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Polen Capital's Q2 13F shows the growth manager trimming nearly every mega-cap core holding in lockstep — MSFT −26.3%, GOOG −26.5%, AVGO −27.3%, AMZN −27.9%, LLY −27.1%, V −26.2%, MA −25.9%, ORCL −28.9% — the signature of a shrinking book (filing value fell ~20% QoQ to $11.6B). Fresh capital went to new industrial and power positions (GE, GE Vernova, ATI, Howmet, EMCOR), a large TSM add (+186.9%) and uranium (Cameco +241%).
| Ticker | Company | Value | Shares | % of book | |
|---|---|---|---|---|---|
| GE | General Electric | $258.1M | 690.5K shares | 2.2% | |
| GEV | GE Vernova | $231M | 196.6K shares | 2.0% | |
| ATI | ATI Inc | $161.5M | 819.2K shares | 1.4% | |
| HWM | Howmet Aerospace | $122.9M | 457.1K shares | 1.1% | |
| EME | EMCOR Group | $85.6M | 103.1K shares | 0.7% | |
| RXT |
| Rackspace Technology |
| $4.6M |
| 709.2K shares |
| 0.0% |
| APLD | Applied Digital | $3.7M | 98.3K shares | 0.0% |
| EVC | ENTRAVISION COMMUNICATIONS-A | $3.1M | 236.9K shares | 0.0% |
| CPA | COPA HOLDINGS SA-CLASS A | $2.9M | 18.9K shares | 0.0% |
| CDNL | CARDINAL INFRASTRUCTURE GR-A | $2.9M | 30.8K shares | 0.0% |
| FPS | FORGENT POWER SOLUTIONS-CL A | $2.8M | 50.3K shares | 0.0% |
| DRTS | ALPHA TAU MEDICAL LTD | $2.8M | 220.8K shares | 0.0% |
| FIVN | FIVE9 INC | $2.5M | 117.3K shares | 0.0% |
| KN | KNOWLES CORP | $2.4M | 58.5K shares | 0.0% |
| MEC | MAYVILLE ENGINEERING CO INC | $2.3M | 61.8K shares | 0.0% |
| NOVT | NOVANTA INC | $2.2M | 13.4K shares | 0.0% |
| PENG | PENGUIN SOLUTIONS INC | $2.2M | 28.3K shares | 0.0% |
| AKTS | AKTIS ONCOLOGY INC | $2M | 63.5K shares | 0.0% |
| BLLN | BILLIONTOONE INC CL A | $2M | 17K shares | 0.0% |
| PTCT | PTC THERAPEUTICS INC | $2M | 24.9K shares | 0.0% |
| TVTX | TRAVERE THERAPEUTICS INC | $1.9M | 34.3K shares | 0.0% |
| WOLF | WOLFSPEED INC | $1.8M | 38.2K shares | 0.0% |
| ADEA | ADEIA INC | $1.7M | 52.6K shares | 0.0% |
| RNG | RINGCENTRAL INC-CLASS A | $1.6M | 40.1K shares | 0.0% |
| ZGN | ERMENEGILDO ZEGNA NV | $1.4M | 111.3K shares | 0.0% |
| CVLG | COVENANT LOGISTICS GROUP INC | $1.4M | 31.9K shares | 0.0% |
| AIRJ | AIRJOULE TECHNOLOGIES CORP | $1.3M | 243.4K shares | 0.0% |
| BTDR | Bitdeer Technologies Group | $1.3M | 79.5K shares | 0.0% |
| SPCX | SPACE EXPLORATION TECHN-CL A | $1.1M | 6.7K shares | 0.0% |
| NESR | NATIONAL ENERGY SERVICES REU | $1.1M | 38.3K shares | 0.0% |
| PRSU | PURSUIT ATTRACTIONS AND HOSP | $1.1M | 20K shares | 0.0% |
| OSCR | OSCAR HEALTH INC - CLASS A | $1.1M | 38.7K shares | 0.0% |
| URGN | UROGEN PHARMA LTD | $1.1M | 29.6K shares | 0.0% |
| VOO | VANGUARD S&P 500 ETF | $1M | 1.5K shares | 0.0% |
| RXO | RXO INC | $1M | 37.4K shares | 0.0% |
| WYFI | WHITEFIBER INC | $1M | 26.3K shares | 0.0% |
