Reported portfolio
Terry Smith
Fundsmith LLP
Last update 2026-08-14
- Reported portfolio value
- $13,648,924,000
- Current positions
- 41
- Top five concentration
- 29.8%
- Largest position
- 7.0%
- New positions
- 13
- Closed positions
- 6
Reported holdings
47 positions
| Company | Portfolio | Recent activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
MAR MARRIOTT INTL INC NEW | 7.02% | Reduced 23.3% | 2,585,757−785,115 | $371 | $958,256,000−$144,255,000 | 13F2026-06-30 ↗ |
SYK STRYKER CORPORATION | 6.72% | Reduced 4.8% | 2,913,833−147,583 | $315 | $917,391,000−$88,560,000 | 13F2026-06-30 ↗ |
WAT WATERS CORP | 6.25% | Reduced 29.2% | 2,273,632−938,443 | $375 | $852,703,000−$103,853,000 | 13F2026-06-30 ↗ |
V VISA INC | 5.08% | Reduced 34.9% | 2,019,810−1,084,280 | $343 | $692,977,000−$245,204,000 | 13F2026-06-30 ↗ |
UBER UBER TECHNOLOGIES INC | 4.73% | New | 8,943,151+8,943,151 | $72 | $645,338,000+$645,338,000 | 13F2026-06-30 ↗ |
MA MASTERCARD INCORPORATED | 4.69% | New | 1,245,051+1,245,051 | $514 | $639,458,000+$639,458,000 | 13F2026-06-30 ↗ |
GOOGL ALPHABET INC | 4.64% | Reduced 40.0% | 1,773,354−1,182,844 | $357 | $633,744,000−$216,341,000 | 13F2026-06-30 ↗ |
CHD CHURCH & DWIGHT CO INC | 4.58% | Reduced 2.8% | 6,456,634−184,874 | $97 | $625,519,000+$5,733,000 | 13F2026-06-30 ↗ |
PG PROCTER & GAMBLE CO | 4.38% | Reduced 2.9% | 4,078,371−121,543 | $147 | $598,052,000−$8,583,000 | 13F2026-06-30 ↗ |
MSFT MICROSOFT CORP | 4.36% | Reduced 23.2% | 1,596,737−483,000 | $373 | $595,615,000−$174,241,000 | 13F2026-06-30 ↗ |
META META PLATFORMS INC | 4.34% | Reduced 20.4% | 1,051,876−269,499 | $563 | $592,511,000−$163,487,000 | 13F2026-06-30 ↗ |
ADP AUTOMATIC DATA PROCESSING IN | 4.27% | Reduced 32.5% | 2,601,567−1,253,538 | $224 | $582,621,000−$200,659,000 | 13F2026-06-30 ↗ |
FTNT FORTINET INC | 4.09% | Reduced 41.0% | 3,629,938−2,526,737 | $154 | $557,631,000+$54,508,000 | 13F2026-06-30 ↗ |
TSM TAIWAN SEMICONDUCTOR MANUFAC | 4.02% | New | 1,148,449+1,148,449 | $478 | $548,465,000+$548,465,000 | 13F2026-06-30 ↗ |
IDXX IDEXX LABS INC | 3.93% | Reduced 30.4% | 1,019,887−445,899 | $526 | $536,909,000−$286,701,000 | 13F2026-06-30 ↗ |
TXN TEXAS INSTRS INC | 3.93% | Reduced 31.4% | 1,799,182−823,942 | $298 | $536,282,000+$27,029,000 | 13F2026-06-30 ↗ |
PM PHILIP MORRIS INTL INC | 3.86% | Reduced 43.0% | 2,913,693−2,199,470 | $181 | $527,116,000−$318,294,000 | 13F2026-06-30 ↗ |
NFLX NETFLIX INC. | 3.66% | New | 6,990,345+6,990,345 | $71 | $499,111,000+$499,111,000 | 13F2026-06-30 ↗ |
GEV GE VERNOVA INC | 3.53% | New | 409,835+409,835 | $1,175 | $481,499,000+$481,499,000 | 13F2026-06-30 ↗ |
APP APPLOVIN CORP | 2.63% | New | 696,568+696,568 | $515 | $358,893,000+$358,893,000 | 13F2026-06-30 ↗ |
TJX TJX COS INC NEW | 2.52% | New | 2,272,592+2,272,592 | $152 | $344,298,000+$344,298,000 | 13F2026-06-30 ↗ |
NXT NEXTPOWER INC | 2.49% | New | 2,856,092+2,856,092 | $119 | $340,275,000+$340,275,000 | 13F2026-06-30 ↗ |
VEEV VEEVA SYS INC | 1.06% | New | 816,785+816,785 | $177 | $144,955,000+$144,955,000 | 13F2026-06-30 ↗ |
YUM YUM BRANDS INC | 0.65% | New | 556,107+556,107 | $160 | $88,899,000+$88,899,000 | 13F2026-06-30 ↗ |
MSCI MSCI INC | 0.22% | Reduced 17.3% | 53,580−11,208 | $560 | $30,007,000−$4,914,000 | 13F2026-06-30 ↗ |
MEDP MEDPACE HLDGS INC | 0.20% | Reduced 16.4% | 52,372−10,296 | $530 | $27,736,000−$2,357,000 | 13F2026-06-30 ↗ |
NTNX NUTANIX INC | 0.20% | Reduced 6.8% | 538,281−39,111 | $51 | $27,431,000+$5,484,000 | 13F2026-06-30 ↗ |
BMI BADGER METER INC | 0.19% | Added 22.6% | 174,627+32,136 | $148 | $25,911,000+$4,203,000 | 13F2026-06-30 ↗ |
CLX CLOROX CO DEL | 0.19% | Added 5.5% | 271,318+14,101 | $95 | $25,895,000−$761,000 | 13F2026-06-30 ↗ |
ROL ROLLINS INC | 0.19% | Unchanged | 619,935 | $42 | $25,876,000−$7,235,000 | 13F2026-06-30 ↗ |
MANH MANHATTAN ASSOCIATES INC | 0.18% | Added 43.1% | 172,977+52,089 | $139 | $24,087,000+$7,994,000 | 13F2026-06-30 ↗ |
NSSC NAPCO SEC TECHNOLOGIES INC | 0.17% | Added 58.2% | 606,974+223,378 | $38 | $23,053,000+$7,943,000 | 13F2026-06-30 ↗ |
FICO FAIR ISAAC CORP | 0.16% | New | 17,953+17,953 | $1,195 | $21,450,000+$21,450,000 | 13F2026-06-30 ↗ |
SABR SABRE CORP | 0.14% | Unchanged | 9,013,783 | $2 | $18,839,000+$5,769,000 | 13F2026-06-30 ↗ |
IDCC INTERDIGITAL INC | 0.13% | New | 60,324+60,324 | $283 | $17,080,000+$17,080,000 | 13F2026-06-30 ↗ |
ORLY OREILLY AUTOMOTIVE INC | 0.11% | New | 162,691+162,691 | $92 | $14,982,000+$14,982,000 | 13F2026-06-30 ↗ |
VRT VERTIV HOLDINGS CO | 0.10% | Reduced 54.1% | 41,893−49,361 | $335 | $14,027,000−$8,840,000 | 13F2026-06-30 ↗ |
VRSN VERISIGN INC | 0.10% | Reduced 50.9% | 55,713−57,754 | $252 | $14,015,000−$14,166,000 | 13F2026-06-30 ↗ |
ADMA ADMA BIOLOGICS INC | 0.10% | Unchanged | 1,649,493 | $8 | $13,806,000−$1,056,000 | 13F2026-06-30 ↗ |
DOCS DOXIMITY INC | 0.10% | Reduced 5.6% | 653,324−38,462 | $21 | $13,550,000−$2,569,000 | 13F2026-06-30 ↗ |
PAYC PAYCOM SOFTWARE INC | 0.09% | Reduced 54.1% | 100,763−118,694 | $126 | $12,664,000−$14,009,000 | 13F2026-06-30 ↗ |
MTD METTLER TOLEDO INTERNATIONAL | 0.00% | Exited | 0−568,516 | $1,261 | $0−$717,012,000 | 13F2026-06-30 ↗ |
ZTS ZOETIS INC | 0.00% | Exited | 0−3,877,559 | $118 | $0−$458,366,000 | 13F2026-06-30 ↗ |
OTIS OTIS WORLDWIDE CORP | 0.00% | Exited | 0−2,731,635 | $77 | $0−$210,554,000 | 13F2026-06-30 ↗ |
CPRX CATALYST PHARMACEUTICALS INC | 0.00% | Exited | 0−844,887 | $25 | $0−$20,919,000 | 13F2026-06-30 ↗ |
QLYS QUALYS INC | 0.00% | Exited | 0−226,077 | $88 | $0−$19,861,000 | 13F2026-06-30 ↗ |
HD HOME DEPOT INC | 0.00% | Exited | 0−28,611 | $329 | $0−$9,410,000 | 13F2026-06-30 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MAR | MARRIOTT INTL INC NEW | 7.02% | 2,585,757 | $958,256,000 |
| SYK | STRYKER CORPORATION | 6.72% | 2,913,833 | $917,391,000 |
| WAT | WATERS CORP | 6.25% | 2,273,632 | $852,703,000 |
| V | VISA INC | 5.08% | 2,019,810 | $692,977,000 |
| UBER | UBER TECHNOLOGIES INC | 4.73% | 8,943,151 | $645,338,000 |
| MA | MASTERCARD INCORPORATED | 4.69% | 1,245,051 | $639,458,000 |
| GOOGL | ALPHABET INC | 4.64% | 1,773,354 | $633,744,000 |
| CHD | CHURCH & DWIGHT CO INC | 4.58% | 6,456,634 | $625,519,000 |
| PG | PROCTER & GAMBLE CO | 4.38% | 4,078,371 | $598,052,000 |
| MSFT | MICROSOFT CORP | 4.36% | 1,596,737 | $595,615,000 |
| META | META PLATFORMS INC | 4.34% | 1,051,876 | $592,511,000 |
| ADP | AUTOMATIC DATA PROCESSING IN | 4.27% | 2,601,567 | $582,621,000 |
| FTNT | FORTINET INC | 4.09% | 3,629,938 | $557,631,000 |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | 4.02% | 1,148,449 | $548,465,000 |
| IDXX | IDEXX LABS INC | 3.93% | 1,019,887 | $536,909,000 |
| TXN | TEXAS INSTRS INC | 3.93% | 1,799,182 | $536,282,000 |
| PM | PHILIP MORRIS INTL INC | 3.86% | 2,913,693 | $527,116,000 |
| NFLX | NETFLIX INC. | 3.66% | 6,990,345 | $499,111,000 |
| GEV | GE VERNOVA INC | 3.53% | 409,835 | $481,499,000 |
| APP | APPLOVIN CORP | 2.63% | 696,568 | $358,893,000 |
| TJX | TJX COS INC NEW | 2.52% | 2,272,592 | $344,298,000 |
| NXT | NEXTPOWER INC | 2.49% | 2,856,092 | $340,275,000 |
| VEEV | VEEVA SYS INC | 1.06% | 816,785 | $144,955,000 |
| YUM | YUM BRANDS INC | 0.65% | 556,107 | $88,899,000 |
| MSCI | MSCI INC | 0.22% | 53,580 | $30,007,000 |
| MEDP | MEDPACE HLDGS INC | 0.20% | 52,372 | $27,736,000 |
| NTNX | NUTANIX INC | 0.20% | 538,281 | $27,431,000 |
| BMI | BADGER METER INC | 0.19% | 174,627 | $25,911,000 |
| CLX | CLOROX CO DEL | 0.19% | 271,318 | $25,895,000 |
| ROL | ROLLINS INC | 0.19% | 619,935 | $25,876,000 |
| MANH | MANHATTAN ASSOCIATES INC | 0.18% | 172,977 | $24,087,000 |
| NSSC | NAPCO SEC TECHNOLOGIES INC | 0.17% | 606,974 | $23,053,000 |
| FICO | FAIR ISAAC CORP | 0.16% | 17,953 | $21,450,000 |
| SABR | SABRE CORP | 0.14% | 9,013,783 | $18,839,000 |
| IDCC | INTERDIGITAL INC | 0.13% | 60,324 | $17,080,000 |
| ORLY | OREILLY AUTOMOTIVE INC | 0.11% | 162,691 | $14,982,000 |
| VRT | VERTIV HOLDINGS CO | 0.10% | 41,893 | $14,027,000 |
| VRSN | VERISIGN INC | 0.10% | 55,713 | $14,015,000 |
| ADMA | ADMA BIOLOGICS INC | 0.10% | 1,649,493 | $13,806,000 |
| DOCS | DOXIMITY INC | 0.10% | 653,324 | $13,550,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.09% | 100,763 | $12,664,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MAR | MARRIOTT INTL INC NEW | 8.59% | 3,370,872 | $1,102,511,000 |
| SYK | STRYKER CORPORATION | 7.84% | 3,061,416 | $1,005,951,000 |
| WAT | WATERS CORP | 7.46% | 3,212,075 | $956,556,000 |
| V | VISA INC | 7.31% | 3,104,090 | $938,180,000 |
| GOOGL | ALPHABET INC | 6.63% | 2,956,198 | $850,084,000 |
