CCLA Investment Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 22, 2026), CCLA Investment Management reported 55 stock positions worth $6.2 billion. Its top holding was Alphabet Class C (GOOG) at 6.9% of the portfolio, followed by Microsoft (MSFT, 5.5%) and Amazon.com (AMZN, 4.6%). Compared with Q3 2025, it opened 3 new positions, sold out of 1, added to 18 and reduced 34. The biggest buy was a new position in Bank of America (BAC) and the biggest sale an exit from Alexandria Real Estate Equit (ARE).

Most Recent 13F
Q4 2025
Location
LONDON, X0
CIK
0001631562
Portfolio Value
$6.2B (Q4 2025)
SEC Filing
0001631562-26-000001 ↗ filed Jan 22, 2026

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $6.5B Q1 2024 Q2 2024: $6.5B Q2 2024 Q3 2024: $6.5B Q3 2024 Q4 2024: $6.3B Q4 2024 Q1 2025: $5.6B Q1 2025 Q2 2025: $6.1B Q2 2025 Q3 2025: $6.3B Q3 2025 Q4 2025: $6.2B $6.2B Q4 2025

Holdings 55 stocks · $6.2B

GOOG Alphabet Inc. Class C 6.93% 1,376,508 $431.9M Reduce -3.1%
MSFT Microsoft Corp. 5.47% 705,021 $340.9M Reduce -1.2%
AMZN Amazon.com Inc. 4.57% 1,234,639 $285.0M Add +0.8%
AVGO Broadcom Inc. 3.53% 635,312 $219.8M Add +0.7%
V Visa Inc. Class A 2.93% 522,261 $182.3M Reduce -1.4%
SPGI S&P Global Inc. 2.80% 334,290 $174.7M Reduce -1.4%
BIP Brookfield Infrastructure Pa 2.62% 4,710,064 $163.6M Add +5.7%
KO The Coca-Cola Co. 2.55% 2,275,618 $159.1M Reduce -1.4%
HDB HDFC Bank Ltd.-ADR 2.51% 4,286,185 $156.6M Reduce -1.5%
TMO Thermo Fisher Scientific Inc. 2.49% 267,601 $155.1M Reduce -11.1%
INTU Intuit Inc. 2.37% 222,696 $147.5M Add +8.9%
CME Cme Group Inc. 2.31% 526,168 $143.7M Reduce -7.1%
DHR Danaher Corp. 2.29% 622,571 $142.6M Reduce -14.2%
A Agilent Technologies Inc. 2.29% 1,047,488 $142.5M Add +1.9%
SYK Stryker Corp. 2.27% 401,936 $141.2M Add +4.6%
MA Mastercard Inc. Class A 2.25% 246,042 $140.5M Reduce -1.6%
ICE Intercontinental Exchange Inc. 2.17% 834,672 $135.2M Reduce -8.3%
TRU Transunion 2.13% 1,548,239 $132.7M Reduce -8.3%
SNPS Synopsys Inc. 2.10% 278,486 $130.8M Reduce -13.6%
NXPI NXP Semiconductors NV 2.09% 600,380 $130.2M Reduce -1.4%
TW Tradeweb Markets Inc. Class A 2.04% 1,182,118 $127.1M Add +2.9%
ROP Roper Technologies Inc. 2.01% 281,360 $125.2M Reduce -1.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.99% 2,254,107 $124.0M New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 1.95% 470,291 $121.7M Reduce -1.0%
MRSH Marsh & McLennan Cos 1.93% 647,823 $120.2M Reduce -1.3%
BKNG Booking Holdings Inc. 1.92% 22,334 $119.6M Add +0.8%
PTC PTC Inc. 1.88% 674,102 $117.4M Reduce -1.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.80% 729,957 $112.1M Reduce -10.3%
ZTS Zoetis Inc. 1.79% 885,388 $111.4M Reduce -1.5%
TXN Texas Instruments Inc. 1.77% 636,345 $110.4M Reduce -1.1%
ABT Abbott Laboratories 1.70% 845,716 $105.9M Reduce -10.1%
ORLY O'reilly Automotive Inc. 1.70% 1,160,562 $105.8M Reduce -10.0%
TT Trane Technologies PLC 1.60% 256,954 $100.0M Reduce -8.8%
FTNT Fortinet Inc. 1.60% 1,253,998 $99.6M Reduce -15.7%
IR Ingersoll-Rand Inc. 1.58% 1,246,800 $98.8M Reduce -9.3%
DE Deere & Co. 1.53% 205,327 $95.6M Reduce -1.4%
MCD McDonald's Corp. 1.49% 304,737 $93.1M Reduce -1.8%
IHG Intercontinental Hotels-ADR 1.36% 811,662 $84.9M New
NOW ServiceNow Inc. 1.34% 546,685 $83.7M Add +4.0%
MELI MercadoLibre Inc. 1.24% 38,496 $77.5M Reduce -1.2%
AMT American Tower Corp. 1.17% 414,327 $72.7M Reduce -1.2%
BEP Brookfield Renewable Partner 0.95% 2,199,682 $59.3M Reduce -6.9%
AME Ametek Inc. 0.89% 271,560 $55.7M Add +5.0%
APH Amphenol Corp. Class A 0.78% 359,535 $48.6M Add +47.4%
TSM Taiwan Semiconductor-SP ADR 0.69% 141,341 $42.9M Reduce -0.8%
NFLX Netflix Inc. 0.61% 402,872 $37.8M New
ARCC Ares Capital Corp. 0.55% 1,703,144 $34.5M Reduce -37.5%
BXSL Blackstone Secured Lending F 0.54% 1,287,641 $33.9M Reduce -43.1%
FSK FS KKR Capital Corp. 0.41% 1,720,929 $25.5M Add +1.0%
MDT Medtronic PLC 0.21% 135,630 $13.0M Add +4.2%
JNJ Johnson & Johnson 0.10% 28,940 $6.0M Add +5.9%
CSCO Cisco Systems Inc. 0.08% 64,742 $5.0M Add +6.8%
ADP Automatic Data Processing 0.06% 13,858 $3.6M Add +5.5%
PG The Procter & Gamble Co. 0.05% 20,218 $2.9M Add +6.8%
HD Home Depot Inc. 0.03% 5,952 $2.0M Add +6.8%

