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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	$50.5B	+$1.26B	80	4.45%	Increased
2	State Street Boston, Massachusetts	$42.1B	+$918M	75	4.68%	Increased
3	Fidelity Investments Boston, Massachusetts	$33.4B	+$1.75B	64	4.72%	Increased
4	BlackRock Institutional Trust San Francisco, California	$25.9B	-$18.5M	81	4.57%	Reduced
5	Bank of New York Mellon New York	$20.4B	-$461M	83	5.68%	Reduced
6	Wellington Management Group Boston, Massachusetts	$15.2B	-$654M	51	4.36%	Reduced
7	T. Rowe Price Associates Baltimore, Maryland	$15.1B	-$305M	57	3.46%	Reduced
8	Capital Research Global Investors Los Angeles, California	$14.8B	-$2.38B	16	5.48%	Reduced
9	Capital World Investors Los Angeles, California	$14.2B	+$799M	15	3.99%	Increased
10	Northern Trust Chicago, Illinois	$14.1B	+$92.2M	81	4.51%	Increased
11	BlackRock Fund Advisors San Francisco, California	$13.6B	+$728M	81	4.13%	Increased
12	Invesco Atlanta, Georgia	$13.1B	+$222M	68	5.22%	Increased
13	Berkshire Hathaway Omaha, Nebraska	$12.9B	$0	2	12.29%	Maintained
14	JP Morgan Chase New York	$12.2B	-$721M	61	3.47%	Reduced
15	BNP Paribas Financial Markets Paris, France	$10B	-$862M	74	7.29%	Reduced
16	Wells Fargo San Francisco, California	$8.7B	-$134M	77	3.78%	Reduced
17	Norges Bank Oslo, Norway	$7.82B	-$659M	48	4.5%	Reduced
18	Goldman Sachs New York	$7.43B	+$1.05B	70	2.44%	Increased
19	TIAA CREF Investment Management New York	$7.39B	+$20.7M	70	5.3%	Increased
20	Franklin Resources San Mateo, California	$7.36B	+$97.4M	35	3.6%	Increased
21	Bank of America Charlotte, North Carolina	$7.28B	-$305M	84	2.62%	Reduced
22	Massachusetts Financial Services Boston, Massachusetts	$7.16B	+$156M	26	4.02%	Increased
23	BlackRock Group London, United Kingdom	$7.09B	-$460M	62	4.57%	Reduced
24	Ameriprise Minneapolis, Minnesota	$6.87B	+$203M	71	4.16%	Increased
25	Geode Capital Management Boston, Massachusetts	$6.84B	+$329M	83	4.74%	Increased