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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	$65.8B	+$621M	95	4.45%	Increased
2	State Street Boston, Massachusetts	$41.2B	-$2.69B	86	4.4%	Reduced
3	Fidelity Investments Boston, Massachusetts	$33.7B	-$990M	69	4.32%	Reduced
4	BlackRock Institutional Trust San Francisco, California	$28.4B	-$987M	93	4.57%	Reduced
5	T. Rowe Price Associates Baltimore, Maryland	$22.2B	+$4.44B	70	4.56%	Increased
6	Bank of New York Mellon New York	$20.3B	-$728M	94	5.6%	Reduced
7	Capital World Investors Los Angeles, California	$19.4B	-$340M	16	5.27%	Reduced
8	BlackRock Fund Advisors San Francisco, California	$17.3B	-$80.3M	91	4.14%	Reduced
9	JP Morgan Chase New York	$15.3B	-$601M	66	3.61%	Reduced
10	Northern Trust Chicago, Illinois	$15B	+$110M	91	4.52%	Increased
11	Wellington Management Group Boston, Massachusetts	$14.3B	+$579M	46	3.7%	Increased
12	Berkshire Hathaway Omaha, Nebraska	$13.1B	$0	2	11.92%	Maintained
13	Capital Research Global Investors Los Angeles, California	$12.4B	-$445M	13	4.06%	Reduced
14	Invesco Atlanta, Georgia	$12B	-$532M	90	4.71%	Reduced
15	Wells Fargo San Francisco, California	$9.83B	+$173M	95	3.79%	Increased
16	Norges Bank Oslo, Norway	$9.32B	-$58.9M	57	4.66%	Reduced
17	Geode Capital Management Boston, Massachusetts	$8.42B	+$76.7M	94	4.8%	Increased
18	Ameriprise Minneapolis, Minnesota	$8.3B	+$242M	76	4.73%	Increased
19	Franklin Resources San Mateo, California	$8.22B	+$66.7M	39	3.73%	Increased
20	BlackRock Group London, United Kingdom	$7.93B	-$136M	74	4.32%	Reduced
21	Morgan Stanley New York	$7.92B	+$7.08M	101	2.74%	Increased
22	Janus Henderson Investors US Denver, Colorado	$7.77B	+$126M	43	6.39%	Increased
23	Primecap Management Pasadena, California	$7.75B	-$131M	11	7.63%	Reduced
24	Massachusetts Financial Services Boston, Massachusetts	$7.75B	+$286M	31	3.94%	Increased
25	Bank of America Charlotte, North Carolina	$7.63B	-$118M	94	2.49%	Reduced