| PM | PHILIP MORRIS INTL INC | 6.59% | 5,113,163 | $845,410,000 |
| IDXX | IDEXX LABS INC | 6.42% | 1,465,786 | $823,610,000 |
| ADP | AUTOMATIC DATA PROCESSING IN | 6.11% | 3,855,105 | $783,280,000 |
| MSFT | MICROSOFT CORP | 6.00% | 2,079,737 | $769,856,000 |
| META | META PLATFORMS INC | 5.89% | 1,321,375 | $755,998,000 |
| MTD | METTLER TOLEDO INTERNATIONAL | 5.59% | 568,516 | $717,012,000 |
| CHD | CHURCH & DWIGHT CO INC | 4.83% | 6,641,508 | $619,786,000 |
| PG | PROCTER & GAMBLE CO | 4.73% | 4,199,914 | $606,636,000 |
| TXN | TEXAS INSTRS INC | 3.97% | 2,623,124 | $509,253,000 |
| FTNT | FORTINET INC | 3.92% | 6,156,675 | $503,123,000 |
| ZTS | ZOETIS INC | 3.57% | 3,877,559 | $458,366,000 |
| OTIS | OTIS WORLDWIDE CORP | 1.64% | 2,731,635 | $210,554,000 |
| MSCI | MSCI INC | 0.27% | 64,788 | $34,921,000 |
| ROL | ROLLINS INC | 0.26% | 619,935 | $33,111,000 |
| MEDP | MEDPACE HLDGS INC | 0.23% | 62,668 | $30,093,000 |
| VRSN | VERISIGN INC | 0.22% | 113,467 | $28,181,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.21% | 219,457 | $26,673,000 |
| CLX | CLOROX CO DEL | 0.21% | 257,217 | $26,655,000 |
| VRT | VERTIV HOLDINGS CO | 0.18% | 91,254 | $22,866,000 |
| NTNX | NUTANIX INC | 0.17% | 577,392 | $21,947,000 |
| BMI | BADGER METER INC | 0.17% | 142,491 | $21,709,000 |
| CPRX | CATALYST PHARMACEUTICALS INC | 0.16% | 844,887 | $20,919,000 |
| QLYS | QUALYS INC | 0.15% | 226,077 | $19,861,000 |
| DOCS | DOXIMITY INC | 0.13% | 691,786 | $16,119,000 |
| MANH | MANHATTAN ASSOCIATES INC | 0.13% | 120,888 | $16,093,000 |
| NSSC | NAPCO SEC TECHNOLOGIES INC | 0.12% | 383,596 | $15,110,000 |
| ADMA | ADMA BIOLOGICS INC | 0.12% | 1,649,493 | $14,862,000 |
| SABR | SABRE CORP | 0.10% | 9,013,783 | $13,070,000 |
| HD | HOME DEPOT INC | 0.07% | 28,611 | $9,410,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| WAT | WATERS CORP | 7.90% | 3,557,978 | $1,351,427,000 |
| SYK | STRYKER CORPORATION | 7.57% | 3,687,511 | $1,296,049,000 |
| IDXX | IDEXX LABS INC | 7.42% | 1,876,035 | $1,269,194,000 |
| V | VISA INC | 7.24% | 3,534,684 | $1,239,649,000 |
| MAR | MARRIOTT INTL INC NEW | 7.21% | 3,979,927 | $1,234,733,000 |
| GOOGL | ALPHABET INC | 6.40% | 3,498,519 | $1,095,036,000 |
| ADP | AUTOMATIC DATA PROCESSING IN | 6.28% | 4,177,969 | $1,074,699,000 |
| MSFT | MICROSOFT CORP | 5.88% | 2,079,971 | $1,005,916,000 |
| PM | PHILIP MORRIS INTL INC | 5.74% | 6,124,597 | $982,385,000 |
| META | META PLATFORMS INC | 5.26% | 1,363,539 | $900,058,000 |
| MTD | METTLER TOLEDO INTERNATIONAL | 4.73% | 580,507 | $809,337,000 |
| PG | PROCTER AND GAMBLE CO | 3.56% | 4,248,048 | $608,788,000 |
| CHD | CHURCH AND DWIGHT CO INC | 3.30% | 6,728,404 | $564,177,000 |
| FTNT | FORTINET INC | 3.02% | 6,516,011 | $517,436,000 |
| ZTS | ZOETIS INC | 2.87% | 3,900,803 | $490,799,000 |
| TXN | TEXAS INSTRS INC | 2.66% | 2,623,552 | $455,160,000 |
| INTU | INTUIT | 2.42% | 625,619 | $414,423,000 |
| NKE | NIKE INC | 2.15% | 5,770,181 | $367,618,000 |
| OTIS | OTIS WORLDWIDE CORP | 1.59% | 3,112,380 | $271,866,000 |
| MSCI | MSCI INC | 0.56% | 166,619 | $95,594,000 |
| ROL | ROLLINS INC | 0.52% | 1,478,629 | $88,747,000 |
| QLYS | QUALYS INC | 0.50% | 647,806 | $86,093,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.49% | 523,433 | $83,414,000 |
| ODD | ODDITY TECH LTD | 0.49% | 2,074,167 | $83,340,000 |
| CPRX | CATALYST PHARMACEUTICALS INC | 0.46% | 3,363,807 | $78,511,000 |
| NSSC | NAPCO SEC TECHNOLOGIES INC | 0.43% | 1,779,857 | $74,220,000 |
| DOCS | DOXIMITY INC | 0.43% | 1,650,002 | $73,062,000 |
| NTNX | NUTANIX INC | 0.42% | 1,377,158 | $71,185,000 |
| VRT | VERTIV HOLDINGS CO | 0.39% | 410,944 | $66,577,000 |
| VRSN | VERISIGN INC | 0.38% | 270,634 | $65,751,000 |
| CLX | CLOROX CO DEL | 0.36% | 613,497 | $61,859,000 |
| MANH | MANHATTAN ASSOCIATES INC | 0.29% | 288,332 | $49,971,000 |
| GGG | GRACO INC | 0.28% | 579,016 | $47,462,000 |
| MEDP | MEDPACE HLDGS INC | 0.27% | 82,567 | $46,374,000 |
| ADMA | ADMA BIOLOGICS INC | 0.22% | 2,102,054 | $38,341,000 |
| SABR | SABRE CORP | 0.17% | 21,499,095 | $29,239,000 |
| HD | HOME DEPOT INC | 0.16% | 80,206 | $27,599,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SYK | STRYKER CORPORATION | 8.57% | 4,591,293 | $1,697,263,000 |
| IDXX | IDEXX LABS INC | 8.43% | 2,610,457 | $1,667,795,000 |
| GOOGL | ALPHABET INC | 7.72% | 6,289,352 | $1,528,941,000 |
| MSFT | MICROSOFT CORP | 6.76% | 2,583,369 | $1,338,056,000 |
| V | VISA INC | 6.65% | 3,854,336 | $1,315,793,000 |
| ADP | AUTOMATIC DATA PROCESSING IN | 6.39% | 4,311,603 | $1,265,455,000 |
| WAT | WATERS CORP | 5.99% | 3,955,498 | $1,185,898,000 |
| PM | PHILIP MORRIS INTL INC | 5.89% | 7,188,144 | $1,165,917,000 |
| META | META PLATFORMS INC | 5.78% | 1,558,664 | $1,144,652,000 |
| MAR | MARRIOTT INTL INC NEW | 5.56% | 4,228,298 | $1,101,218,000 |
| MTD | METTLER TOLEDO INTERNATIONAL | 3.66% | 590,654 | $725,093,000 |
| FTNT | FORTINET INC | 3.58% | 8,420,092 | $707,961,000 |
| PG | PROCTER AND GAMBLE CO | 3.55% | 4,577,040 | $703,262,000 |
| CHD | CHURCH & DWIGHT CO INC | 3.01% | 6,794,644 | $595,415,000 |
| OTIS | OTIS WORLDWIDE CORP | 2.69% | 5,819,151 | $532,045,000 |
| ZTS | ZOETIS INC | 2.67% | 3,615,131 | $528,966,000 |
| TXN | TEXAS INSTRS INC | 2.53% | 2,721,881 | $500,091,000 |
| NKE | NIKE INC | 2.16% | 6,129,483 | $427,409,000 |
| INTU | INTUIT | 2.09% | 604,456 | $412,789,000 |
| QLYS | QUALYS INC | 0.58% | 870,859 | $115,241,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.55% | 523,433 | $108,947,000 |
| DOCS | DOXIMITY INC | 0.50% | 1,355,944 | $99,187,000 |
| MSCI | MSCI INC | 0.48% | 166,619 | $94,541,000 |
| VRT | VERTIV HOLDINGS CO | 0.45% | 591,450 | $89,226,000 |
| ODD | ODDITY TECH LTD | 0.45% | 1,416,956 | $88,276,000 |
| ROL | ROLLINS INC | 0.44% | 1,478,629 | $86,855,000 |
| GGG | GRACO INC | 0.39% | 900,545 | $76,510,000 |
| NSSC | NAPCO SEC TECHNOLOGIES INC | 0.39% | 1,779,857 | $76,445,000 |
| VRSN | VERISIGN INC | 0.38% | 270,634 | $75,661,000 |
| CLX | CLOROX CO DEL | 0.38% | 613,497 | $75,644,000 |
| CPRX | CATALYST PHARMACEUTICALS INC | 0.33% | 3,363,807 | $66,267,000 |
| MEDP | MEDPACE HLDGS INC | 0.33% | 127,537 | $65,574,000 |
| MANH | MANHATTAN ASSOCIATES INC | 0.30% | 288,332 | $59,102,000 |
| SABR | SABRE CORP | 0.20% | 21,499,095 | $39,343,000 |
| HD | HOME DEPOT INC | 0.17% | 84,860 | $34,384,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 11.44% | 3,568,752 | $2,634,060,000 |
| MSFT | MICROSOFT CORP | 10.68% | 4,941,509 | $2,457,956,000 |
| SYK | STRYKER CORPORATION | 8.04% | 4,677,007 | $1,850,364,000 |
| PM | PHILIP MORRIS INTL INC | 7.18% | 9,074,195 | $1,652,683,000 |
| IDXX | IDEXX LABS INC | 6.15% | 2,639,289 | $1,415,556,000 |
| V | VISA INC | 5.95% | 3,854,071 | $1,368,388,000 |
| ADP | AUTOMATIC DATA PROCESSING IN | 5.84% | 4,362,099 | $1,345,271,000 |
| WAT | WATERS CORP | 5.47% | 3,608,407 | $1,259,478,000 |
| GOOGL | ALPHABET INC | 5.21% | 6,803,454 | $1,198,973,000 |
| MAR | MARRIOTT INTL INC NEW | 5.03% | 4,236,599 | $1,157,481,000 |
| FTNT | FORTINET INC | 3.87% | 8,418,362 | $889,989,000 |
| PG | PROCTER AND GAMBLE CO | 3.16% | 4,572,280 | $728,456,000 |
| MTD | METTLER TOLEDO INTERNATIONAL | 3.01% | 590,037 | $693,128,000 |
| CHD | CHURCH & DWIGHT CO INC | 2.85% | 6,824,289 | $655,882,000 |
| OTIS | OTIS WORLDWIDE CORP | 2.50% | 5,819,151 | $576,212,000 |
| TXN | TEXAS INSTRS INC | 2.45% | 2,720,290 | $564,787,000 |
| ZTS | ZOETIS INC | 1.95% | 2,884,831 | $449,889,000 |
| NKE | NIKE INC | 1.89% | 6,129,483 | $435,438,000 |
| INTU | INTUIT | 1.26% | 368,540 | $290,273,000 |
| ODD | ODDITY TECH LTD | 0.46% | 1,416,956 | $106,938,000 |
| QLYS | QUALYS INC | 0.45% | 718,602 | $102,667,000 |
| MSCI | MSCI INC | 0.42% | 166,619 | $96,096,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.42% | 413,510 | $95,686,000 |
| CHH | CHOICE HOTELS INTL INC | 0.40% | 733,892 | $93,116,000 |
| VRT | VERTIV HOLDINGS CO | 0.40% | 724,923 | $93,087,000 |
| ROL | ROLLINS INC | 0.36% | 1,478,629 | $83,424,000 |
| DOCS | DOXIMITY INC | 0.36% | 1,355,944 | $83,174,000 |
| VRSN | VERISIGN INC | 0.34% | 270,634 | $78,159,000 |
| GGG | GRACO INC | 0.34% | 900,545 | $77,420,000 |
| CLX | CLOROX CO DEL | 0.32% | 613,497 | $73,663,000 |
| SABR | SABRE CORP | 0.30% | 21,499,095 | $67,937,000 |
| CPRX | CATALYST PHARMACEUTICALS INC | 0.26% | 2,709,086 | $58,787,000 |
| MANH | MANHATTAN ASSOCIATES INC | 0.25% | 288,332 | $56,937,000 |
| EXPO | EXPONENT INC | 0.24% | 746,820 | $55,795,000 |
| VRSK | VERISK ANALYTICS INC | 0.24% | 176,195 | $54,885,000 |
