Dundas Partners LLP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Dundas Partners LLP reported 50 stock positions worth $1.4 billion. Its top holding was Microsoft (MSFT) at 6.8% of the portfolio, followed by WR Berkley (WRB, 6.4%) and Taiwan Semiconductor-SP ADR (TSM, 5.6%). Compared with Q2 2025, it opened 7 new positions, sold out of 7, added to 22 and reduced 7. The biggest buy was Automatic Data Processing (ADP, shares +19521%) and the biggest sale WW Grainger (GWW, shares −71%).
- Most Recent 13F
- Q2 2026
- Location
- EDINBURGH, X0
- CIK
- 0001742418
- Portfolio Value
- $1.4B (Q3 2025)
- SEC Filing
- 0001742418-25-000009 ↗ filed Nov 13, 2025
Holdings Value
Holdings 50 stocks · $1.4B
| MSFT Microsoft Corp. | 6.82% | 186,468 | $96.6M | No change |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 6.39% | 1,181,601 | $90.5M | Add +5.2% |
| TSM Taiwan Semiconductor-SP ADR | 5.57% | 282,445 | $78.9M | No change |
| APH Amphenol Corp. Class A | 5.30% | 606,161 | $75.0M | Reduce -1.8% |
| GOOG Alphabet Inc. Class C | 5.19% | 301,749 | $73.5M | No change |
| AXP American Express Co. | 4.44% | 189,180 | $62.8M | Add +8.4% |
| V Visa Inc. Class A | 4.37% | 181,492 | $62.0M | Add +3.7% |
| BRO Brown & Brown Inc. | 4.20% | 633,541 | $59.4M | Add +25.9% |
| ABT Abbott Laboratories | 4.19% | 442,954 | $59.3M | Add +19.2% |
| AMAT Applied Materials Inc. | 4.02% | 278,394 | $57.0M | Add +147.5% |
| ADI Analog Devices Inc. | 3.59% | 206,749 | $50.8M | Add +4.4% |
| RMD Resmed Inc. | 3.38% | 175,117 | $47.9M | Add +15.1% |
| NDAQ Nasdaq Inc. | 3.31% | 530,283 | $46.9M | Add +5.9% |
| TMO Thermo Fisher Scientific Inc. | 3.26% | 95,231 | $46.2M | Add +2.2% |
| BKNG Booking Holdings Inc. | 3.22% | 8,458 | $45.7M | Add +16.3% |
| ZTS Zoetis Inc. | 3.21% | 310,676 | $45.5M | Add +57.1% |
| ADP Automatic Data Processing | 3.14% | 151,673 | $44.5M | Add +19521.3% |
| ROST Ross Stores Inc. | 2.91% | 270,309 | $41.2M | Reduce -3.2% |
| SYK Stryker Corp. | 2.58% | 98,694 | $36.5M | Add +9.0% |
| ACN Accenture PLC Class A | 2.54% | 145,882 | $36.0M | Add +15.2% |
| EFX Equifax Inc. | 2.40% | 132,615 | $34.0M | No change |
| AME Ametek Inc. | 2.29% | 172,472 | $32.4M | No change |
| INTU Intuit Inc. | 2.11% | 43,762 | $29.9M | Add +18.6% |
| HDB HDFC Bank Ltd.-ADR | 2.08% | 864,132 | $29.5M | Reduce -2.6% |
| ALC Alcon Inc. filed as ALCON AG | 2.06% | 391,786 | $29.2M | No change |
| MA Mastercard Inc. Class A | 1.79% | 44,459 | $25.3M | No change |
| MSCI MSCI Inc. | 1.51% | 37,782 | $21.4M | No change |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 1.43% | 21,181 | $20.2M | Reduce -71.2% |
| CRM Salesforce Inc. | 1.42% | 85,152 | $20.2M | New |
| RBA RB Global Inc. | 0.72% | 93,605 | $10.1M | Reduce -1.7% |
| RYAN Ryan Specialty Holdings Inc. | 0.05% | 11,723 | $661K | Add +14.9% |
| WTS Watts Water Technologies-A | 0.04% | 2,270 | $634K | No change |
| PAYC Paycom Software Inc. | 0.04% | 2,819 | $587K | Add +9.1% |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | 0.04% | 1,654 | $571K | No change |
| TECH Bio-Techne Corp. | 0.04% | 9,936 | $553K | New |
| AIT Applied Industrial Tech Inc. | 0.04% | 2,110 | $551K | Reduce -99.2% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.04% | 3,591 | $535K | Add +23.8% |
| ESAB Esab Corp. | 0.03% | 4,224 | $472K | Add +8.8% |
| MKTX Marketaxess Holdings Inc. | 0.03% | 2,239 | $390K | No change |
| SF Stifel Financial Corp. | 0.03% | 3,354 | $381K | New |
| HLNE Hamilton Lane Inc. Class A | 0.02% | 2,574 | $347K | New |
