Magellan Asset Management Ltd

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Magellan Asset Management Ltd reported 87 stock positions worth $9.1 billion. Its top holding was Amazon.com (AMZN) at 7.8% of the portfolio, followed by Microsoft (MSFT, 7.2%) and Mastercard Class A (MA, 4.3%). Compared with Q3 2024, it opened 3 new positions, sold out of 33, added to 14 and reduced 69. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +246%) and the biggest sale an exit from Lowe's Cos (LOW).

Most Recent 13F
Q2 2026
Location
Sydney, C3
CIK
0001536105
Portfolio Value
$9.1B (Q4 2024)
SEC Filing
0001085146-25-001106 ↗ filed Feb 12, 2025

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $10.5B Q1 2024 Q2 2024: $10.5B Q2 2024 Q3 2024: $10.0B Q3 2024 Q4 2024: $9.1B $9.1B Q4 2024 Q1 2025: $8.2B Q1 2025 Q2 2025: $8.7B Q2 2025 Q3 2025: $8.4B Q3 2025 Q4 2025: $8.2B Q4 2025 Q1 2026: $7.7B Q1 2026 Q2 2026: $4.5B Q2 2026

Holdings 87 stocks · $9.1B

AMZN Amazon.com Inc. 7.76% 3,219,942 $706.4M Reduce -9.2%
MSFT Microsoft Corp. 7.19% 1,552,169 $654.2M Add +12.4%
MA Mastercard Inc. Class A 4.32% 747,164 $393.4M Add +10.3%
ES Eversource Energy 4.08% 6,474,477 $371.8M Add +15.9%
META Meta Platforms Inc. Class A 4.02% 625,106 $366.0M Reduce -15.2%
UNH Unitedhealth Group Inc. 3.53% 635,550 $321.5M Add +2.4%
NFLX Netflix Inc. 3.46% 353,848 $315.4M Reduce -27.4%
AAPL Apple Inc. 3.42% 1,241,614 $310.9M Reduce -5.9%
V Visa Inc. Class A 3.40% 978,707 $309.3M Reduce -26.1%
TSM Taiwan Semiconductor-SP ADR 3.37% 1,552,393 $306.6M Add +245.7%
CMG Chipotle Mexican Grill Inc. 3.31% 5,003,786 $301.7M Reduce -1.2%
ICE Intercontinental Exchange Inc. 3.24% 1,980,736 $295.1M Reduce -13.0%
YUM Yum! Brands Inc. 3.04% 2,064,738 $277.0M Add +6.2%
GOOGL Alphabet Inc. Class A 2.97% 1,427,667 $270.3M Add +40.1%
SYK Stryker Corp. 2.91% 735,159 $264.7M Reduce -10.7%
INTU Intuit Inc. 2.76% 399,306 $251.0M Reduce -18.2%
NVO Novo-Nordisk A/S-Spons ADR 2.66% 2,812,781 $242.0M Add +16.6%
SRE Sempra 2.56% 2,660,091 $233.3M Reduce -13.7%
D Dominion Energy Inc. 2.34% 3,955,452 $213.0M Reduce -5.7%
CL Colgate-Palmolive Co. 2.22% 2,220,712 $201.9M Reduce -20.1%
GOOG Alphabet Inc. Class C 2.01% 960,259 $182.9M Reduce -8.5%
AMT American Tower Corp. 2.00% 993,577 $182.2M Add +6.9%
CSX CSX Corp. 1.98% 5,581,392 $180.1M Reduce -3.2%
NSC Norfolk Southern Corp. 1.96% 761,645 $178.8M Reduce -3.2%
XEL Xcel Energy Inc. 1.78% 2,400,124 $162.1M Reduce -36.0%
RSG Republic Services Inc. 1.77% 802,201 $161.4M Reduce -14.8%
HCA HCA Healthcare Inc. 1.74% 527,774 $158.4M Add +1.3%
WEC WEC Energy Group Inc. 1.72% 1,663,354 $156.4M Reduce -28.1%
CCI Crown Castle Inc. 1.62% 1,622,339 $147.2M Reduce -3.6%
TT Trane Technologies PLC 1.07% 262,526 $97.0M Reduce -63.7%
CMS CMS Energy Corp. 1.03% 1,412,524 $94.1M Reduce -6.1%
LNT Alliant Energy Corp. 0.71% 1,088,440 $64.4M Reduce -35.7%
BKNG Booking Holdings Inc. 0.68% 12,474 $62.0M Reduce -37.8%
DG Dollar General Corp. 0.55% 657,670 $49.9M Add +12.3%