| MEDP | MEDPACE HLDGS INC | 0.17% | 127,537 | $40,029,000 |
| HD | HOME DEPOT INC | 0.13% | 83,367 | $30,566,000 |
| NSSC | NAPCO SEC TECHNOLOGIES INC | 0.12% | 954,912 | $28,351,000 |
| MA | MASTERCARD INCORPORATED | 0.07% | 27,663 | $15,545,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 10.19% | 3,883,796 | $2,238,465,000 |
| MSFT | MICROSOFT CORP | 9.17% | 5,370,162 | $2,015,905,000 |
| SYK | STRYKER CORPORATION | 8.59% | 5,069,187 | $1,887,005,000 |
| PM | PHILIP MORRIS INTL INC | 7.81% | 10,805,892 | $1,715,219,000 |
| V | VISA INC | 6.60% | 4,137,024 | $1,449,861,000 |
| ADP | AUTOMATIC DATA PROCESSING IN | 6.28% | 4,513,899 | $1,379,132,000 |
| WAT | WATERS CORP | 6.06% | 3,613,197 | $1,331,716,000 |
| IDXX | IDEXX LABS INC | 5.06% | 2,648,331 | $1,112,167,000 |
| GOOGL | ALPHABET INC | 4.82% | 6,843,213 | $1,058,234,000 |
| MAR | MARRIOTT INTL INC NEW | 4.61% | 4,251,560 | $1,012,722,000 |
| FTNT | FORTINET INC | 3.73% | 8,523,040 | $820,428,000 |
| PG | PROCTER AND GAMBLE CO | 3.58% | 4,620,406 | $787,410,000 |
| CHD | CHURCH & DWIGHT CO INC | 3.43% | 6,847,486 | $753,840,000 |
| MTD | METTLER TOLEDO INTERNATIONAL | 3.18% | 590,838 | $697,727,000 |
| OTIS | OTIS WORLDWIDE CORP | 2.76% | 5,866,737 | $605,447,000 |
| TXN | TEXAS INSTRS INC | 2.23% | 2,725,812 | $489,828,000 |
| ZTS | ZOETIS INC | 1.91% | 2,546,487 | $419,279,000 |
| NKE | NIKE INC | 1.77% | 6,135,629 | $389,490,000 |
| BF/B | BROWN FORMAN CORP | 1.49% | 9,637,881 | $327,110,000 |
| VRSN | VERISIGN INC | 0.66% | 570,035 | $144,715,000 |
| INTU | INTUIT | 0.51% | 181,628 | $111,518,000 |
| VRSK | VERISK ANALYTICS INC | 0.45% | 330,624 | $98,400,000 |
| CHH | CHOICE HOTELS INTL INC | 0.44% | 733,892 | $97,446,000 |
| GGG | GRACO INC | 0.43% | 1,139,641 | $95,171,000 |
| MSCI | MSCI INC | 0.43% | 166,619 | $94,223,000 |
| QLYS | QUALYS INC | 0.41% | 718,602 | $90,494,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.41% | 413,510 | $90,344,000 |
| CLX | CLOROX CO DEL | 0.41% | 613,497 | $90,337,000 |
| ROL | ROLLINS INC | 0.39% | 1,597,513 | $86,314,000 |
| ODD | ODDITY TECH LTD | 0.32% | 1,615,158 | $69,872,000 |
| DOCS | DOXIMITY INC | 0.31% | 1,189,882 | $69,049,000 |
| EXPO | EXPONENT INC | 0.31% | 836,477 | $67,805,000 |
| SABR | SABRE CORP | 0.27% | 21,499,095 | $60,412,000 |
| EFX | EQUIFAX INC | 0.26% | 235,505 | $57,360,000 |
| CPRX | CATALYST PHARMACEUTICALS INC | 0.24% | 2,151,274 | $52,168,000 |
| HD | HOME DEPOT INC | 0.19% | 114,736 | $42,050,000 |
| MEDP | MEDPACE HLDGS INC | 0.18% | 127,537 | $38,859,000 |
| MA | MASTERCARD INCORPORATED | 0.12% | 49,454 | $27,107,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 11.39% | 4,561,352 | $2,670,717,000 |
| MSFT | MICROSOFT CORP | 11.12% | 6,187,033 | $2,607,834,000 |
| SYK | STRYKER CORPORATION | 8.19% | 5,333,977 | $1,920,498,000 |
| ADP | AUTOMATIC DATA PROCESSING IN | 6.26% | 5,013,712 | $1,467,664,000 |
| V | VISA INC | 6.23% | 4,622,567 | $1,460,916,000 |
| PM | PHILIP MORRIS INTL INC | 5.77% | 11,245,175 | $1,353,357,000 |
| WAT | WATERS CORP | 5.75% | 3,634,522 | $1,348,335,000 |
| GOOGL | ALPHABET INC | 5.53% | 6,848,278 | $1,296,379,000 |
| MAR | MARRIOTT INTL INC NEW | 5.06% | 4,255,340 | $1,186,985,000 |
| IDXX | IDEXX LABS INC | 4.69% | 2,662,855 | $1,100,931,000 |
| PEP | PEPSICO INC | 3.67% | 5,663,677 | $861,219,000 |
| FTNT | FORTINET INC | 3.44% | 8,530,423 | $805,954,000 |
| PG | PROCTER AND GAMBLE CO | 3.31% | 4,626,376 | $775,612,000 |
| MTD | METTLER TOLEDO INTERNATIONAL | 3.09% | 591,455 | $723,752,000 |
| CHD | CHURCH & DWIGHT CO INC | 3.06% | 6,857,121 | $718,009,000 |
| OTIS | OTIS WORLDWIDE CORP | 2.36% | 5,966,777 | $552,583,000 |
| NKE | NIKE INC | 1.98% | 6,135,629 | $464,283,000 |
| BF/B | BROWN FORMAN CORP | 1.56% | 9,637,881 | $366,047,000 |
| TXN | TEXAS INSTRS INC | 1.36% | 1,700,630 | $318,885,000 |
| VRSN | VERISIGN INC | 0.55% | 624,500 | $129,247,000 |
| VRSK | VERISK ANALYTICS INC | 0.49% | 417,685 | $115,043,000 |
| CHH | CHOICE HOTELS INTL INC | 0.44% | 733,892 | $104,198,000 |
| MSCI | MSCI INC | 0.43% | 166,619 | $99,973,000 |
| CLX | CLOROX CO DEL | 0.42% | 613,497 | $99,638,000 |
| GGG | GRACO INC | 0.41% | 1,139,641 | $96,060,000 |
| EFX | EQUIFAX INC | 0.39% | 363,328 | $92,594,000 |
| SABR | SABRE CORP | 0.33% | 21,499,095 | $78,472,000 |
| QLYS | QUALYS INC | 0.33% | 548,009 | $76,842,000 |
| IEX | IDEX CORP | 0.32% | 362,501 | $75,868,000 |
| EXPO | EXPONENT INC | 0.32% | 836,477 | $74,530,000 |
| ROL | ROLLINS INC | 0.32% | 1,597,513 | $74,045,000 |
| ODD | ODDITY TECH LTD | 0.29% | 1,615,158 | $67,869,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.28% | 322,611 | $66,126,000 |
| HD | HOME DEPOT INC | 0.24% | 145,639 | $56,652,000 |
| MEDP | MEDPACE HLDGS INC | 0.18% | 127,537 | $42,372,000 |
| DOCS | DOXIMITY INC | 0.16% | 710,502 | $37,934,000 |
| ZTS | ZOETIS INC | 0.16% | 227,329 | $37,039,000 |
| MA | MASTERCARD INCORPORATED | 0.14% | 64,033 | $33,718,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | 11.75% | 6,900,275 | $2,969,188,000 |
| META | META PLATFORMS INC-CLASS A | 11.03% | 4,871,364 | $2,788,564,000 |
| SYK | STRYKER CORP | 7.63% | 5,336,821 | $1,927,980,000 |
| ADP | AUTOMATIC DATA PROCESSING | 6.10% | 5,571,820 | $1,541,890,000 |
| V | VISA INC CLASS A SHARES | 6.03% | 5,546,831 | $1,525,101,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 5.77% | 12,012,659 | $1,458,337,000 |
| IDXX | IDEXX LABORATORIES INC | 5.32% | 2,664,162 | $1,345,988,000 |
| WAT | WATERS CORP | 5.19% | 3,645,999 | $1,312,159,000 |
| GOOGL | ALPHABET CL A ORD | 4.50% | 6,852,087 | $1,136,419,000 |
| MAR | MARRIOTT INTERNATIONAL CL A | 4.20% | 4,266,655 | $1,060,690,000 |
| PEP | PEPSICO INC | 3.86% | 5,739,988 | $976,085,000 |
| MTD | METTLER TOLEDO ORD | 3.51% | 591,919 | $887,701,000 |
| PG | PROCTER & GAMBLE ORD | 3.17% | 4,633,222 | $802,474,000 |
| FTNT | FORTINET ORD | 3.10% | 10,118,293 | $784,674,000 |
| CHD | CHURCH AND DWIGHT ORD | 2.85% | 6,882,775 | $720,764,000 |
| OTIS | OTIS WORLDWIDE ORD | 2.53% | 6,141,228 | $638,319,000 |
| NKE | NIKE INC CL B | 2.20% | 6,299,493 | $556,875,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 1.95% | 10,010,507 | $492,517,000 |
| AAPL | Apple | 1.44% | 1,558,589 | $363,151,000 |
| TXN | TEXAS INSTRUMENTS INC | 1.39% | 1,700,630 | $351,299,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 0.56% | 1,728,157 | $142,227,000 |
| VRSN | VERISIGN INC | 0.47% | 624,500 | $118,630,000 |
| VRSK | VERISK ANALYTICS INC | 0.44% | 417,685 | $111,923,000 |
| EFX | EQUIFAX INC | 0.42% | 363,328 | $106,768,000 |
| CLX | CLOROX COMPANY | 0.40% | 613,497 | $99,945,000 |
| GGG | GRACO ORD | 0.39% | 1,139,641 | $99,730,000 |
| MSCI | MSCI INC | 0.38% | 166,619 | $97,127,000 |
| EXPO | EXPONENT INC | 0.38% | 836,477 | $96,429,000 |
| CHH | CHOICE HOTELS INTERNATIONAL ORD | 0.38% | 733,892 | $95,626,000 |
| ROL | ROLLINS ORD | 0.32% | 1,597,513 | $80,802,000 |
| SABR | SABRE CORP | 0.31% | 21,499,095 | $78,902,000 |
| IEX | IDEX ORD | 0.31% | 362,501 | $77,756,000 |
| CGNX | COGNEX CORP | 0.31% | 1,906,276 | $77,204,000 |
| QLYS | QUALYS INC | 0.28% | 548,009 | $70,397,000 |
| ODD | ODDITY TECH LTD | 0.26% | 1,615,158 | $65,220,000 |
| HD | HOME DEPOT ORD | 0.24% | 147,815 | $59,895,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.21% | 322,611 | $53,737,000 |
| ZTS | ZOETIS CL A ORD | 0.18% | 230,726 | $45,079,000 |
| MA | MASTERCARD CL A ORD | 0.13% | 64,990 | $32,092,000 |
| MCD | MCDONALD S ORD | 0.11% | 94,403 | $28,747,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | 13.01% | 7,140,615 | $3,191,498,000 |
| META | META PLATFORMS INC-CLASS A | 10.01% | 4,871,364 | $2,456,239,000 |
| SYK | STRYKER CORP | 7.43% | 5,356,264 | $1,822,469,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 5.98% | 14,474,445 | $1,466,696,000 |
| V | VISA INC CLASS A SHARES | 5.94% | 5,552,520 | $1,457,370,000 |
| ADP | AUTOMATIC DATA PROCESSING | 5.43% | 5,585,761 | $1,333,265,000 |
| IDXX | IDEXX LABORATORIES INC | 5.29% | 2,663,192 | $1,297,507,000 |
| GOOGL | ALPHABET CL A ORD | 5.08% | 6,849,259 | $1,247,593,000 |
| WAT | WATERS CORP | 4.32% | 3,654,450 | $1,060,229,000 |
| MAR | MARRIOTT INTERNATIONAL CL A | 4.20% | 4,264,511 | $1,031,031,000 |
| PEP | PEPSICO INC | 3.87% | 5,761,087 | $950,176,000 |
| MTD | METTLER TOLEDO ORD | 3.37% | 591,575 | $826,779,000 |
| PG | PROCTER & GAMBLE ORD | 3.12% | 4,647,218 | $766,419,000 |
| CHD | CHURCH AND DWIGHT ORD | 2.92% | 6,914,366 | $716,881,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 2.90% | 10,048,497 | $712,840,000 |
