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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	$78.3B	+$1.52B	97	4.86%	Increased
2	State Street Boston, Massachusetts	$45B	-$1.04B	91	4.83%	Reduced
3	Fidelity Investments Boston, Massachusetts	$35.1B	-$2.05B	75	4.79%	Reduced
4	BlackRock Institutional Trust San Francisco, California	$31.4B	-$153M	97	5.1%	Reduced
5	T. Rowe Price Associates Baltimore, Maryland	$25.9B	+$547M	71	5.49%	Increased
6	Capital World Investors Los Angeles, California	$21.8B	-$79.2M	15	5.88%	Reduced
7	Bank of New York Mellon New York	$20.3B	-$484M	97	6.19%	Reduced
8	BlackRock Fund Advisors San Francisco, California	$20B	+$331M	97	4.42%	Increased
9	Wellington Management Group Boston, Massachusetts	$19.4B	+$363M	54	5.01%	Increased
10	JP Morgan Chase New York	$16.3B	-$600M	88	4.05%	Reduced
11	Northern Trust Chicago, Illinois	$15B	-$200M	97	4.86%	Reduced
12	Bank of America Charlotte, North Carolina	$14.1B	+$259M	104	3.27%	Increased
13	Berkshire Hathaway Omaha, Nebraska	$12.5B	$0	2	9.6%	Maintained
14	Capital Research Global Investors Los Angeles, California	$12.1B	-$519M	11	4.15%	Reduced
15	Invesco Atlanta, Georgia	$12.1B	-$471M	74	4.46%	Reduced
16	Wells Fargo San Francisco, California	$11B	-$213M	95	4.27%	Reduced
17	Janus Henderson Investors US Denver, Colorado	$10.7B	+$805M	47	9.1%	Increased
18	Norges Bank Oslo, Norway	$10.4B	+$140M	61	4.95%	Increased
19	Franklin Resources San Mateo, California	$9.94B	+$463M	37	5.35%	Increased
20	Geode Capital Management Boston, Massachusetts	$9.9B	+$50.7M	98	5.38%	Increased
21	Morgan Stanley New York	$9.8B	+$508M	101	3.54%	Increased
22	BlackRock Group London, United Kingdom	$9.31B	+$90M	79	4.83%	Increased
23	Ameriprise Minneapolis, Minnesota	$8.87B	-$762M	73	5.2%	Reduced
24	Massachusetts Financial Services Boston, Massachusetts	$8.68B	-$61.4M	30	4.37%	Reduced
25	TIAA CREF Investment Management New York	$8.42B	-$231M	85	6.45%	Reduced