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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	$58.1B	+$1.66B	86	4.53%	Increased
2	State Street Boston, Massachusetts	$44B	+$1.05B	82	4.73%	Increased
3	Fidelity Investments Boston, Massachusetts	$34.1B	-$2.06B	69	4.62%	Reduced
4	BlackRock Institutional Trust San Francisco, California	$28.2B	+$320M	86	4.74%	Increased
5	Bank of New York Mellon New York	$21B	-$176M	89	5.7%	Reduced
6	Capital World Investors Los Angeles, California	$19.6B	+$690M	15	5.51%	Increased
7	T. Rowe Price Associates Baltimore, Maryland	$15.3B	+$89.9M	65	3.34%	Increased
8	BlackRock Fund Advisors San Francisco, California	$15.1B	+$562M	87	4.26%	Increased
9	Wellington Management Group Boston, Massachusetts	$14.8B	+$362M	49	4.07%	Increased
10	Northern Trust Chicago, Illinois	$14.7B	+$61.6M	88	4.61%	Increased
11	JP Morgan Chase New York	$14.6B	+$734M	61	3.46%	Increased
12	Capital Research Global Investors Los Angeles, California	$13.8B	-$796M	16	4.79%	Reduced
13	Berkshire Hathaway Omaha, Nebraska	$13.5B	+$57.9M	2	12.43%	Increased
14	Invesco Atlanta, Georgia	$13.5B	-$432M	73	5.37%	Reduced
15	Wells Fargo San Francisco, California	$8.68B	-$21.6M	88	3.64%	Reduced
16	Norges Bank Oslo, Norway	$8.62B	-$8.45B	53	4.67%	Reduced
17	Bank of America Charlotte, North Carolina	$8.5B	+$140M	85	2.75%	Increased
18	Franklin Resources San Mateo, California	$8.49B	-$305M	39	3.87%	Reduced
19	Morgan Stanley New York	$8.17B	+$687M	95	3.14%	Increased
20	TIAA CREF Investment Management New York	$8.1B	+$60.7M	77	5.76%	Increased
21	BlackRock Group London, United Kingdom	$7.75B	-$136M	64	4.49%	Reduced
22	Primecap Management Pasadena, California	$7.68B	-$43.5M	11	8.22%	Reduced
23	Massachusetts Financial Services Boston, Massachusetts	$7.56B	-$46.9M	31	4%	Reduced
24	Geode Capital Management Boston, Massachusetts	$7.56B	+$153M	90	4.9%	Increased
25	Ameriprise Minneapolis, Minnesota	$7.51B	+$4.09M	80	4.52%	Increased