Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (54 quarters reported)
$220M in Q2 2013 → $890M now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| PM Philip Morris International Ord | 14.0% | Trimmed 6.8% | 654,963 | $125M |
| TI Texas Instruments Ord | 12.5% | Unchanged | 397,000 | $111M |
| MO Microsoft Ord | 10.0% | Trimmed 13% | 173,017 | $88.7M |
| WO Watsco Ord | 8.9% | Added 12% | 261,439 | $79.1M |
| TF Thermo Fisher Scientific Ord | 8.5% | Unchanged | 111,767 | $75.5M |
| FO Fastenal Ord | 7.7% | Unchanged | 1,385,112 | $68.6M |
| CS Charles Schwab Ord | 7.4% | Unchanged | 671,000 | $65.6M |
| MO Moodys Ord | 7.0% | Unchanged | 136,300 | $61.9M |
| OO Oracle Ord | 6.3% | Added 9.4% | 408,100 | $56M |
| CO Cintas Ord | 5.2% | Unchanged | 239,000 | $46.6M |
| AG Alibaba Group Holding ADR Rep 8 Ord | 3.4% | Unchanged | 278,000 | $29.9M |
| PO Pool Ord | 3.2% | Unchanged | 175,887 | $28.5M |
| FO Fortis Ord | 2.4% | Unchanged | 410,000 | $21.7M |
| CC Charter Communications Cl A Ord | 2.1% | Unchanged | 169,700 | $18.8M |
| PO Paychex Ord | 1.5% | Unchanged | 133,000 | $13.1M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MO Microsoft Ord | Trimmed | −26,300 | −$13.5M | 10.0% |
| PM Philip Morris International Ord | Trimmed | −47,600 | −$9.09M | 14.0% |
| WO Watsco Ord | Added | +28,512 | +$8.62M | 8.9% |
| OO Oracle Ord | Added | +35,000 | +$4.81M | 6.3% |
quarter ended June 30, 2026 · filed July 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Texas Instruments Inc | Trimmed | −121,000 | −$36M | 13.4% |
| Microsoft Corp | Trimmed | −35,000 | −$13M | 8.4% |
| Charles Schwab Corp | Added | +60,000 | +$5.53M | 7.0% |
| Moody's Corp | Added | +6,500 | +$2.94M | 7.0% |
| Cintas Corp | Added | +17,000 | +$2.89M | 4.6% |
quarter ended March 31, 2026 · filed April 22, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cintas Corp | Added | +45,000 | +$7.61M | 4.4% |
| Philip Morris International Inc | Trimmed | −30,000 | −$4.96M | 13.6% |
| Moody's Corp | Added | +11,000 | +$4.8M | 6.6% |
| Fortis Inc | Trimmed | −46,700 | −$2.6M | 2.7% |
quarter ended December 31, 2025 · filed January 20, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ecolab Inc | Exited | −123,210 | −$33.7M | — |
| Cintas Corp | New | +177,000 | +$33.3M | 3.7% |
| Becton Dickinson And Co | Exited | −146,100 | −$27.3M | — |
| Paychex Inc | New | +133,000 | +$14.9M | 1.7% |
| Oracle Corp | Trimmed | −53,000 | −$10.3M | 8.1% |
| Microsoft Corp | Trimmed | −19,000 | −$9.19M | 12.6% |
| Watsco Inc | Added | +13,500 | +$4.55M | 8.7% |
| Charter Communications Inc | Added | +16,500 | +$3.44M | 3.9% |
| Pool Corp | Added | +15,000 | +$3.43M | 4.5% |
quarter ended September 30, 2025 · filed November 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Oracle Corp | Trimmed | −202,500 | −$56.9M | 11.8% |
| Charles Schwab Corp | Added | +110,000 | +$10.5M | 5.7% |
| Watsco Inc | Added | +25,000 | +$10.1M | 8.7% |
| Texas Instruments Inc | Added | +28,550 | +$5.24M | 9.4% |
| Fortis Inc | Trimmed | −70,000 | −$3.53M | 2.3% |
| Fastenal Co | Trimmed | −51,000 | −$2.5M | 6.7% |
| Pool Corp | Added | +8,000 | +$2.48M | 4.9% |
quarter ended June 30, 2025 · filed July 18, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Charles Schwab Corp | New | +501,000 | +$45.7M | 4.5% |
| Fastenal Co | Added | +718,056 | +$30.2M | 5.9% |
| Oracle Corp | Trimmed | −38,500 | −$8.41M | 13.5% |
| Pool Corp | Added | +23,500 | +$6.85M | 4.4% |
| Moody's Corp | Added | +12,750 | +$6.39M | 5.9% |
| Texas Instruments Inc | Added | +28,500 | +$5.91M | 10.0% |
| Charter Communications Inc | Added | +11,800 | +$4.82M | 6.2% |
| Thermo Fisher Scientific Inc | Added | +11,500 | +$4.66M | 4.5% |
quarter ended March 31, 2025 · filed April 11, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pool Corp | Added | +7,700 | +$2.45M | 4.8% |
quarter ended December 31, 2024 · filed January 10, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Oracle Corp | Trimmed | −92,000 | −$15.3M | 13.3% |
| Fastenal Co | Trimmed | −152,000 | −$10.9M | 6.2% |
| Ecolab Inc | Trimmed | −20,400 | −$4.78M | 3.5% |
| Watsco Inc | Trimmed | −5,000 | −$2.37M | 11.0% |
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