Cortland Associates Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 28, 2026), Cortland Associates Inc. reported 62 stock positions worth $792.1 million. Its top holding was Willis Towers Watson (WTW) at 7.8% of the portfolio, followed by First Citizens Bcshs Class A (FCNCA, 7.4%) and Visa Class A (V, 7.4%). Compared with Q3 2025, it opened 1 new position, sold out of 3, added to 5 and reduced 36. The biggest buy was a new position in Brown & Brown (BRO) and the biggest sale an exit from Fiserv (FISV).

Most Recent 13F
Q2 2026
Location
ST LOUIS, MO
CIK
0001014315
Portfolio Value
$792.1M (Q4 2025)
SEC Filing
0001140361-26-002617 ↗ filed Jan 28, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $772.9M Q1 2024 Q2 2024: $790.7M Q2 2024 Q3 2024: $823.2M Q3 2024 Q4 2024: $879.3M Q4 2024 Q1 2025: $832.7M Q1 2025 Q2 2025: $856.8M Q2 2025 Q3 2025: $846.6M Q3 2025 Q4 2025: $792.1M $792.1M Q4 2025 Q1 2026: $696.8M Q1 2026 Q2 2026: $691.8M Q2 2026

Holdings 62 stocks · $792.1M
WTW Willis Towers Watson PLC 7.75% 186,861 $61.4M Reduce -1.7%
FCNCA First Citizens Bcshs Class A 7.43% 27,439 $58.9M Reduce -1.7%
V Visa Inc. Class A 7.41% 167,418 $58.7M Reduce -1.7%
KD Kyndryl Holdings Inc. 6.98% 2,081,328 $55.3M Reduce -1.1%
BKNG Booking Holdings Inc. 6.82% 10,087 $54.0M Reduce -1.4%
AMZN Amazon.com Inc. 6.75% 231,650 $53.5M Reduce -1.7%
RYAAY Ryanair Holdings PLC-SP ADR 6.32% 692,972 $50.0M Reduce -1.8%
GOOG Alphabet Inc. Class C 6.17% 155,766 $48.9M Reduce -2.4%
DHR Danaher Corp. 4.91% 169,868 $38.9M Reduce -1.6%
CI The Cigna Group 4.32% 124,428 $34.2M Reduce -1.6%
PM Philip Morris International 4.09% 201,894 $32.4M Reduce -5.5%
KKR KKR & Co. Inc. 3.68% 228,691 $29.2M Reduce -1.8%
GOOGL Alphabet Inc. Class A 3.26% 82,469 $25.8M Reduce -1.7%
BRO Brown & Brown Inc. 2.91% 289,445 $23.1M New
OWL Blue Owl Capital Inc. 2.57% 1,364,393 $20.4M Reduce -32.1%
LB Landbridge Co. LLC-A 2.53% 408,280 $20.0M Reduce -1.0%
COF Capital One Financial Corp. 2.05% 67,050 $16.3M Reduce -1.0%
TCEHY Tencent Holdings Ltd.-Uns ADR 1.97% 203,574 $15.6M Reduce -0.8%
FA First Advantage Corp. 1.72% 935,704 $13.6M Reduce -29.9%
TPL Texas Pacific Land Corp. 1.56% 43,157 $12.4M Reduce -2.8%
CSGP Costar Group Inc. 1.55% 183,144 $12.3M Reduce -4.4%
BRK.A Berkshire Hathaway Inc. Class A 1.24% 13 $9.8M Reduce -7.1%
ICE Intercontinental Exchange Inc. 1.10% 53,641 $8.7M Reduce -2.0%
AAPL Apple Inc. 0.90% 26,324 $7.2M Reduce -0.7%
JD Jd.com Inc.-ADR 0.56% 155,104 $4.5M Reduce -70.6%
IDXX Idexx Laboratories Inc. 0.47% 5,510 $3.7M Reduce -3.1%
MSFT Microsoft Corp. 0.38% 6,227 $3.0M Add +0.1%
BRK.B Berkshire Hathaway Inc. Class B 0.36% 5,618 $2.8M Reduce -25.7%
IVV iShares Core S&P 500 ETF 0.23% 2,679 $1.8M Add +33.6%
SHW The Sherwin-Williams Co. 0.16% 3,900 $1.3M No change
CAT Caterpillar Inc. 0.16% 2,189 $1.3M Reduce -14.3%
IWB iShares Russell 1000 ETF 0.14% 3,038 $1.1M No change
IYY iShares Dow Jones U.S. ETF 0.14% 6,502 $1.1M No change
FNV Franco-Nevada Corp. 0.10% 3,946 $818K No change
CTTOF CTT-Correios DE Portugal 0.09% 84,925 $741K No change
PG The Procter & Gamble Co. 0.08% 4,383 $628K Reduce -36.1%
MO Altria Group Inc. 0.08% 10,663 $615K Reduce -43.7%
IWM iShares Russell 2000 ETF 0.07% 2,143 $528K No change
CSCO Cisco Systems Inc. 0.07% 6,773 $522K No change
MRK Merck & Co. Inc. 0.06% 4,580 $482K Reduce -19.7%
PBA Pembina Pipeline Corp. 0.06% 11,939 $454K No change
BN Brookfield Corp. 0.05% 8,851 $406K No change
JNJ Johnson & Johnson 0.05% 1,838 $380K Add +0.1%
RPKIF Richards Packaging Income FD 0.05% 16,300 $366K No change
EFA iShares MSCI Eafe ETF 0.04% 3,687 $354K No change
MDY State Street SPDR S&P Midcap 0.04% 580 $350K No change
PGR Progressive Corp. 0.04% 1,494 $340K No change
DOO BRP Inc./Ca- Sub Voting 0.04% 4,656 $329K No change
DFUS Dimensional US Eq MKT ETF 0.04% 4,427 $328K Reduce -33.8%
DFUV Dimensional US Marketwide Va 0.04% 6,870 $320K Reduce -33.6%
MDLZ Mondelez International Inc. Class A 0.04% 5,944 $320K Reduce -42.7%
EFG iShares MSCI Eafe Growth ETF 0.04% 2,614 $298K No change
DFAT Dimensional US Target Value 0.04% 4,885 $291K Reduce -33.9%
DE Deere & Co. 0.04% 606 $282K No change
CMI Cummins Inc. 0.03% 523 $267K Reduce -44.1%
ADT Adt Inc. 0.03% 32,649 $263K No change
UNP Union Pacific Corp. 0.03% 1,103 $255K No change
HD Home Depot Inc. 0.03% 709 $244K Add +0.3%
NVDA Nvidia Corp. 0.03% 1,302 $243K Reduce -37.2%
WMT Walmart Inc. 0.03% 2,168 $242K Add +4.8%
OEF iShares S&P 100 ETF 0.03% 700 $240K No change
PEP Pepsico Inc. 0.03% 1,640 $235K No change