ZBH Zimmer Biomet Holdings Inc. 0.46% 394,374 $41.7M Add +43.7%
BRK.B Berkshire Hathaway Inc. Class B 0.39% 78,133 $35.4M Add +8.6%
CRM Salesforce Inc. 0.33% 89,885 $30.1M Reduce -16.4%
ULTA Ulta Beauty Inc. 0.32% 67,179 $29.2M Reduce -7.5%
EXC Exelon Corp. 0.31% 759,455 $28.6M Reduce -16.2%
AEP American Electric Power 0.31% 304,513 $28.1M Reduce -11.3%
PEG Public Service Enterprise GP 0.31% 329,115 $27.8M Reduce -21.1%
SO The Southern Co. 0.30% 330,621 $27.2M Reduce -17.9%
DUK Duke Energy Corp. 0.30% 249,889 $26.9M Reduce -17.4%
NEE Nextera Energy Inc. 0.29% 372,467 $26.7M Reduce -16.1%
ED Consolidated Edison Inc. 0.26% 261,453 $23.3M Reduce -16.8%
ETR Entergy Corp. 0.25% 299,505 $22.7M Reduce -17.6%
MELI MercadoLibre Inc. 0.22% 12,016 $20.4M New
AWK American Water Works Co. Inc. 0.22% 159,718 $19.9M Reduce -74.7%
MS Morgan Stanley 0.20% 143,248 $18.0M New
AEE Ameren Corporation 0.20% 201,417 $18.0M Reduce -14.7%
DTE DTE Energy Company 0.20% 147,318 $17.8M Reduce -16.0%
SBAC SBA Communications Corp. 0.19% 83,378 $17.0M Reduce -14.4%
FE Firstenergy Corp. 0.18% 421,768 $16.8M Reduce -14.6%
ATO Atmos Energy Corp. 0.18% 118,171 $16.5M Reduce -14.5%
PPL PPL Corp. 0.18% 494,424 $16.0M Reduce -18.1%
CNP Centerpoint Energy Inc. 0.16% 464,177 $14.7M Reduce -16.0%
NI Nisource Inc. 0.14% 354,832 $13.0M Reduce -12.6%
EVRG Evergy Inc. 0.11% 162,386 $10.0M Reduce -17.6%
WTRG Essential Utilities Inc. 0.08% 205,156 $7.5M Reduce -15.3%
PNW Pinnacle West Capital 0.08% 83,926 $7.1M Reduce -15.5%
OGE Oge Energy Corp. 0.07% 145,819 $6.0M Reduce -15.9%
MDLZ Mondelez International Inc. Class A 0.05% 76,464 $4.6M Reduce -8.9%
IDA Idacorp Inc. 0.04% 37,454 $4.1M Reduce -20.3%
POR Portland General Electric Co. 0.04% 75,253 $3.3M Reduce -12.4%
TMO Thermo Fisher Scientific Inc. 0.03% 5,771 $3.0M New
OGS One Gas Inc. 0.03% 43,323 $3.0M Reduce -15.5%
MCD McDonald's Corp. 0.03% 10,051 $2.9M Reduce -15.3%
KO The Coca-Cola Co. 0.03% 46,730 $2.9M Reduce -7.4%
SR Spire Inc. 0.03% 42,512 $2.9M Reduce -3.1%
TXNM TXNM Energy Inc. 0.03% 58,311 $2.9M Reduce -13.2%
PG The Procter & Gamble Co. 0.03% 17,050 $2.9M Reduce -20.9%
BKH Black Hills Corp. 0.03% 48,356 $2.8M Reduce -17.9%
ALE Allete Inc. 0.03% 43,069 $2.8M Reduce -16.1%
NWE Northwestern Energy Group Inc. 0.03% 49,671 $2.7M Reduce -5.8%
AWR American States Water Co. filed as AMER STATES WTR CO 0.02% 27,954 $2.2M Add +1.3%
MGEE Mge Energy Inc. 0.02% 23,095 $2.2M Reduce -20.0%
CWT California Water Service Grp 0.02% 46,248 $2.1M Reduce -2.2%
AVA Avista Corp. 0.02% 52,770 $1.9M Reduce -10.3%
CPK Chesapeake Utilities Corp. 0.02% 11,836 $1.4M Reduce -2.5%
HTO H2O America filed as SJW GROUP 0.01% 21,268 $1.0M Reduce -15.0%
NWN Northwest Natural Holding Co. 0.01% 22,589 $894K Reduce -14.4%
MSEX Middlesex Water Co. 0.01% 12,288 $647K Reduce -30.2%
CME Cme Group Inc. 0.00% 422 $98K Reduce -78.8%
USB US Bancorp 0.00% 2,045 $98K No change
PEP Pepsico Inc. 0.00% 639 $97K Reduce -83.5%
BLK BlackRock Inc. 0.00% 63 $65K Reduce -82.9%
ADBE Adobe Inc. 0.00% 144 $64K Reduce -88.4%