| FTNT | FORTINET ORD | 2.53% | 10,285,664 | $619,917,000 |
| OTIS | OTIS WORLDWIDE ORD | 2.41% | 6,138,278 | $590,871,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 1.96% | 11,138,751 | $481,083,000 |
| NKE | NIKE INC CL B | 1.93% | 6,299,493 | $474,793,000 |
| AAPL | Apple | 1.34% | 1,558,589 | $328,270,000 |
| TXN | TEXAS INSTRUMENTS INC | 1.22% | 1,544,781 | $300,506,000 |
| VRSK | VERISK ANALYTICS INC | 0.51% | 464,051 | $125,085,000 |
| EFX | EQUIFAX INC | 0.45% | 458,387 | $111,141,000 |
| VRSN | VERISIGN INC | 0.45% | 624,500 | $111,036,000 |
| EXPO | EXPONENT INC | 0.39% | 1,018,098 | $96,841,000 |
| GGG | GRACO ORD | 0.37% | 1,139,641 | $90,351,000 |
| CGNX | COGNEX CORP | 0.36% | 1,906,276 | $89,137,000 |
| CHH | CHOICE HOTELS INTERNATIONAL ORD | 0.36% | 733,892 | $87,333,000 |
| MSCI | MSCI INC | 0.33% | 166,619 | $80,269,000 |
| QLYS | QUALYS INC | 0.32% | 548,009 | $78,146,000 |
| ROL | ROLLINS ORD | 0.32% | 1,597,513 | $77,943,000 |
| CLX | CLOROX COMPANY | 0.32% | 570,206 | $77,816,000 |
| IEX | IDEX ORD | 0.30% | 362,501 | $72,935,000 |
| ODD | ODDITY TECH LTD | 0.26% | 1,615,158 | $63,411,000 |
| SABR | SABRE CORP | 0.23% | 21,499,095 | $57,403,000 |
| HD | HOME DEPOT ORD | 0.21% | 146,200 | $50,328,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.19% | 322,611 | $46,146,000 |
| ZTS | ZOETIS CL A ORD | 0.16% | 228,205 | $39,562,000 |
| MA | MASTERCARD CL A ORD | 0.12% | 64,280 | $28,358,000 |
| MCD | MCDONALD S ORD | 0.10% | 93,371 | $23,795,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | 12.54% | 7,617,903 | $3,205,004,000 |
| META | META PLATFORMS INC-CLASS A | 9.44% | 4,969,549 | $2,413,114,000 |
| SYK | STRYKER CORP | 7.67% | 5,479,066 | $1,960,793,000 |
| V | VISA INC CLASS A SHARES | 6.22% | 5,690,596 | $1,588,132,000 |
| IDXX | IDEXX LABORATORIES INC | 5.74% | 2,714,762 | $1,465,781,000 |
| ADP | AUTOMATIC DATA PROCESSING | 5.64% | 5,765,869 | $1,439,968,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 5.32% | 14,822,237 | $1,358,013,000 |
| WAT | WATERS CORP | 5.07% | 3,766,251 | $1,296,457,000 |
| MAR | MARRIOTT INTERNATIONAL CL A | 4.31% | 4,364,298 | $1,101,156,000 |
| GOOGL | ALPHABET CL A ORD | 4.12% | 6,980,992 | $1,053,641,000 |
| PEP | PEPSICO INC | 4.00% | 5,845,947 | $1,023,099,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 3.68% | 12,229,563 | $939,353,000 |
| MTD | METTLER TOLEDO ORD | 3.18% | 610,096 | $812,215,000 |
| PG | PROCTER & GAMBLE ORD | 3.05% | 4,799,082 | $778,651,000 |
| CHD | CHURCH AND DWIGHT ORD | 2.93% | 7,171,440 | $748,053,000 |
| OTIS | OTIS WORLDWIDE ORD | 2.45% | 6,295,103 | $624,915,000 |
| NKE | NIKE INC CL B | 2.40% | 6,512,417 | $612,037,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 2.32% | 11,458,780 | $591,502,000 |
| FTNT | FORTINET ORD | 2.19% | 8,174,985 | $558,433,000 |
| AAPL | Apple | 1.07% | 1,597,544 | $273,947,000 |
| TXN | TEXAS INSTRUMENTS INC | 0.76% | 1,111,306 | $193,601,000 |
| EFX | EQUIFAX INC | 0.50% | 472,805 | $126,485,000 |
| VRSN | VERISIGN INC | 0.48% | 644,143 | $122,072,000 |
| VRSK | VERISK ANALYTICS INC | 0.44% | 478,647 | $112,831,000 |
| GGG | GRACO ORD | 0.43% | 1,175,486 | $109,861,000 |
| MSCI | MSCI INC | 0.38% | 171,859 | $96,318,000 |
| CHH | CHOICE HOTELS INTERNATIONAL ORD | 0.37% | 756,944 | $95,640,000 |
| QLYS | QUALYS INC | 0.37% | 565,246 | $94,323,000 |
| IEX | IDEX ORD | 0.36% | 373,902 | $91,240,000 |
| CLX | CLOROX COMPANY | 0.35% | 588,141 | $90,050,000 |
| EXPO | EXPONENT INC | 0.34% | 1,050,120 | $86,834,000 |
| CGNX | COGNEX CORP | 0.33% | 1,966,235 | $83,408,000 |
| ROL | ROLLINS ORD | 0.30% | 1,647,761 | $76,242,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.25% | 325,271 | $64,732,000 |
| ODD | ODDITY TECH LTD | 0.23% | 1,327,313 | $57,672,000 |
| HD | HOME DEPOT ORD | 0.22% | 146,584 | $56,230,000 |
| SABR | SABRE CORP | 0.21% | 21,676,328 | $52,457,000 |
| ZTS | ZOETIS CL A ORD | 0.15% | 228,805 | $38,716,000 |
| MA | MASTERCARD CL A ORD | 0.12% | 64,449 | $31,037,000 |
| MCD | MCDONALD S ORD | 0.10% | 93,617 | $26,395,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | 12.50% | 7,943,324 | $2,987,008,000 |
| META | META PLATFORMS INC-CLASS A | 7.41% | 4,998,706 | $1,769,342,000 |
| SYK | STRYKER CORP | 6.91% | 5,512,626 | $1,650,811,000 |
| IDXX | IDEXX LABORATORIES INC | 6.34% | 2,728,917 | $1,514,685,000 |
| V | VISA INC CLASS A SHARES | 6.25% | 5,738,531 | $1,494,027,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 5.92% | 15,037,657 | $1,414,743,000 |
| ADP | AUTOMATIC DATA PROCESSING | 5.67% | 5,816,321 | $1,355,028,000 |
| WAT | WATERS CORP | 5.24% | 3,800,688 | $1,251,301,000 |
| PEP | PEPSICO INC | 4.71% | 6,630,366 | $1,126,101,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 4.32% | 15,090,383 | $1,032,484,000 |
| MAR | MARRIOTT INTERNATIONAL CL A | 4.15% | 4,391,506 | $990,329,000 |
| GOOGL | ALPHABET CL A ORD | 4.10% | 7,017,411 | $980,262,000 |
| NKE | NIKE INC CL B | 3.04% | 6,685,413 | $725,835,000 |
| PG | PROCTER & GAMBLE ORD | 2.97% | 4,839,932 | $709,244,000 |
| MTD | METTLER TOLEDO ORD | 2.88% | 567,593 | $688,468,000 |
| CHD | CHURCH AND DWIGHT ORD | 2.88% | 7,264,116 | $686,895,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 2.79% | 11,652,706 | $665,370,000 |
| OTIS | OTIS WORLDWIDE ORD | 2.41% | 6,442,153 | $576,379,000 |
| FTNT | FORTINET ORD | 1.80% | 7,331,844 | $429,133,000 |
| AAPL | Apple | 1.08% | 1,334,585 | $256,948,000 |
| VRSN | VERISIGN INC | 0.57% | 661,533 | $136,249,000 |
| VRSK | VERISK ANALYTICS INC | 0.52% | 519,672 | $124,129,000 |
| QLYS | QUALYS INC | 0.51% | 623,955 | $122,470,000 |
| EFX | EQUIFAX INC | 0.50% | 485,569 | $120,076,000 |
| MSCI | MSCI INC | 0.49% | 207,165 | $117,183,000 |
| GGG | GRACO ORD | 0.44% | 1,207,221 | $104,738,000 |
| SABR | SABRE CORP | 0.41% | 22,261,537 | $97,951,000 |
| EXPO | EXPONENT INC | 0.40% | 1,078,471 | $94,949,000 |
| CLX | CLOROX COMPANY | 0.36% | 603,794 | $86,095,000 |
| CGNX | COGNEX CORP | 0.35% | 2,019,318 | $84,286,000 |
| IEX | IDEX ORD | 0.35% | 383,997 | $83,370,000 |
| ROL | ROLLINS ORD | 0.31% | 1,692,246 | $73,900,000 |
| IPGP | IPG PHOTONICS CORP | 0.25% | 548,993 | $59,588,000 |
| HD | HOME DEPOT ORD | 0.22% | 149,818 | $51,919,000 |
| ODD | ODDITY TECH LTD | 0.22% | 1,104,416 | $51,388,000 |
| ZTS | ZOETIS CL A ORD | 0.19% | 226,064 | $44,618,000 |
| JNJ | JOHNSON & JOHNSON | 0.18% | 278,393 | $43,635,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.14% | 157,844 | $32,630,000 |
| MCD | MCDONALD S ORD | 0.11% | 92,495 | $27,426,000 |
| MA | MASTERCARD CL A ORD | 0.11% | 63,677 | $27,159,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | 12.41% | 8,648,822 | $2,730,866,000 |
| SYK | STRYKER CORP | 6.85% | 5,518,803 | $1,508,123,000 |
| META | META PLATFORMS INC-CLASS A | 6.83% | 5,006,145 | $1,502,895,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 6.34% | 15,064,536 | $1,394,675,000 |
| ADP | AUTOMATIC DATA PROCESSING | 6.03% | 5,520,512 | $1,328,125,000 |
| V | VISA INC CLASS A SHARES | 6.02% | 5,756,599 | $1,324,075,000 |
| IDXX | IDEXX LABORATORIES INC | 5.89% | 2,964,554 | $1,296,311,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 5.26% | 15,312,665 | $1,158,250,000 |
| PEP | PEPSICO INC | 5.11% | 6,639,272 | $1,124,958,000 |
| WAT | WATERS CORP | 4.74% | 3,806,494 | $1,043,779,000 |
| GOOGL | ALPHABET CL A ORD | 4.51% | 7,588,728 | $993,061,000 |
| MAR | MARRIOTT INTERNATIONAL CL A | 3.93% | 4,395,681 | $864,015,000 |
| PG | PROCTER & GAMBLE ORD | 3.21% | 4,846,573 | $706,921,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 3.17% | 12,086,171 | $697,251,000 |
| CHD | CHURCH AND DWIGHT ORD | 3.03% | 7,274,964 | $666,605,000 |
| NKE | NIKE INC CL B | 2.91% | 6,702,262 | $640,870,000 |
| MTD | METTLER TOLEDO ORD | 2.86% | 568,520 | $629,960,000 |
| OTIS | OTIS WORLDWIDE ORD | 2.35% | 6,450,913 | $518,073,000 |
| FTNT | FORTINET ORD | 1.31% | 4,924,241 | $288,954,000 |
| AAPL | Apple | 1.04% | 1,333,286 | $228,272,000 |
| VRSN | VERISIGN INC | 0.62% | 670,166 | $135,729,000 |
| VRSK | VERISK ANALYTICS INC | 0.57% | 526,454 | $124,369,000 |
| MSCI | MSCI INC | 0.49% | 209,869 | $107,680,000 |
| SABR | SABRE CORP | 0.46% | 22,552,058 | $101,259,000 |
| QLYS | QUALYS INC | 0.45% | 653,895 | $99,752,000 |
| EXPO | EXPONENT INC | 0.42% | 1,092,545 | $93,522,000 |
| EFX | EQUIFAX INC | 0.41% | 491,906 | $90,107,000 |
| GGG | GRACO ORD | 0.40% | 1,222,976 | $89,130,000 |
| CGNX | COGNEX CORP | 0.39% | 2,045,671 | $86,818,000 |
