fiscal year-end. While Q1 2025 saw 4.3% revenue growth to $787.6 million, operating income plummeted 40.5% due to macroeconomic headwinds and operational challenges. The company maintains analyst confidence with a 36.14% projected price upside despite recent setbacks.
- EPS declined 45% year-over-year in Q1 2025 ($1.86 vs. $3.38 in Q1 2024).
- Stock price fell 37% since fiscal year-end 2024, closing at $288.99 on May 14, 2025.
- Analysts maintain Buy rating with $393.44 average 12-month price target (+36.14% upside).
SPDR Bloomberg 1-3 Month T-Bill ETF BIL
Polen Capital bought 5,242 shares of SPDR Bloomberg 1-3 Month T-Bill ETF in Q1 2025. The SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) has delivered a 4.76% return over the past 12 months, benefiting from rising short-term interest rates as the Federal Reserve combats inflation. Its focus on ultra-shdated Treasury bills (1-3 month maturities) has made it a favored safe-haven asset, with $47.35 billion in AUM reflecting strong institutional demand. While lacking capital appreciation potential, BIL’s low 0.14% expense ratio and monthly dividend distributions align with its role as a liquidity management tool in volatile markets.
- 4.76% 1-year return through May 2025, outperforming longer-duration Treasury ETFs during rate hikes.
- 0.14% expense ratio remains competitive among short-term bond ETFs, preserving yield for investors.
- 47.35B AUM represents 22% growth year-over-year as inflation fears drove inflows to T-bills.
Manhattan Associates, Inc. MANH
Polen Capital bought 2,226 shares of Manhattan Associates, Inc. in Q1 2025. Manhattan Associates, Inc. has demonstrated mixed performance over the last 12 months, with revenue growth (Q1 2025: $262.8M, up 3.2% YoY) and strong cash flow ($75.3M in Q1 2025, +37.7% YoY), but faces challenges in GAAP EPS consistency ($0.85 in Q1 2025 vs. $0.86 YoY). The company maintains leadership in cloud-based supply chain solutions, though its services segment and FY2025 guidance caused a 24% stock decline in February 2025.
- Non-GAAP EPS grew 15.5% to $1.19 in Q1 2025 versus $1.03 YoY.
- Operating income increased 9.7% to $63.2M in Q1 2025 from $57.6M YoY.
- 2025 revenue guidance of +2-3% with expected GAAP EPS contraction sparked investor concerns.
Comfort Systems USA, Inc. FIX
Polen Capital bought 1,166 shares of Comfort Systems USA, Inc. in Q1 2025. Comfort Systems USA has demonstrated strong financial growth over the last 12 months, driven by increased demand in industrial and technology sectors like data centers. The company’s EPS surged 76.6% year-over-year to $4.75 in Q1 2025, while revenue grew 19.1% to $1.83 billion. Its record $6.84 billion backlog and expanded margins highlight operational efficiency and a robust pipeline for future growth.
- EPS grew 76.6% year-over-year to $4.75 in Q1 2025, up from $2.69 in Q1 2024.
- Backlog increased 15.7% to a record $6.84 billion as of March 2025.
- Gross profit margin expanded to 22.0% in Q1 2025, up from 19.3% in the prior-year period.
Wingstop Inc. WING
Polen Capital bought 1,476 shares of Wingstop Inc. in Q1 2025. Wingstop Inc. has demonstrated robust growth over the past year, achieving its 21st consecutive year of same-store sales growth at 19.9% in 2024, alongside 36.8% system-wide sales growth to $4.8 billion. The company expanded aggressively with 349 net new restaurants in 2024 and continued momentum into Q1 2025 with 126 new openings. Its stock trades at a P/E ratio of 51.8, reflecting investor confidence in its digital-first strategy, with 72% of sales coming from digital channels.
- EPS surged 54.9% to $5.91 in 2024, driven by net income growth of $108.7 million.
