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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	$63.7B	+$3.56B	93	4.32%	Increased
2	State Street Boston, Massachusetts	$42.8B	-$1.9B	86	4.39%	Reduced
3	Fidelity Investments Boston, Massachusetts	$33.7B	-$1.39B	73	4.3%	Reduced
4	BlackRock Institutional Trust San Francisco, California	$28.7B	+$327M	92	4.46%	Increased
5	Bank of New York Mellon New York	$20.6B	-$626M	93	5.36%	Reduced
6	Capital World Investors Los Angeles, California	$18.5B	+$1.01B	17	4.99%	Increased
7	T. Rowe Price Associates Baltimore, Maryland	$17.7B	+$184M	69	3.66%	Increased
8	BlackRock Fund Advisors San Francisco, California	$16.9B	-$98.6M	90	4.03%	Reduced
9	JP Morgan Chase New York	$15.3B	+$219M	65	3.48%	Increased
10	Northern Trust Chicago, Illinois	$14.6B	-$136M	93	4.38%	Reduced
11	Wellington Management Group Boston, Massachusetts	$13.5B	-$371M	50	3.46%	Reduced
12	Capital Research Global Investors Los Angeles, California	$13B	-$400M	15	4.46%	Reduced
13	Berkshire Hathaway Omaha, Nebraska	$12.9B	+$411M	2	12.02%	Increased
14	Invesco Atlanta, Georgia	$12.1B	-$736M	71	4.69%	Reduced
15	Wells Fargo San Francisco, California	$9.5B	+$28.9M	92	3.7%	Increased
16	Norges Bank Oslo, Norway	$9.21B	+$330M	55	4.51%	Increased
17	Geode Capital Management Boston, Massachusetts	$8.13B	+$297M	94	4.64%	Increased
18	BlackRock Group London, United Kingdom	$7.88B	-$202M	64	4.25%	Reduced
19	TIAA CREF Investment Management New York	$7.87B	-$80.9M	81	5.48%	Reduced
20	Franklin Resources San Mateo, California	$7.83B	+$266M	39	3.55%	Increased
21	Ameriprise Minneapolis, Minnesota	$7.75B	+$110M	76	4.45%	Increased
22	Bank of America Charlotte, North Carolina	$7.73B	+$1.15B	92	2.6%	Increased
23	Morgan Stanley New York	$7.69B	-$629M	99	2.83%	Reduced
24	Massachusetts Financial Services Boston, Massachusetts	$7.58B	-$114M	30	3.84%	Reduced
25	Janus Henderson Investors US Denver, Colorado	$7.47B	+$385M	43	6.15%	Increased