Investor: George Fraise & Gordon March&
Number of Assets: 51
Reporting Period: Q1 - 2026
Holdings at Report: $10,622,216,645
Return Since Report: +$1,002,340,065
Return Since Report: +9.44%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Adyen ADR | Equity | +29.41% | 294,848 | 0.03% | $9.97 | N/A | $2,939,635 | N/A | N/A | N/A |
| Alibaba Group Holding Limited (BABA) | Equity | -2.47% | 273,486 | 0.32% | $125.46 | $132.59 | $34,311,553 | $36,261,509 | +$1,949,956 | +5.68% |
| American Express Company (AXP) | Equity | +81.59% | 1,122,014 | 3.20% | $302.48 | $313.48 | $339,386,795 | $351,728,949 | +$12,342,154 | +3.64% |
| Canadian Pacific Kansas City Limited (CP) | Equity | -20.63% | 5,210,330 | 3.86% | $78.66 | $85.07 | $409,844,558 | $443,242,773 | +$33,398,215 | +8.15% |
| Danaher Corp. (DHR) | Equity | +2.41% | 1,636,382 | 2.92% | $189.60 | $161.91 | $310,258,027 | $264,946,610 | -$45,311,417 | -14.60% |
| Experian PLC (EXPGY) | Equity | 0% | 72,210 | 0.02% | $34.94 | $34.73 | $2,523,017 | $2,507,853 | -$15,164 | -0.60% |
| Fast Retailing Co-unspon ADR | Equity | -19.40% | 62,583 | 0.02% | $39.67 | N/A | $2,482,668 | N/A | N/A | N/A |
| Linde PLC (LIN) | Equity | -14.50% | 24,524 | 0.11% | $495.76 | $506.11 | $12,158,018 | $12,411,842 | +$253,824 | +2.09% |
| Mastercard Inc. (MA) | Equity | +100% | 376,414 | 1.77% | $499.66 | $494.20 | $188,079,019 | $186,023,799 | -$2,055,220 | -1.09% |
| Microsoft Corp. (MSFT) | Equity | -23.65% | 1,568,993 | 5.47% | $370.17 | $421.92 | $580,794,139 | $661,989,527 | +$81,195,388 | +13.98% |
| Nvidia Corp. (NVDA) | Equity | -18.83% | 4,849,512 | 7.96% | $174.40 | $225.32 | $845,754,893 | $1,092,692,044 | +$246,937,151 | +29.20% |
| Sap Se (SAP) | Equity | -30.97% | 474,104 | 0.76% | $171.21 | $169.53 | $81,171,345 | $80,372,481 | -$798,864 | -0.98% |
| Servicenow Inc. (NOW) | Equity | -11.89% | 1,005,271 | 0.99% | $104.55 | $95.07 | $105,101,083 | $95,571,114 | -$9,529,969 | -9.07% |
| Spotify Technology S.A. (SPOT) | Equity | +100% | 14,877 | 0.07% | $484.91 | $436.63 | $7,214,006 | $6,495,745 | -$718,261 | -9.96% |
| Steris PLC (STE) | Equity | -27.88% | 547,179 | 1.14% | $221.13 | $212.08 | $120,997,693 | $116,045,722 | -$4,951,971 | -4.09% |
| Unilever PLC | Equity | -7.83% | 405,570 | 0.22% | $56.97 | N/A | $23,105,323 | N/A | N/A | N/A |
| Waste Connections Inc. (WCN) | Equity | +15.04% | 98,148 | 0.15% | $162.44 | $156.67 | $15,943,161 | $15,376,847 | -$566,314 | -3.55% |
| Alcon Inc. (ALC) | Equity | -48.30% | 1,102,071 | 0.78% | $75.35 | $63.64 | $83,041,050 | $70,135,798 | -$12,905,252 | -15.54% |
| Amazon.com Inc. (AMZN) | Equity | -29.69% | 3,271,241 | 6.41% | $208.27 | $264.14 | $681,301,363 | $864,065,598 | +$182,764,235 | +26.83% |
| Apple Inc. (AAPL) | Equity | +25.05% | 1,525,700 | 3.65% | $253.79 | $300.23 | $387,207,403 | $458,060,911 | +$70,853,508 | +18.30% |
| Broadcom Inc. (AVGO) | Equity | +125.74% | 1,462,602 | 4.26% | $309.51 | $425.19 | $452,689,945 | $621,883,744 | +$169,193,799 | +37.38% |
| The Cooper Companies Inc. (COO) | Equity | -39.02% | 2,054,312 | 1.38% | $71.50 | $59.61 | $146,883,308 | $122,457,538 | -$24,425,770 | -16.63% |
| Fomento Económico Mexicano S.A.B. De C.V. (FMX) | Equity | +6.22% | 165,107 | 0.17% | $111.06 | $121.44 | $18,336,783 | $20,050,594 | +$1,713,811 | +9.35% |
| HDFC Bank Limited (HDB) | Equity | -8.49% | 5,225,907 | 1.22% | $24.88 | $24.45 | $130,020,566 | $127,773,426 | -$2,247,140 | -1.73% |
| Intuit Inc. (INTU) | Equity | -33.75% | 635,752 | 2.59% | $432.38 | $393.00 | $274,886,450 | $249,850,536 | -$25,035,914 | -9.11% |
