Dundas Partners LLP

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Dundas Partners LLP reported 46 stock positions worth $1.3 billion. Its top holding was Microsoft (MSFT) at 5.9% of the portfolio, followed by WW Grainger (GWW, 5.8%) and WR Berkley (WRB, 4.3%). Compared with Q4 2023, it opened 2 new positions, sold out of 3, added to 15 and reduced 6. The biggest buy was a new position in Resmed (RMD) and the biggest sale Costco Wholesale (COST, shares −54%).

Most Recent 13F
Q2 2026
Location
EDINBURGH, X0
CIK
0001742418
Portfolio Value
$1.3B (Q1 2024)
SEC Filing
0001742418-24-000003 ↗ filed May 14, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.3B $1.3B Q1 2024 Q2 2024: $1.3B Q2 2024 Q3 2024: $1.4B Q3 2024 Q4 2024: $1.4B Q4 2024 Q1 2025: $1.4B Q1 2025 Q2 2025: $1.4B Q2 2025 Q3 2025: $1.4B Q3 2025 Q4 2025: $1.4B Q4 2025 Q1 2026: $1.3B Q1 2026 Q2 2026: $1.4B Q2 2026

Holdings 46 stocks · $1.3B
MSFT Microsoft Corp. 5.89% 177,908 $74.8M No change
GWW WW Grainger Inc. filed as GRAINGER W W INC 5.82% 72,697 $74.0M No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 4.26% 611,542 $54.1M Add +7.1%
AMAT Applied Materials Inc. 3.85% 237,066 $48.9M No change
APH Amphenol Corp. Class A 3.61% 397,507 $45.9M No change
ROST Ross Stores Inc. 3.45% 298,958 $43.9M Reduce -2.8%
ACN Accenture PLC Class A 3.37% 123,571 $42.8M No change
GOOG Alphabet Inc. Class C 3.33% 277,890 $42.3M Reduce -1.9%
BRO Brown & Brown Inc. 3.27% 474,677 $41.6M Add +6.7%
TSM Taiwan Semiconductor-SP ADR 3.23% 301,265 $41.0M No change
TMO Thermo Fisher Scientific Inc. 3.18% 69,574 $40.4M Add +11.1%
V Visa Inc. Class A 3.14% 142,705 $39.8M Add +6.3%
ADI Analog Devices Inc. 3.05% 196,161 $38.8M No change
HD Home Depot Inc. 3.01% 99,611 $38.2M No change
AXP American Express Co. 2.98% 166,000 $37.8M No change
MRSH Marsh & McLennan Cos 2.90% 178,934 $36.9M No change
ABT Abbott Laboratories 2.89% 323,330 $36.8M No change
EFX Equifax Inc. 2.77% 131,425 $35.2M No change
ALC Alcon Inc. filed as ALCON AG 2.76% 422,625 $35.0M No change
FDS Factset Research Systems Inc. 2.64% 73,864 $33.6M No change
NDSN Nordson Corp. 2.55% 118,117 $32.4M No change
SYK Stryker Corp. 2.53% 89,627 $32.1M No change
NDAQ Nasdaq Inc. 2.46% 495,994 $31.3M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 2.41% 250,136 $30.6M No change
EBAY eBay Inc. 2.18% 523,563 $27.6M Reduce -2.9%
ADP Automatic Data Processing 2.16% 109,726 $27.4M No change
LFUS Littelfuse Inc. 2.15% 112,465 $27.3M Reduce -2.6%
AAPL Apple Inc. 1.94% 143,464 $24.6M No change
KEYS Keysight Technologies Inc. 1.77% 143,527 $22.4M Reduce -4.0%
ZTS Zoetis Inc. 1.72% 129,406 $21.9M No change
RMD Resmed Inc. 1.70% 108,868 $21.6M New
COST Costco Wholesale Corp. 1.64% 28,400 $20.8M Reduce -54.3%
AME Ametek Inc. 1.56% 108,618 $19.9M No change
HDB HDFC Bank Ltd.-ADR 1.51% 342,628 $19.2M Add +25.1%
PYPL PayPal Holdings Inc. 1.44% 272,514 $18.3M No change
RBA RB Global Inc. 0.67% 111,437 $8.5M Add +0.9%
GGG Graco Inc. 0.03% 4,596 $430K Add +21.6%
WTS Watts Water Technologies-A 0.03% 1,644 $349K New
SIGI Selective Insurance Group 0.02% 2,586 $282K Add +23.3%
TRU Transunion 0.02% 3,510 $280K Add +24.4%
JBTM JBT Marel Corp. filed as JOHN BEAN TECHNOLOGIES CORP 0.02% 2,615 $274K Add +20.9%
NSP Insperity Inc. 0.02% 2,449 $268K Add +26.6%
MORN Morningstar Inc. 0.02% 729 $225K Add +21.9%
MKSI MKS Inc. filed as MKS INSTRS INC 0.02% 1,642 $218K Add +25.8%
POWI Power Integrations Inc. 0.02% 3,015 $216K Add +27.1%
BMI Badger Meter Inc. 0.01% 1,146 $185K Add +27.3%

