Investor: George Fraise & Gordon March&
Number of Assets: 54
Reporting Period: Q4 - 2025
Holdings at Report: $14,420,508,258
Return Since Report: -$1,814,837,124
Return Since Report: -12.59%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| AIA Group Limited (AAGIY) | Equity | -56.83% | 71,286 | 0.02% | $41.03 | $44.51 | $2,924,865 | $3,172,940 | +$248,075 | +8.48% |
| Adyen ADR | Equity | -40.52% | 227,836 | 0.03% | $15.97 | N/A | $3,638,541 | N/A | N/A | N/A |
| Alcon Inc. (ALC) | Equity | -33.69% | 2,131,499 | 1.16% | $78.81 | $75.40 | $167,983,436 | $160,715,025 | -$7,268,411 | -4.33% |
| Alibaba Group Holding Limited (BABA) | Equity | +0.93% | 280,402 | 0.29% | $146.58 | $125.49 | $41,101,325 | $35,187,647 | -$5,913,678 | -14.39% |
| Alphabet Inc. (GOOGL) | Equity | 0% | 10,582 | 0.02% | $313.00 | $287.22 | $3,312,166 | $3,039,362 | -$272,804 | -8.24% |
| Alphabet Inc. (GOOG) | Equity | -11.92% | 2,143,689 | 4.66% | $313.80 | $286.39 | $672,689,608 | $613,931,093 | -$58,758,515 | -8.73% |
| Amazon.com Inc. (AMZN) | Equity | -14.23% | 4,652,553 | 7.45% | $230.82 | $208.30 | $1,073,902,284 | $969,126,790 | -$104,775,494 | -9.76% |
| American Express Company (AXP) | Equity | -23.63% | 617,890 | 1.59% | $369.95 | $302.24 | $228,588,405 | $186,751,074 | -$41,837,331 | -18.30% |
| Aon PLC (AON) | Equity | -7.28% | 1,221,467 | 2.99% | $352.88 | $322.58 | $431,031,275 | $394,020,825 | -$37,010,450 | -8.59% |
| Apple Inc. (AAPL) | Equity | -7.41% | 1,220,036 | 2.30% | $271.86 | $253.42 | $331,678,987 | $309,181,523 | -$22,497,464 | -6.78% |
| Arm Holdings PLC (ARM) | Equity | -7.41% | 2,668,130 | 2.02% | $109.31 | $151.30 | $291,653,290 | $403,688,069 | +$112,034,779 | +38.41% |
| Broadcom Inc. (AVGO) | Equity | +100% | 647,922 | 1.56% | $346.10 | $309.45 | $224,245,804 | $200,496,223 | -$23,749,581 | -10.59% |
| Canadian Pacific Kansas City Limited (CP) | Equity | -14.09% | 6,564,219 | 3.35% | $73.63 | $78.58 | $483,323,445 | $515,816,329 | +$32,492,884 | +6.72% |
| Chipotle Mexican Grill Inc. (CMG) | Equity | -22.55% | 9,677,524 | 2.48% | $37.00 | $31.99 | $358,068,388 | $309,583,993 | -$48,484,395 | -13.54% |
| The Cooper Companies Inc. (COO) | Equity | -18.49% | 3,368,567 | 1.91% | $81.96 | $71.58 | $276,087,751 | $241,122,026 | -$34,965,725 | -12.66% |
| Danaher Corp. (DHR) | Equity | -16.69% | 1,597,798 | 2.54% | $228.92 | $189.57 | $365,767,918 | $302,894,567 | -$62,873,351 | -17.19% |
| Ecolab Inc. (ECL) | Equity | -7.33% | 645,018 | 1.17% | $262.52 | $265.45 | $169,330,126 | $171,216,803 | +$1,886,677 | +1.11% |
| Experian PLC (EXPGY) | Equity | -52.54% | 72,210 | 0.02% | $45.17 | $34.89 | $3,261,726 | $2,519,407 | -$742,319 | -22.76% |
| Fast Retailing Co-unspon ADR | Equity | -59.58% | 77,646 | 0.02% | $36.20 | N/A | $2,810,785 | N/A | N/A | N/A |
| Fomento Económico Mexicano S.A.B. De C.V. (FMX) | Equity | -22.77% | 155,439 | 0.11% | $101.07 | $110.57 | $15,710,220 | $17,186,890 | +$1,476,670 | +9.40% |
| Gartner Inc. (IT) | Equity | -15.25% | 1,243,148 | 2.17% | $252.28 | $158.71 | $313,621,378 | $197,293,803 | -$116,327,575 | -37.09% |
| Grab Holdings Limited (GRAB) | Equity | +94.05% | 3,896,506 | 0.13% | $4.99 | $3.65 | $19,443,565 | $14,222,247 | -$5,221,318 | -26.85% |
| HDFC Bank Limited (HDB) | Equity | -47.68% | 5,710,975 | 1.45% | $36.54 | $24.81 | $208,679,027 | $141,660,735 | -$67,018,292 | -32.12% |
| Infosys Limited (INFY) | Equity | -96.78% | 350,187 | 0.04% | $17.82 | $13.52 | $6,240,333 | $4,735,579 | -$1,504,754 | -24.11% |
| Intuit Inc. (INTU) | Equity | -23.09% | 959,601 | 4.41% | $662.42 | $432.26 | $635,658,894 | $414,797,128 | -$220,861,766 | -34.75% |
| Linde PLC (LIN) | Equity | +2.76% | 28,684 | 0.08% | $426.39 | $495.73 | $12,230,571 | $14,219,519 | +$1,988,948 | +16.26% |
