Cortland Associates Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 23, 2025), Cortland Associates Inc. reported 64 stock positions worth $846.6 million. Its top holding was Willis Towers Watson (WTW) at 7.8% of the portfolio, followed by Kyndryl (KD, 7.5%) and Visa Class A (V, 6.9%). Compared with Q2 2025, it opened 6 new positions, sold out of 1, added to 26 and reduced 16. The biggest buy was a new position in Capital One Financial (COF) and the biggest sale an exit from PayPal (PYPL).
- Most Recent 13F
- Q2 2026
- Location
- ST LOUIS, MO
- CIK
- 0001014315
- Portfolio Value
- $846.6M (Q3 2025)
- SEC Filing
- 0001140361-25-039088 ↗ filed Oct 23, 2025
Holdings Value
Holdings 64 stocks · $846.6M
| WTW Willis Towers Watson PLC | 7.76% | 190,099 | $65.7M | Reduce -0.2% |
| KD Kyndryl Holdings Inc. | 7.47% | 2,105,082 | $63.2M | Add +39.2% |
| V Visa Inc. Class A | 6.87% | 170,339 | $58.1M | Add +0.0% |
| BKNG Booking Holdings Inc. | 6.52% | 10,227 | $55.2M | Add +0.3% |
| AMZN Amazon.com Inc. | 6.11% | 235,634 | $51.7M | Reduce -1.2% |
| FCNCA First Citizens Bcshs Class A | 5.90% | 27,903 | $49.9M | Reduce -0.1% |
| RYAAY Ryanair Holdings PLC-SP ADR | 5.02% | 705,938 | $42.5M | Add +0.2% |
| FISV Fiserv Inc. | 4.68% | 307,384 | $39.6M | Add +0.7% |
| GOOG Alphabet Inc. Class C | 4.59% | 159,551 | $38.9M | Reduce -14.0% |
| CI The Cigna Group | 4.31% | 126,491 | $36.5M | Reduce -0.1% |
| PM Philip Morris International | 4.09% | 213,530 | $34.6M | Add +48.2% |
| DHR Danaher Corp. | 4.04% | 172,627 | $34.2M | Add +0.2% |
| OWL Blue Owl Capital Inc. | 4.02% | 2,009,611 | $34.0M | Reduce 0.0% |
| KKR KKR & Co. Inc. | 3.57% | 232,891 | $30.3M | Add +1.5% |
| LB Landbridge Co. LLC-A | 2.60% | 412,443 | $22.0M | Add +172.0% |
| FA First Advantage Corp. | 2.43% | 1,335,088 | $20.5M | Add +0.6% |
| GOOGL Alphabet Inc. Class A | 2.41% | 83,862 | $20.4M | Reduce -57.4% |
| JD Jd.com Inc.-ADR | 2.18% | 528,340 | $18.5M | Reduce -0.1% |
| TCEHY Tencent Holdings Ltd.-Uns ADR | 2.06% | 205,274 | $17.5M | Reduce -0.1% |
| CSGP Costar Group Inc. | 1.91% | 191,592 | $16.2M | Add +0.1% |
| COF Capital One Financial Corp. | 1.70% | 67,698 | $14.4M | New |
| TPL Texas Pacific Land Corp. | 1.63% | 14,803 | $13.8M | Reduce -0.2% |
| EFX Equifax Inc. | 1.43% | 47,226 | $12.1M | Add +1.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.25% | 14 | $10.6M | No change |
| ICE Intercontinental Exchange Inc. | 1.09% | 54,722 | $9.2M | Reduce -1.3% |
| AAPL Apple Inc. | 0.80% | 26,497 | $6.7M | Reduce -10.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.45% | 7,558 | $3.8M | Add +1.5% |
| IDXX Idexx Laboratories Inc. | 0.43% | 5,684 | $3.6M | Add +0.2% |
| MSFT Microsoft Corp. | 0.38% | 6,223 | $3.2M | Reduce -6.6% |
| SHW The Sherwin-Williams Co. | 0.16% | 3,900 | $1.4M | No change |