Portfolio Sells Q4 2023 → Q1 2024
COST Costco Wholesale Corp. Reduce -54.3% 1.64% −1.94
LFUS Littelfuse Inc. Reduce -2.6% 2.15% −0.55
KEYS Keysight Technologies Inc. Reduce -4.0% 1.77% −0.31
ROST Ross Stores Inc. Reduce -2.8% 3.45% −0.26
GOOG Alphabet Inc. Class C Reduce -1.9% 3.33% −0.15
GMED Globus Medical Inc. Class A Sold out 0.00% −0.01
FAF First American Financial Sold out 0.00% −0.01
FOXF Fox Factory Holding Corp. Sold out 0.00% −0.01
EBAY eBay Inc. Reduce -2.9% 2.18% +0.12

Portfolio Buys Q4 2023 → Q1 2024
RMD Resmed Inc. New 1.70% +1.70
WRB WR Berkley Corp. Add +7.1% 4.26% +0.74
BRO Brown & Brown Inc. Add +6.7% 3.27% +0.51
TMO Thermo Fisher Scientific Inc. Add +11.1% 3.18% +0.28
V Visa Inc. Class A Add +6.3% 3.14% +0.09
WTS Watts Water Technologies-A New 0.03% +0.03
RBA RB Global Inc. Add +0.9% 0.67% +0.02
MKSI MKS Inc. Add +25.8% 0.02% +0.01
GGG Graco Inc. Add +21.6% 0.03% +0.01
TRU Transunion Add +24.4% 0.02% +0.01
SIGI Selective Insurance Group Add +23.3% 0.02% +0.00
JBTM JBT Marel Corp. Add +20.9% 0.02% +0.00
MORN Morningstar Inc. Add +21.9% 0.02% +0.00
BMI Badger Meter Inc. Add +27.3% 0.01% +0.00
NSP Insperity Inc. Add +26.6% 0.02% +0.00
POWI Power Integrations Inc. Add +27.1% 0.02% 0.00
HDB HDFC Bank Ltd.-ADR Add +25.1% 1.51% −0.09

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 31$1.4BAMAT, TSM, GOOG, APH, ADI
Q1 2026 49$1.3BTSM, AMAT, GOOG, APH, MSFT
Q4 2025 49$1.4BGOOG, MSFT, TSM, WRB, APH
Q3 2025 50$1.4BMSFT, WRB, TSM, APH, GOOG
Q2 2025 50$1.4BMSFT, WRB, GWW, TSM, V
Q1 2025 49$1.4BWRB, GWW, MSFT, BRO, V
Q4 2024 50$1.4BMSFT, GWW, WRB, VSGX, GOOG
Q3 2024 51$1.4BMSFT, GWW, WRB, AMAT, TSM
Q2 2024 50$1.3BMSFT, GWW, AIT, WRB, TSM
Q1 2024 46$1.3BMSFT, GWW, WRB, AMAT, APH