Dundas Partners LLP

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Dundas Partners LLP reported 51 stock positions worth $1.4 billion. Its top holding was Microsoft (MSFT) at 5.6% of the portfolio, followed by WW Grainger (GWW, 5.5%) and WR Berkley (WRB, 4.6%). Compared with Q2 2024, it opened 1 new position, added to 9 and reduced 18. The biggest buy was Applied Materials (AMAT, shares +12293%) and the biggest sale Applied Industrial Tech (AIT, shares −99%).

Most Recent 13F
Q2 2026
Location
EDINBURGH, X0
CIK
0001742418
Portfolio Value
$1.4B (Q3 2024)
SEC Filing
0001742418-24-000006 ↗ filed Nov 14, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.3B Q1 2024 Q2 2024: $1.3B Q2 2024 Q3 2024: $1.4B $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 51 stocks · $1.4B
MSFT Microsoft Corp. 5.58% 180,361 $77.6M No change
GWW WW Grainger Inc. filed as GRAINGER W W INC 5.51% 73,650 $76.5M No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 4.59% 1,123,310 $63.7M Add +9.7%
AMAT Applied Materials Inc. 3.87% 266,212 $53.8M Add +12293.5%
TSM Taiwan Semiconductor-SP ADR 3.79% 303,564 $52.7M No change
BRO Brown & Brown Inc. 3.57% 479,205 $49.6M No change
AXP American Express Co. 3.40% 174,436 $47.3M Add +4.1%
GOOG Alphabet Inc. Class C 3.29% 273,525 $45.7M Add +13.7%
ADI Analog Devices Inc. 3.28% 197,970 $45.6M No change
ACN Accenture PLC Class A 3.22% 126,597 $44.7M No change
V Visa Inc. Class A 3.18% 160,525 $44.1M Add +8.8%
TMO Thermo Fisher Scientific Inc. 3.13% 70,238 $43.4M No change
ALC Alcon Inc. filed as ALCON AG 3.05% 425,938 $42.4M No change
MRSH Marsh & McLennan Cos 3.01% 187,494 $41.8M No change
ROST Ross Stores Inc. 2.97% 274,017 $41.2M No change
HD Home Depot Inc. 2.95% 101,274 $41.0M No change
APH Amphenol Corp. Class A 2.89% 617,382 $40.2M No change
ABT Abbott Laboratories 2.83% 345,049 $39.3M Add +4.5%
EFX Equifax Inc. 2.80% 132,615 $39.0M No change
NDAQ Nasdaq Inc. 2.63% 500,759 $36.6M No change
ZTS Zoetis Inc. 2.56% 182,113 $35.6M Add +29.2%
RMD Resmed Inc. 2.47% 140,562 $34.3M Add +5.9%
FDS Factset Research Systems Inc. 2.47% 74,556 $34.3M No change
SYK Stryker Corp. 2.35% 90,522 $32.7M No change
NDSN Nordson Corp. 2.25% 119,311 $31.3M No change
ADP Automatic Data Processing 2.24% 112,482 $31.1M No change
BKNG Booking Holdings Inc. 2.20% 7,270 $30.6M Add +22.4%
AAPL Apple Inc. 2.05% 122,222 $28.5M No change
HDB HDFC Bank Ltd.-ADR 1.83% 406,972 $25.5M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.75% 252,703 $24.3M No change
AME Ametek Inc. 1.65% 133,770 $23.0M No change
MA Mastercard Inc. Class A 1.58% 44,459 $22.0M No change
COST Costco Wholesale Corp. 1.53% 23,963 $21.2M Reduce -15.6%
KEYS Keysight Technologies Inc. 1.24% 108,336 $17.2M Reduce -16.8%
EBAY eBay Inc. 1.20% 255,796 $16.7M Reduce -34.5%
RBA RB Global Inc. 0.65% 111,688 $9.0M Reduce -1.2%
TRU Transunion 0.04% 5,538 $580K Reduce -19.3%
RYAN Ryan Specialty Holdings Inc. 0.04% 8,225 $546K Reduce -19.3%
GGG Graco Inc. 0.04% 6,167 $540K Reduce -19.3%
MKTX Marketaxess Holdings Inc. 0.04% 2,093 $536K Reduce -19.3%
WTS Watts Water Technologies-A 0.03% 2,201 $456K Reduce -19.3%
LFUS Littelfuse Inc. 0.03% 1,531 $406K Reduce -19.3%
AIT Applied Industrial Tech Inc. 0.03% 1,733 $387K Reduce -99.3%
INTERDIGITAL INC (IDCC 3.5 06/01/27) 0.03% 2,600 $368K New
ESAB Esab Corp. 0.03% 3,454 $367K Reduce -19.3%
SIGI Selective Insurance Group 0.02% 3,533 $330K Reduce -19.3%
BMI Badger Meter Inc. 0.02% 1,389 $303K Reduce -19.3%
POWI Power Integrations Inc. 0.02% 4,580 $294K Reduce -19.3%
MORN Morningstar Inc. 0.02% 899 $287K Reduce -19.3%
PYPL PayPal Holdings Inc. 0.02% 1,583 $264K Reduce -99.4%
MKSI MKS Inc. filed as MKS INSTRS INC 0.02% 1,993 $217K Reduce -19.3%

Portfolio Sells Q2 2024 → Q3 2024
AIT Applied Industrial Tech Inc. Reduce -99.3% 0.03% −4.39
PYPL PayPal Holdings Inc. Reduce -99.4% 0.02% −1.21
EBAY eBay Inc. Reduce -34.5% 1.20% −0.43
COST Costco Wholesale Corp. Reduce -15.6% 1.53% −0.34
KEYS Keysight Technologies Inc. Reduce -16.8% 1.24% −0.14
RBA RB Global Inc. Reduce -1.2% 0.65% −0.02
POWI Power Integrations Inc. Reduce -19.3% 0.02% −0.01
MKSI MKS Inc. Reduce -19.3% 0.02% −0.01
LFUS Littelfuse Inc. Reduce -19.3% 0.03% −0.01
GGG Graco Inc. Reduce -19.3% 0.04% −0.01
SIGI Selective Insurance Group Reduce -19.3% 0.02% −0.01
RYAN Ryan Specialty Holdings Inc. Reduce -19.3% 0.04% −0.01
WTS Watts Water Technologies-A Reduce -19.3% 0.03% −0.01
MORN Morningstar Inc. Reduce -19.3% 0.02% −0.01
ESAB Esab Corp. Reduce -19.3% 0.03% −0.00
BMI Badger Meter Inc. Reduce -19.3% 0.02% −0.00
MKTX Marketaxess Holdings Inc. Reduce -19.3% 0.04% −0.00
TRU Transunion Reduce -19.3% 0.04% +0.00

Portfolio Buys Q2 2024 → Q3 2024
AMAT Applied Materials Inc. Add +12293.5% 3.87% +3.84
ZTS Zoetis Inc. Add +29.2% 2.56% +0.66
RMD Resmed Inc. Add +5.9% 2.47% +0.50
WRB WR Berkley Corp. Add +9.7% 4.59% +0.42
AXP American Express Co. Add +4.1% 3.40% +0.39
BKNG Booking Holdings Inc. Add +22.4% 2.20% +0.38
V Visa Inc. Class A Add +8.8% 3.18% +0.17
ABT Abbott Laboratories Add +4.5% 2.83% +0.17
INTERDIGITAL INC (IDCC 3.5 06/01/27) New 0.03% +0.03
GOOG Alphabet Inc. Class C Add +13.7% 3.29% −0.13

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