| IVV iShares Core S&P 500 ETF | 0.16% | 2,005 | $1.3M | Add +7.8% |
| MO Altria Group Inc. | 0.15% | 18,934 | $1.3M | Add +1.6% |
| CAT Caterpillar Inc. | 0.14% | 2,554 | $1.2M | Add +0.1% |
| IWB iShares Russell 1000 ETF | 0.13% | 3,038 | $1.1M | No change |
| IYY iShares Dow Jones U.S. ETF | 0.12% | 6,502 | $1.1M | No change |
| PG The Procter & Gamble Co. | 0.12% | 6,864 | $1.1M | Add +0.0% |
| FNV Franco-Nevada Corp. | 0.10% | 3,946 | $880K | No change |
| CTTOF CTT-Correios DE Portugal | 0.09% | 84,925 | $722K | No change |
| MDLZ Mondelez International Inc. Class A | 0.08% | 10,377 | $648K | Add +0.6% |
| IWM iShares Russell 2000 ETF | 0.06% | 2,143 | $519K | Add +127.3% |
| DFUS Dimensional US Eq MKT ETF | 0.06% | 6,687 | $484K | New |
| PBA Pembina Pipeline Corp. | 0.06% | 11,939 | $483K | No change |
| MRK Merck & Co. Inc. | 0.06% | 5,703 | $479K | Add +0.7% |
| CSCO Cisco Systems Inc. | 0.05% | 6,773 | $463K | Add +12.6% |
| DFUV Dimensional US Marketwide Va | 0.05% | 10,350 | $463K | New |
| DFAT Dimensional US Target Value | 0.05% | 7,395 | $430K | New |
| BN Brookfield Corp. | 0.05% | 5,902 | $405K | No change |
| RPKIF Richards Packaging Income FD | 0.05% | 16,300 | $404K | No change |
| CMI Cummins Inc. | 0.05% | 936 | $395K | Add +0.4% |
| NVDA Nvidia Corp. | 0.05% | 2,072 | $387K | Reduce -0.2% |
| PGR Progressive Corp. | 0.04% | 1,494 | $369K | Reduce -13.3% |
| MDY State Street SPDR S&P Midcap | 0.04% | 580 | $346K | Add +6.6% |
| EFA iShares MSCI Eafe ETF | 0.04% | 3,687 | $344K | No change |
| JNJ Johnson & Johnson | 0.04% | 1,837 | $341K | Reduce -8.7% |
| EFG iShares MSCI Eafe Growth ETF | 0.04% | 2,614 | $298K | No change |
| HD Home Depot Inc. | 0.03% | 707 | $287K | Add +0.1% |
| ADT Adt Inc. | 0.03% | 32,649 | $284K | No change |
| DOO BRP Inc./Ca- Sub Voting | 0.03% | 4,656 | $283K | New |
| DE Deere & Co. | 0.03% | 606 | $277K | No change |
| UNP Union Pacific Corp. | 0.03% | 1,103 | $261K | No change |
| OEF iShares S&P 100 ETF | 0.03% | 700 | $233K | No change |
| PEP Pepsico Inc. | 0.03% | 1,640 | $230K | No change |
| K Kellanova | 0.03% | 2,721 | $223K | Add +0.6% |
| WMT Walmart Inc. | 0.03% | 2,068 | $213K | New |
Portfolio Sells Q2 2025 → Q3 2025
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −2.10 |
| GOOGL Alphabet Inc. Class A | Reduce -57.4% | 2.41% | −1.64 |
| CI The Cigna Group | Reduce -0.1% | 4.31% | −0.58 |
| OWL Blue Owl Capital Inc. | Reduce 0.0% | 4.02% | −0.49 |
| FCNCA First Citizens Bcshs Class A | Reduce -0.1% | 5.90% | −0.48 |
| TPL Texas Pacific Land Corp. | Reduce -0.2% | 1.63% | −0.20 |
| ICE Intercontinental Exchange Inc. | Reduce -1.3% | 1.09% | −0.10 |
| PGR Progressive Corp. | Reduce -13.3% | 0.04% | −0.01 |
| MSFT Microsoft Corp. | Reduce -6.6% | 0.38% | −0.01 |
| JNJ Johnson & Johnson | Reduce -8.7% | 0.04% | +0.00 |