Portfolio Sells Q3 2025 → Q4 2025

ARE Alexandria Real Estate Equit Sold out 0.00% −1.10
ORLY O'reilly Automotive Inc. Reduce -10.0% 1.70% −0.53
SNPS Synopsys Inc. Reduce -13.6% 2.10% −0.45
MSFT Microsoft Corp. Reduce -1.2% 5.47% −0.44
AJG Arthur J Gallagher & Co. Reduce -1.0% 1.95% −0.40
FTNT Fortinet Inc. Reduce -15.7% 1.60% −0.40
BXSL Blackstone Secured Lending F Reduce -43.1% 0.54% −0.40
PTC PTC Inc. Reduce -1.9% 1.88% −0.35
ARCC Ares Capital Corp. Reduce -37.5% 0.55% −0.34
ZTS Zoetis Inc. Reduce -1.5% 1.79% −0.32
ABT Abbott Laboratories Reduce -10.1% 1.70% −0.31
TT Trane Technologies PLC Reduce -8.8% 1.60% −0.30
ICE Intercontinental Exchange Inc. Reduce -8.3% 2.17% −0.28
ROP Roper Technologies Inc. Reduce -1.5% 2.01% −0.27
IR Ingersoll-Rand Inc. Reduce -9.3% 1.58% −0.23
MELI MercadoLibre Inc. Reduce -1.2% 1.24% −0.21
MRSH Marsh & McLennan Cos Reduce -1.3% 1.93% −0.19
CME Cme Group Inc. Reduce -7.1% 2.31% −0.14
TRU Transunion Reduce -8.3% 2.13% −0.13
NXPI NXP Semiconductors NV Reduce -1.4% 2.09% −0.13
AMT American Tower Corp. Reduce -1.2% 1.17% −0.12
TXN Texas Instruments Inc. Reduce -1.1% 1.77% −0.12
TJX TJX Companies Inc. Reduce -10.3% 1.80% −0.08
BEP Brookfield Renewable Partner Reduce -6.9% 0.95% −0.02
MA Mastercard Inc. Class A Reduce -1.6% 2.25% −0.02
MCD McDonald's Corp. Reduce -1.8% 1.49% −0.02
DHR Danaher Corp. Reduce -14.2% 2.29% −0.01
DE Deere & Co. Reduce -1.4% 1.53% +0.01
V Visa Inc. Class A Reduce -1.4% 2.93% +0.04
TSM Taiwan Semiconductor-SP ADR Reduce -0.8% 0.69% +0.05
KO The Coca-Cola Co. Reduce -1.4% 2.55% +0.10
HDB HDFC Bank Ltd.-ADR Reduce -1.5% 2.51% +0.13
TMO Thermo Fisher Scientific Inc. Reduce -11.1% 2.49% +0.15
SPGI S&P Global Inc. Reduce -1.4% 2.80% +0.16
GOOG Alphabet Inc. Class C Reduce -3.1% 6.93% +1.40

Portfolio Buys Q3 2025 → Q4 2025

BAC Bank of America Corp. New 1.99% +1.99
IHG Intercontinental Hotels-ADR New 1.36% +1.36
NFLX Netflix Inc. New 0.61% +0.61
APH Amphenol Corp. Class A Add +47.4% 0.78% +0.30
BIP Brookfield Infrastructure Pa Add +5.7% 2.62% +0.28
AMZN Amazon.com Inc. Add +0.8% 4.57% +0.27
AVGO Broadcom Inc. Add +0.7% 3.53% +0.20
A Agilent Technologies Inc. Add +1.9% 2.29% +0.18
INTU Intuit Inc. Add +8.9% 2.37% +0.13
AME Ametek Inc. Add +5.0% 0.89% +0.12
JNJ Johnson & Johnson Add +5.9% 0.10% +0.02
CSCO Cisco Systems Inc. Add +6.8% 0.08% +0.01
MDT Medtronic PLC Add +4.2% 0.21% +0.01
BKNG Booking Holdings Inc. Add +0.8% 1.92% +0.01
FSK FS KKR Capital Corp. Add +1.0% 0.41% +0.00
TW Tradeweb Markets Inc. Class A Add +2.9% 2.04% +0.00
PG The Procter & Gamble Co. Add +6.8% 0.05% 0.00
HD Home Depot Inc. Add +6.8% 0.03% −0.00
ADP Automatic Data Processing Add +5.5% 0.06% −0.00
SYK Stryker Corp. Add +4.6% 2.27% −0.01
NOW ServiceNow Inc. Add +4.0% 1.34% −0.19

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q4 2025 55$6.2BGOOG, MSFT, AMZN, AVGO, V
Q3 2025 53$6.3BMSFT, GOOG, AMZN, AVGO, V
Q2 2025 53$6.1BMSFT, AMZN, GOOG, V, SPGI
Q1 2025 55$5.6BMSFT, AMZN, BIP, ROP, V
Q4 2024 59$6.3BMSFT, AMZN, GOOG, V, AVGO
Q3 2024 69$6.5BMSFT, AMZN, GOOG, ROP, V
Q2 2024 69$6.5BMSFT, AMZN, GOOG, ROP, V
Q1 2024 69$6.5BMSFT, AMZN, GOOG, ICLR, NICE