In a significant portfolio shift, Polen Capital Management reduced its holding in animal health company Zoetis by 92.41% during the second quarter of 2026. According to its quarterly 13F filing with the SEC, which reflects positions held as of June 30, 2026, the firm sold over 3.9 million shares. This trade decreased its stake from 4.22 million shares to just over 320,000. The reported value of Polen Capital's position in Zoetis fell from approximately $499.21 million to $23.03 million.
In its quarterly commentary, Polen Capital noted it sold its position in Zoetis, describing it as a high-quality business where growth had become more difficult to sustain. During the same period, Zoetis reported flat revenue and lowered its financial guidance for the rest of the year, citing a more pressured companion animal market, lower clinic visits, and increased price sensitivity among pet owners.