Fairtree Asset Management (Pty) Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Fairtree Asset Management (Pty) Ltd reported 94 stock positions worth $152.7 million. Its top holding was JSC Kaspi.kz ADR (KSPI) at 6.0% of the portfolio, followed by Microsoft (MSFT, 5.5%) and Alphabet Class C (GOOG, 4.5%). Compared with Q2 2025, it opened 7 new positions, sold out of 6, added to 48 and reduced 24. The biggest buy was a new position in Coherent (COHR) and the biggest sale Barrick Mining (B, shares −95%).

Most Recent 13F
Q2 2026
Location
BELLVILLE, T3
CIK
0002059365
Portfolio Value
$152.7M (Q3 2025)
SEC Filing
0002059365-25-000006 ↗ filed Nov 12, 2025

Holdings Value

0$100.0M$200.0M$300.0M Q4 2024: $104.5M Q4 2024 Q1 2025: $124.3M Q1 2025 Q2 2025: $132.6M Q2 2025 Q3 2025: $152.7M $152.7M Q3 2025 Q4 2025: $217.3M Q4 2025 Q1 2026: $217.8M Q1 2026 Q2 2026: $260.9M Q2 2026

Holdings 94 stocks · $152.7M
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 6.02% 112,594 $9.2M Add +2.8%
MSFT Microsoft Corp. 5.54% 16,339 $8.5M Add +1.9%
GOOG Alphabet Inc. Class C 4.47% 28,045 $6.8M Reduce -34.9%
GOVT iShares US Treasury Bond ETF 4.31% 284,580 $6.6M Add +1.8%
JD Jd.com Inc.-ADR 3.77% 164,575 $5.8M Reduce -12.6%
AMZN Amazon.com Inc. 3.68% 25,582 $5.6M Add +38.4%
AAPL Apple Inc. 3.34% 20,009 $5.1M Add +39.2%
NVDA Nvidia Corp. 3.25% 26,565 $5.0M Add +12.3%
TMO Thermo Fisher Scientific Inc. 2.52% 7,944 $3.9M Add +43.5%
BABA Alibaba Group Holding-SP ADR 2.42% 20,696 $3.7M Reduce -52.3%
META Meta Platforms Inc. Class A 2.39% 4,970 $3.6M Add +15.9%
BRK.B Berkshire Hathaway Inc. Class B 2.01% 6,092 $3.1M Add +183.7%
QCOM Qualcomm Inc. 1.80% 16,486 $2.7M Add +3.6%
AMAT Applied Materials Inc. 1.56% 11,656 $2.4M Reduce -10.3%
ZTS Zoetis Inc. 1.54% 16,071 $2.4M Add +252.3%
KO The Coca-Cola Co. 1.52% 34,997 $2.3M Add +331.6%
ADBE Adobe Inc. 1.48% 6,384 $2.3M Add +11.8%
V Visa Inc. Class A 1.47% 6,584 $2.2M Add +169.6%
COHR Coherent Corp. 1.44% 20,349 $2.2M New
BKNG Booking Holdings Inc. 1.37% 388 $2.1M Add +94.0%
PGR Progressive Corp. 1.37% 8,454 $2.1M Add +123.9%
PDD PDD Holdings Inc. 1.25% 14,439 $1.9M Reduce -53.7%
MSCI MSCI Inc. 1.20% 3,227 $1.8M Add +97.4%
GFI Gold Fields Ltd.-Spons ADR 1.13% 41,208 $1.7M Reduce -23.4%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1.09% 103,994 $1.7M Reduce -6.3%
AVGO Broadcom Inc. 1.09% 5,035 $1.7M Reduce -11.4%
FTNT Fortinet Inc. 1.03% 18,731 $1.6M Add +184.7%
FISV Fiserv Inc. 0.95% 11,302 $1.5M Add +147.6%
JPM JPMorgan Chase & Co. 0.95% 4,609 $1.5M Add +40.0%
MA Mastercard Inc. Class A 0.92% 2,476 $1.4M Add +37.9%
MCK McKesson Corp. 0.92% 1,812 $1.4M Add +31.3%
COR Cencora Inc. 0.87% 4,266 $1.3M Add +84.8%
GPN Global Payments Inc. 0.86% 15,778 $1.3M Add +133.2%
HCA HCA Healthcare Inc. 0.83% 2,975 $1.3M Add +69.6%
ARE Alexandria Real Estate Equit 0.83% 15,147 $1.3M No change
CRM Salesforce Inc. 0.81% 5,232 $1.2M Add +35.6%
EME Emcor Group Inc. 0.78% 1,841 $1.2M Reduce -6.3%
AOS Smith (a.o.) Corp. 0.78% 16,167 $1.2M Add +54.7%