Portfolio Sells Q3 2024 → Q4 2024

LOW Lowe's Cos Inc. Sold out 0.00% −1.78
TT Trane Technologies PLC Reduce -63.7% 1.07% −1.74
AWK American Water Works Co. Inc. Reduce -74.7% 0.22% −0.70
XEL Xcel Energy Inc. Reduce -36.0% 1.78% −0.66
CL Colgate-Palmolive Co. Reduce -20.1% 2.22% −0.65
WEC WEC Energy Group Inc. Reduce -28.1% 1.72% −0.50
ICE Intercontinental Exchange Inc. Reduce -13.0% 3.24% −0.40
CCI Crown Castle Inc. Reduce -3.6% 1.62% −0.37
LNT Alliant Energy Corp. Reduce -35.7% 0.71% −0.32
INTU Intuit Inc. Reduce -18.2% 2.76% −0.26
V Visa Inc. Class A Reduce -26.1% 3.40% −0.23
META Meta Platforms Inc. Class A Reduce -15.2% 4.02% −0.18
BKNG Booking Holdings Inc. Reduce -37.8% 0.68% −0.16
RSG Republic Services Inc. Reduce -14.8% 1.77% −0.11
NEE Nextera Energy Inc. Reduce -16.1% 0.29% −0.08
D Dominion Energy Inc. Reduce -5.7% 2.34% −0.07
ED Consolidated Edison Inc. Reduce -16.8% 0.26% −0.07
PEG Public Service Enterprise GP Reduce -21.1% 0.31% −0.07
SO The Southern Co. Reduce -17.9% 0.30% −0.06
AGR Avangrid Inc. Sold out 0.00% −0.05
EXC Exelon Corp. Reduce -16.2% 0.31% −0.05
DUK Duke Energy Corp. Reduce -17.4% 0.30% −0.05
SYK Stryker Corp. Reduce -10.7% 2.91% −0.05
SBAC SBA Communications Corp. Reduce -14.4% 0.19% −0.05
AEP American Electric Power Reduce -11.3% 0.31% −0.04
FE Firstenergy Corp. Reduce -14.6% 0.18% −0.03
DTE DTE Energy Company Reduce -16.0% 0.20% −0.03
CMS CMS Energy Corp. Reduce -6.1% 1.03% −0.02
PPL PPL Corp. Reduce -18.1% 0.18% −0.02
FISV Fiserv Inc. Sold out 0.00% −0.02
AXP American Express Co. Sold out 0.00% −0.02
EVRG Evergy Inc. Reduce -17.6% 0.11% −0.01
MDLZ Mondelez International Inc. Class A Reduce -8.9% 0.05% −0.01
WTRG Essential Utilities Inc. Reduce -15.3% 0.08% −0.01
HD Home Depot Inc. Sold out 0.00% −0.01
ATO Atmos Energy Corp. Reduce -14.5% 0.18% −0.01
PNW Pinnacle West Capital Reduce -15.5% 0.08% −0.01
LLY Eli Lilly & Co. Sold out 0.00% −0.01
AEE Ameren Corporation Reduce -14.7% 0.20% −0.01
COST Costco Wholesale Corp. Sold out 0.00% −0.01
SPGI S&P Global Inc. Sold out 0.00% −0.01
ADBE Adobe Inc. Reduce -88.4% 0.00% −0.01
PG The Procter & Gamble Co. Reduce -20.9% 0.03% −0.01
PEP Pepsico Inc. Reduce -83.5% 0.00% −0.01
OGS One Gas Inc. Reduce -15.5% 0.03% −0.01
POR Portland General Electric Co. Reduce -12.4% 0.04% −0.00
BKH Black Hills Corp. Reduce -17.9% 0.03% −0.00
OGE Oge Energy Corp. Reduce -15.9% 0.07% −0.00
MSEX Middlesex Water Co. Reduce -30.2% 0.01% −0.00
KO The Coca-Cola Co. Reduce -7.4% 0.03% −0.00

