Ninety One UK Ltd

2. Key Holdings

The portfolio is characterized by a high-conviction approach to large-cap quality and growth, though the top ten positions account for approximately 37% of the total assets, indicating a reasonable concentration of risk.

• Top Positions: The three largest holdings—Microsoft (MSFT), Alphabet (GOOGL), and NVIDIA (NVDA)—represent a combined 17.88% of the portfolio. Microsoft is the single largest holding at $3.19B (6.84%), followed closely by Alphabet at $2.81B (6.03%).
• New Additions: Notably, the top four positions in the portfolio (Microsoft, JNJ, ADSK, PM) were all new positions this quarter. This suggests a significant strategic pivot or capital deployment into specific mega-cap themes. The initiation of a $3.19B position in Microsoft is particularly striking, signaling a strong conviction in the AI/infrastructure theme.
• Financials & Payments: Visa (V) holds the fourth spot at $2.14B (4.60%), reinforcing a strong weighting in the payments sector alongside Mastercard.
• Other Notables: The firm holds significant positions in TKO Group Holdings (2.24%) and Booking Holdings (BKNG) (2.39%), showing exposure to sports/media and travel sectors, respectively.