Rothschild & Co Wealth Management UK Ltd

Rothschild & Co Wealth Management UK Ltd's March 2026 13F presents one of the most coherent investment theses in the covered filer universe: a $6.53 billion, 25-position portfolio whose top nine holdings — American Express, Booking Holdings, Berkshire Hathaway, Mastercard, Deere & Co., S&P Global, Sunbelt Rentals, Moody's, and Canadian Pacific Kansas City — together represent 87% of public capital, dominated by companies that sit at the inflection of pricing power, brand value, and infrastructure scarcity in the U.S. and global economy. The whaleScore of 81.25 reflects that extreme top-heavy structure — unusual for a wealth-management account, which typically carries more idiosyncratic, client-specific positions, and more consistent with a concentrated active manager making a deliberate macro-and-quality bet. The Q1 2026 behavior is revealed primarily through what the portfolio added, cut, and neutral-held: Deere & Co. was increased in value by $112 million even as it was marginally reduced in shares (down 0.8%), moving from the sixth- to the fifth-largest position — a paradoxical up-in-share-count-decrease effect driven by Deere's stock appreciating approximately 13% during Q1 amid strong agricultural-equipment and construction-equipment demand. American Express was trimmed by 2.2% in shares and lost $215 million in value, partially because AXP stock declined on competitive pressure from buy-now-pay-later providers that are eating into travel-and-entertainment spending in affluent demographics. Mastercard similarly declined 2.2% in share count with $113 million in value loss, a thin parallel to AmEx driven by the same BNPL and alternative-payments dynamic. Booking Holdings acquired approximately 28,800 shares for a net $7.2 million value decline — BKNG is the online-travel platform facing the post-COVID normalization of travel spending and the normalization of hotel ADRs (average daily rates) from their post-pandemic highs. S&P Global was increased in share count by 26.4% (280,000 additional shares) as the index-and-ratings franchise benefited from index-rebalancing flows and credit-rating demand from corporate bond markets; the $15.8 million value gain on top of a price increase illustrates the 'quality compounder at still-reasonable multiples' investment thesis the portfolio consistently pursues. Sunbelt Rentals entered as an entirely new position at $534 million and 8.5 million shares — the most significant Q1 addition in dollar terms and the clearest signal that the portfolio manager views equipment-rental as a vehicle for capturing U.S. infrastructure spending and construction-cycle resilience. Comcast, Texas Instruments, Wayfair, Visa, and Canadian National Railway were all increased at the margin for small-to-mid-sized additional commitments, while Fox Corp and LendingClub were sold out completely, and Versant Media Group was added in a small $16.6 million speculative entry. The remaining ETF positions — iShares UK equities (EWU), iShares emerging markets (IEMG), Vanguard total market (IVV), and Vanguard Europe (VGK) — serve as the portfolio's geographic and asset-class diversification core and were collectively trimmed by 31-56% as the portfolio concentrated further into the high-conviction blue-chip sleeve.