| MakeMyTrip Limited (MMYT) | Equity | +51.25% | 90,984 | 0.05% | $82.12 | $37.29 | $7,471,606 | $3,392,793 | -$4,078,813 | -54.59% |
| Mercadolibre Inc. (MELI) | Equity | -17.04% | 77,283 | 1.08% | $2,014.26 | $1,729.02 | $155,668,055 | $133,623,853 | -$22,044,202 | -14.16% |
| Meta Platforms Inc. (META) | Equity | -19.28% | 854,425 | 3.91% | $660.09 | $570.25 | $563,997,398 | $487,235,856 | -$76,761,542 | -13.61% |
| Microsoft Corp. (MSFT) | Equity | -19.69% | 2,055,077 | 6.89% | $483.62 | $370.17 | $993,876,339 | $760,727,853 | -$233,148,486 | -23.46% |
| Nike Inc. (NKE) | Equity | +2.29% | 2,789,888 | 1.23% | $63.71 | $52.84 | $177,743,765 | $147,417,682 | -$30,326,083 | -17.06% |
| Netflix Inc. (NFLX) | Equity | +1543.70% | 2,578,897 | 1.68% | $93.76 | $96.12 | $241,797,382 | $247,883,580 | +$6,086,198 | +2.52% |
| Nvidia Corp. (NVDA) | Equity | -6.81% | 5,974,213 | 7.73% | $186.50 | $174.21 | $1,114,190,725 | $1,040,767,647 | -$73,423,078 | -6.59% |
| S&P Global Inc. (SPGI) | Equity | -20.35% | 1,030,292 | 3.73% | $522.59 | $426.27 | $538,420,297 | $439,182,571 | -$99,237,726 | -18.43% |
| Sap Se (SAP) | Equity | -18.47% | 686,851 | 1.16% | $242.91 | $171.17 | $166,842,976 | $117,568,286 | -$49,274,690 | -29.53% |
| Salesforce Inc. (CRM) | Equity | +5.26% | 2,141,335 | 3.93% | $264.91 | $186.39 | $567,261,054 | $399,125,572 | -$168,135,482 | -29.64% |
| Sea Limited (SE) | Equity | +100% | 760,360 | 0.67% | $127.57 | $82.54 | $96,999,125 | $62,760,114 | -$34,239,011 | -35.30% |
| Servicenow Inc. (NOW) | Equity | +81.82% | 1,140,979 | 1.21% | $153.19 | $104.54 | $174,786,573 | $119,272,240 | -$55,514,333 | -31.76% |
| Shopify Inc. (SHOP) | Equity | -33.23% | 60,651 | 0.07% | $160.97 | $119.03 | $9,762,991 | $7,218,985 | -$2,544,006 | -26.06% |
| Steris PLC (STE) | Equity | -28.81% | 758,684 | 1.33% | $253.52 | $221.50 | $192,341,568 | $168,048,506 | -$24,293,062 | -12.63% |
| Synopsys Inc. (SNPS) | Equity | -16.34% | 1,124,385 | 3.66% | $469.72 | $396.88 | $528,146,122 | $446,245,919 | -$81,900,203 | -15.51% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | -52.58% | 133,526 | 0.28% | $303.89 | $337.70 | $40,577,217 | $45,091,730 | +$4,514,513 | +11.13% |
| Tencent Music Entertainment Group (TME) | Equity | -8.98% | 341,132 | 0.04% | $17.53 | $9.36 | $5,980,044 | $3,191,290 | -$2,788,754 | -46.63% |
| Unilever PLC | Equity | +100% | 440,020 | 0.20% | $65.40 | N/A | $28,777,308 | N/A | N/A | N/A |
| UnitedHealth Group Inc. (UNH) | Equity | -13.26% | 1,422,511 | 3.26% | $330.11 | $270.78 | $469,585,106 | $385,187,529 | -$84,397,577 | -17.97% |
| Universal Music Gro Unsp Adr | Equity | -52.48% | 342,750 | 0.03% | $13.04 | $0.00 | $4,469,460 | $0 | -$4,469,460 | -100% |
| Visa Inc. (V) | Equity | -17.80% | 2,116,769 | 5.15% | $350.71 | $301.42 | $742,372,056 | $638,025,928 | -$104,346,128 | -14.06% |
| W.W. Grainger Inc. (GWW) | Equity | -8.64% | 229,695 | 1.61% | $1,009.05 | N/A | $231,773,739 | N/A | N/A | N/A |
| Waste Connections Inc. (WCN) | Equity | -1.12% | 85,319 | 0.10% | $175.36 | $162.39 | $14,961,540 | $13,854,952 | -$1,106,588 | -7.40% |
| Waste Management Inc. (WM) | Equity | -15.14% | 2,768,350 | 4.22% | $219.71 | $229.73 | $608,234,179 | $635,973,046 | +$27,738,867 | +4.56% |
| Workday Inc. (WDAY) | Equity | -4.50% | 36,299 | 0.05% | $214.78 | $129.92 | $7,796,299 | $4,715,966 | -$3,080,333 | -39.51% |
| XP Inc. (XP) | Equity | +27.13% | 680,170 | 0.08% | $16.37 | $19.04 | $11,134,383 | $12,950,437 | +$1,816,054 | +16.31% |
| Yum! Brands Inc. (YUM) | Equity | -8.69% | 2,497,429 | 2.62% | $151.28 | $155.50 | $377,811,059 | $388,350,210 | +$10,539,151 | +2.79% |
| Ishares Russell 1000 Growth ETF (IWF) | Equity | +237.16% | 10,027 | 0.03% | $473.30 | $426.71 | $4,745,779 | $4,278,621 | -$467,158 | -9.84% |