FAYEZ SAROFIM & CO

The portfolio consists of 261 holdings, indicating a focus on high-conviction positions while maintaining a long tail of smaller allocations. The investment approach appears to be "quality at a reasonable price," with a heavy emphasis on dominant market leaders, wide-moat franchises, and consistent compounders. The top 10 holdings account for approximately 60% of the total portfolio value, signaling a high-conviction strategy where the firm concentrates its capital in its best ideas.

2. Key Holdings

The portfolio is anchored by a "Magnificent Seven" component, specifically Alphabet (GOOG) and NVIDIA (NVDA), which serve as the top two positions.

• Alphabet (GOOG) remains the largest holding at $1.87 billion (10.65% of the portfolio). The firm added $518.7 million to this position, reinforcing its conviction in the communication services giant.
• NVIDIA (NVDA) is the second-largest holding at $1.56 billion (8.89%). The firm increased its stake by 11.3% ($374.5 million), indicating a continued bullish stance on the AI infrastructure theme.
• Meta Platforms (META) holds the third spot at $1.42 billion (8.12%), further emphasizing the firm's tilt toward digital advertising and tech platforms.