| IEX | IDEX ORD | 0.37% | 389,008 | $80,921,000 |
| ROL | ROLLINS ORD | 0.29% | 1,714,331 | $63,996,000 |
| IPGP | IPG PHOTONICS CORP | 0.26% | 556,157 | $56,472,000 |
| HD | HOME DEPOT ORD | 0.20% | 147,657 | $44,616,000 |
| JNJ | JOHNSON & JOHNSON | 0.19% | 274,378 | $42,734,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.19% | 159,904 | $41,458,000 |
| ZTS | ZOETIS CL A ORD | 0.18% | 222,803 | $38,763,000 |
| MA | MASTERCARD CL A ORD | 0.11% | 62,758 | $24,847,000 |
| MCD | MCDONALD S ORD | 0.11% | 92,320 | $24,321,000 |
| ODD | ODDITY TECH LTD | 0.07% | 575,000 | $16,301,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | 12.88% | 9,012,591 | $3,069,148,000 |
| SYK | STRYKER CORP | 7.06% | 5,511,645 | $1,681,548,000 |
| META | META PLATFORMS INC-CLASS A | 6.81% | 5,653,137 | $1,622,337,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 6.47% | 15,784,916 | $1,540,924,000 |
| IDXX | IDEXX LABORATORIES INC | 6.24% | 2,961,551 | $1,487,380,000 |
| V | VISA INC CLASS A SHARES | 5.74% | 5,761,283 | $1,368,189,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 5.66% | 15,467,107 | $1,349,196,000 |
| PEP | PEPSICO INC | 5.16% | 6,644,967 | $1,230,781,000 |
| ADP | AUTOMATIC DATA PROCESSING | 5.10% | 5,526,368 | $1,214,640,000 |
| EL | ESTEE LAUDER COMPANIES CL A | 4.46% | 5,418,525 | $1,064,090,000 |
| WAT | WATERS CORP | 4.26% | 3,809,473 | $1,015,377,000 |
| GOOGL | ALPHABET CL A ORD | 3.82% | 7,615,636 | $911,592,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 3.42% | 12,195,517 | $814,417,000 |
| MTD | METTLER TOLEDO ORD | 3.13% | 569,144 | $746,512,000 |
| NKE | NIKE INC CL B | 3.11% | 6,710,646 | $740,654,000 |
| PG | PROCTER & GAMBLE ORD | 3.09% | 4,849,177 | $735,814,000 |
| CHD | CHURCH AND DWIGHT ORD | 2.80% | 6,668,756 | $668,409,000 |
| OTIS | OTIS WORLDWIDE ORD | 2.41% | 6,455,411 | $574,596,000 |
| AAPL | Apple | 1.08% | 1,332,635 | $258,491,000 |
| FTNT | FORTINET ORD | 0.73% | 2,313,303 | $174,863,000 |
| VRSN | VERISIGN INC | 0.64% | 674,791 | $152,483,000 |
| MASI* | MASIMO CORP | 0.50% | 730,377 | $120,184,000 |
| VRSK | VERISK ANALYTICS INC | 0.50% | 530,087 | $119,816,000 |
| EFX | EQUIFAX INC | 0.49% | 495,301 | $116,544,000 |
| CGNX | COGNEX CORP | 0.48% | 2,059,788 | $115,389,000 |
| GGG | GRACO ORD | 0.45% | 1,229,228 | $106,144,000 |
| EXPO | EXPONENT INC | 0.43% | 1,100,101 | $102,661,000 |
| MSCI | MSCI INC | 0.42% | 211,317 | $99,169,000 |
| QLYS | QUALYS INC | 0.36% | 658,407 | $85,046,000 |
| IEX | IDEX ORD | 0.35% | 391,124 | $84,193,000 |
| IPGP | IPG PHOTONICS CORP | 0.32% | 560,198 | $76,086,000 |
| ROL | ROLLINS ORD | 0.31% | 1,726,161 | $73,931,000 |
| SABR | SABRE CORP | 0.30% | 22,707,687 | $72,438,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.22% | 161,007 | $51,722,000 |
| HD | HOME DEPOT ORD | 0.19% | 147,381 | $45,782,000 |
| JNJ | JOHNSON & JOHNSON | 0.19% | 273,864 | $45,330,000 |
| ZTS | ZOETIS CL A ORD | 0.16% | 222,386 | $38,297,000 |
| MAR | MARRIOTT INTERNATIONAL CL A | 0.14% | 188,129 | $34,557,000 |
| MA | MASTERCARD CL A ORD | 0.10% | 62,334 | $24,516,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | 11.24% | 9,031,101 | $2,603,666,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 6.91% | 16,463,863 | $1,601,111,000 |
| SYK | STRYKER CORP | 6.77% | 5,498,313 | $1,569,603,000 |
| IDXX | IDEXX LABORATORIES INC | 6.37% | 2,954,196 | $1,477,334,000 |
| EL | ESTEE LAUDER COMPANIES CL A | 5.77% | 5,428,332 | $1,337,867,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 5.56% | 15,498,588 | $1,289,638,000 |
| V | VISA INC CLASS A SHARES | 5.46% | 5,613,420 | $1,265,602,000 |
| ADP | AUTOMATIC DATA PROCESSING | 5.32% | 5,541,966 | $1,233,808,000 |
| PEP | PEPSICO INC | 5.24% | 6,658,537 | $1,213,851,000 |
| META | META PLATFORMS INC-CLASS A | 5.18% | 5,664,271 | $1,200,486,000 |
| WAT | WATERS CORP | 4.94% | 3,698,369 | $1,145,126,000 |
| MTD | METTLER TOLEDO ORD | 3.71% | 561,414 | $859,081,000 |
| NKE | NIKE INC CL B | 3.56% | 6,726,271 | $824,910,000 |
| GOOGL | ALPHABET CL A ORD | 3.41% | 7,628,198 | $791,273,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 3.39% | 12,230,048 | $786,025,000 |
| CHD | CHURCH AND DWIGHT ORD | 3.22% | 8,449,927 | $747,058,000 |
| AMZN | AMAZON COM ORD | 3.02% | 6,777,831 | $700,082,000 |
| OTIS | OTIS WORLDWIDE ORD | 2.29% | 6,281,675 | $530,173,000 |
| PG | PROCTER & GAMBLE ORD | 1.10% | 1,716,482 | $255,224,000 |
| AAPL | Apple | 0.95% | 1,341,979 | $221,292,000 |
| FTNT | FORTINET ORD | 0.66% | 2,313,303 | $153,742,000 |
| VRSN | VERISIGN INC | 0.62% | 674,791 | $142,604,000 |
| MASI* | MASIMO CORP | 0.61% | 764,319 | $141,047,000 |
| MSCI | MSCI INC | 0.51% | 211,317 | $118,272,000 |
| IPGP | IPG PHOTONICS CORP | 0.45% | 854,259 | $105,339,000 |
| CGNX | COGNEX CORP | 0.44% | 2,059,788 | $102,062,000 |
| VRSK | VERISK ANALYTICS INC | 0.44% | 530,087 | $101,702,000 |
| EFX | EQUIFAX INC | 0.43% | 495,301 | $100,467,000 |
| SABR | SABRE CORP | 0.42% | 22,707,687 | $97,416,000 |
| QLYS | QUALYS INC | 0.37% | 658,407 | $85,606,000 |
| ROL | ROLLINS ORD | 0.28% | 1,726,161 | $64,783,000 |
| IEX | IDEX ORD | 0.26% | 263,740 | $60,932,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.21% | 161,007 | $48,948,000 |
| HD | HOME DEPOT ORD | 0.20% | 153,663 | $45,349,000 |
| JNJ | JOHNSON & JOHNSON | 0.19% | 277,464 | $43,007,000 |
| GGG | GRACO ORD | 0.17% | 545,911 | $39,857,000 |
| ZTS | ZOETIS CL A ORD | 0.16% | 225,309 | $37,500,000 |
| MAR | MARRIOTT INTERNATIONAL CL A | 0.07% | 99,594 | $16,537,000 |
| MA | MASTERCARD CL A ORD | 0.07% | 41,664 | $15,141,000 |
| EW | EDWARDS LIFESCIENCES ORD | 0.00% | 9,979 | $826,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | 9.89% | 9,030,036 | $2,165,583,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 7.62% | 16,476,088 | $1,667,545,000 |
| EL | ESTEE LAUDER COMPANIES CL A | 6.44% | 5,679,620 | $1,409,171,000 |
| IDXX | IDEXX LABORATORIES INC | 6.42% | 3,443,732 | $1,404,905,000 |
| SYK | STRYKER CORP | 6.26% | 5,607,041 | $1,370,865,000 |
| ADP | AUTOMATIC DATA PROCESSING | 6.04% | 5,540,720 | $1,323,456,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 5.87% | 15,495,211 | $1,284,398,000 |
| WAT | WATERS CORP | 5.77% | 3,689,697 | $1,264,016,000 |
| PEP | PEPSICO INC | 5.49% | 6,657,120 | $1,202,675,000 |
| V | VISA INC CLASS A SHARES | 5.33% | 5,612,145 | $1,165,979,000 |
| MTD | METTLER TOLEDO ORD | 3.70% | 560,900 | $810,753,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 3.64% | 12,146,796 | $797,802,000 |
| NKE | NIKE INC CL B | 3.59% | 6,726,271 | $787,041,000 |
| ADBE | ADOBE ORD | 3.24% | 2,109,326 | $709,851,000 |
| CHD | CHURCH AND DWIGHT ORD | 3.11% | 8,446,572 | $680,878,000 |
| GOOGL | ALPHABET CL A ORD | 3.07% | 7,626,313 | $672,870,000 |
| META | META PLATFORMS INC-CLASS A | 3.01% | 5,476,865 | $659,086,000 |
| AMZN | AMAZON COM ORD | 2.60% | 6,777,831 | $569,338,000 |
| OTIS | OTIS WORLDWIDE ORD | 2.25% | 6,280,677 | $491,840,000 |
| SABR | SABRE CORP | 0.64% | 22,707,687 | $140,334,000 |
| VRSN | VERISIGN INC | 0.63% | 674,791 | $138,629,000 |
| FTNT | FORTINET ORD | 0.52% | 2,313,303 | $113,097,000 |
| MASI* | MASIMO CORP | 0.52% | 764,319 | $113,081,000 |
| MSCI | MSCI INC | 0.45% | 211,317 | $98,298,000 |
| CGNX | COGNEX CORP | 0.44% | 2,059,788 | $97,037,000 |
| EFX | EQUIFAX INC | 0.44% | 495,301 | $96,267,000 |
| VRSK | VERISK ANALYTICS INC | 0.43% | 530,087 | $93,518,000 |
| IPGP | IPG PHOTONICS CORP | 0.37% | 854,259 | $80,873,000 |
| QLYS | QUALYS INC | 0.34% | 658,407 | $73,893,000 |
| ROL | ROLLINS ORD | 0.29% | 1,726,161 | $63,074,000 |
| AAPL | Apple | 0.28% | 469,234 | $60,968,000 |
| IEX | IDEX ORD | 0.28% | 263,740 | $60,220,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.23% | 161,007 | $49,962,000 |
| JNJ | JOHNSON & JOHNSON | 0.22% | 275,797 | $48,720,000 |
| HD | HOME DEPOT ORD | 0.22% | 152,766 | $48,253,000 |
| PG | PROCTER & GAMBLE ORD | 0.22% | 315,297 | $47,786,000 |
| ZTS | ZOETIS CL A ORD | 0.15% | 223,956 | $32,821,000 |
| EW | EDWARDS LIFESCIENCES ORD | 0.00% | 9,979 | $745,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | 10.26% | 9,284,614 | $2,162,387,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 6.50% | 16,489,067 | $1,368,757,000 |
| EL | ESTEE LAUDER COMPANIES CL A | 6.10% | 5,955,974 | $1,285,895,000 |
| ADP | AUTOMATIC DATA PROCESSING | 5.98% | 5,571,678 | $1,260,258,000 |
| IDXX | IDEXX LABORATORIES INC | 5.60% | 3,620,777 | $1,179,649,000 |
| PEP | PEPSICO INC | 5.54% | 7,144,313 | $1,166,381,000 |