| AMZN Amazon.com Inc. | Reduce -1.2% | 6.11% | +0.01 |
| NVDA Nvidia Corp. | Reduce -0.2% | 0.05% | +0.01 |
| AAPL Apple Inc. | Reduce -10.6% | 0.80% | +0.09 |
| JD Jd.com Inc.-ADR | Reduce -0.1% | 2.18% | +0.17 |
| TCEHY Tencent Holdings Ltd.-Uns ADR | Reduce -0.1% | 2.06% | +0.52 |
| GOOG Alphabet Inc. Class C | Reduce -14.0% | 4.59% | +0.75 |
| WTW Willis Towers Watson PLC | Reduce -0.2% | 7.76% | +0.94 |
Portfolio Buys Q2 2025 → Q3 2025
| COF Capital One Financial Corp. | New | 1.70% | +1.70 |
| LB Landbridge Co. LLC-A | Add +172.0% | 2.60% | +1.40 |
| PM Philip Morris International | Add +48.2% | 4.09% | +1.03 |
| RYAAY Ryanair Holdings PLC-SP ADR | Add +0.2% | 5.02% | +0.28 |
| CSGP Costar Group Inc. | Add +0.1% | 1.91% | +0.11 |
| IDXX Idexx Laboratories Inc. | Add +0.2% | 0.43% | +0.07 |
| DHR Danaher Corp. | Add +0.2% | 4.04% | +0.07 |
| KD Kyndryl Holdings Inc. | Add +39.2% | 7.47% | +0.06 |
| DFUS Dimensional US Eq MKT ETF | New | 0.06% | +0.06 |
| DFUV Dimensional US Marketwide Va | New | 0.05% | +0.05 |
| DFAT Dimensional US Target Value | New | 0.05% | +0.05 |
| IWM iShares Russell 2000 ETF | Add +127.3% | 0.06% | +0.04 |
| DOO BRP Inc./Ca- Sub Voting | New | 0.03% | +0.03 |
| CAT Caterpillar Inc. | Add +0.1% | 0.14% | +0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.5% | 0.45% | +0.03 |
| WMT Walmart Inc. | New | 0.03% | +0.03 |
| EFX Equifax Inc. | Add +1.6% | 1.43% | +0.02 |
| IVV iShares Core S&P 500 ETF | Add +7.8% | 0.16% | +0.02 |
| MO Altria Group Inc. | Add +1.6% | 0.15% | +0.02 |
| KKR KKR & Co. Inc. | Add +1.5% | 3.57% | +0.01 |
| CMI Cummins Inc. | Add +0.4% | 0.05% | +0.01 |
| CSCO Cisco Systems Inc. | Add +12.6% | 0.05% | +0.01 |
| MDY State Street SPDR S&P Midcap | Add +6.6% | 0.04% | +0.00 |
| MRK Merck & Co. Inc. | Add +0.7% | 0.06% | +0.00 |
| HD Home Depot Inc. | Add +0.1% | 0.03% | +0.00 |
| K Kellanova | Add +0.6% | 0.03% | +0.00 |
| PG The Procter & Gamble Co. | Add +0.0% | 0.12% | −0.00 |
| MDLZ Mondelez International Inc. Class A | Add +0.6% | 0.08% | −0.00 |
| FA First Advantage Corp. | Add +0.6% | 2.43% | −0.15 |
| V Visa Inc. Class A | Add +0.0% | 6.87% | −0.19 |
| BKNG Booking Holdings Inc. | Add +0.3% | 6.52% | −0.37 |
| FISV Fiserv Inc. | Add +0.7% | 4.68% | −1.46 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 62 | $691.8M | V, AMZN, BKNG, WTW, RYAAY |
| Q1 2026 | 62 | $696.8M | WTW, BKNG, V, AMZN, GOOG |
| Q4 2025 | 62 | $792.1M | WTW, FCNCA, V, KD, BKNG |
| Q3 2025 | 64 | $846.6M | WTW, KD, V, BKNG, AMZN |
| Q2 2025 | 59 | $856.8M | KD, V, BKNG, WTW, FCNCA |
| Q1 2025 | 56 | $832.7M | BKNG, KD, FISV, WTW, V |
| Q4 2024 | 59 | $879.3M | KD, BKNG, FISV, V, WTW |
| Q3 2024 | 57 | $823.2M | FISV, BKNG, CI, WTW, V |
| Q2 2024 | 56 | $790.7M | FISV, BKNG, CI, V, GOOGL |
| Q1 2024 | 52 | $772.9M | FISV, CI, V, BKNG, WTW |