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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	$74B	+$2.37B	96	4.97%	Increased
2	State Street Boston, Massachusetts	$44.6B	+$1.19B	90	4.87%	Increased
3	Fidelity Investments Boston, Massachusetts	$37.1B	+$1.8B	72	4.99%	Increased
4	BlackRock Institutional Trust San Francisco, California	$30.8B	+$4.48M	97	5.09%	Increased
5	T. Rowe Price Associates Baltimore, Maryland	$25.6B	-$829M	71	5.37%	Reduced
6	Capital World Investors Los Angeles, California	$24.7B	-$560M	14	6.9%	Reduced
7	Bank of New York Mellon New York	$20.5B	-$1.03B	96	6.2%	Reduced
8	BlackRock Fund Advisors San Francisco, California	$19.4B	+$1.1B	97	4.46%	Increased
9	Wellington Management Group Boston, Massachusetts	$17.3B	-$340M	53	4.52%	Reduced
10	JP Morgan Chase New York	$16.9B	+$706M	87	4.26%	Increased
11	Northern Trust Chicago, Illinois	$14.8B	-$898M	95	4.92%	Reduced
12	Bank of America Charlotte, North Carolina	$14.4B	+$472M	97	3.41%	Increased
13	Invesco Atlanta, Georgia	$12.7B	-$669M	72	5.05%	Reduced
14	Capital Research Global Investors Los Angeles, California	$12B	+$415M	12	4.11%	Increased
15	Berkshire Hathaway Omaha, Nebraska	$11.3B	$0	2	8.55%	Maintained
16	Wells Fargo San Francisco, California	$11B	+$135M	95	4.36%	Increased
17	Franklin Resources San Mateo, California	$10B	-$50.8M	42	5.07%	Reduced
18	Norges Bank Oslo, Norway	$9.92B	-$45.1M	60	4.93%	Reduced
19	Ameriprise Minneapolis, Minnesota	$9.42B	+$216M	80	5.53%	Increased
20	Geode Capital Management Boston, Massachusetts	$9.37B	+$149M	98	5.34%	Increased
21	Morgan Stanley New York	$8.99B	+$658M	103	3.26%	Increased
22	Janus Henderson Investors US Denver, Colorado	$8.92B	+$236M	47	7.6%	Increased
23	BlackRock Group London, United Kingdom	$8.85B	-$14.2M	79	4.87%	Reduced
24	TIAA CREF Investment Management New York	$8.22B	+$108M	85	6.15%	Increased
25	Primecap Management Pasadena, California	$8.11B	-$227M	12	8.29%	Reduced