Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (45 quarters reported)
$4.32B in Q2 2015 → $52.8B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| GA Ge Aerospace | 33.6% | Trimmed 0.2% | 47,428,233 | $17.7B |
| Visa Inc | 19.8% | Added 0.1% | 30,494,133 | $10.5B |
| M Moodys Corp | 12.3% | Unchanged | 14,334,027 | $6.49B |
| S&P Global Inc | 10.9% | Added 0.3% | 14,081,957 | $5.74B |
| Canadian Pacific Kansas City | 7.4% | Trimmed 2.6% | 45,325,726 | $3.93B |
| Alphabet Inc | 6.7% | Added 12% | 9,938,819 | $3.51B |
| FN Ferrovial Nv | 2.7% | Added 1.0% | 20,940,441 | $1.43B |
| CN Canadian Natl Ry Co | 2.1% | Trimmed 4.2% | 9,433,422 | $1.12B |
| Alphabet Inc | 1.7% | Unchanged | 2,457,000 | $878M |
| MM Martin Marietta Matls Inc | 1.4% | New | 1,315,109 | $758M |
| VM Vulcan Matls Co | 1.4% | New | 2,447,004 | $722M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Microsoft Corp | Exited | −2,728,412 | −$1.01B | — |
| MM Martin Marietta Matls Inc | New | +1,315,109 | +$758M | 1.4% |
| VM Vulcan Matls Co | New | +2,447,004 | +$722M | 1.4% |
| Alphabet Inc | Added | +1,084,800 | +$383M | 6.7% |
| Canadian Pacific Kansas City | Trimmed | −1,196,197 | −$104M | 7.4% |
| CN Canadian Natl Ry Co | Trimmed | −416,512 | −$49.7M | 2.1% |
| GA Ge Aerospace | Trimmed | −82,198 | −$30.7M | 33.6% |
| S&P Global Inc | Added | +46,647 | +$19M | 10.9% |
| FN Ferrovial Nv | Added | +200,227 | +$13.7M | 2.7% |
| Visa Inc | Added | +26,000 | +$8.92M | 19.8% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Microsoft Corp | Trimmed | −14,053,541 | −$5.2B | 2.2% |
| S&P Global Inc | Added | +2,245,000 | +$955M | 13.2% |
| Visa Inc | Added | +2,743,900 | +$829M | 20.4% |
| Alphabet Inc | New | +2,457,000 | +$707M | 1.6% |
| M Moodys Corp | Added | +1,025,548 | +$447M | 13.8% |
| Alphabet Inc | Added | +1,257,200 | +$361M | 5.6% |
| Canadian Pacific Kansas City | Trimmed | −1,132,500 | −$89.1M | 8.1% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CN Canadian Natl Ry Co | Trimmed | −8,917,840 | −$882M | 1.8% |
| S&P Global Inc | Added | +600,440 | +$314M | 11.5% |
| Canadian Pacific Kansas City | Trimmed | −2,211,312 | −$163M | 6.5% |
| Visa Inc | Trimmed | −333,118 | −$117M | 18.1% |
| Microsoft Corp | Added | +189,749 | +$91.8M | 15.1% |
| Ferrovial Se | Added | +1,269,548 | +$82.5M | 2.5% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Visa Inc | Added | +8,989,793 | +$3.07B | 18.2% |
| Alphabet Inc | Trimmed | −5,369,416 | −$1.31B | 3.5% |
| Alphabet Inc | Exited | −3,155,110 | −$556M | — |
| Microsoft Corp | Trimmed | −973,027 | −$504M | 16.3% |
| CN Canadian Natl Ry Co | Trimmed | −4,221,292 | −$398M | 3.4% |
| Canadian Pacific Kansas City | Trimmed | −2,961,150 | −$221M | 7.0% |
| S&P Global Inc | Added | +98,247 | +$47.8M | 10.3% |
| M Moodys Corp | Added | +61,500 | +$29.3M | 12.0% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Visa Inc | Added | +2,429,996 | +$863M | 13.4% |
| CN Canadian Natl Ry Co | Trimmed | −3,910,012 | −$407M | 4.7% |
| S&P Global Inc | Added | +730,354 | +$385M | 11.5% |
| Canadian Pacific Kansas City | Trimmed | −2,086,400 | −$165M | 8.3% |
| Alphabet Inc | Trimmed | −930,000 | −$164M | 1.1% |
| Alphabet Inc | Trimmed | −889,500 | −$158M | 4.5% |
| Microsoft Corp | Added | +265,350 | +$132M | 17.2% |
| M Moodys Corp | Added | +83,872 | +$42.1M | 13.1% |
| GA Ge Aerospace | Trimmed | −60,516 | −$15.6M | 24.1% |
| Ferrovial Se | Added | +137,238 | +$7.32M | 2.0% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Microsoft Corp | Added | +3,306,244 | +$1.24B | 15.0% |
| Alphabet Inc | Trimmed | −2,651,321 | −$414M | 5.0% |
| GA Ge Aerospace | Added | +1,571,071 | +$314M | 22.0% |
| Alphabet Inc | Trimmed | −1,942,300 | −$300M | 1.5% |
| CN Canadian Natl Ry Co | Trimmed | −2,794,686 | −$272M | 6.0% |
| Visa Inc | Trimmed | −159,625 | −$55.9M | 13.4% |
| M Moodys Corp | Trimmed | −83,662 | −$39M | 14.1% |
| S&P Global Inc | Trimmed | −38,808 | −$19.7M | 12.1% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Microsoft Corp | Added | +2,003,047 | +$844M | 13.9% |
| CN Canadian Natl Ry Co | Trimmed | −5,743,513 | −$583M | 7.1% |
| GA Ge Aerospace | Trimmed | −2,180,500 | −$364M | 18.1% |
| Alphabet Inc | Trimmed | −420,000 | −$80M | 7.4% |
| Ferrovial Se | Added | +238,184 | +$10M | 1.9% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Microsoft Corp | Added | +1,458,700 | +$628M | 11.7% |
| CN Canadian Natl Ry Co | Trimmed | −4,051,108 | −$474M | 9.4% |
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