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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	$53.2B	+$738M	81	4.48%	Increased
2	State Street Boston, Massachusetts	$40.9B	-$2.76B	75	4.65%	Reduced
3	Fidelity Investments Boston, Massachusetts	$35.9B	+$995M	61	4.98%	Increased
4	BlackRock Institutional Trust San Francisco, California	$26.9B	-$77.2M	80	4.63%	Reduced
5	Bank of New York Mellon New York	$20.9B	-$432M	83	5.7%	Reduced
6	Capital World Investors Los Angeles, California	$15.9B	+$500M	16	4.52%	Increased
7	T. Rowe Price Associates Baltimore, Maryland	$15.7B	+$253M	61	3.53%	Increased
8	Wellington Management Group Boston, Massachusetts	$14.9B	-$944M	53	4.14%	Reduced
9	Capital Research Global Investors Los Angeles, California	$14.7B	-$862M	16	5.32%	Reduced
10	Northern Trust Chicago, Illinois	$14.6B	+$32.5M	81	4.59%	Increased
11	BlackRock Fund Advisors San Francisco, California	$14.2B	+$273M	81	4.21%	Increased
12	Berkshire Hathaway Omaha, Nebraska	$13.3B	+$42.9M	2	12.53%	Increased
13	Invesco Atlanta, Georgia	$13.1B	-$709M	70	5.31%	Reduced
14	JP Morgan Chase New York	$12.5B	-$372M	56	3.44%	Reduced
15	Wells Fargo San Francisco, California	$9.03B	+$188M	79	3.84%	Increased
16	BNP Paribas Financial Markets Paris, France	$8.43B	+$1.88B	62	6.55%	Increased
17	Norges Bank Oslo, Norway	$8.12B	-$50.6M	50	4.58%	Reduced
18	Franklin Resources San Mateo, California	$7.82B	+$179M	37	3.69%	Increased
19	TIAA CREF Investment Management New York	$7.66B	-$58.6M	71	5.52%	Reduced
20	Massachusetts Financial Services Boston, Massachusetts	$7.61B	+$283M	30	4.16%	Increased
21	BlackRock Group London, United Kingdom	$7.45B	+$20.9M	62	4.67%	Increased
22	Primecap Management Pasadena, California	$7.41B	+$11.4M	11	8.39%	Increased
23	Bank of America Charlotte, North Carolina	$7.36B	-$70.7M	81	2.73%	Reduced
24	Ameriprise Minneapolis, Minnesota	$7.22B	+$95.9M	74	4.34%	Increased
25	Geode Capital Management Boston, Massachusetts	$7.16B	+$25.8M	84	4.8%	Increased