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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
101	Fundsmith LLP London, United Kingdom	$2.45B	+$323M	3	20.16%	Increased
102	Nordea Investment Management Stockholm, Sweden	$2.39B	+$57.8M	42	5.73%	Increased
103	Schroder Investment Management Group London, United Kingdom	$2.39B	-$139M	35	4.15%	Reduced
104	PNC Financial Services Group Pittsburgh, Pennsylvania	$2.38B	-$45.7M	91	2.35%	Reduced
105	APG Asset Management Amsterdam, Netherlands	$2.31B	-$82.8M	35	4.46%	Reduced
106	Federated Hermes Pittsburgh, Pennsylvania	$2.3B	+$53M	72	6.67%	Increased
107	Adage Capital Partners Boston, Massachusetts	$2.23B	-$32.8M	20	5.19%	Reduced
108	Macquarie Group Sydney, NSW 2000, Australia	$2.22B	+$15.4M	67	4.05%	Increased
109	JSP Jackson Square Partners Larkspur, California	$2.21B	+$115M	6	11.06%	Increased
110	State of Wisconsin Investment Board Madison, Wisconsin	$2.17B	-$44.5M	52	6.26%	Reduced
111	Raymond James & Associates St Petersburg, Florida	$2.17B	+$74.6M	77	3.89%	Increased
112	USAA United Services Automobile Association San Antonio, Texas	$2.14B	+$37.1M	72	5.75%	Increased
113	William Blair Investment Management Chicago, Illinois	$2.13B	+$42.3M	21	8.12%	Increased
114	Millennium Management New York	$2.11B	-$198M	92	2.82%	Reduced
115	Eaton Vance Management Boston, Massachusetts	$2.08B	-$29.7M	41	5.2%	Reduced
116	Prudential plc London, England, United Kingdom	$2.07B	+$29.5M	27	6.47%	Increased
117	Canada Life Winnipeg, Manitoba, Canada	$2.06B	+$30.2M	85	4.98%	Increased
118	Lazard Asset Management New York	$2.06B	-$49M	32	3.51%	Reduced
119	Bessemer Group Woodbridge, New Jersey	$2.02B	+$311M	58	7.87%	Increased
120	CIBC Private Wealth Group Atlanta, Georgia	$1.96B	+$85.2M	56	8.52%	Increased
121	Guggenheim Capital Chicago, Illinois	$1.87B	-$64.2M	63	4.57%	Reduced
122	Egerton Capital (UK) London, United Kingdom	$1.85B	+$72.5M	4	15.08%	Increased
123	Tiger Global Management New York	$1.85B	+$450M	7	12.27%	Increased
124	Citigroup New York	$1.83B	+$15.7M	105	1.51%	Increased
125	William Blair & Company Chicago, Illinois	$1.81B	-$119M	53	12.81%	Reduced