TCOM Trip.com Group Ltd.-ADR 0.75% 15,236 $1.1M Add +37.7%
RJF Raymond James Financial Inc. 0.74% 6,578 $1.1M Add +29.8%
O Realty Income Corp. 0.74% 18,507 $1.1M Add +2.7%
RMD Resmed Inc. 0.72% 4,031 $1.1M Add +43.5%
ELV Elevance Health Inc. 0.69% 3,242 $1.0M Add +29.1%
AXP American Express Co. 0.68% 3,122 $1.0M Add +75.1%
EW Edwards Lifesciences Corp. 0.67% 13,079 $1.0M Add +56.1%
DECK Deckers Outdoor Corp. 0.66% 9,925 $1.0M Add +54.4%
PLD Prologis Inc. 0.65% 8,696 $996K Reduce -37.9%
SPGI S&P Global Inc. 0.65% 2,038 $992K Add +20.1%
SNPS Synopsys Inc. 0.65% 2,002 $988K Reduce -37.0%
GLPI Gaming and Leisure Propertie 0.63% 20,788 $969K Add +163.0%
BUD Anheuser-Busch Inbev-SPN ADR 0.63% 16,161 $963K New
JNJ Johnson & Johnson 0.62% 5,080 $942K Reduce -39.0%
CNC Centene Corp. 0.62% 26,340 $940K Add +34.9%
TOL Toll Brothers Inc. 0.61% 6,787 $938K Reduce -40.7%
ABNB Airbnb Inc. Class A 0.61% 7,715 $937K Add +45.5%
REXR Rexford Industrial Realty Inc. 0.61% 22,659 $932K Add +90.1%
MRK Merck & Co. Inc. 0.60% 10,842 $910K Reduce -22.7%
EQIX Equinix Inc. 0.58% 1,137 $891K No change
BP BP PLC-Spons ADR 0.57% 25,405 $875K Reduce -54.1%
UBER Uber Technologies Inc. 0.55% 8,534 $836K New
CROX Crocs Inc. 0.53% 9,762 $816K Reduce -42.5%
CPT Camden Property Trust 0.53% 7,637 $815K No change
UTHR United Therapeutics Corp. 0.53% 1,913 $802K Reduce -17.2%
NFLX Netflix Inc. 0.51% 644 $772K New
DOC Healthpeak Properties Inc. 0.50% 39,861 $763K No change
WELL Welltower Inc. 0.50% 4,275 $762K New
ELS Equity Lifestyle Properties 0.50% 12,477 $757K No change
KIM Kimco Realty Corp. 0.49% 33,937 $742K Add +1.1%
CUBE Cubesmart 0.48% 17,924 $729K No change
LOW Lowe's Cos Inc. 0.46% 2,815 $707K Reduce -36.7%
KLAC KLA Corp. 0.46% 655 $706K Reduce -51.7%
MELI MercadoLibre Inc. 0.45% 297 $694K No change
FRT Federal Realty Invs Trust 0.45% 6,708 $680K No change
XP XP Inc. Class A 0.44% 35,354 $664K Add +194.7%
MU Micron Technology Inc. 0.43% 3,962 $663K Reduce -40.5%
CNYA iShares MSCI China A ETF 0.43% 19,185 $659K New
ENSG The Ensign Group Inc. 0.41% 3,632 $628K Reduce -28.9%
IQV Iqvia Holdings Inc. 0.38% 3,045 $578K Reduce -41.7%
KWEB Kranesh Csi China Internet 0.38% 13,714 $576K New
DLR Digital Realty Trust Inc. 0.38% 3,328 $575K No change
EPAM Epam Systems Inc. 0.36% 3,643 $549K No change
ADC Agree Realty Corp. 0.31% 6,676 $474K Add +14.4%
PAGS Pagseguro Digital Ltd. Class A 0.30% 46,054 $461K Add +85.8%
INFY Infosys Ltd.-SP ADR 0.29% 26,967 $439K Add +31.1%
FMX Fomento Economico Mex-SP ADR 0.28% 4,389 $433K Add +97.7%
KSA Ishrs MSCI Saudi Arabia ETF 0.26% 9,669 $392K No change
AFYA Afya Ltd. Class A 0.26% 25,098 $392K Add +83.4%
EWT iShares MSCI Taiwan ETF 0.23% 5,629 $358K No change
TSM Taiwan Semiconductor-SP ADR 0.19% 1,062 $297K Reduce -18.7%
HDB HDFC Bank Ltd.-ADR 0.18% 8,172 $279K Add +70.7%
INDA iShares MSCI India ETF 0.14% 4,094 $213K No change
B Barrick Mining Corp. 0.12% 5,636 $185K Reduce -94.8%
EWY iShares MSCI South Korea ETF 0.03% 644 $52K No change
EPU iShares MSCI Peru and Global 0.00% 100 $6K No change

