Magellan Asset Management Ltd

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Magellan Asset Management Ltd reported 87 stock positions worth $8.2 billion. Its top holding was Microsoft (MSFT) at 7.6% of the portfolio, followed by Amazon.com (AMZN, 7.0%) and Eversource Energy (ES, 5.2%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 13 and reduced 66. The biggest buy was Procter & Gamble (PG, shares +6594%) and the biggest sale Colgate-Palmolive (CL, shares −59%).

Most Recent 13F
Q2 2026
Location
Sydney, C3
CIK
0001536105
Portfolio Value
$8.2B (Q1 2025)
SEC Filing
0001085146-25-002952 ↗ filed May 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 Q4 2024 Q1 2025: $8.2B $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 · $8.2B

MSFT Microsoft Corp. 7.60% 1,664,891 $625.0M Add +7.3%
AMZN Amazon.com Inc. 7.01% 3,028,622 $576.2M Reduce -5.9%
ES Eversource Energy 5.19% 6,876,343 $427.1M Add +6.2%
MA Mastercard Inc. Class A 4.66% 699,865 $383.6M Reduce -6.3%
META Meta Platforms Inc. Class A 4.15% 591,705 $341.0M Reduce -5.3%
V Visa Inc. Class A 3.80% 892,713 $312.9M Reduce -8.8%
TSM Taiwan Semiconductor-SP ADR 3.64% 1,802,407 $299.2M Add +16.1%
UNH Unitedhealth Group Inc. 3.55% 557,912 $292.2M Reduce -12.2%
NFLX Netflix Inc. 3.40% 300,075 $279.8M Reduce -15.2%
YUM Yum! Brands Inc. 3.25% 1,697,709 $267.2M Reduce -17.8%
ICE Intercontinental Exchange Inc. 3.16% 1,507,322 $260.0M Reduce -23.9%
CMG Chipotle Mexican Grill Inc. 2.89% 4,738,045 $237.9M Reduce -5.3%
GOOGL Alphabet Inc. Class A 2.76% 1,469,759 $227.3M Add +3.0%
AAPL Apple Inc. 2.52% 932,266 $207.1M Reduce -24.9%
D Dominion Energy Inc. 2.50% 3,668,349 $205.7M Reduce -7.3%
INTU Intuit Inc. 2.49% 333,937 $205.0M Reduce -16.4%
SYK Stryker Corp. 2.43% 536,415 $199.7M Reduce -27.0%
AMT American Tower Corp. 2.37% 895,447 $194.8M Reduce -9.9%
PG The Procter & Gamble Co. 2.36% 1,141,295 $194.5M Add +6593.8%
SRE Sempra 2.21% 2,545,397 $181.6M Reduce -4.3%
NVO Novo-Nordisk A/S-Spons ADR 2.20% 2,606,216 $181.0M Reduce -7.3%
HCA HCA Healthcare Inc. 2.18% 518,840 $179.3M Reduce -1.7%
RSG Republic Services Inc. 2.08% 705,288 $170.8M Reduce -12.1%
WEC WEC Energy Group Inc. 1.94% 1,465,204 $159.7M Reduce -11.9%
CCI Crown Castle Inc. 1.90% 1,501,557 $156.5M Reduce -7.4%
GOOG Alphabet Inc. Class C 1.82% 958,373 $149.7M Reduce -0.2%
XEL Xcel Energy Inc. 1.78% 2,073,305 $146.8M Reduce -13.6%
NSC Norfolk Southern Corp. 1.32% 458,320 $108.6M Reduce -39.8%
CSX CSX Corp. 1.25% 3,490,437 $102.7M Reduce -37.5%
CL Colgate-Palmolive Co. 1.04% 911,997 $85.5M Reduce -58.9%
KO The Coca-Cola Co. 0.89% 1,016,686 $72.8M Add +2075.7%
BKNG Booking Holdings Inc. 0.67% 11,977 $55.2M Reduce -4.0%
DG Dollar General Corp. 0.63% 588,138 $51.7M Reduce -10.6%
ZBH Zimmer Biomet Holdings Inc. 0.60% 433,288 $49.0M Add +9.9%
BRK.B Berkshire Hathaway Inc. Class B 0.47% 73,130 $38.9M Reduce -6.4%
