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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	+$865M	96	4.6%	Increased
2	State Street Boston, Massachusetts	$38.8B	-$547M	88	4.52%	Reduced
3	Fidelity Investments Boston, Massachusetts	$31B	-$1.37B	70	4.41%	Reduced
4	BlackRock Institutional Trust San Francisco, California	$27.4B	+$230M	96	4.78%	Increased
5	T. Rowe Price Associates Baltimore, Maryland	$22.6B	+$1.01B	70	5.03%	Increased
6	Capital World Investors Los Angeles, California	$20.7B	+$1.44B	16	6.07%	Increased
7	Bank of New York Mellon New York	$19.2B	-$322M	96	5.87%	Reduced
8	BlackRock Fund Advisors San Francisco, California	$16.4B	-$68.1M	92	4.24%	Reduced
9	Wellington Management Group Boston, Massachusetts	$15.2B	+$1.29B	49	4.23%	Increased
10	Northern Trust Chicago, Illinois	$14B	-$345M	94	4.68%	Reduced
11	JP Morgan Chase New York	$14B	-$840M	64	3.74%	Reduced
12	Bank of America Charlotte, North Carolina	$12.6B	+$5.39B	96	3.14%	Increased
13	Berkshire Hathaway Omaha, Nebraska	$11.9B	+$227M	2	9.31%	Increased
14	Invesco Atlanta, Georgia	$11.6B	-$177M	71	4.92%	Reduced
15	Capital Research Global Investors Los Angeles, California	$10.9B	-$505M	13	3.88%	Reduced
16	Wells Fargo San Francisco, California	$9.77B	+$461M	94	4.09%	Increased
17	Norges Bank Oslo, Norway	$8.96B	+$59.5M	60	4.7%	Increased
18	Franklin Resources San Mateo, California	$8.46B	+$475M	42	4.18%	Increased
19	Geode Capital Management Boston, Massachusetts	$8.17B	+$114M	96	4.96%	Increased
20	Ameriprise Minneapolis, Minnesota	$8.09B	+$246M	77	5.01%	Increased
21	BlackRock Group London, United Kingdom	$7.88B	+$302M	77	4.62%	Increased
22	Janus Henderson Investors US Denver, Colorado	$7.81B	+$134M	45	7.01%	Increased
23	Morgan Stanley New York	$7.32B	-$158M	100	2.7%	Reduced
24	Massachusetts Financial Services Boston, Massachusetts	$7.27B	-$92M	29	4.06%	Reduced
25	TIAA CREF Investment Management New York	$7.23B	-$63.4M	84	5.67%	Reduced