| WSC | WILLSCOT HOLDINGS CORP | $988K | 34.2K shares | 0.0% |
| CYD | CHINA YUCHAI INTL LTD | $908K | 19.1K shares | 0.0% |
| CCXI | CHURCHILL CAP CORP XI | $796K | 45.6K shares | 0.0% |
| UAL | UNITED AIRLINES HOLDINGS INC | $718K | 5.3K shares | 0.0% |
| XPO | XPO INC | $697K | 3.4K shares | 0.0% |
| GKOS | GLAUKOS CORP | $673K | 4.8K shares | 0.0% |
| CAMT | CAMTEK LTD | $671K | 4.1K shares | 0.0% |
| FORM | FORMFACTOR INC | $574K | 3.6K shares | 0.0% |
| AEIS | ADVANCED ENERGY INDUSTRIES | $560K | 1.5K shares | 0.0% |
| ARWR | ARROWHEAD PHARMACEUTICALS IN | $539K | 6.6K shares | 0.0% |
| ITRG | INTEGRA RESOURCES CORP | $535K | 241.2K shares | 0.0% |
| LSCC | Lattice Semiconductor Corp | $532K | 3.5K shares | 0.0% |
| TDUP | THREDUP INC - CLASS A | $516K | 75.3K shares | 0.0% |
| RBRK | Rubrik Inc | $498K | 6.2K shares | 0.0% |
| DSGX | DESCARTES SYSTEMS GRP/THE | $484K | 7K shares | 0.0% |
| EIKN | EIKON THERAPEUTICS INC | $466K | 35.7K shares | 0.0% |
| BEN | FRANKLIN RESOURCES INC | $458K | 13.8K shares | 0.0% |
| JAZZ | JAZZ PHARMACEUTICALS PLC | $448K | 1.9K shares | 0.0% |
| OOMA | OOMA INC | $404K | 21K shares | 0.0% |
| IOO | ISHARES TR | $357K | 2.6K shares | 0.0% |
| MRCY | MERCURY SYSTEMS INC | $355K | 2.9K shares | 0.0% |
| ALH | ALLIANCE LAUNDRY HOLDINGS IN | $330K | 12.4K shares | 0.0% |
| ROIV | ROIVANT SCIENCES LTD | $306K | 8.7K shares | 0.0% |
| P | EVERPURE INC-A | $302K | 3.8K shares | 0.0% |
| FREL | FIDELITY COVINGTON TRUST | $254K | 8.7K shares | 0.0% |
| HZO | MARINEMAX INC | $247K | 6.8K shares | 0.0% |
| AMD | Advanced Micro Devices | $242K | 417 shares | 0.0% |
| SANM | SANMINA CORP | $224K | 886 shares | 0.0% |
| ETSY | ETSY INC | $224K | 3K shares | 0.0% |
| AUR | Aurora Innovation Inc | $222K | 32.5K shares | 0.0% |
| BLZE | BACKBLAZE INC-A | $210K | 13.3K shares | 0.0% |
| LITE | Lumentum Holdings | $209K | 243 shares | 0.0% |
| Ticker | Name | Note |
|---|---|---|
| INTU | Intuit | |
| FSLY | FASTLY INC - CLASS A | |
| MCHI | ISHARES MSCI CHINA ETF | |
| MDT | Medtronic | |
| EWT | ISHARES MSCI TAIWAN ETF | |
| WGS | GENEDX HOLDINGS CORP | |
| PAYC | PAYCOM SOFTWARE INC | |
| FIGR | FIGURE TECHNOLOGY SOLUT-CL A | |
| KRMN | KARMAN HOLDINGS INC | |
| CAAP | CORP AMERICA AIRPORTS SA | |
| KTOS | KRATOS DEFENSE & SECURITY | |
| IRMD | IRADIMED CORP | |
| CELC | CELCUITY INC | |
| METC | RAMACO RESOURCES INC-A | |
| FIGS | FIGS INC-CLASS A | |
| SHAK | Shake Shack | |
| IRS | IRSA -SP ADR | |
| AX | AXOS FINANCIAL INC | |
| NUVL | Nuvalent | |
| ESQ | ESQUIRE FINANCIAL HOLDINGS I | |
| DNLI | DENALI THERAPEUTICS INC | |
| CRCL | CIRCLE INTERNET GROUP INC | |
| IONQ | IONQ INC | |
| IE | IVANHOE ELECTRIC INC / US | |
| SGOV | ISHARES 0-3 MONTH TREASURY B | |
| SION | SIONNA THERAPEUTICS INC | |
| STRL | STERLING INFRASTRUCTURE INC | |