Portfolio Sells Q3 2025 → Q4 2025
FISV Fiserv Inc. Sold out 0.00% −4.68
JD Jd.com Inc.-ADR Reduce -70.6% 0.56% −1.62
OWL Blue Owl Capital Inc. Reduce -32.1% 2.57% −1.45
EFX Equifax Inc. Sold out 0.00% −1.43
FA First Advantage Corp. Reduce -29.9% 1.72% −0.71
KD Kyndryl Holdings Inc. Reduce -1.1% 6.98% −0.49
CSGP Costar Group Inc. Reduce -4.4% 1.55% −0.35
TCEHY Tencent Holdings Ltd.-Uns ADR Reduce -0.8% 1.97% −0.10
BRK.B Berkshire Hathaway Inc. Class B Reduce -25.7% 0.36% −0.09
LB Landbridge Co. LLC-A Reduce -1.0% 2.53% −0.07
MO Altria Group Inc. Reduce -43.7% 0.08% −0.07
TPL Texas Pacific Land Corp. Reduce -2.8% 1.56% −0.07
PG The Procter & Gamble Co. Reduce -36.1% 0.08% −0.05
MDLZ Mondelez International Inc. Class A Reduce -42.7% 0.04% −0.04
K Kellanova Sold out 0.00% −0.03
DFUS Dimensional US Eq MKT ETF Reduce -33.8% 0.04% −0.02
NVDA Nvidia Corp. Reduce -37.2% 0.03% −0.01
DFUV Dimensional US Marketwide Va Reduce -33.6% 0.04% −0.01
DFAT Dimensional US Target Value Reduce -33.9% 0.04% −0.01
CMI Cummins Inc. Reduce -44.1% 0.03% −0.01
BRK.A Berkshire Hathaway Inc. Class A Reduce -7.1% 1.24% −0.01
WTW Willis Towers Watson PLC Reduce -1.7% 7.75% −0.01
PM Philip Morris International Reduce -5.5% 4.09% −0.00
MRK Merck & Co. Inc. Reduce -19.7% 0.06% +0.00
ICE Intercontinental Exchange Inc. Reduce -2.0% 1.10% +0.01
CAT Caterpillar Inc. Reduce -14.3% 0.16% +0.01
CI The Cigna Group Reduce -1.6% 4.32% +0.02
IDXX Idexx Laboratories Inc. Reduce -3.1% 0.47% +0.04
KKR KKR & Co. Inc. Reduce -1.8% 3.68% +0.11
AAPL Apple Inc. Reduce -0.7% 0.90% +0.11
BKNG Booking Holdings Inc. Reduce -1.4% 6.82% +0.30
COF Capital One Financial Corp. Reduce -1.0% 2.05% +0.35
V Visa Inc. Class A Reduce -1.7% 7.41% +0.54
AMZN Amazon.com Inc. Reduce -1.7% 6.75% +0.64
GOOGL Alphabet Inc. Class A Reduce -1.7% 3.26% +0.85
DHR Danaher Corp. Reduce -1.6% 4.91% +0.87
RYAAY Ryanair Holdings PLC-SP ADR Reduce -1.8% 6.32% +1.29
FCNCA First Citizens Bcshs Class A Reduce -1.7% 7.43% +1.54
GOOG Alphabet Inc. Class C Reduce -2.4% 6.17% +1.58

Portfolio Buys Q3 2025 → Q4 2025
BRO Brown & Brown Inc. New 2.91% +2.91
IVV iShares Core S&P 500 ETF Add +33.6% 0.23% +0.07
JNJ Johnson & Johnson Add +0.1% 0.05% +0.01
WMT Walmart Inc. Add +4.8% 0.03% +0.01
MSFT Microsoft Corp. Add +0.1% 0.38% −0.00
HD Home Depot Inc. Add +0.3% 0.03% −0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 62$691.8MV, AMZN, BKNG, WTW, RYAAY
Q1 2026 62$696.8MWTW, BKNG, V, AMZN, GOOG
Q4 2025 62$792.1MWTW, FCNCA, V, KD, BKNG
Q3 2025 64$846.6MWTW, KD, V, BKNG, AMZN
Q2 2025 59$856.8MKD, V, BKNG, WTW, FCNCA
Q1 2025 56$832.7MBKNG, KD, FISV, WTW, V
Q4 2024 59$879.3MKD, BKNG, FISV, V, WTW
Q3 2024 57$823.2MFISV, BKNG, CI, WTW, V
Q2 2024 56$790.7MFISV, BKNG, CI, V, GOOGL
Q1 2024 52$772.9MFISV, CI, V, BKNG, WTW