Investor: George Fraise & Gordon March&
Number of Assets: 59
Reporting Period: Q3 - 2025
Holdings at Report: $17,079,498,600
Return Since Report: -$230,530,902
Return Since Report: -1.35%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Linde PLC (LIN) | Equity | -6.94% | 27,913 | 0.08% | $475.00 | $416.54 | $13,258,675 | $11,626,881 | -$1,631,794 | -12.31% |
| UnitedHealth Group Inc. (UNH) | Equity | +17.80% | 1,640,012 | 3.32% | $345.30 | $340.39 | $566,296,144 | $558,243,685 | -$8,052,459 | -1.42% |
| Adyen ADR | Equity | +100% | 383,022 | 0.04% | $15.99 | N/A | $6,124,522 | N/A | N/A | N/A |
| Alibaba Group Holding Limited (BABA) | Equity | +200.72% | 277,817 | 0.29% | $178.73 | $155.21 | $49,654,233 | $43,119,977 | -$6,534,256 | -13.16% |
| Arm Holdings PLC (ARM) | Equity | -16.65% | 2,881,709 | 2.39% | $141.49 | $131.52 | $407,733,007 | $379,002,368 | -$28,730,639 | -7.05% |
| The Cooper Companies Inc. (COO) | Equity | +22.08% | 4,132,535 | 1.66% | $68.56 | $82.70 | $283,326,600 | $341,760,645 | +$58,434,044 | +20.62% |
| Nike Inc. (NKE) | Equity | +100% | 2,727,405 | 1.11% | $69.73 | $67.41 | $190,181,951 | $183,840,734 | -$6,341,217 | -3.33% |
| Thermo Fisher Scientific Inc. (TMO) | Equity | +0.23% | 883 | 0.00% | $485.02 | $571.69 | $428,273 | $504,802 | +$76,529 | +17.87% |
| AIA Group Limited (AAGIY) | Equity | -29.59% | 165,113 | 0.04% | $38.43 | $40.16 | $6,345,292 | $6,630,938 | +$285,646 | +4.50% |
| Alcon Inc. (ALC) | Equity | -8.60% | 3,214,309 | 1.40% | $74.51 | $78.53 | $239,498,163 | $252,419,686 | +$12,921,523 | +5.40% |
| Alphabet Inc. (GOOGL) | Equity | -3.98% | 10,582 | 0.02% | $243.10 | $309.47 | $2,572,484 | $3,274,812 | +$702,328 | +27.30% |
| Apple Inc. (AAPL) | Equity | -0.50% | 1,317,612 | 1.96% | $254.63 | $277.98 | $335,503,544 | $366,269,784 | +$30,766,240 | +9.17% |
| Atlassian Corp. (TEAM) | Equity | +11.85% | 76,025 | 0.07% | $159.70 | $161.68 | $12,141,193 | $12,291,722 | +$150,529 | +1.24% |
| Chipotle Mexican Grill Inc. (CMG) | Equity | +17.52% | 12,495,638 | 2.87% | $39.19 | $36.23 | $489,704,053 | $452,654,487 | -$37,049,566 | -7.57% |
| Microsoft Corp. (MSFT) | Equity | -8.53% | 2,558,799 | 7.76% | $517.95 | $478.84 | $1,325,329,942 | $1,225,255,313 | -$100,074,629 | -7.55% |
| S&P Global Inc. (SPGI) | Equity | -14.32% | 1,293,570 | 3.69% | $486.71 | $499.89 | $629,593,455 | $646,642,707 | +$17,049,252 | +2.71% |
| Shopify Inc. (SHOP) | Equity | -29.39% | 90,842 | 0.08% | $148.61 | $163.54 | $13,500,030 | $14,856,301 | +$1,356,271 | +10.05% |
| Visa Inc. (V) | Equity | -11.31% | 2,575,245 | 5.15% | $341.38 | $347.47 | $879,137,138 | $894,820,380 | +$15,683,242 | +1.78% |