Portfolio Sells Q2 2025 → Q3 2025
B Barrick Mining Corp. Reduce -94.8% 0.12% −1.59
GOOG Alphabet Inc. Class C Reduce -34.9% 4.47% −1.29
BABA Alibaba Group Holding-SP ADR Reduce -52.3% 2.42% −1.28
PDD PDD Holdings Inc. Reduce -53.7% 1.25% −1.21
ORCL Oracle Corp. Sold out 0.00% −0.98
DHI D.R. Horton Inc. Sold out 0.00% −0.96
JD Jd.com Inc.-ADR Reduce -12.6% 3.77% −0.86
LLY Eli Lilly & Co. Sold out 0.00% −0.82
CROX Crocs Inc. Reduce -42.5% 0.53% −0.76
AMD Advanced Micro Devices Sold out 0.00% −0.68
BP BP PLC-Spons ADR Reduce -54.1% 0.57% −0.68
SNPS Synopsys Inc. Reduce -37.0% 0.65% −0.58
PLD Prologis Inc. Reduce -37.9% 0.65% −0.46
KLAC KLA Corp. Reduce -51.7% 0.46% −0.45
TOL Toll Brothers Inc. Reduce -40.7% 0.61% −0.37
JNJ Johnson & Johnson Reduce -39.0% 0.62% −0.34
LOW Lowe's Cos Inc. Reduce -36.7% 0.46% −0.28
BIDU Baidu Inc. - Spon ADR Sold out 0.00% −0.27
IQV Iqvia Holdings Inc. Reduce -41.7% 0.38% −0.24
MRK Merck & Co. Inc. Reduce -22.7% 0.60% −0.24
AMAT Applied Materials Inc. Reduce -10.3% 1.56% −0.23
MU Micron Technology Inc. Reduce -40.5% 0.43% −0.18
ENSG The Ensign Group Inc. Reduce -28.9% 0.41% −0.18
AVGO Broadcom Inc. Reduce -11.4% 1.09% −0.09
UNH Unitedhealth Group Inc. Sold out 0.00% −0.06
NU Nu Holdings Ltd./Cayman Isl-A Reduce -6.3% 1.09% −0.06
TSM Taiwan Semiconductor-SP ADR Reduce -18.7% 0.19% −0.03
EME Emcor Group Inc. Reduce -6.3% 0.78% −0.01
UTHR United Therapeutics Corp. Reduce -17.2% 0.53% +0.02
GFI Gold Fields Ltd.-Spons ADR Reduce -23.4% 1.13% +0.17

