Dundas Partners LLP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Dundas Partners LLP reported 49 stock positions worth $1.4 billion. Its top holding was WR Berkley (WRB) at 5.9% of the portfolio, followed by WW Grainger (GWW, 5.4%) and Microsoft (MSFT, 5.2%). Compared with Q4 2024, it opened 3 new positions, sold out of 4, added to 9 and reduced 3. The biggest buy was a new position in Intuit (INTU) and the biggest sale an exit from Vanguard ESG Intl Stock ETF (VSGX).

Most Recent 13F
Q2 2026
Location
EDINBURGH, X0
CIK
0001742418
Portfolio Value
$1.4B (Q1 2025)
SEC Filing
0001742418-25-000005 ↗ filed May 13, 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 Q4 2024 Q1 2025: $1.4B $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 49 stocks · $1.4B
WRB WR Berkley Corp. filed as BERKLEY W R CORP 5.89% 1,123,310 $79.9M No change
GWW WW Grainger Inc. filed as GRAINGER W W INC 5.36% 73,650 $72.8M No change
MSFT Microsoft Corp. 5.15% 186,468 $70.0M No change
BRO Brown & Brown Inc. 4.61% 503,111 $62.6M No change
V Visa Inc. Class A 4.52% 175,029 $61.3M No change
TSM Taiwan Semiconductor-SP ADR 3.53% 289,171 $48.0M No change
GOOG Alphabet Inc. Class C 3.47% 301,749 $47.1M No change
AXP American Express Co. 3.46% 174,436 $46.9M No change
ABT Abbott Laboratories 3.37% 345,049 $45.8M No change
MRSH Marsh & McLennan Cos 3.37% 187,494 $45.8M No change
APH Amphenol Corp. Class A 2.98% 617,382 $40.5M No change
ADI Analog Devices Inc. 2.94% 197,970 $39.9M No change
ACN Accenture PLC Class A 2.91% 126,597 $39.5M No change
AMAT Applied Materials Inc. 2.84% 266,212 $38.6M No change
ALC Alcon Inc. filed as ALCON AG 2.82% 406,475 $38.3M Add +0.6%
NDAQ Nasdaq Inc. 2.80% 500,759 $38.0M No change
TMO Thermo Fisher Scientific Inc. 2.75% 75,152 $37.4M Add +7.0%
ROST Ross Stores Inc. 2.63% 279,145 $35.7M Add +1.9%
ADP Automatic Data Processing 2.53% 112,482 $34.4M No change
RMD Resmed Inc. 2.51% 152,184 $34.1M Add +8.3%
FDS Factset Research Systems Inc. 2.50% 74,556 $33.9M No change
SYK Stryker Corp. 2.48% 90,522 $33.7M No change
BKNG Booking Holdings Inc. 2.47% 7,270 $33.5M No change
ZTS Zoetis Inc. 2.40% 197,747 $32.6M Add +8.6%
EFX Equifax Inc. 2.38% 132,615 $32.3M No change
AAPL Apple Inc. 2.00% 122,222 $27.1M No change
HD Home Depot Inc. 1.99% 73,785 $27.0M Reduce -27.1%
HDB HDFC Bank Ltd.-ADR 1.93% 393,556 $26.1M Add +2.0%
AME Ametek Inc. 1.81% 142,812 $24.6M No change
MA Mastercard Inc. Class A 1.79% 44,459 $24.4M No change
NDSN Nordson Corp. 1.77% 119,311 $24.1M No change
COST Costco Wholesale Corp. 1.67% 23,963 $22.7M No change
INTU Intuit Inc. 1.67% 36,888 $22.6M New
MSCI MSCI Inc. 1.57% 37,782 $21.4M New
RBA RB Global Inc. 0.68% 91,989 $9.2M No change
RYAN Ryan Specialty Holdings Inc. 0.06% 10,897 $805K Add +6.3%
GGG Graco Inc. 0.04% 7,208 $602K No change
TRU Transunion 0.04% 7,017 $582K Add +7.0%
MKTX Marketaxess Holdings Inc. 0.04% 2,567 $555K Add +8.6%
PAYC Paycom Software Inc. 0.04% 2,456 $537K New
WTS Watts Water Technologies-A 0.04% 2,567 $523K No change
ESAB Esab Corp. 0.04% 4,132 $481K No change
AIT Applied Industrial Tech Inc. 0.03% 2,039 $459K No change
MORN Morningstar Inc. 0.03% 1,522 $456K No change
SIGI Selective Insurance Group 0.03% 4,294 $393K No change
INTERDIGITAL INC (IDCC 3.5 06/01/27) 0.03% 1,715 $355K No change
BMI Badger Meter Inc. 0.02% 1,589 $302K No change
POWI Power Integrations Inc. 0.02% 4,211 $213K Reduce -16.7%
LFUS Littelfuse Inc. 0.02% 1,049 $206K Reduce -16.1%

Portfolio Sells Q4 2024 → Q1 2025
VSGX Vanguard ESG Intl Stock ETF Sold out 0.00% −4.30
DIS The Walt Disney Co. Sold out 0.00% −1.97
HD Home Depot Inc. Reduce -27.1% 1.99% −0.77
PYPL PayPal Holdings Inc. Sold out 0.00% −0.03
MKSI MKS Inc. Sold out 0.00% −0.02
POWI Power Integrations Inc. Reduce -16.7% 0.02% −0.01
LFUS Littelfuse Inc. Reduce -16.1% 0.02% −0.01

Portfolio Buys Q4 2024 → Q1 2025
INTU Intuit Inc. New 1.67% +1.67
MSCI MSCI Inc. New 1.57% +1.57
ALC Alcon Inc. Add +0.6% 2.82% +0.41
ZTS Zoetis Inc. Add +8.6% 2.40% +0.32
RMD Resmed Inc. Add +8.3% 2.51% +0.25
HDB HDFC Bank Ltd.-ADR Add +2.0% 1.93% +0.20
TMO Thermo Fisher Scientific Inc. Add +7.0% 2.75% +0.19
PAYC Paycom Software Inc. New 0.04% +0.04
RYAN Ryan Specialty Holdings Inc. Add +6.3% 0.06% +0.01
MKTX Marketaxess Holdings Inc. Add +8.6% 0.04% +0.00
TRU Transunion Add +7.0% 0.04% +0.00
ROST Ross Stores Inc. Add +1.9% 2.63% −0.28

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