| SYK | STRYKER CORP | 5.41% | 5,628,569 | $1,140,010,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 5.25% | 15,506,721 | $1,105,164,000 |
| V | VISA INC CLASS A SHARES | 4.75% | 5,635,390 | $1,001,127,000 |
| WAT | WATERS CORP | 4.73% | 3,693,197 | $995,427,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 3.86% | 12,226,340 | $813,907,000 |
| AMZN | AMAZON COM ORD | 3.64% | 6,784,322 | $766,628,000 |
| META | META PLATFORMS INC-CLASS A | 3.53% | 5,480,284 | $743,565,000 |
| GOOGL | ALPHABET CL A ORD | 3.47% | 7,632,828 | $730,080,000 |
| INTU | INTUIT INC | 3.12% | 1,696,667 | $657,153,000 |
| MTD | METTLER TOLEDO ORD | 2.89% | 561,456 | $608,686,000 |
| CHD | CHURCH AND DWIGHT ORD | 2.87% | 8,458,025 | $604,241,000 |
| ADBE | ADOBE ORD | 2.76% | 2,111,297 | $581,029,000 |
| NKE | NIKE INC CL B | 2.66% | 6,734,408 | $559,764,000 |
| PYPL | PAYPAL HOLDINGS INC | 2.29% | 5,611,242 | $482,960,000 |
| OTIS | OTIS WORLDWIDE ORD | 1.90% | 6,285,878 | $401,039,000 |
| VRSN | VERISIGN INC | 0.56% | 675,533 | $117,340,000 |
| SABR | SABRE CORP | 0.56% | 22,732,769 | $117,074,000 |
| FTNT | FORTINET ORD | 0.54% | 2,315,857 | $113,778,000 |
| MASI* | MASIMO CORP | 0.51% | 765,161 | $108,010,000 |
| QLYS | QUALYS INC | 0.44% | 661,420 | $92,195,000 |
| VRSK | VERISK ANALYTICS INC | 0.43% | 530,677 | $90,496,000 |
| MSCI | MSCI INC | 0.42% | 211,551 | $89,230,000 |
| CGNX | COGNEX CORP | 0.41% | 2,062,083 | $85,473,000 |
| EFX | EQUIFAX INC | 0.40% | 495,850 | $85,004,000 |
| IPGP | IPG PHOTONICS CORP | 0.34% | 855,203 | $72,136,000 |
| AAPL | AAPL US | 0.30% | 456,485 | $63,086,000 |
| — | ANSYS INC | 0.29% | 274,559 | $60,870,000 |
| ROL | ROLLINS ORD | 0.28% | 1,728,084 | $59,930,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.25% | 161,308 | $53,230,000 |
| JNJ | JOHNSON & JOHNSON | 0.21% | 274,847 | $44,899,000 |
| HD | HOME DEPOT ORD | 0.20% | 152,255 | $42,013,000 |
| PG | PROCTER & GAMBLE ORD | 0.19% | 314,211 | $39,669,000 |
| ZTS | ZOETIS CL A ORD | 0.16% | 223,185 | $33,096,000 |
| MELI | MERCADOLIBRE | 0.10% | 24,225 | $20,053,000 |
| IEX | IDEX ORD | 0.09% | 95,928 | $19,171,000 |
| — | WNS HOLDINGS - ADR | 0.08% | 193,179 | $15,810,000 |
| G | Genpact Ltd | 0.07% | 317,337 | $13,890,000 |
| TSM | Taiwan Semiconductor Manufacturing US ADR | 0.05% | 155,558 | $10,665,000 |
| XP | XP CLASS A | 0.02% | 253,367 | $4,817,000 |
| EW | EDWARDS LIFESCIENCES ORD | 0.00% | 9,979 | $825,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | 11.36% | 10,020,534 | $2,573,574,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 7.18% | 16,478,425 | $1,627,080,000 |
| EL | ESTEE LAUDER COMPANIES CL A | 6.69% | 5,951,296 | $1,515,617,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 5.69% | 15,492,883 | $1,289,783,000 |
| IDXX | IDEXX LABORATORIES INC | 5.60% | 3,618,875 | $1,269,248,000 |
| WAT | WATERS CORP | 5.39% | 3,689,225 | $1,221,060,000 |
| SYK | STRYKER CORP | 5.31% | 6,049,848 | $1,203,496,000 |
| PEP | PEPSICO INC | 5.25% | 7,137,026 | $1,189,457,000 |
| ADP | AUTOMATIC DATA PROCESSING | 5.16% | 5,565,378 | $1,168,952,000 |
| V | VISA INC CLASS A SHARES | 4.89% | 5,630,342 | $1,108,558,000 |
| INTU | INTUIT INC | 4.03% | 2,371,428 | $914,043,000 |
| META | META PLATFORMS INC-CLASS A | 3.90% | 5,477,481 | $883,244,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 3.78% | 12,213,131 | $856,873,000 |
| CHD | CHURCH AND DWIGHT ORD | 3.45% | 8,444,261 | $782,445,000 |
| ADBE | ADOBE ORD | 3.41% | 2,108,848 | $771,965,000 |
| AMZN | AMAZON COM ORD | 3.18% | 6,779,020 | $720,000,000 |
| NKE | NIKE INC CL B | 3.03% | 6,727,737 | $687,575,000 |
| PYPL | PAYPAL HOLDINGS INC | 2.97% | 9,651,818 | $674,083,000 |
| MTD | METTLER TOLEDO ORD | 2.74% | 540,452 | $620,855,000 |
| SABR | SABRE CORP | 0.58% | 22,469,835 | $130,999,000 |
| FTNT | FORTINET ORD | 0.57% | 2,289,070 | $129,516,000 |
| QLYS | QUALYS INC | 0.52% | 930,206 | $117,336,000 |
| VRSN | VERISIGN INC | 0.49% | 667,498 | $111,692,000 |
| MASI* | MASIMO CORP | 0.44% | 756,313 | $98,827,000 |
| VRSK | VERISK ANALYTICS INC | 0.40% | 524,820 | $90,841,000 |
| — | ANSYS INC | 0.40% | 379,135 | $90,723,000 |
| EFX | EQUIFAX INC | 0.40% | 490,113 | $89,583,000 |
| CGNX | COGNEX CORP | 0.38% | 2,037,105 | $86,618,000 |
| MSCI | MSCI INC | 0.38% | 209,104 | $86,182,000 |
| IPGP | IPG PHOTONICS CORP | 0.35% | 845,311 | $79,569,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.32% | 255,722 | $71,633,000 |
| ROL | ROLLINS ORD | 0.29% | 1,879,272 | $65,624,000 |
| WING | WINGSTOP ORD | 0.27% | 825,464 | $61,720,000 |
| JNJ | JOHNSON & JOHNSON | 0.21% | 273,454 | $48,541,000 |
| PG | PROCTER & GAMBLE ORD | 0.20% | 312,618 | $44,951,000 |
| HD | HOME DEPOT ORD | 0.18% | 151,505 | $41,553,000 |
| GOOGL | ALPHABET CL A ORD | 0.18% | 381,252 | $41,542,000 |
| ZTS | ZOETIS CL A ORD | 0.17% | 222,053 | $38,169,000 |
| MELI | MERCADOLIBRE | 0.07% | 24,225 | $15,428,000 |
| — | WNS HOLDINGS - ADR | 0.06% | 193,179 | $14,419,000 |
| G | Genpact Ltd | 0.06% | 317,337 | $13,442,000 |
| TSM | Taiwan Semiconductor Manufacturing US ADR | 0.06% | 155,558 | $12,717,000 |
| XP | XP CLASS A | 0.02% | 253,367 | $4,550,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | 10.61% | 10,018,432 | $3,088,783,000 |
| IDXX | IDEXX LABORATORIES INC | 6.80% | 3,618,062 | $1,979,297,000 |
| EL | ESTEE LAUDER COMPANIES CL A | 5.42% | 5,794,870 | $1,578,059,000 |
| SYK | STRYKER CORP | 5.37% | 5,846,171 | $1,562,974,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 5.31% | 16,457,291 | $1,545,998,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 5.31% | 15,486,666 | $1,545,569,000 |
| INTU | INTUIT INC | 4.97% | 3,006,900 | $1,445,838,000 |
| PEP | PEPSICO INC | 4.49% | 7,807,921 | $1,306,890,000 |
| ADP | AUTOMATIC DATA PROCESSING | 4.35% | 5,562,848 | $1,265,770,000 |
| V | VISA INC CLASS A SHARES | 4.29% | 5,628,028 | $1,248,128,000 |
| META | META PLATFORMS INC-CLASS A | 4.18% | 5,476,931 | $1,217,850,000 |
| PYPL | PAYPAL HOLDINGS INC | 4.16% | 10,476,837 | $1,211,646,000 |
| WAT | WATERS CORP | 3.93% | 3,687,572 | $1,144,585,000 |
| AMZN | AMAZON COM ORD | 3.79% | 338,898 | $1,104,791,000 |
| GOOGL | ALPHABET CL A ORD | 3.63% | 380,432 | $1,058,115,000 |
| NKE | NIKE INC CL B | 3.11% | 6,726,427 | $905,108,000 |
| ADBE | ADOBE ORD | 3.01% | 1,923,197 | $876,247,000 |
| CHD | CHURCH AND DWIGHT ORD | 2.88% | 8,438,079 | $838,576,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 2.71% | 11,784,004 | $789,764,000 |
| SBUX | STARBUCKS CORP | 2.57% | 8,233,643 | $749,015,000 |
| MTD | METTLER TOLEDO ORD | 1.95% | 412,603 | $566,582,000 |
| SABR | SABRE CORP | 0.89% | 22,673,573 | $259,159,000 |
| FTNT | FORTINET ORD | 0.54% | 461,993 | $157,881,000 |
| VRSK | VERISK ANALYTICS INC | 0.52% | 704,713 | $151,253,000 |
| — | ANSYS INC | 0.51% | 465,713 | $147,934,000 |
| CGNX | COGNEX CORP | 0.51% | 1,907,048 | $147,129,000 |
| VRSN | VERISIGN INC | 0.48% | 626,508 | $139,373,000 |
| QLYS | QUALYS INC | 0.46% | 938,828 | $133,698,000 |
| EFX | EQUIFAX INC | 0.40% | 494,685 | $117,290,000 |
| MASI* | MASIMO CORP | 0.38% | 761,096 | $110,770,000 |
| MSCI | MSCI INC | 0.36% | 211,000 | $106,108,000 |
| WING | WINGSTOP ORD | 0.34% | 832,538 | $97,698,000 |
| IPGP | IPG PHOTONICS CORP | 0.32% | 852,972 | $93,622,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.31% | 258,063 | $89,388,000 |
| ROL | ROLLINS ORD | 0.27% | 2,282,107 | $79,988,000 |
| PG | PROCTER & GAMBLE ORD | 0.16% | 310,330 | $47,418,000 |
| HD | HOME DEPOT ORD | 0.15% | 148,076 | $44,324,000 |
| JNJ | JOHNSON & JOHNSON | 0.15% | 242,435 | $42,967,000 |
| ZTS | ZOETIS CL A ORD | 0.14% | 220,428 | $41,571,000 |
| MELI | MERCADOLIBRE | 0.10% | 24,225 | $28,815,000 |
| — | WNS HOLDINGS - ADR | 0.06% | 193,179 | $16,515,000 |
| TSM | Taiwan Semiconductor Manufacturing US ADR | 0.05% | 141,721 | $14,776,000 |
| G | Genpact Ltd | 0.05% | 317,337 | $13,807,000 |
| XP | XP CLASS A | 0.03% | 253,367 | $7,626,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT | 10.67% | 13,002,366 | $4,372,956,000 |
| IDXX | IDEXX LABORATORIES | 6.82% | 4,242,283 | $2,793,374,000 |
| EL | ESTEE LAUDER | 6.47% | 7,165,161 | $2,652,543,000 |
| PYPL | PAYPAL HOLDINGS INC | 5.99% | 13,019,452 | $2,455,208,000 |
| INTU | INTUIT INC | 5.86% | 3,732,877 | $2,401,061,000 |
| META | META PLATFORMS INC | 5.58% | 6,800,261 | $2,287,268,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 4.73% | 20,423,427 | $1,940,226,000 |
| SYK | STRYKER CORP | 4.73% | 7,252,688 | $1,939,514,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 4.46% | 18,910,918 | $1,826,984,000 |
