Sarasin & Partners LLP

2. Key Holdings

The portfolio is heavily concentrated in mega-cap technology leaders, with the top ten positions accounting for approximately 47% of total assets.

• Top Positions: Microsoft (MSFT) and NVIDIA (NVDA) are the largest holdings, each representing roughly 8.7% of the portfolio (approx. $841M and $832M respectively). This near-equal weighting suggests a strong conviction in the AI infrastructure and software ecosystems.
• Communication Services & Consumer: Alphabet (GOOGL) and Amazon (AMZN) hold the third and fourth spots, comprising 6.45% and 5.44% of the portfolio, respectively.
• New Additions: Notably, four of the top five holdings—Microsoft, Amazon, Apple, and Colgate-Palmolive—were new positions this quarter. This indicates a decisive pivot to establish core positions in the world's largest companies.
• Financials: Mastercard (MA) remains a key non-tech holding at 4.26%, providing exposure to the digital payments sector.