Dundas Partners LLP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Dundas Partners LLP reported 50 stock positions worth $1.4 billion. Its top holding was Microsoft (MSFT) at 6.4% of the portfolio, followed by WR Berkley (WRB, 5.7%) and WW Grainger (GWW, 5.3%). Compared with Q1 2025, it opened 3 new positions, sold out of 2, added to 8 and reduced 17. The biggest buy was Applied Industrial Tech (AIT, shares +12956%) and the biggest sale Automatic Data Processing (ADP, shares −99%).

Most Recent 13F
Q2 2026
Location
EDINBURGH, X0
CIK
0001742418
Portfolio Value
$1.4B (Q2 2025)
SEC Filing
0001742418-25-000006 ↗ filed Aug 12, 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 Q1 2025 Q2 2025: $1.4B $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. 6.45% 186,468 $92.8M No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 5.74% 1,123,310 $82.5M No change
GWW WW Grainger Inc. filed as GRAINGER W W INC 5.33% 73,650 $76.6M No change
TSM Taiwan Semiconductor-SP ADR 4.45% 282,445 $64.0M Reduce -2.3%
V Visa Inc. Class A 4.32% 175,029 $62.1M No change
APH Amphenol Corp. Class A 4.24% 617,382 $61.0M No change
BRO Brown & Brown Inc. 3.88% 503,111 $55.8M No change
AXP American Express Co. 3.87% 174,436 $55.6M No change
GOOG Alphabet Inc. Class C 3.72% 301,749 $53.5M No change
ABT Abbott Laboratories 3.51% 371,715 $50.6M Add +7.7%
AIT Applied Industrial Tech Inc. 3.39% 266,212 $48.7M Add +12956.0%
ADI Analog Devices Inc. 3.28% 197,970 $47.1M No change
NDAQ Nasdaq Inc. 3.11% 500,759 $44.8M No change
BKNG Booking Holdings Inc. 2.93% 7,270 $42.1M No change
MRSH Marsh & McLennan Cos 2.85% 187,494 $41.0M No change
RMD Resmed Inc. 2.73% 152,184 $39.3M No change
ACN Accenture PLC Class A 2.63% 126,597 $37.8M No change
TMO Thermo Fisher Scientific Inc. 2.63% 93,193 $37.8M Add +24.0%
SYK Stryker Corp. 2.49% 90,522 $35.8M No change
ROST Ross Stores Inc. 2.48% 279,145 $35.6M No change
AMAT Applied Materials Inc. 2.41% 112,482 $34.7M Reduce -57.8%
ALC Alcon Inc. filed as ALCON AG 2.41% 391,786 $34.7M Reduce -3.6%
EFX Equifax Inc. 2.39% 132,615 $34.4M No change
HDB HDFC Bank Ltd.-ADR 2.36% 443,405 $34.0M Add +12.7%
FDS Factset Research Systems Inc. 2.24% 72,174 $32.3M Reduce -3.2%
AME Ametek Inc. 2.17% 172,472 $31.2M Add +20.8%
ZTS Zoetis Inc. 2.14% 197,747 $30.8M No change
INTU Intuit Inc. 2.02% 36,888 $29.1M No change
HD Home Depot Inc. 1.80% 70,543 $25.9M Reduce -4.4%
MA Mastercard Inc. Class A 1.74% 44,459 $25.0M No change
COST Costco Wholesale Corp. 1.65% 23,963 $23.7M No change
MSCI MSCI Inc. 1.51% 37,782 $21.8M No change
RBA RB Global Inc. 0.70% 95,184 $10.1M Add +3.5%
RYAN Ryan Specialty Holdings Inc. 0.05% 10,200 $693K Reduce -6.4%
PAYC Paycom Software Inc. 0.04% 2,583 $598K Add +5.2%
WTS Watts Water Technologies-A 0.04% 2,270 $558K Reduce -11.6%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.04% 2,900 $522K New
MKTX Marketaxess Holdings Inc. 0.03% 2,239 $500K Reduce -12.8%
ESAB Esab Corp. 0.03% 3,884 $468K Reduce -6.0%
AAPL Apple Inc. 0.03% 1,912 $444K Reduce -98.4%
BMI Badger Meter Inc. 0.03% 8,444 $434K Add +431.4%
INTERDIGITAL INC (IDCC 3.5 06/01/27) 0.03% 1,654 $371K Reduce -3.6%
RLI Rli Corp. 0.02% 4,800 $347K New
TRU Transunion 0.02% 3,452 $304K Reduce -50.8%
MORN Morningstar Inc. 0.02% 895 $281K Reduce -41.2%
SIGI Selective Insurance Group 0.02% 2,734 $237K Reduce -36.3%
LMAT Lemaitre Vascular Inc. 0.02% 2,660 $221K New
ADP Automatic Data Processing 0.01% 773 $189K Reduce -99.3%
LFUS Littelfuse Inc. 0.01% 724 $164K Reduce -31.0%
GGG Graco Inc. 0.01% 1,842 $158K Reduce -74.5%

Portfolio Sells Q1 2025 → Q2 2025
ADP Automatic Data Processing Reduce -99.3% 0.01% −2.52
AAPL Apple Inc. Reduce -98.4% 0.03% −1.97
NDSN Nordson Corp. Sold out 0.00% −1.77
AMAT Applied Materials Inc. Reduce -57.8% 2.41% −0.43
ALC Alcon Inc. Reduce -3.6% 2.41% −0.41
FDS Factset Research Systems Inc. Reduce -3.2% 2.24% −0.25
HD Home Depot Inc. Reduce -4.4% 1.80% −0.19
GGG Graco Inc. Reduce -74.5% 0.01% −0.03
TRU Transunion Reduce -50.8% 0.02% −0.02
POWI Power Integrations Inc. Sold out 0.00% −0.02
MORN Morningstar Inc. Reduce -41.2% 0.02% −0.01
SIGI Selective Insurance Group Reduce -36.3% 0.02% −0.01
RYAN Ryan Specialty Holdings Inc. Reduce -6.4% 0.05% −0.01
MKTX Marketaxess Holdings Inc. Reduce -12.8% 0.03% −0.01
LFUS Littelfuse Inc. Reduce -31.0% 0.01% −0.00
ESAB Esab Corp. Reduce -6.0% 0.03% −0.00
INTERDIGITAL INC (IDCC 3.5 06/01/27) Reduce -3.6% 0.03% −0.00
WTS Watts Water Technologies-A Reduce -11.6% 0.04% +0.00
TSM Taiwan Semiconductor-SP ADR Reduce -2.3% 4.45% +0.91

Portfolio Buys Q1 2025 → Q2 2025
AIT Applied Industrial Tech Inc. Add +12956.0% 3.39% +3.35
HDB HDFC Bank Ltd.-ADR Add +12.7% 2.36% +0.44
AME Ametek Inc. Add +20.8% 2.17% +0.36
ABT Abbott Laboratories Add +7.7% 3.51% +0.14
JKHY Jack Henry & Associates Inc. New 0.04% +0.04
RLI Rli Corp. New 0.02% +0.02
RBA RB Global Inc. Add +3.5% 0.70% +0.02
LMAT Lemaitre Vascular Inc. New 0.02% +0.02
BMI Badger Meter Inc. Add +431.4% 0.03% +0.01
PAYC Paycom Software Inc. Add +5.2% 0.04% +0.00
TMO Thermo Fisher Scientific Inc. Add +24.0% 2.63% −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