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SaaS & Enterprise Software

Software as a service sells business applications by subscription, trading a large upfront licence for predictable recurring revenue. Keeping and growing existing customers matters more to the investment case than winning new ones.

266 stocks

#	Name	Holding	Trade Value	Theme Stocks	% of Portfolio	Status
26	Franklin Resources San Mateo, California	$27B	-$110M	122	13.73%	Reduced
27	Amundi Paris, France	$25.5B	+$1.97B	116	12.53%	Increased
28	Royal Bank of Canada Toronto, Ontario, Canada	$24.2B	-$84.3M	190	6.57%	Reduced
29	Wells Fargo San Francisco, California	$23B	-$779M	191	6.74%	Reduced
30	Janus Henderson Group London,	$21.8B	-$259M	154	14.27%	Reduced
31	Jennison Associates New York	$20.5B	+$1.21B	34	17.41%	Increased
32	Fisher Asset Management Camas, Washington	$20.3B	+$188M	49	11.5%	Increased
33	T. Rowe Price Investment Management Baltimore, Maryland	$18.7B	-$1.87B	43	13.22%	Reduced
34	Barclays London, United Kingdom	$18.1B	+$804M	178	11.3%	Increased
35	Dimensional Fund Advisors Austin, Texas	$18B	+$474M	161	5.91%	Increased
36	Deutsche Bank Frankfurt Am Main Ge, Germany	$16B	-$3.9B	167	10.32%	Reduced
37	Swiss National Bank Zurich, Switzerland	$15.3B	-$1.93B	156	11.98%	Reduced
38	California Public Employees Retirement System Sacramento, California	$15B	+$971M	79	12.9%	Increased
39	Sumitomo Mitsui Trust Group Minato-Ku, Tokyo, Japan	$14.9B	-$225M	66	12.23%	Reduced
40	UBS Group Zurich, Switzerland	$14.5B	-$741M	198	5.01%	Reduced
41	ClearBridge Investments New York	$14.5B	-$405M	56	13.95%	Reduced
42	Principal Financial Group Des Moines, Iowa	$14.3B	-$338M	131	10.24%	Reduced
43	Bank of Montreal Toronto, Ontario, Canada	$12.6B	+$754M	113	4.38%	Increased
44	Gates Foundation Trust Kirkland, Washington	$12.6B	+$20.2M	5	32.42%	Increased
45	Brown Advisory Baltimore, Maryland	$12.4B	-$670M	59	20.38%	Reduced
46	American Century Companies Kansas City, Missouri	$11.6B	+$521M	110	8.97%	Increased
47	Neuberger Berman Group New York	$11.6B	+$616M	97	10.58%	Increased
48	VOYA Investment Management Atlanta, Georgia	$11.6B	+$164M	154	12.81%	Increased
49	Baillie Gifford & Co Edinburgh, United Kingdom	$11.5B	-$80.8M	36	10.53%	Reduced
50	Primecap Management Pasadena, California	$11.4B	-$124M	23	9.62%	Reduced