Dundas Partners LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Dundas Partners LLP reported 49 stock positions worth $1.4 billion. Its top holding was Alphabet Class C (GOOG) at 6.5% of the portfolio, followed by Microsoft (MSFT, 6.2%) and Taiwan Semiconductor-SP ADR (TSM, 6.0%). Compared with Q3 2025, it sold out of 1, added to 14 and reduced 28. The biggest buy was Thermo Fisher Scientific (TMO, shares +3%) and the biggest sale Accenture Class A (ACN, shares −40%).
- Most Recent 13F
- Q2 2026
- Location
- EDINBURGH, X0
- CIK
- 0001742418
- Portfolio Value
- $1.4B (Q4 2025)
- SEC Filing
- 0001742418-26-000002 ↗ filed Feb 12, 2026
Holdings Value
Holdings 49 stocks · $1.4B
| GOOG Alphabet Inc. Class C | 6.53% | 295,344 | $92.7M | Reduce -2.1% |
| MSFT Microsoft Corp. | 6.21% | 182,458 | $88.2M | Reduce -2.1% |
| TSM Taiwan Semiconductor-SP ADR | 6.04% | 282,161 | $85.7M | Reduce -0.1% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 5.74% | 1,161,472 | $81.4M | Reduce -1.7% |
| APH Amphenol Corp. Class A | 5.07% | 532,801 | $72.0M | Reduce -12.1% |
| AMAT Applied Materials Inc. | 4.96% | 274,132 | $70.4M | Reduce -1.5% |
| AXP American Express Co. | 4.63% | 177,649 | $65.7M | Reduce -6.1% |
| V Visa Inc. Class A | 4.41% | 178,743 | $62.7M | Reduce -1.5% |
| TMO Thermo Fisher Scientific Inc. | 4.02% | 98,406 | $57.0M | Add +3.3% |
| ADI Analog Devices Inc. | 3.86% | 201,876 | $54.7M | Reduce -2.4% |
| ABT Abbott Laboratories | 3.78% | 428,307 | $53.7M | Reduce -3.3% |
| BRO Brown & Brown Inc. | 3.74% | 666,803 | $53.1M | Add +5.3% |
| NDAQ Nasdaq Inc. | 3.57% | 521,726 | $50.7M | Reduce -1.6% |
| RMD Resmed Inc. | 3.48% | 204,962 | $49.4M | Add +17.0% |
| BKNG Booking Holdings Inc. | 3.13% | 8,305 | $44.5M | Reduce -1.8% |
| ROST Ross Stores Inc. | 3.11% | 245,228 | $44.2M | Reduce -9.3% |
| ZTS Zoetis Inc. | 2.71% | 305,387 | $38.4M | Reduce -1.7% |
| ADP Automatic Data Processing | 2.58% | 142,534 | $36.7M | Reduce -6.0% |
| AME Ametek Inc. | 2.46% | 170,095 | $34.9M | Reduce -1.4% |
| SYK Stryker Corp. | 2.40% | 97,014 | $34.1M | Reduce -1.7% |
| MA Mastercard Inc. Class A | 2.28% | 56,617 | $32.3M | Add +27.4% |
| HDB HDFC Bank Ltd.-ADR | 2.27% | 883,744 | $32.3M | Add +2.3% |
| INTU Intuit Inc. | 2.26% | 48,551 | $32.2M | Add +10.9% |
| EFX Equifax Inc. | 1.96% | 128,047 | $27.8M | Reduce -3.4% |
| ACN Accenture PLC Class A | 1.65% | 87,149 | $23.4M | Reduce -40.3% |
| CRM Salesforce Inc. | 1.56% | 83,752 | $22.2M | Reduce -1.6% |
| MSCI MSCI Inc. | 1.50% | 37,226 | $21.4M | Reduce -1.5% |
| GWW WW Grainger Inc. | 1.43% | 20,087 | $20.3M | Reduce -5.2% |
| ALC Alcon Inc. filed as ALCON AG | 1.42% | 252,418 | $20.2M | Reduce -35.6% |
| RBA RB Global Inc. | 0.71% | 97,308 | $10.0M | Add +4.0% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.05% | 3,591 | $655K | No change |
| RYAN Ryan Specialty Holdings Inc. | 0.05% | 12,618 | $651K | Add +7.6% |
| NVT Nvent Electric PLC | 0.04% | 6,154 | $628K | Add +87.6% |
| TECH Bio-Techne Corp. | 0.04% | 9,936 | $584K | No change |
| AIT Applied Industrial Tech Inc. | 0.04% | 2,110 | $542K | No change |
| SF Stifel Financial Corp. | 0.03% | 3,799 | $476K | Add +13.3% |
| PAYC Paycom Software Inc. | 0.03% | 2,819 | $449K | No change |
| ESAB Esab Corp. | 0.03% | 3,890 | $435K | Reduce -7.9% |