| MakeMyTrip Limited (MMYT) | Equity | +35.46% | 123,247 | 0.04% | $37.29 | $43.30 | $4,595,880 | $5,336,595 | +$740,715 | +16.12% |
| Meta Platforms Inc. (META) | Equity | -18.40% | 697,191 | 3.76% | $572.13 | $614.23 | $398,883,886 | $428,235,628 | +$29,351,742 | +7.36% |
| Netflix Inc. (NFLX) | Equity | +32.26% | 3,410,969 | 3.09% | $96.15 | $87.02 | $327,964,669 | $296,822,522 | -$31,142,147 | -9.50% |
| Sea Limited (SE) | Equity | -17.15% | 629,955 | 0.49% | $82.81 | $88.23 | $52,166,573 | $55,580,930 | +$3,414,357 | +6.55% |
| Shopify Inc. (SHOP) | Equity | +33.69% | 81,087 | 0.09% | $118.62 | $100.28 | $9,618,540 | $8,131,404 | -$1,487,136 | -15.46% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | -2.45% | 130,255 | 0.41% | $337.95 | $404.35 | $44,019,677 | $52,668,609 | +$8,648,932 | +19.65% |
| Universal Music Gro Unsp Adr | Equity | 0% | 342,750 | 0.03% | $9.60 | $0.00 | $3,290,400 | $0 | -$3,290,400 | -100% |
| W.W. Grainger Inc. (GWW) | Equity | -8.17% | 210,918 | 2.17% | $1,090.81 | N/A | $230,071,464 | N/A | N/A | N/A |
| Waste Management Inc. (WM) | Equity | -26.97% | 2,021,702 | 4.37% | $229.79 | $219.82 | $464,566,903 | $444,410,534 | -$20,156,369 | -4.34% |
| Yum! Brands Inc. (YUM) | Equity | -9.49% | 2,260,403 | 3.31% | $155.48 | $149.97 | $351,447,458 | $338,992,638 | -$12,454,820 | -3.54% |
| AIA Group Limited (AAGIY) | Equity | 0% | 71,286 | 0.03% | $44.53 | $44.52 | $3,174,366 | $3,173,653 | -$713 | -0.02% |
| Alphabet Inc. (GOOG) | Equity | -11.71% | 1,892,568 | 5.11% | $286.86 | $393.32 | $542,902,056 | $744,384,846 | +$201,482,790 | +37.11% |
| Aon PLC (AON) | Equity | -13.89% | 1,051,805 | 3.20% | $322.78 | $317.27 | $339,501,618 | $333,706,172 | -$5,795,446 | -1.71% |
| Arm Holdings PLC (ARM) | Equity | -24.77% | 2,007,159 | 2.86% | $151.28 | $209.16 | $303,643,013 | $419,817,376 | +$116,174,363 | +38.26% |
| Chipotle Mexican Grill Inc. (CMG) | Equity | -19.21% | 7,818,154 | 2.36% | $32.01 | $32.65 | $250,259,110 | $255,262,728 | +$5,003,618 | +2.00% |
| Ecolab Inc. (ECL) | Equity | +31.35% | 847,258 | 2.12% | $266.02 | $247.62 | $225,387,573 | $209,798,026 | -$15,589,547 | -6.92% |
| Grab Holdings Limited (GRAB) | Equity | +49.14% | 5,811,158 | 0.20% | $3.66 | $3.55 | $21,268,839 | $20,629,611 | -$639,228 | -3.01% |
| Infosys Limited (INFY) | Equity | +230.06% | 1,155,813 | 0.15% | $13.51 | $12.07 | $15,615,034 | $13,950,663 | -$1,664,371 | -10.66% |
| Mercadolibre Inc. (MELI) | Equity | -32.01% | 52,541 | 0.86% | $1,729.02 | $1,546.81 | $90,844,440 | $81,270,944 | -$9,573,496 | -10.54% |
| Nike Inc. (NKE) | Equity | -8.07% | 2,564,741 | 1.28% | $52.82 | $41.88 | $135,469,619 | $107,411,353 | -$28,058,266 | -20.71% |
| S&P Global Inc. (SPGI) | Equity | -26.50% | 757,297 | 3.03% | $425.34 | $403.09 | $322,108,706 | $305,258,848 | -$16,849,858 | -5.23% |
| Salesforce Inc. (CRM) | Equity | -18.73% | 1,740,310 | 3.06% | $186.67 | $173.51 | $324,863,668 | $301,961,188 | -$22,902,480 | -7.05% |
| Synopsys Inc. (SNPS) | Equity | -19.87% | 900,987 | 3.36% | $396.48 | $502.42 | $357,223,326 | $452,673,889 | +$95,450,563 | +26.72% |
| Tencent Music Entertainment Group (TME) | Equity | +47.71% | 503,887 | 0.04% | $9.28 | $8.46 | $4,676,072 | $4,260,365 | -$415,707 | -8.89% |
| Visa Inc. (V) | Equity | -17.32% | 1,750,135 | 4.98% | $302.24 | $325.75 | $528,960,803 | $570,106,476 | +$41,145,673 | +7.78% |
| XP Inc. (XP) | Equity | +2.40% | 696,489 | 0.12% | $19.04 | $17.47 | $13,261,151 | $12,167,663 | -$1,093,488 | -8.25% |