EXC Exelon Corp. 0.41% 727,185 $33.5M Reduce -4.3%
AEP American Electric Power 0.39% 291,014 $31.8M Reduce -4.4%
DUK Duke Energy Corp. 0.37% 251,722 $30.7M Add +0.7%
SO The Southern Co. 0.36% 324,533 $29.8M Reduce -1.8%
ULTA Ulta Beauty Inc. 0.35% 79,200 $29.0M Add +17.9%
NEE Nextera Energy Inc. 0.34% 396,589 $28.1M Add +6.5%
ED Consolidated Edison Inc. 0.34% 250,653 $27.7M Reduce -4.1%
PEG Public Service Enterprise GP 0.32% 322,701 $26.6M Reduce -1.9%
ETR Entergy Corp. 0.30% 290,596 $24.8M Reduce -3.0%
AWK American Water Works Co. Inc. 0.28% 157,950 $23.3M Reduce -1.1%
MELI MercadoLibre Inc. 0.26% 10,981 $21.4M Reduce -8.6%
DTE DTE Energy Company 0.24% 141,720 $19.6M Reduce -3.8%
AEE Ameren Corporation 0.24% 193,328 $19.4M Reduce -4.0%
CRM Salesforce Inc. 0.23% 72,038 $19.3M Reduce -19.9%
MS Morgan Stanley 0.23% 159,723 $18.6M Add +11.5%
ATO Atmos Energy Corp. 0.22% 116,888 $18.1M Reduce -1.1%
SBAC SBA Communications Corp. 0.22% 81,847 $18.0M Reduce -1.8%
PPL PPL Corp. 0.21% 481,746 $17.4M Reduce -2.6%
FE Firstenergy Corp. 0.21% 418,002 $16.9M Reduce -0.9%
CNP Centerpoint Energy Inc. 0.19% 442,156 $16.0M Reduce -4.7%
CMS CMS Energy Corp. 0.18% 201,400 $15.1M Reduce -85.7%
NI Nisource Inc. 0.17% 346,694 $13.9M Reduce -2.3%
LNT Alliant Energy Corp. 0.14% 173,400 $11.2M Reduce -84.1%
EVRG Evergy Inc. 0.13% 155,694 $10.7M Reduce -4.1%
PNW Pinnacle West Capital 0.10% 83,254 $7.9M Reduce -0.8%
WTRG Essential Utilities Inc. 0.10% 200,429 $7.9M Reduce -2.3%
OGE Oge Energy Corp. 0.08% 134,896 $6.2M Reduce -7.5%
IDA Idacorp Inc. 0.05% 36,434 $4.2M Reduce -2.7%
MDLZ Mondelez International Inc. Class A 0.05% 56,625 $3.8M Reduce -25.9%
POR Portland General Electric Co. 0.04% 74,843 $3.3M Reduce -0.5%
SR Spire Inc. 0.04% 41,937 $3.3M Reduce -1.4%
OGS One Gas Inc. 0.04% 41,735 $3.2M Reduce -3.7%
MCD McDonald's Corp. 0.04% 10,051 $3.1M No change
SPGI S&P Global Inc. 0.04% 6,133 $3.1M New
ADBE Adobe Inc. 0.04% 8,080 $3.1M Add +5511.1%
TXNM TXNM Energy Inc. 0.04% 57,456 $3.1M Reduce -1.5%
TMO Thermo Fisher Scientific Inc. 0.03% 5,771 $2.9M No change
NWE Northwestern Energy Group Inc. 0.03% 49,120 $2.8M Reduce -1.1%
ALE Allete Inc. 0.03% 42,500 $2.8M Reduce -1.3%
BKH Black Hills Corp. 0.03% 45,786 $2.8M Reduce -5.3%
CWT California Water Service Grp 0.03% 45,570 $2.2M Reduce -1.5%
AVA Avista Corp. 0.03% 52,348 $2.2M Reduce -0.8%
AWR American States Water Co. filed as AMER STATES WTR CO 0.03% 27,150 $2.1M Reduce -2.9%
MGEE Mge Energy Inc. 0.03% 22,739 $2.1M Reduce -1.5%
CPK Chesapeake Utilities Corp. 0.02% 11,836 $1.5M No change
HTO H2O America filed as SJW GROUP 0.01% 21,268 $1.2M No change
USB US Bancorp 0.01% 23,160 $978K Add +1032.5%
NWN Northwest Natural Holding Co. 0.01% 20,946 $895K Reduce -7.3%
MSEX Middlesex Water Co. 0.01% 12,288 $788K No change
CME Cme Group Inc. 0.00% 369 $98K Reduce -12.6%
PEP Pepsico Inc. 0.00% 639 $96K No change
BLK BlackRock Inc. 0.00% 63 $60K No change