| CPF | CENTRAL PACIFIC FINANCIAL CO | |
| XMTR | XOMETRY INC-A | |
| FLR | FLUOR CORP | |
| WINA | WINMARK CORP | |
| HCI | HCI GROUP INC | |
| LRN | STRIDE INC | |
| KTB | KONTOOR BRANDS INC | |
| CUSIP:G1827P106 | CANTOR EQUITY PARTNERS II IN | |
| ARLO | ARLO TECHNOLOGIES INC | |
| BKSY | BlackSky | |
| TMDX | TRANSMEDICS GROUP INC | |
| FLY | FIREFLY AEROSPACE INC | |
| DAVE | DAVE INC | |
| OFRM | ONCE UPON A FARM PBC | |
| HDB | HDFC Bank | |
| GPGI | GPGI INC | |
| BETR | BETTER HOME & FINANCE HOLDIN | |
| ORN | ORION GROUP HOLDINGS INC | |
| LMND | Lemonade | |
| ANIP | ANI PHARMACEUTICALS INC | |
| CUSIP:88362T103 | THERMON GROUP HLDGS INC | |
| MTW | MANITOWOC COMPANY INC | |
| MIR | Mirion Technologies | |
| CUSIP:04351P101 | Ascendis Pharma A/S | |
| CCO | CAMECO CORP | |
| DLX | DELUXE CORP | |
| ANNX | ANNEXON INC | |
| PAHC | PHIBRO ANIMAL HEALTH CORP-A | |
| ANRO | ALTO NEUROSCIENCE INC | |
| CEPU | CENTRAL PUERTO-SPONSORED ADR | |
| VTOL | BRISTOW GROUP INC | |
| SKYT | SKYWATER TECHNOLOGY INC | |
| AA | Alcoa | |
| SES | SES AI CORP | |
| FSLR | First Solar | |
| IT | Gartner | |
| SMR | NuScale Power | |
| CRM | Salesforce | |
| BIL | SS SPDR BB 1-3M T-BILL ETF | |
| QXO | QXO | |
| GGAL | GRUPO FINANCIERO GALICIA-ADR | |
| NAUT | NAUTILUS BIOTECHNOLOGY INC | |
| OPEN | Opendoor |
| Ticker | Q2 value | Change | Direction |
|---|---|---|---|
| LLY | $799.9M | -27.1% | TRIM |
| NVDA | $796M | -3.1% | TRIM |
| MSFT | $782.8M | -26.3% | TRIM |
| GOOG | $765M | -26.5% | TRIM |
| AVGO | $740.5M | -27.3% | TRIM |
| AMZN | $669.7M | -27.9% | TRIM |
| V | $619.5M | -26.2% | TRIM |
| MA | $586.5M | -25.9% | TRIM |
| NOW | $533.2M | -26.1% | TRIM |
| ORCL | $523.8M | -28.9% | TRIM |
| SHOP | $522.7M | -27.4% | TRIM |
| MSCI | $376.2M | -27.7% | TRIM |
| LRCX | $372.2M | -18.5% | TRIM |
| SBUX | $362.9M | -29.8% | TRIM |
| IDXX | $280.3M | -23.5% | TRIM |
| CSGP | $248.1M | -30.3% | TRIM |
| TSM | $239.4M | +186.9% | ADD |
| ABNB | $236.1M | -27.4% | TRIM |
| META | $185.6M | -30.9% | TRIM |
| ISRG | $178.1M | -26.2% | TRIM |
| IWF | $76.2M | +50.8% | ADD |
| ROL | $66.4M | -26.9% | TRIM |
| AON | $54.4M | -87.9% | TRIM |
| MELI | $44M | -24.7% | TRIM |
| UBER | $41.1M | -80.5% | TRIM |
| SPOT | $37.5M | -24.1% | TRIM |
| ASML | $30.7M | -4% | TRIM |
| ZTS | $23M | -92.4% | TRIM |
| ACN | $19M | -88.7% | TRIM |
| ACWI | $18.9M | -60.7% | TRIM |
Rotation within shrinkage: ~25-30% cuts across the mega-cap growth core, while new money flowed to AI manufacturing (TSM +186.9%), power and electrification (GE, GE Vernova, EMCOR, TeraWulf) and uranium (Cameco +241%) — a defensive reallocation into the AI and electrification buildout.
Figures are computed from the latest 13F-HR filing (period 2026-06-30); the filing is authoritative.