- 15.7% system-wide sales growth in Q1 2025 despite modest 0.5% same-store sales growth.
- 221% YoY net income increase in Q1 2025 to $92.3 million, fueled by operational efficiency.
Holdings at the end of Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| AMZN | Amazon.com, Inc. | 14.9% | Sold | $3,376,619,406 |
| MSFT | Microsoft Corporation | 9.9% | Sold | $2,230,231,954 |
| V | Visa Inc. | 9.3% | Sold | $2,111,069,470 |
| ORCL | Oracle Corporation | 7.8% | Bought | $1,762,878,461 |
| ABT | Abbott Laboratories | 6.7% | Sold | $1,510,296,828 |
| SHOP | Shopify Inc. | 6.4% | Sold | $1,457,986,765 |
| LLY | Eli Lilly and Company | 6.4% | Bought | $1,449,117,615 |
| ZTS | Zoetis Inc. | 6.4% | Bought | $1,448,400,867 |
| AON | Aon plc | 5.3% | Bought | $1,200,350,430 |
| GOOG | Alphabet Inc. | 5.1% | Sold | $1,161,480,672 |
| ABNB | Airbnb, Inc. | 4.1% | Sold | $923,020,105 |
| WDAY | Workday, Inc. | 4.1% | Sold | $921,160,370 |
| NFLX | Netflix, Inc. | 3.7% | Sold | $828,154,067 |
| NOW | ServiceNow, Inc. | 3.3% | Sold | $756,116,174 |
| AAPL | Apple Inc. | 2.6% | Sold | $595,555,874 |
| SBUX | Starbucks Corporation | 2.2% | New | $503,539,113 |
| SAP | SAP SE | 0.6% | Sold | $145,682,191 |
| GOOGL | Alphabet Inc. | 0.4% | Sold | $94,471,160 |
| NVO | Novo Nordisk A/S | 0.3% | Sold | $69,572,355 |
| NU | Nu Holdings Ltd. | 0.1% | Bought | $30,410,559 |
| TME | Tencent Music Entertainment Group | 0.1% | Bought | $28,514,064 |
| SKIL | Skillsoft corp | 0.0% | $1,099,989 | |
| SAIA | Saia, Inc. | 0.0% | New | $860,996 |
| BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | 0.0% | New | $480,849 |
| IWO | iShares Russell 2000 Growth ETF | 0.0% | $390,530 | |
| MANH | Manhattan Associates, Inc. | 0.0% | New | $385,187 |
| FIX | Comfort Systems USA, Inc. | 0.0% | New | $375,837 |
| WING | Wingstop Inc. | 0.0% | New | $332,956 |
| UL | Unilever PLC | 0.0% | Sold Out | $0 |
| YETI | YETI Holdings, Inc. | 0.0% | Sold Out | $0 |
| ALRM | Alarm.com Holdings, Inc. | 0.0% | Sold Out | $0 |
| FOXF | Fox Factory Holding Corp. | 0.0% | Sold Out | $0 |
| BAH | Booz Allen Hamilton Holding Corporation | 0.0% | Sold Out | $0 |
| USHY | iShares Broad USD High Yield Corporate Bond ETF | 0.0% | Sold Out | $0 |
| ALGN | Align Technology, Inc. | 0.0% | Sold Out | $0 |
| KB | KB Financial Group Inc. | 0.0% | Sold Out | $0 |
| ETSY | Etsy, Inc. | 0.0% | Sold Out | $0 |
| CRL | Charles River Laboratories International, Inc. | 0.0% | Sold Out | $0 |
| MODG | Callaway Golf Company | 0.0% | Sold Out | $0 |
| CPA | Copa Holdings, S.A. | 0.0% | Sold Out | $0 |
| KKS.F | Joint Stock Company Kaspi.kz | 0.0% | Sold Out | $0 |
| FERG | Ferguson plc | 0.0% | Sold Out | $0 |
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