Portfolio Sells Q4 2024 → Q1 2025

CL Colgate-Palmolive Co. Reduce -58.9% 1.04% −1.18
TT Trane Technologies PLC Sold out 0.00% −1.07
AAPL Apple Inc. Reduce -24.9% 2.52% −0.90
CMS CMS Energy Corp. Reduce -85.7% 0.18% −0.85
AMZN Amazon.com Inc. Reduce -5.9% 7.01% −0.76
CSX CSX Corp. Reduce -37.5% 1.25% −0.73
NSC Norfolk Southern Corp. Reduce -39.8% 1.32% −0.64
LNT Alliant Energy Corp. Reduce -84.1% 0.14% −0.57
SYK Stryker Corp. Reduce -27.0% 2.43% −0.48
NVO Novo-Nordisk A/S-Spons ADR Reduce -7.3% 2.20% −0.46
CMG Chipotle Mexican Grill Inc. Reduce -5.3% 2.89% −0.42
SRE Sempra Reduce -4.3% 2.21% −0.36
INTU Intuit Inc. Reduce -16.4% 2.49% −0.26
GOOG Alphabet Inc. Class C Reduce -0.2% 1.82% −0.19
CRM Salesforce Inc. Reduce -19.9% 0.23% −0.10
ICE Intercontinental Exchange Inc. Reduce -23.9% 3.16% −0.08
NFLX Netflix Inc. Reduce -15.2% 3.40% −0.06
BKNG Booking Holdings Inc. Reduce -4.0% 0.67% −0.01
MDLZ Mondelez International Inc. Class A Reduce -25.9% 0.05% −0.00
CME Cme Group Inc. Reduce -12.6% 0.00% +0.00
NWN Northwest Natural Holding Co. Reduce -7.3% 0.01% +0.00
MGEE Mge Energy Inc. Reduce -1.5% 0.03% +0.00
AWR American States Water Co. Reduce -2.9% 0.03% +0.00
BKH Black Hills Corp. Reduce -5.3% 0.03% +0.00
ALE Allete Inc. Reduce -1.3% 0.03% +0.00
CWT California Water Service Grp Reduce -1.5% 0.03% +0.00
XEL Xcel Energy Inc. Reduce -13.6% 1.78% +0.00
POR Portland General Electric Co. Reduce -0.5% 0.04% +0.00
AVA Avista Corp. Reduce -0.8% 0.03% +0.01
NWE Northwestern Energy Group Inc. Reduce -1.1% 0.03% +0.01
OGS One Gas Inc. Reduce -3.7% 0.04% +0.01
TXNM TXNM Energy Inc. Reduce -1.5% 0.04% +0.01
IDA Idacorp Inc. Reduce -2.7% 0.05% +0.01
SR Spire Inc. Reduce -1.4% 0.04% +0.01
OGE Oge Energy Corp. Reduce -7.5% 0.08% +0.01
WTRG Essential Utilities Inc. Reduce -2.3% 0.10% +0.01
PEG Public Service Enterprise GP Reduce -1.9% 0.32% +0.02
PNW Pinnacle West Capital Reduce -0.8% 0.10% +0.02
UNH Unitedhealth Group Inc. Reduce -12.2% 3.55% +0.02
EVRG Evergy Inc. Reduce -4.1% 0.13% +0.02
FE Firstenergy Corp. Reduce -0.9% 0.21% +0.02
NI Nisource Inc. Reduce -2.3% 0.17% +0.03
SBAC SBA Communications Corp. Reduce -1.8% 0.22% +0.03
CNP Centerpoint Energy Inc. Reduce -4.7% 0.19% +0.03
PPL PPL Corp. Reduce -2.6% 0.21% +0.04
MELI MercadoLibre Inc. Reduce -8.6% 0.26% +0.04
AEE Ameren Corporation Reduce -4.0% 0.24% +0.04
ATO Atmos Energy Corp. Reduce -1.1% 0.22% +0.04
DTE DTE Energy Company Reduce -3.8% 0.24% +0.04
ETR Entergy Corp. Reduce -3.0% 0.30% +0.05

Portfolio Buys Q4 2024 → Q1 2025

PG The Procter & Gamble Co. Add +6593.8% 2.36% +2.33
ES Eversource Energy Add +6.2% 5.19% +1.11
KO The Coca-Cola Co. Add +2075.7% 0.89% +0.85
MSFT Microsoft Corp. Add +7.3% 7.60% +0.41
TSM Taiwan Semiconductor-SP ADR Add +16.1% 3.64% +0.27
ZBH Zimmer Biomet Holdings Inc. Add +9.9% 0.60% +0.14
DUK Duke Energy Corp. Add +0.7% 0.37% +0.08
NEE Nextera Energy Inc. Add +6.5% 0.34% +0.05
SPGI S&P Global Inc. New 0.04% +0.04
ADBE Adobe Inc. Add +5511.1% 0.04% +0.04
ULTA Ulta Beauty Inc. Add +17.9% 0.35% +0.03
MS Morgan Stanley Add +11.5% 0.23% +0.03
USB US Bancorp Add +1032.5% 0.01% +0.01
GOOGL Alphabet Inc. Class A Add +3.0% 2.76% −0.21

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