| CR Crane Co. | 0.03% | 2,286 | $422K | Add +31.7% |
| LFUS Littelfuse Inc. | 0.03% | 1,590 | $402K | Add +74.2% |
| EVR Evercore Inc. Class A | 0.03% | 1,069 | $364K | Add +16.6% |
| TRU Transunion | 0.02% | 4,122 | $353K | No change |
| HLNE Hamilton Lane Inc. Class A | 0.02% | 2,574 | $346K | No change |
| MKTX Marketaxess Holdings Inc. | 0.02% | 1,902 | $345K | Reduce -15.1% |
| WTS Watts Water Technologies-A | 0.02% | 1,233 | $340K | Reduce -45.7% |
| LMAT Lemaitre Vascular Inc. | 0.02% | 3,246 | $263K | Add +22.0% |
| RLI Rli Corp. | 0.02% | 3,900 | $250K | Reduce -18.8% |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | 0.01% | 574 | $183K | Reduce -65.3% |
| BMI Badger Meter Inc. | 0.01% | 773 | $135K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| ACN Accenture PLC Class A | Reduce -40.3% | 1.65% | −0.89 |
| WRB WR Berkley Corp. | Reduce -1.7% | 5.74% | −0.66 |
| ALC Alcon Inc. | Reduce -35.6% | 1.42% | −0.64 |
| MSFT Microsoft Corp. | Reduce -2.1% | 6.21% | −0.60 |
| ADP Automatic Data Processing | Reduce -6.0% | 2.58% | −0.56 |
| ZTS Zoetis Inc. | Reduce -1.7% | 2.71% | −0.50 |
| EFX Equifax Inc. | Reduce -3.4% | 1.96% | −0.45 |
| ABT Abbott Laboratories | Reduce -3.3% | 3.78% | −0.41 |
| APH Amphenol Corp. Class A | Reduce -12.1% | 5.07% | −0.23 |
| SYK Stryker Corp. | Reduce -1.7% | 2.40% | −0.17 |
| BKNG Booking Holdings Inc. | Reduce -1.8% | 3.13% | −0.09 |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | Reduce -65.3% | 0.01% | −0.03 |
| WTS Watts Water Technologies-A | Reduce -45.7% | 0.02% | −0.02 |
| GGG Graco Inc. | Sold out | 0.00% | −0.01 |
| MSCI MSCI Inc. | Reduce -1.5% | 1.50% | −0.01 |
| RLI Rli Corp. | Reduce -18.8% | 0.02% | −0.00 |
| MKTX Marketaxess Holdings Inc. | Reduce -15.1% | 0.02% | −0.00 |
| ESAB Esab Corp. | Reduce -7.9% | 0.03% | −0.00 |
| GWW WW Grainger Inc. | Reduce -5.2% | 1.43% | +0.00 |
| V Visa Inc. Class A | Reduce -1.5% | 4.41% | +0.04 |
| CRM Salesforce Inc. | Reduce -1.6% | 1.56% | +0.14 |
| AME Ametek Inc. | Reduce -1.4% | 2.46% | +0.17 |
| AXP American Express Co. | Reduce -6.1% | 4.63% | +0.19 |
| ROST Ross Stores Inc. | Reduce -9.3% | 3.11% | +0.20 |
| NDAQ Nasdaq Inc. | Reduce -1.6% | 3.57% | +0.26 |
| ADI Analog Devices Inc. | Reduce -2.4% | 3.86% | +0.27 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.1% | 6.04% | +0.47 |
| AMAT Applied Materials Inc. | Reduce -1.5% | 4.96% | +0.94 |
| GOOG Alphabet Inc. Class C | Reduce -2.1% | 6.53% | +1.34 |
Portfolio Buys Q3 2025 → Q4 2025
| TMO Thermo Fisher Scientific Inc. | Add +3.3% | 4.02% | +0.75 |
| MA Mastercard Inc. Class A | Add +27.4% | 2.28% | +0.49 |
| HDB HDFC Bank Ltd.-ADR | Add +2.3% | 2.27% | +0.19 |
| INTU Intuit Inc. | Add +10.9% | 2.26% | +0.15 |
| RMD Resmed Inc. | Add +17.0% | 3.48% | +0.09 |
| NVT Nvent Electric PLC | Add +87.6% | 0.04% | +0.02 |
| LFUS Littelfuse Inc. | Add +74.2% | 0.03% | +0.01 |
| CR Crane Co. | Add +31.7% | 0.03% | +0.01 |
| SF Stifel Financial Corp. | Add +13.3% | 0.03% | +0.01 |
| EVR Evercore Inc. Class A | Add +16.6% | 0.03% | +0.00 |
| LMAT Lemaitre Vascular Inc. | Add +22.0% | 0.02% | +0.00 |
| RYAN Ryan Specialty Holdings Inc. | Add +7.6% | 0.05% | −0.00 |
| RBA RB Global Inc. | Add +4.0% | 0.71% | −0.01 |
| BRO Brown & Brown Inc. | Add +5.3% | 3.74% | −0.45 |
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 |