Sustainable Growth Advisers, LP

2. Key Holdings

The portfolio is dominated by high-quality, large-cap growth companies, with a distinct "barbell" approach between secular technology winners and defensive compounders.

• Top Positions: Nvidia Corp (NVDA) remains the largest holding at $1.20B, representing 13.42% of the portfolio, despite a reduction in shares. Visa Inc (V) follows at $879.14M (9.86%), and Meta Platforms (META) at $777.39M (8.72%). These three positions alone constitute nearly 32% of the entire fund's assets.
• Core Convictions: The top 10 holdings include notable compounders such as Waste Management (WM) at 8.08% and ServiceNow (NOW) at 6.48%. The presence of Canadian Pacific Kansas City (CP) at 6.39% and UnitedHealth Group at 6.35% further underscores a preference for businesses with wide economic moats and pricing power.
• Position Sizing: The firm demonstrates high conviction in its top ideas, with positions generally ranging between 5% and 13%. However, positions drop off significantly after the top 15, with many holdings representing less than 1% of the portfolio, suggesting a tiered approach to capital allocation.