Stonehage Fleming Financial Services Holdings Ltd

Key Holdings

The portfolio is heavily concentrated in a select group of "Compounder" type stocks—companies with strong competitive advantages and consistent growth.

• Alphabet Inc. (GOOG & GOOGL) remains the largest aggregate holding, representing 12.55% of the portfolio ($352.16M in Class A and $56.01M in Class C). Despite a reduction in shares this quarter, the manager's conviction in Alphabet remains the highest.
• GE Aerospace (GE) is a massive new position and the second-largest holding at 8.25% ($268.11M). This represents a significant bet on the industrial aerospace cycle.
• Microsoft (MSFT) entered as the third-largest position at 7.93% ($257.79M), reinforcing a heavy tilt toward mega-cap technology.
• Financial Data & Payments: The portfolio shows distinct strength in financial infrastructure, with S&P Global (SPGI) (6.87%), Mastercard (MA) (6.69%), and Visa (V) (6.08) all ranking in the top six.
• Other Top Picks: Amazon (AMZN) (6.05%), Amphenol (APH) (5.77%), and Arthur J. Gallagher (AJG) (5.33%) round out the top tier, showing a balanced mix of consumer tech, industrial tech, and insurance brokerage.

Notably, the portfolio holds minimal positions in some of the market's other largest tech names by comparison, with NVIDIA (NVDA), Apple (AAPL), and Meta (META) each representing less than 0.25% of the portfolio. This suggests an active preference away from the "Magnificent 7" uniformity and toward specific secular growers.