| PEP | PEPSICO INC | 4.42% | 10,418,202 | $1,809,746,000 |
| ADP | AUTOMATIC DATA PROCESSING | 4.27% | 7,094,390 | $1,749,335,000 |
| WAT | WATERS CORP | 4.10% | 4,510,879 | $1,680,754,000 |
| V | VISA INC CLASS A SHARES | 3.63% | 6,868,694 | $1,488,515,000 |
| NKE | NIKE INC CL B | 3.56% | 8,753,982 | $1,459,026,000 |
| AMZN | AMAZON COM INC | 3.46% | 425,426 | $1,418,515,000 |
| SBUX | STARBUCKS CORP | 3.30% | 11,576,749 | $1,354,132,000 |
| JNJ | JOHNSON & JOHNSON | 3.01% | 7,219,198 | $1,234,988,000 |
| GOOGL | ALPHABET INC | 2.96% | 419,096 | $1,214,138,000 |
| CHD | CHURCH & DWIGHT INC | 2.92% | 11,658,319 | $1,194,978,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 2.75% | 15,453,294 | $1,125,927,000 |
| FTNT | FORTINET INC | 0.56% | 635,775 | $228,498,000 |
| EFX | EQUIFAX | 0.49% | 683,231 | $200,043,000 |
| SABR | SABRE | 0.48% | 22,672,237 | $194,755,000 |
| — | ANSYS | 0.46% | 465,650 | $186,782,000 |
| VRSK | VERISK ANALYTICS | 0.44% | 794,217 | $181,661,000 |
| VRSN | VERISIGN | 0.43% | 694,781 | $176,349,000 |
| AOS | AO SMITH | 0.37% | 1,778,319 | $152,669,000 |
| QLYS | QUALYS | 0.36% | 1,072,823 | $147,213,000 |
| IPGP | IPG PHOTONICS | 0.36% | 852,972 | $146,831,000 |
| CGNX | COGNEX | 0.34% | 1,812,093 | $140,908,000 |
| MSCI | MSCI | 0.32% | 210,971 | $129,260,000 |
| MASI* | MASIMO | 0.31% | 435,937 | $127,634,000 |
| WING | WINGSTOP INC | 0.24% | 564,183 | $97,491,000 |
| PAYC | PAYCOM SOFTWARE | 0.22% | 218,374 | $90,667,000 |
| ROL | ROLLINS INC | 0.22% | 2,619,965 | $89,629,000 |
| HD | HOME DEPOT INC | 0.16% | 159,643 | $66,253,000 |
| ZTS | ZOETIS INC | 0.16% | 263,614 | $64,330,000 |
| PG | PROCTER AND GAMBLE CO | 0.15% | 371,129 | $60,709,000 |
| MELI | MERCADOLIBRE | 0.08% | 24,225 | $32,665,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 0.04% | 141,721 | $17,050,000 |
| — | WNS HLDGS LTD | 0.04% | 193,179 | $17,042,000 |
| G | GENPACT LIMITED | 0.04% | 317,337 | $16,844,000 |
| CL | COLGATE PALMOLIVE CO | 0.03% | 128,780 | $10,990,000 |
| XP | XP CLASS A | 0.02% | 253,367 | $7,282,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT | 9.38% | 12,034,366 | $3,392,728,000 |
| PYPL | PAYPAL HOLDINGS INC | 8.84% | 12,288,820 | $3,197,674,000 |
| IDXX | IDEXX LABORATORIES | 7.29% | 4,242,202 | $2,638,225,000 |
| INTU | INTUIT INC | 6.84% | 4,582,539 | $2,472,326,000 |
| META | 6.04% | 6,440,136 | $2,185,718,000 | |
| EL | ESTEE LAUDER | 5.66% | 6,831,752 | $2,049,047,000 |
| SYK | STRYKER CORP | 5.12% | 7,015,492 | $1,850,126,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 5.07% | 19,353,620 | $1,834,530,000 |
| WAT | WATERS CORP | 4.46% | 4,511,194 | $1,611,850,000 |
| PEP | PEPSICO INC | 4.20% | 10,092,652 | $1,518,036,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 4.19% | 18,713,629 | $1,516,365,000 |
| V | VISA INC CLASS A SHARES | 4.06% | 6,595,049 | $1,469,047,000 |
| ADP | AUTOMATIC DATA PROCESSING | 3.92% | 7,096,134 | $1,418,659,000 |
| NKE | NIKE INC CL B | 3.52% | 8,764,739 | $1,272,903,000 |
| AMZN | AMAZON COM INC | 3.34% | 367,861 | $1,208,438,000 |
| SBUX | STARBUCKS CORP | 3.28% | 10,745,026 | $1,185,284,000 |
| JNJ | JOHNSON & JOHNSON | 3.22% | 7,203,569 | $1,163,376,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 2.67% | 14,422,611 | $966,459,000 |
| CHD | CHURCH & DWIGHT INC | 2.52% | 11,022,496 | $910,127,000 |
| SABR | SABRE | 0.66% | 20,093,468 | $237,907,000 |
| FTNT | FORTINET INC | 0.51% | 634,415 | $185,275,000 |
| EFX | EQUIFAX | 0.48% | 681,754 | $172,770,000 |
| VRSK | VERISK ANALYTICS | 0.44% | 792,510 | $158,716,000 |
| — | ANSYS | 0.44% | 464,652 | $158,191,000 |
| VRSN | VERISIGN | 0.39% | 693,291 | $142,132,000 |
| CGNX | COGNEX | 0.36% | 1,625,987 | $130,437,000 |
| MSCI | MSCI | 0.35% | 210,520 | $128,068,000 |
| IPGP | IPG PHOTONICS | 0.35% | 798,462 | $126,476,000 |
| QLYS | QUALYS | 0.33% | 1,070,513 | $119,137,000 |
| MASI* | MASIMO | 0.33% | 435,010 | $117,762,000 |
| AOS | AO SMITH | 0.30% | 1,774,515 | $108,370,000 |
| PAYC | PAYCOM SOFTWARE | 0.30% | 217,906 | $108,027,000 |
| WING | WINGSTOP INC | 0.26% | 562,965 | $92,287,000 |
| ROL | ROLLINS INC | 0.22% | 2,248,561 | $79,442,000 |
| HD | HOME DEPOT INC | 0.13% | 148,339 | $48,694,000 |
| ZTS | ZOETIS INC | 0.13% | 240,502 | $46,691,000 |
| PG | PROCTER AND GAMBLE CO | 0.12% | 318,181 | $44,482,000 |
| MELI | MERCADOLIBRE | 0.11% | 24,225 | $40,683,000 |
| — | WNS HLDGS LTD | 0.04% | 188,912 | $15,453,000 |
| G | GENPACT LIMITED | 0.04% | 305,208 | $14,500,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 0.04% | 129,633 | $14,474,000 |
| XP | XP CLASS A | 0.03% | 253,367 | $10,178,000 |
| CL | COLGATE PALMOLIVE CO | 0.03% | 122,890 | $9,288,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| PYPL | PAYPAL HOLDINGS INC | 9.93% | 12,289,470 | $3,582,135,000 |
| MSFT | MICROSOFT | 9.03% | 12,035,021 | $3,260,287,000 |
| IDXX | IDEXX LABORATORIES | 7.42% | 4,242,462 | $2,679,327,000 |
| INTU | INTUIT INC | 6.23% | 4,582,899 | $2,246,400,000 |
| META | 6.21% | 6,440,136 | $2,239,300,000 | |
| EL | ESTEE LAUDER | 6.02% | 6,830,510 | $2,172,649,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 5.32% | 19,353,620 | $1,918,137,000 |
| SYK | STRYKER CORP | 5.05% | 7,014,123 | $1,821,778,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 4.36% | 17,804,657 | $1,572,507,000 |
| V | VISA INC CLASS A SHARES | 4.24% | 6,536,340 | $1,528,327,000 |
| WAT | WATERS CORP | 4.22% | 4,408,039 | $1,523,462,000 |
| PEP | PEPSICO INC | 4.14% | 10,087,220 | $1,494,623,000 |
| ADP | AUTOMATIC DATA PROCESSING | 3.91% | 7,096,900 | $1,409,586,000 |
| NKE | NIKE INC CL B | 3.75% | 8,755,854 | $1,352,692,000 |
| SBUX | STARBUCKS CORP | 3.33% | 10,746,285 | $1,201,542,000 |
| JNJ | JOHNSON & JOHNSON | 3.27% | 7,155,706 | $1,178,831,000 |
| BDX | BECTON DICKINSON AND CO | 2.92% | 4,328,550 | $1,052,660,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 2.62% | 12,595,990 | $943,943,000 |
| CHD | CHURCH & DWIGHT INC | 2.18% | 9,224,122 | $786,080,000 |
| SABR | SABRE | 0.54% | 15,581,696 | $194,460,000 |
| FTNT | FORTINET INC | 0.50% | 752,030 | $179,126,000 |
| EFX | EQUIFAX | 0.45% | 679,315 | $162,703,000 |
| — | ANSYS | 0.39% | 404,278 | $140,309,000 |
| VRSK | VERISK ANALYTICS | 0.38% | 789,708 | $137,978,000 |
| CGNX | COGNEX | 0.38% | 1,620,130 | $136,172,000 |
| VRSN | VERISIGN | 0.37% | 588,541 | $134,005,000 |
| IPGP | IPG PHOTONICS | 0.37% | 633,458 | $133,514,000 |
| AOS | AO SMITH | 0.35% | 1,768,126 | $127,411,000 |
| MSCI | MSCI | 0.31% | 209,762 | $111,820,000 |
| QLYS | QUALYS | 0.30% | 1,066,674 | $107,403,000 |
| MASI* | MASIMO | 0.29% | 433,438 | $105,087,000 |
| WING | WINGSTOP INC | 0.25% | 560,949 | $88,422,000 |
| PAYC | PAYCOM SOFTWARE | 0.22% | 217,122 | $78,917,000 |
| ROL | ROLLINS INC | 0.21% | 2,240,687 | $76,631,000 |
| ZTS | ZOETIS INC | 0.11% | 220,555 | $41,103,000 |
| MAR | MARRIOTT INTERNATIONAL CL A | 0.11% | 297,432 | $40,605,000 |
| PG | PROCTER AND GAMBLE CO | 0.11% | 300,204 | $40,507,000 |
| MELI | MERCADOLIBRE | 0.10% | 24,225 | $37,737,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 0.04% | 129,633 | $15,577,000 |
| XP | XP CLASS A | 0.03% | 253,367 | $11,034,000 |
| CL | COLGATE PALMOLIVE CO | 0.03% | 122,131 | $9,935,000 |
| — | WNS HLDGS LTD | 0.03% | 118,721 | $9,482,000 |
| HD | HOME DEPOT INC | 0.00% | 4,345 | $1,386,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| PYPL | PAYPAL HOLDINGS INC | 9.50% | 12,304,750 | $2,988,085,000 |
| MSFT | MICROSOFT | 9.04% | 12,049,293 | $2,840,862,000 |
| IDXX | IDEXX LABORATORIES | 6.57% | 4,220,612 | $2,065,188,000 |
| EL | ESTEE LAUDER | 6.30% | 6,807,070 | $1,979,836,000 |
| META | 6.03% | 6,433,648 | $1,894,902,000 | |
| INTU | INTUIT INC | 5.58% | 4,577,260 | $1,753,365,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 5.47% | 19,388,572 | $1,720,542,000 |
| SYK | STRYKER CORP | 5.43% | 7,006,486 | $1,706,640,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 4.88% | 17,220,169 | $1,535,350,000 |
| PEP | PEPSICO INC | 4.51% | 10,033,062 | $1,419,177,000 |
| V | VISA INC CLASS A SHARES | 4.37% | 6,492,332 | $1,374,621,000 |
| ADP | AUTOMATIC DATA PROCESSING | 4.26% | 7,113,605 | $1,340,701,000 |
| WAT | WATERS CORP | 3.97% | 4,393,544 | $1,248,513,000 |
| SBUX | STARBUCKS CORP | 3.73% | 10,720,429 | $1,171,421,000 |
| JNJ | JOHNSON & JOHNSON | 3.47% | 6,640,844 | $1,091,423,000 |
| BDX | BECTON DICKINSON AND CO | 3.35% | 4,334,871 | $1,054,024,000 |
