Dundas Partners LLP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 7, 2025), Dundas Partners LLP reported 50 stock positions worth $1.4 billion. Its top holding was Microsoft (MSFT) at 5.5% of the portfolio, followed by WW Grainger (GWW, 5.4%) and WR Berkley (WRB, 4.6%). Compared with Q3 2024, it opened 1 new position, sold out of 2, added to 18 and reduced 6. The biggest buy was a new position in Vanguard ESG Intl Stock ETF (VSGX) and the biggest sale an exit from Keysight Technologies (KEYS).

Most Recent 13F
Q2 2026
Location
EDINBURGH, X0
CIK
0001742418
Portfolio Value
$1.4B (Q4 2024)
SEC Filing
0001742418-25-000001 ↗ filed Feb 7, 2025

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 Q3 2024 Q4 2024: $1.4B $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 50 stocks · $1.4B
MSFT Microsoft Corp. 5.51% 186,468 $78.6M Add +3.4%
GWW WW Grainger Inc. filed as GRAINGER W W INC 5.44% 73,650 $77.6M No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 4.61% 1,123,310 $65.7M No change
VSGX Vanguard ESG Intl Stock ETF 4.30% 1,081,151 $61.3M New
GOOG Alphabet Inc. Class C 4.03% 301,749 $57.5M Add +10.3%
TSM Taiwan Semiconductor-SP ADR 4.01% 289,171 $57.1M Reduce -4.7%
V Visa Inc. Class A 3.88% 175,029 $55.3M Add +9.0%
AXP American Express Co. 3.63% 174,436 $51.8M No change
BRO Brown & Brown Inc. 3.60% 503,111 $51.3M Add +5.0%
ACN Accenture PLC Class A 3.12% 126,597 $44.5M No change
AMAT Applied Materials Inc. 3.04% 266,212 $43.3M No change
APH Amphenol Corp. Class A 3.01% 617,382 $42.9M No change
ADI Analog Devices Inc. 2.95% 197,970 $42.1M No change
ROST Ross Stores Inc. 2.91% 274,017 $41.5M No change
MRSH Marsh & McLennan Cos 2.79% 187,494 $39.8M No change
HD Home Depot Inc. 2.76% 101,274 $39.4M No change
ABT Abbott Laboratories 2.74% 345,049 $39.0M No change
NDAQ Nasdaq Inc. 2.72% 500,759 $38.7M No change
TMO Thermo Fisher Scientific Inc. 2.56% 70,238 $36.5M No change
BKNG Booking Holdings Inc. 2.53% 7,270 $36.1M No change
FDS Factset Research Systems Inc. 2.51% 74,556 $35.8M No change
ALC Alcon Inc. filed as ALCON AG 2.40% 403,994 $34.2M Reduce -5.2%
EFX Equifax Inc. 2.37% 132,615 $33.8M No change
ADP Automatic Data Processing 2.31% 112,482 $32.9M No change
SYK Stryker Corp. 2.29% 90,522 $32.6M No change
RMD Resmed Inc. 2.25% 140,562 $32.1M No change
AAPL Apple Inc. 2.15% 122,222 $30.6M No change
ZTS Zoetis Inc. 2.08% 182,113 $29.7M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.97% 252,703 $28.1M No change
AME Ametek Inc. 1.81% 142,812 $25.7M Add +6.8%
NDSN Nordson Corp. 1.75% 119,311 $25.0M No change
HDB HDFC Bank Ltd.-ADR 1.73% 385,984 $24.6M Reduce -5.2%
MA Mastercard Inc. Class A 1.64% 44,459 $23.4M No change
COST Costco Wholesale Corp. 1.54% 23,963 $22.0M No change
RBA RB Global Inc. 0.58% 91,989 $8.3M Reduce -17.6%
RYAN Ryan Specialty Holdings Inc. 0.05% 10,254 $658K Add +24.7%
TRU Transunion 0.04% 6,558 $608K Add +18.4%
GGG Graco Inc. 0.04% 7,208 $608K Add +16.9%
MKTX Marketaxess Holdings Inc. 0.04% 2,364 $534K Add +12.9%
WTS Watts Water Technologies-A 0.04% 2,567 $522K Add +16.6%
MORN Morningstar Inc. 0.04% 1,522 $513K Add +69.3%
ESAB Esab Corp. 0.03% 4,132 $496K Add +19.6%
AIT Applied Industrial Tech Inc. 0.03% 2,039 $488K Add +17.7%
PYPL PayPal Holdings Inc. 0.03% 2,207 $452K Add +39.4%
SIGI Selective Insurance Group 0.03% 4,294 $402K Add +21.5%
BMI Badger Meter Inc. 0.02% 1,589 $337K Add +14.4%
INTERDIGITAL INC (IDCC 3.5 06/01/27) 0.02% 1,715 $332K Reduce -34.0%
POWI Power Integrations Inc. 0.02% 5,055 $312K Add +10.4%
LFUS Littelfuse Inc. 0.02% 1,251 $295K Reduce -18.3%
MKSI MKS Inc. filed as MKS INSTRS INC 0.02% 2,198 $229K Add +10.3%

Portfolio Sells Q3 2024 → Q4 2024
KEYS Keysight Technologies Inc. Sold out 0.00% −1.24
EBAY eBay Inc. Sold out 0.00% −1.20
ALC Alcon Inc. Reduce -5.2% 2.40% −0.65
HDB HDFC Bank Ltd.-ADR Reduce -5.2% 1.73% −0.10
RBA RB Global Inc. Reduce -17.6% 0.58% −0.06
LFUS Littelfuse Inc. Reduce -18.3% 0.02% −0.01
INTERDIGITAL INC (IDCC 3.5 06/01/27) Reduce -34.0% 0.02% −0.00
TSM Taiwan Semiconductor-SP ADR Reduce -4.7% 4.01% +0.21

Portfolio Buys Q3 2024 → Q4 2024
VSGX Vanguard ESG Intl Stock ETF New 4.30% +4.30
GOOG Alphabet Inc. Class C Add +10.3% 4.03% +0.74
V Visa Inc. Class A Add +9.0% 3.88% +0.70
AME Ametek Inc. Add +6.8% 1.81% +0.15
BRO Brown & Brown Inc. Add +5.0% 3.60% +0.03
MORN Morningstar Inc. Add +69.3% 0.04% +0.02
PYPL PayPal Holdings Inc. Add +39.4% 0.03% +0.01
ESAB Esab Corp. Add +19.6% 0.03% +0.01
RYAN Ryan Specialty Holdings Inc. Add +24.7% 0.05% +0.01
AIT Applied Industrial Tech Inc. Add +17.7% 0.03% +0.01
SIGI Selective Insurance Group Add +21.5% 0.03% +0.00
GGG Graco Inc. Add +16.9% 0.04% +0.00
WTS Watts Water Technologies-A Add +16.6% 0.04% +0.00
BMI Badger Meter Inc. Add +14.4% 0.02% +0.00
TRU Transunion Add +18.4% 0.04% +0.00
POWI Power Integrations Inc. Add +10.4% 0.02% +0.00
MKSI MKS Inc. Add +10.3% 0.02% +0.00
MKTX Marketaxess Holdings Inc. Add +12.9% 0.04% −0.00
MSFT Microsoft Corp. Add +3.4% 5.51% −0.07

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