| TRU Transunion | 0.02% | 4,122 | $345K | Add +19.4% |
| NVT Nvent Electric PLC | 0.02% | 3,281 | $324K | New |
| CR Crane Co. | 0.02% | 1,736 | $320K | New |
| RLI Rli Corp. | 0.02% | 4,800 | $313K | No change |
| EVR Evercore Inc. Class A | 0.02% | 917 | $309K | New |
| LFUS Littelfuse Inc. | 0.02% | 913 | $236K | Add +26.1% |
| LMAT Lemaitre Vascular Inc. | 0.02% | 2,660 | $233K | No change |
| GGG Graco Inc. | 0.01% | 1,842 | $156K | No change |
| BMI Badger Meter Inc. | 0.01% | 773 | $138K | Reduce -90.8% |
Portfolio Sells Q2 2025 → Q3 2025
| GWW WW Grainger Inc. | Reduce -71.2% | 1.43% | −3.90 |
| AIT Applied Industrial Tech Inc. | Reduce -99.2% | 0.04% | −3.35 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −2.85 |
| FDS Factset Research Systems Inc. | Sold out | 0.00% | −2.24 |
| HD Home Depot Inc. | Sold out | 0.00% | −1.80 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −1.65 |
| HDB HDFC Bank Ltd.-ADR | Reduce -2.6% | 2.08% | −0.28 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.03 |
| BMI Badger Meter Inc. | Reduce -90.8% | 0.01% | −0.02 |
| MORN Morningstar Inc. | Sold out | 0.00% | −0.02 |
| SIGI Selective Insurance Group | Sold out | 0.00% | −0.02 |
| RBA RB Global Inc. | Reduce -1.7% | 0.72% | +0.01 |
| ROST Ross Stores Inc. | Reduce -3.2% | 2.91% | +0.43 |
| APH Amphenol Corp. Class A | Reduce -1.8% | 5.30% | +1.06 |
Portfolio Buys Q2 2025 → Q3 2025
| ADP Automatic Data Processing | Add +19521.3% | 3.14% | +3.13 |
| AMAT Applied Materials Inc. | Add +147.5% | 4.02% | +1.61 |
| CRM Salesforce Inc. | New | 1.42% | +1.42 |
| ZTS Zoetis Inc. | Add +57.1% | 3.21% | +1.07 |
| ABT Abbott Laboratories | Add +19.2% | 4.19% | +0.67 |
| WRB WR Berkley Corp. | Add +5.2% | 6.39% | +0.66 |
| RMD Resmed Inc. | Add +15.1% | 3.38% | +0.65 |
| TMO Thermo Fisher Scientific Inc. | Add +2.2% | 3.26% | +0.63 |
| AXP American Express Co. | Add +8.4% | 4.44% | +0.57 |
| BRO Brown & Brown Inc. | Add +25.9% | 4.20% | +0.32 |
| ADI Analog Devices Inc. | Add +4.4% | 3.59% | +0.31 |
| BKNG Booking Holdings Inc. | Add +16.3% | 3.22% | +0.30 |
| NDAQ Nasdaq Inc. | Add +5.9% | 3.31% | +0.20 |
| INTU Intuit Inc. | Add +18.6% | 2.11% | +0.09 |
| SYK Stryker Corp. | Add +9.0% | 2.58% | +0.09 |
| V Visa Inc. Class A | Add +3.7% | 4.37% | +0.05 |
| TECH Bio-Techne Corp. | New | 0.04% | +0.04 |
| SF Stifel Financial Corp. | New | 0.03% | +0.03 |
| HLNE Hamilton Lane Inc. Class A | New | 0.02% | +0.02 |
| NVT Nvent Electric PLC | New | 0.02% | +0.02 |
| CR Crane Co. | New | 0.02% | +0.02 |
| EVR Evercore Inc. Class A | New | 0.02% | +0.02 |
| LFUS Littelfuse Inc. | Add +26.1% | 0.02% | +0.01 |
| TRU Transunion | Add +19.4% | 0.02% | +0.00 |
| JKHY Jack Henry & Associates Inc. | Add +23.8% | 0.04% | +0.00 |
| ESAB Esab Corp. | Add +8.8% | 0.03% | +0.00 |
| PAYC Paycom Software Inc. | Add +9.1% | 0.04% | −0.00 |
| RYAN Ryan Specialty Holdings Inc. | Add +14.9% | 0.05% | −0.00 |
| ACN Accenture PLC Class A | Add +15.2% | 2.54% | −0.09 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 31 | $1.4B | AMAT, TSM, GOOG, APH, ADI |
| Q1 2026 | 49 | $1.3B | TSM, AMAT, GOOG, APH, MSFT |
| Q4 2025 | 49 | $1.4B | GOOG, MSFT, TSM, WRB, APH |
| Q3 2025 | 50 | $1.4B | MSFT, WRB, TSM, APH, GOOG |
| Q2 2025 | 50 | $1.4B | MSFT, WRB, GWW, TSM, V |
| Q1 2025 | 49 | $1.4B | WRB, GWW, MSFT, BRO, V |
| Q4 2024 | 50 | $1.4B | MSFT, GWW, WRB, VSGX, GOOG |
| Q3 2024 | 51 | $1.4B | MSFT, GWW, WRB, AMAT, TSM |
| Q2 2024 | 50 | $1.3B | MSFT, GWW, AIT, WRB, TSM |
| Q1 2024 | 46 | $1.3B | MSFT, GWW, WRB, AMAT, APH |