Portfolio Buys Q2 2025 → Q3 2025
COHR Coherent Corp. New 1.44% +1.44
BRK.B Berkshire Hathaway Inc. Class B Add +183.7% 2.01% +1.22
AAPL Apple Inc. Add +39.2% 3.34% +1.11
KO The Coca-Cola Co. Add +331.6% 1.52% +1.09
ZTS Zoetis Inc. Add +252.3% 1.54% +1.00
TMO Thermo Fisher Scientific Inc. Add +43.5% 2.52% +0.83
V Visa Inc. Class A Add +169.6% 1.47% +0.82
BUD Anheuser-Busch Inbev-SPN ADR New 0.63% +0.63
AMZN Amazon.com Inc. Add +38.4% 3.68% +0.62
PGR Progressive Corp. Add +123.9% 1.37% +0.61
UBER Uber Technologies Inc. New 0.55% +0.55
FTNT Fortinet Inc. Add +184.7% 1.03% +0.51
NFLX Netflix Inc. New 0.51% +0.51
BKNG Booking Holdings Inc. Add +94.0% 1.37% +0.50
WELL Welltower Inc. New 0.50% +0.50
MSCI MSCI Inc. Add +97.4% 1.20% +0.49
GPN Global Payments Inc. Add +133.2% 0.86% +0.45
CNYA iShares MSCI China A ETF New 0.43% +0.43
NVDA Nvidia Corp. Add +12.3% 3.25% +0.43
KWEB Kranesh Csi China Internet New 0.38% +0.38
FISV Fiserv Inc. Add +147.6% 0.95% +0.36
GLPI Gaming and Leisure Propertie Add +163.0% 0.63% +0.36
COR Cencora Inc. Add +84.8% 0.87% +0.35
HCA HCA Healthcare Inc. Add +69.6% 0.83% +0.32
REXR Rexford Industrial Realty Inc. Add +90.1% 0.61% +0.29
TCOM Trip.com Group Ltd.-ADR Add +37.7% 0.75% +0.26
AOS Smith (a.o.) Corp. Add +54.7% 0.78% +0.26
XP XP Inc. Class A Add +194.7% 0.44% +0.25
AXP American Express Co. Add +75.1% 0.68% +0.25
JPM JPMorgan Chase & Co. Add +40.0% 0.95% +0.23
RMD Resmed Inc. Add +43.5% 0.72% +0.18
EW Edwards Lifesciences Corp. Add +56.1% 0.67% +0.17
MA Mastercard Inc. Class A Add +37.9% 0.92% +0.16
DECK Deckers Outdoor Corp. Add +54.4% 0.66% +0.16
RJF Raymond James Financial Inc. Add +29.8% 0.74% +0.16
MCK McKesson Corp. Add +31.3% 0.92% +0.15
PAGS Pagseguro Digital Ltd. Class A Add +85.8% 0.30% +0.12
FMX Fomento Economico Mex-SP ADR Add +97.7% 0.28% +0.11
ABNB Airbnb Inc. Class A Add +45.5% 0.61% +0.08
AFYA Afya Ltd. Class A Add +83.4% 0.26% +0.07
HDB HDFC Bank Ltd.-ADR Add +70.7% 0.18% +0.04
CRM Salesforce Inc. Add +35.6% 0.81% +0.02
META Meta Platforms Inc. Class A Add +15.9% 2.39% +0.00
INFY Infosys Ltd.-SP ADR Add +31.1% 0.29% 0.00
ADC Agree Realty Corp. Add +14.4% 0.31% −0.01
SPGI S&P Global Inc. Add +20.1% 0.65% −0.02
O Realty Income Corp. Add +2.7% 0.74% −0.05
KIM Kimco Realty Corp. Add +1.1% 0.49% −0.05
ELV Elevance Health Inc. Add +29.1% 0.69% −0.05
QCOM Qualcomm Inc. Add +3.6% 1.80% −0.11

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 96$260.9MMSFT, NVDA, AMZN, GOOG, KSPI
Q1 2026 96$217.8MMSFT, NVDA, AMZN, KSPI, GOOG
Q4 2025 101$217.3MMSFT, KSPI, AMZN, GOOG, NVDA
Q3 2025 94$152.7MKSPI, MSFT, GOOG, GOVT, JD
Q2 2025 93$132.6MKSPI, MSFT, GOOG, GOVT, JD
Q1 2025 103$124.3MKSPI, FCX, PDD, JD, MSFT
Q4 2024Amended 96$104.5MKSPI, PDD, GOVT, JD, BABA