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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
1	Vanguard Group Malvern, Pennsylvania	$45.1B	+$921M	76	4.41%	Increased
2	State Street Boston, Massachusetts	$37.8B	-$291M	71	4.66%	Reduced
3	Fidelity Investments Boston, Massachusetts	$29.1B	+$982M	63	4.45%	Increased
4	BlackRock Institutional Trust San Francisco, California	$23.7B	-$172M	77	4.58%	Reduced
5	Bank of New York Mellon New York	$18.9B	+$393M	78	5.62%	Increased
6	Capital Research Global Investors Los Angeles, California	$15.2B	-$1.31B	16	6.01%	Reduced
7	Wellington Management Group Boston, Massachusetts	$14.4B	-$541M	48	4.5%	Reduced
8	T. Rowe Price Associates Baltimore, Maryland	$14.1B	-$535M	57	3.51%	Reduced
9	Northern Trust Chicago, Illinois	$12.8B	-$316M	76	4.49%	Reduced
10	Berkshire Hathaway Omaha, Nebraska	$12.7B	$0	2	13.82%	Maintained
11	Capital World Investors Los Angeles, California	$12B	+$1.59B	14	3.65%	Increased
12	BlackRock Fund Advisors San Francisco, California	$11.7B	+$12.3M	76	3.96%	Increased
13	JP Morgan Chase New York	$11.6B	+$881M	62	3.44%	Increased
14	Invesco Atlanta, Georgia	$11.6B	-$1.37B	65	5.03%	Reduced
15	Wells Fargo San Francisco, California	$8.18B	+$78.1M	77	3.89%	Increased
16	Norges Bank Oslo, Norway	$7.77B	-$114M	48	4.53%	Reduced
17	Bank of America Charlotte, North Carolina	$6.96B	+$8.12M	76	2.77%	Increased
18	BlackRock Group London, United Kingdom	$6.89B	+$503M	62	4.63%	Increased
19	TIAA CREF Investment Management New York	$6.72B	-$138M	66	5.26%	Reduced
20	Franklin Resources San Mateo, California	$6.61B	-$319M	33	3.52%	Reduced
21	BNP Paribas Financial Markets Paris, France	$6.54B	+$242M	48	4.75%	Increased
22	Primecap Management Pasadena, California	$6.38B	-$317M	12	8.4%	Reduced
23	Massachusetts Financial Services Boston, Massachusetts	$6.37B	+$296M	28	3.95%	Increased
24	Ameriprise Minneapolis, Minnesota	$6.13B	-$16.2M	75	4.02%	Reduced
25	OppenheimerFunds New York	$5.97B	+$3.07B	24	3.96%	Increased