| Ishares Russell 1000 Growth ETF (IWF) | Equity | -82.77% | 2,974 | 0.01% | $468.41 | $472.09 | $1,393,051 | $1,403,996 | +$10,945 | +0.79% |
| Experian PLC (EXPGY) | Equity | -2.26% | 152,154 | 0.04% | $50.21 | $44.68 | $7,639,652 | $6,798,241 | -$841,411 | -11.01% |
| Gartner Inc. (IT) | Equity | +26.28% | 1,466,771 | 2.26% | $262.87 | $232.71 | $385,570,093 | $341,332,279 | -$44,237,814 | -11.47% |
| HDFC Bank Limited (HDB) | Equity | +48.17% | 10,914,957 | 2.18% | $34.16 | $35.88 | $372,854,931 | $391,574,082 | +$18,719,151 | +5.02% |
| Unilever PLC (UL) | Equity | +0.86% | 443,906 | 0.15% | $59.28 | $64.88 | $26,314,748 | $28,800,621 | +$2,485,873 | +9.45% |
| Alphabet Inc. (GOOG) | Equity | -10.42% | 2,433,722 | 3.47% | $243.55 | $310.80 | $592,732,993 | $756,400,798 | +$163,667,805 | +27.61% |
| Ecolab Inc. (ECL) | Equity | -0.40% | 696,005 | 1.12% | $273.86 | $262.16 | $190,607,930 | $182,464,671 | -$8,143,259 | -4.27% |
| Grab Holdings Limited (GRAB) | Equity | -4.54% | 2,008,027 | 0.07% | $6.02 | $5.19 | $12,088,322 | $10,421,660 | -$1,666,662 | -13.79% |
| Infosys Limited (INFY) | Equity | -25.15% | 10,889,185 | 1.04% | $16.27 | $17.76 | $177,167,040 | $193,370,147 | +$16,203,107 | +9.15% |
| Servicenow Inc. (NOW) | Equity | -2.99% | 627,543 | 3.38% | $920.28 | $860.38 | $577,515,272 | $539,927,957 | -$37,587,315 | -6.51% |
| Amazon.com Inc. (AMZN) | Equity | -14.99% | 5,424,707 | 6.97% | $219.57 | $226.83 | $1,191,102,916 | $1,230,486,289 | +$39,383,373 | +3.31% |
| Intuit Inc. (INTU) | Equity | -10.02% | 1,247,693 | 4.99% | $682.91 | $669.19 | $852,062,026 | $834,943,679 | -$17,118,347 | -2.01% |
| MakeMyTrip Limited (MMYT) | Equity | +8.23% | 60,154 | 0.03% | $93.60 | $82.00 | $5,630,414 | $4,932,628 | -$697,786 | -12.39% |
| Sap Se (SAP) | Equity | +1126.30% | 842,416 | 1.32% | $267.21 | $245.04 | $225,101,979 | $206,425,617 | -$18,676,362 | -8.30% |
| The Sherwin-Williams Company (SHW) | Equity | 0% | 583 | 0.00% | $346.26 | $328.26 | $201,870 | $191,376 | -$10,494 | -5.20% |
| Steris PLC (STE) | Equity | -14.73% | 1,065,658 | 1.54% | $247.44 | $250.41 | $263,686,416 | $266,851,420 | +$3,165,004 | +1.20% |
| Universal Music Gro Unsp Adr | Equity | -2.16% | 721,262 | 0.06% | $14.43 | $0.00 | $10,407,811 | $0 | -$10,407,811 | -100% |
| Aon PLC (AON) | Equity | -28.68% | 1,317,364 | 2.75% | $356.58 | $351.83 | $469,745,655 | $463,481,589 | -$6,264,066 | -1.33% |
| Canadian Pacific Kansas City Limited (CP) | Equity | -5.68% | 7,640,406 | 3.33% | $74.49 | $75.32 | $569,133,843 | $575,475,380 | +$6,341,537 | +1.11% |
| Meta Platforms Inc. (META) | Equity | -29.72% | 1,058,562 | 4.55% | $734.38 | $646.63 | $777,386,761 | $684,497,946 | -$92,888,815 | -11.95% |