| NKE | NIKE INC CL B | 3.35% | 7,927,468 | $1,053,481,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 2.46% | 11,231,696 | $774,650,000 |
| CHD | CHURCH & DWIGHT INC | 1.73% | 6,223,361 | $543,611,000 |
| SABR | SABRE | 0.70% | 14,931,624 | $221,137,000 |
| FTNT | FORTINET INC | 0.44% | 747,908 | $137,929,000 |
| CGNX | COGNEX | 0.43% | 1,611,251 | $133,718,000 |
| IPGP | IPG PHOTONICS | 0.42% | 629,987 | $132,889,000 |
| VRSK | VERISK ANALYTICS | 0.39% | 699,816 | $123,650,000 |
| EFX | EQUIFAX | 0.39% | 675,592 | $122,370,000 |
| — | ANSYS | 0.39% | 358,608 | $121,769,000 |
| AOS | AO SMITH | 0.38% | 1,758,436 | $118,888,000 |
| VRSN | VERISIGN | 0.37% | 585,315 | $116,337,000 |
| QLYS | QUALYS | 0.35% | 1,061,066 | $111,178,000 |
| MASI* | MASIMO | 0.31% | 431,063 | $98,998,000 |
| MSCI | MSCI | 0.28% | 208,613 | $87,467,000 |
| PAYC | PAYCOM SOFTWARE | 0.25% | 215,932 | $79,908,000 |
| ROL | ROLLINS INC | 0.20% | 1,842,427 | $63,416,000 |
| WING | WINGSTOP INC | 0.18% | 447,555 | $56,916,000 |
| MAR | MARRIOTT INTERNATIONAL CL A | 0.14% | 296,181 | $43,867,000 |
| MELI | MERCADOLIBRE | 0.11% | 24,225 | $35,663,000 |
| ZTS | ZOETIS INC | 0.11% | 212,207 | $33,418,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 0.04% | 117,981 | $13,955,000 |
| PG | PROCTER AND GAMBLE CO | 0.04% | 84,563 | $11,452,000 |
| XP | XP CLASS A | 0.03% | 253,367 | $9,544,000 |
| CL | COLGATE PALMOLIVE CO | 0.03% | 120,029 | $9,462,000 |
| HD | HOME DEPOT INC | 0.01% | 5,265 | $1,607,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| PYPL | PAYPAL HOLDINGS INC | 9.57% | 12,333,741 | $2,888,562,000 |
| MSFT | MICROSOFT | 8.90% | 12,072,338 | $2,685,129,000 |
| IDXX | IDEXX LABORATORIES | 7.00% | 4,226,428 | $2,112,665,000 |
| EL | ESTEE LAUDER | 5.99% | 6,786,727 | $1,806,559,000 |
| META | 5.81% | 6,418,874 | $1,753,380,000 | |
| INTU | INTUIT INC | 5.78% | 4,587,585 | $1,742,594,000 |
| SYK | STRYKER CORP | 5.39% | 6,634,893 | $1,625,814,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 5.34% | 19,467,941 | $1,611,751,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 5.11% | 16,133,793 | $1,542,391,000 |
| PEP | PEPSICO INC | 4.74% | 9,648,806 | $1,430,918,000 |
| V | VISA INC CLASS A SHARES | 4.44% | 6,122,231 | $1,339,116,000 |
| ADP | AUTOMATIC DATA PROCESSING | 4.14% | 7,087,617 | $1,248,838,000 |
| SBUX | STARBUCKS CORP | 3.70% | 10,441,081 | $1,116,987,000 |
| NKE | NIKE INC CL B | 3.63% | 7,733,544 | $1,094,064,000 |
| WAT | WATERS CORP | 3.62% | 4,409,835 | $1,091,081,000 |
| BDX | BECTON DICKINSON AND CO | 3.60% | 4,345,415 | $1,087,310,000 |
| JNJ | JOHNSON & JOHNSON | 3.33% | 6,392,509 | $1,006,053,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 2.70% | 10,255,848 | $814,622,000 |
| CHD | CHURCH & DWIGHT INC | 1.63% | 5,631,204 | $491,210,000 |
| SABR | SABRE | 0.54% | 13,615,381 | $163,657,000 |
| IPGP | IPG PHOTONICS | 0.47% | 627,344 | $140,393,000 |
| — | ANSYS | 0.43% | 357,103 | $129,914,000 |
| EFX | EQUIFAX | 0.43% | 672,758 | $129,735,000 |
| CGNX | COGNEX | 0.43% | 1,604,491 | $128,817,000 |
| VRSK | VERISK ANALYTICS | 0.42% | 608,148 | $126,245,000 |
| MASI* | MASIMO | 0.38% | 429,254 | $115,203,000 |
| QLYS | QUALYS | 0.38% | 933,787 | $113,801,000 |
| FTNT | FORTINET INC | 0.37% | 744,771 | $110,621,000 |
| VRSN | VERISIGN | 0.36% | 498,577 | $107,892,000 |
| PAYC | PAYCOM SOFTWARE | 0.32% | 215,026 | $97,246,000 |
| MSCI | MSCI | 0.31% | 207,737 | $92,761,000 |
| AOS | AO SMITH | 0.27% | 1,489,317 | $81,644,000 |
| MELI | MERCADOLIBRE | 0.16% | 28,500 | $47,744,000 |
| MAR | MARRIOTT INTERNATIONAL CL A | 0.12% | 277,920 | $36,663,000 |
| ZTS | ZOETIS INC | 0.07% | 121,003 | $20,026,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 0.04% | 117,981 | $12,865,000 |
| XP | XP CLASS A | 0.03% | 253,367 | $10,051,000 |
| CL | COLGATE PALMOLIVE CO | 0.03% | 112,079 | $9,584,000 |
| PG | PROCTER AND GAMBLE CO | 0.02% | 38,171 | $5,311,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MSFT | MICROSOFT | 9.80% | 11,929,459 | $2,509,123,000 |
| PYPL | PAYPAL HOLDINGS INC | 9.51% | 12,359,311 | $2,435,155,000 |
| META | 6.58% | 6,427,563 | $1,683,379,000 | |
| IDXX | IDEXX LABORATORIES | 6.50% | 4,232,815 | $1,663,962,000 |
| INTU | INTUIT INC | 5.85% | 4,594,541 | $1,498,785,000 |
| EL | ESTEE LAUDER | 5.80% | 6,800,333 | $1,484,173,000 |
| MKC | MCCORMICK & CO NON VTG SHRS | 5.72% | 7,542,095 | $1,463,921,000 |
| PM | PHILIP MORRIS INTERNATIONAL | 5.71% | 19,503,315 | $1,462,554,000 |
| SYK | STRYKER CORP | 5.11% | 6,277,138 | $1,307,967,000 |
| PEP | PEPSICO INC | 4.82% | 8,911,181 | $1,235,090,000 |
| V | VISA INC CLASS A SHARES | 4.79% | 6,134,726 | $1,226,761,000 |
| BDX | BECTON DICKINSON AND CO | 3.95% | 4,340,972 | $1,010,057,000 |
| NKE | NIKE INC CL B | 3.80% | 7,752,398 | $973,236,000 |
| ADP | AUTOMATIC DATA PROCESSING | 3.77% | 6,919,915 | $965,259,000 |
| JNJ | JOHNSON & JOHNSON | 3.73% | 6,411,610 | $954,560,000 |
| SBUX | STARBUCKS CORP | 3.48% | 10,382,215 | $892,040,000 |
| WAT | WATERS CORP | 3.28% | 4,292,028 | $839,864,000 |
| BF/B | BROWN FORMAN CORP CLASS B | 3.02% | 10,253,745 | $772,312,000 |
| VRSK | VERISK ANALYTICS | 0.44% | 607,423 | $112,562,000 |
| — | ANSYS | 0.43% | 335,033 | $109,633,000 |
| IPGP | IPG PHOTONICS | 0.42% | 626,454 | $106,478,000 |
| CGNX | COGNEX | 0.41% | 1,602,593 | $104,329,000 |
| MASI* | MASIMO | 0.40% | 428,897 | $101,245,000 |
| EFX | EQUIFAX | 0.35% | 576,779 | $90,497,000 |
| VRSN | VERISIGN | 0.34% | 429,518 | $87,987,000 |
| QLYS | QUALYS | 0.31% | 813,720 | $79,753,000 |
| AOS | AO SMITH | 0.31% | 1,487,541 | $78,542,000 |
| MSCI | MSCI | 0.29% | 207,490 | $74,028,000 |
| PAYC | PAYCOM SOFTWARE | 0.26% | 214,794 | $66,865,000 |
| SABR | SABRE | 0.26% | 10,156,442 | $66,118,000 |
| CHKP | CHECK POINT SOFTWARE TECH | 0.16% | 334,691 | $40,277,000 |
| MELI | MERCADOLIBRE | 0.13% | 30,000 | $32,474,000 |
| MAR | MARRIOTT INTERNATIONAL CL A | 0.10% | 279,552 | $25,881,000 |
| FTNT | FORTINET INC | 0.10% | 212,445 | $25,028,000 |
| XP | XP CLASS A | 0.04% | 253,367 | $10,563,000 |
| CL | COLGATE PALMOLIVE CO | 0.03% | 107,251 | $8,274,000 |
Investor background
Terry Smith
“Buy good companies. Don’t overpay. Do nothing.”
Terry Smith is the founder, chief executive officer and chief investment officer of Fundsmith, the investment firm he established in 2010. Before becoming a professional fund manager, Smith spent decades analysing financial institutions, examining corporate accounts and running listed businesses. His 1992 book, *Accounting for Growth*, examined the techniques companies use to make reported earnings appear stronger than their underlying economics. He subsequently led Collins Stewart and Tullett Prebon, gaining direct experience in acquisitions, corporate governance and capital allocation.
This background matters because Smith approaches equity investing partly as a forensic financial analyst and partly as a business owner. He is particularly alert to companies whose apparent growth is supported by aggressive accounting, repeated acquisitions, rising leverage or large amounts of capital that must continually be reinvested merely to preserve their competitive position.
Fundsmith’s strategy is deliberately simple. It seeks a concentrated portfolio of resilient global businesses capable of sustaining high returns on operating capital. Smith favours companies with recurring revenues, strong customer relationships, pricing power, high cash conversion, conservative balance sheets and long opportunities to reinvest. He generally avoids banks, commodity producers, utilities, airlines and other businesses whose economics depend heavily on leverage, regulation, external capital or unpredictable prices.
The instruction not to “overpay” does not mean Fundsmith buys only statistically cheap stocks. Smith is willing to pay a reasonable premium for a superior business, but he does not want future returns to depend mainly on further valuation expansion. “Do nothing” is equally important: low turnover reduces transaction costs, taxes and the risk of replacing a proven compounder with an inferior idea.
Smith qualifies as a super investor because he has combined a clearly defined philosophy with a substantial, publicly observable record. From its launch in November 2010 through the end of 2025, the Fundsmith Equity Fund compounded at 13.8% annually, compared with 12.1% for the MSCI World Index measured in sterling.
Smith remains the central investment decision-maker and continues to serve as CEO and CIO alongside Julian Robins.