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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	$61.3B	+$1.83B	89	4.41%	Increased
2	State Street Boston, Massachusetts	$45.9B	+$1.48B	84	4.57%	Increased
3	Fidelity Investments Boston, Massachusetts	$34.9B	-$274M	73	4.55%	Reduced
4	BlackRock Institutional Trust San Francisco, California	$29B	+$52.6M	90	4.63%	Increased
5	Bank of New York Mellon New York	$21.7B	-$121M	92	5.66%	Reduced
6	Capital World Investors Los Angeles, California	$19.3B	-$431M	16	5.24%	Reduced
7	BlackRock Fund Advisors San Francisco, California	$17B	+$1.36B	87	4.21%	Increased
8	T. Rowe Price Associates Baltimore, Maryland	$16.7B	+$620M	68	3.56%	Increased
9	Northern Trust Chicago, Illinois	$15B	-$24.8M	91	4.53%	Reduced
10	JP Morgan Chase New York	$14.8B	-$348M	67	3.39%	Reduced
11	Wellington Management Group Boston, Massachusetts	$14.4B	-$977M	47	3.81%	Reduced
12	Capital Research Global Investors Los Angeles, California	$13.6B	-$1.43B	15	4.61%	Reduced
13	Invesco Atlanta, Georgia	$13B	-$955M	72	5.02%	Reduced
14	Berkshire Hathaway Omaha, Nebraska	$12.4B	+$1.08B	2	11.38%	Increased
15	Wells Fargo San Francisco, California	$9.41B	+$306M	91	3.69%	Increased
16	Norges Bank Oslo, Norway	$9.1B	+$250M	56	4.62%	Increased
17	Morgan Stanley New York	$8.38B	-$3.38M	99	3.06%	Reduced
18	BlackRock Group London, United Kingdom	$8.35B	+$443M	65	4.47%	Increased
19	Geode Capital Management Boston, Massachusetts	$8.05B	+$299M	93	4.79%	Increased
20	TIAA CREF Investment Management New York	$7.99B	-$346M	79	5.59%	Reduced
21	Franklin Resources San Mateo, California	$7.92B	-$739M	42	3.59%	Reduced
22	Primecap Management Pasadena, California	$7.91B	-$9.01M	11	8.02%	Reduced
23	Ameriprise Minneapolis, Minnesota	$7.67B	-$54.3M	74	4.47%	Reduced
24	Massachusetts Financial Services Boston, Massachusetts	$7.59B	-$494M	31	3.86%	Reduced
25	Goldman Sachs New York	$7.04B	-$187M	78	2.23%	Reduced