| Nvidia Corp. (NVDA) | Equity | -1.90% | 6,410,603 | 7.00% | $186.58 | $176.35 | $1,196,090,308 | $1,130,509,839 | -$65,580,469 | -5.48% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | -47.80% | 281,554 | 0.46% | $279.29 | $294.28 | $78,635,216 | $82,855,711 | +$4,220,495 | +5.37% |
| Workday Inc. (WDAY) | Equity | -97.46% | 38,011 | 0.05% | $240.73 | $224.45 | $9,150,388 | $8,531,569 | -$618,819 | -6.76% |
| American Express Company (AXP) | Equity | -0.79% | 809,027 | 1.57% | $332.16 | $380.07 | $268,726,409 | $307,486,892 | +$38,760,483 | +14.42% |
| Fast Retailing Co-unspon ADR | Equity | +100% | 192,093 | 0.03% | $30.27 | N/A | $5,814,655 | N/A | N/A | N/A |
| Mercadolibre Inc. (MELI) | Equity | -19.76% | 93,162 | 1.27% | $2,336.94 | $2,019.14 | $217,714,004 | $188,106,655 | -$29,607,349 | -13.60% |
| Synopsys Inc. (SNPS) | Equity | -13.15% | 1,343,916 | 3.88% | $493.39 | $456.26 | $663,074,715 | $613,177,802 | -$49,896,913 | -7.53% |
| Tencent Music Entertainment Group (TME) | Equity | -26.79% | 374,798 | 0.05% | $23.34 | $18.22 | $8,747,785 | $6,828,820 | -$1,918,965 | -21.94% |
| Waste Management Inc. (WM) | Equity | +12.58% | 3,262,148 | 4.22% | $220.83 | $215.66 | $720,380,143 | $703,514,838 | -$16,865,305 | -2.34% |
| XP Inc. (XP) | Equity | +17.56% | 535,016 | 0.06% | $18.79 | $17.70 | $10,052,950 | $9,467,108 | -$585,842 | -5.83% |
| Danaher Corp. (DHR) | Equity | -21.35% | 1,917,941 | 2.23% | $198.26 | $227.51 | $380,250,983 | $436,341,167 | +$56,090,184 | +14.75% |
| Netflix Inc. (NFLX) | Equity | -21.13% | 156,896 | 1.10% | $1,198.92 | $95.63 | $188,105,753 | $15,003,964 | -$173,101,789 | -92.02% |
| Salesforce Inc. (CRM) | Equity | -3.87% | 2,034,371 | 2.82% | $237.00 | $261.97 | $482,145,927 | $532,944,171 | +$50,798,244 | +10.54% |
| Waste Connections Inc. (WCN) | Equity | -5.08% | 86,286 | 0.09% | $175.80 | $172.80 | $15,169,079 | $14,910,221 | -$258,858 | -1.71% |
| Autodesk Inc. (ADSK) | Equity | -5.79% | 1,806 | 0.00% | $317.67 | $298.40 | $573,712 | $538,910 | -$34,802 | -6.07% |
| Fomento Económico Mexicano S.A.B. De C.V. (FMX) | Equity | -14.29% | 201,280 | 0.12% | $98.63 | $103.86 | $19,852,247 | $20,904,941 | +$1,052,694 | +5.30% |
| MSCI Inc. (MSCI) | Equity | 0% | 745 | 0.00% | $567.41 | $547.88 | $422,720 | $408,171 | -$14,549 | -3.44% |
| Novo Nordisk As (NVO) | Equity | -99.91% | 5,573 | 0.00% | $55.49 | $50.22 | $309,246 | $279,848 | -$29,398 | -9.51% |
| Starbucks Corp. (SBUX) | Equity | 0% | 3,272 | 0.00% | $84.60 | $85.79 | $276,811 | $280,705 | +$3,894 | +1.41% |
| W.W. Grainger Inc. (GWW) | Equity | +100% | 251,424 | 1.40% | $952.96 | N/A | $239,597,015 | N/A | N/A | N/A |
| Yum! Brands Inc. (YUM) | Equity | +3.97% | 2,735,106 | 2.43% | $152.00 | $150.76 | $415,736,112 | $412,344,581 | -$3,391,531 | -0.82% |