{
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  "title": "Top Investors - Copycat",
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    "note": "Book from SEC 13F-HR filed by Polen Capital Management LLC (CIK 0001034524) \u2014 firm-wide US equity book across Quality Growth strategies (Focus Growth lead PMs Damon Ficklin & Dan Davidowitz; Schedule A). Form ADV Item 5.F RAUM (~$24.1bn YE 2025) exceeds the 13F equity book (~$11.6bn) \u2014 residual = cash, non-13F (incl. international/UCITS sleeves not reported on Form 13F), and timing. polencapital.com publishes strategy pages / GIPS disclosures but no firm-level holdings table. Polen Focus Growth ETF (PCLG) N-CSR (30 Apr 2026) is US Focus Growth only \u2014 no Non-US local listings to add. Non-US hunt: data/_research/polen-2026-10-15.md.",
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    "nonUsResearch": "data/_research/polen-2026-10-15.md",
    "nonUsHoldingsPath": "data/polen-capital/non_us_holdings.json"
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    "nonUsValuation": "No separate Non-US regulator lines valued after primary-source hunt (polencapital.com has no firm holdings table; Polen Focus Growth ETF N-CSR 30 Apr 2026 is US Focus Growth only; foreign-related US listings \u2014 Shopify, TSM ADR, ASML, SAP ADR, Aon, Accenture, Spotify, MercadoLibre \u2014 remain in the 13F book only). See data/_research/polen-2026-10-15.md.",
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    "shareClasses": "Alphabet Class A (GOOGL) and Class C (GOOG) are combined into one line (summed value, shares, and weight). Voting-rights difference is ignored here. Other dual-class names (e.g. Lennar) stay separate unless noted."
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