Portfolio Buys Q3 2024 → Q4 2024

TSM Taiwan Semiconductor-SP ADR Add +245.7% 3.37% +2.59
GOOGL Alphabet Inc. Class A Add +40.1% 2.97% +1.29
MSFT Microsoft Corp. Add +12.4% 7.19% +1.27
MA Mastercard Inc. Class A Add +10.3% 4.32% +0.99
YUM Yum! Brands Inc. Add +6.2% 3.04% +0.34
ES Eversource Energy Add +15.9% 4.08% +0.30
MELI MercadoLibre Inc. New 0.22% +0.22
MS Morgan Stanley New 0.20% +0.20
ZBH Zimmer Biomet Holdings Inc. Add +43.7% 0.46% +0.16
BRK.B Berkshire Hathaway Inc. Class B Add +8.6% 0.39% +0.06
DG Dollar General Corp. Add +12.3% 0.55% +0.05
TMO Thermo Fisher Scientific Inc. New 0.03% +0.03
AWR American States Water Co. Add +1.3% 0.02% +0.00
UNH Unitedhealth Group Inc. Add +2.4% 3.53% −0.08
AMT American Tower Corp. Add +6.9% 2.00% −0.15
NVO Novo-Nordisk A/S-Spons ADR Add +16.6% 2.66% −0.20
HCA HCA Healthcare Inc. Add +1.3% 1.74% −0.37

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 78$4.5BES, AMT, XEL, CCI, SRE
Q1 2026 79$7.7BAMZN, MSFT, ES, TSM, MA
Q4 2025 80$8.2BAMZN, MSFT, ES, TSM, MA
Q3 2025 82$8.4BAMZN, MSFT, ES, TSM, MA
Q2 2025 84$8.7BMSFT, AMZN, META, ES, TSM
Q1 2025 87$8.2BMSFT, AMZN, ES, MA, META
Q4 2024 87$9.1BAMZN, MSFT, MA, ES, META
Q3 2024 117$10.0BAMZN, MSFT, META, ES, ICE
Q2 2024 154$10.5BMSFT, AMZN, ICE, UNH, META
Q1 2024 155$10.5BMSFT, AMZN, ICE, UNH, V