NS Partners Ltd

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), NS Partners Ltd reported 72 stock positions worth $2.4 billion. Its top holding was Microsoft (MSFT) at 10.4% of the portfolio, followed by Nvidia (NVDA, 9.7%) and Meta Platforms Class A (META, 5.0%). Compared with Q1 2025, it opened 3 new positions, sold out of 4, added to 5 and reduced 61. The biggest buy was a new position in HDFC Bank Ltd.-ADR (HDB) and the biggest sale an exit from Trip.com Group Ltd.-ADR (TCOM).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001657111
Portfolio Value
$2.4B (Q2 2025)
SEC Filing
0001657111-25-000004 ↗ filed Aug 7, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $2.2B Q1 2024 Q2 2024: $2.2B Q2 2024 Q3 2024: $2.4B Q3 2024 Q4 2024: $2.4B Q4 2024 Q1 2025: $2.3B Q1 2025 Q2 2025: $2.4B $2.4B Q2 2025 Q3 2025: $2.6B Q3 2025 Q4 2025: $2.6B Q4 2025 Q1 2026: $2.2B Q1 2026 Q2 2026: $2.3B Q2 2026

Holdings 72 stocks · $2.4B

MSFT Microsoft Corp. 10.41% 512,831 $255.1M Reduce -3.5%
NVDA Nvidia Corp. 9.67% 1,498,924 $236.8M Reduce -2.1%
META Meta Platforms Inc. Class A 5.03% 166,903 $123.2M Reduce -2.4%
GOOG Alphabet Inc. Class C 4.85% 670,322 $118.9M Reduce -5.5%
AAPL Apple Inc. 4.67% 557,598 $114.4M Reduce -4.1%
AMZN Amazon.com Inc. 4.06% 452,834 $99.3M Reduce -2.2%
INTU Intuit Inc. 3.15% 97,828 $77.1M Reduce -3.0%
V Visa Inc. Class A 2.38% 164,451 $58.4M Reduce -3.6%
MA Mastercard Inc. Class A 2.35% 102,429 $57.6M Reduce -3.3%
JPM JPMorgan Chase & Co. 1.93% 162,663 $47.2M Reduce -8.0%
TMUS T-Mobile US Inc. 1.89% 194,710 $46.4M Reduce -4.0%
MSCI MSCI Inc. 1.77% 75,255 $43.4M Reduce -2.6%
SYK Stryker Corp. 1.77% 109,380 $43.3M Reduce -2.7%
SPGI S&P Global Inc. 1.75% 81,504 $43.0M Reduce -3.9%
MAR Marriott International Class A 1.64% 146,767 $40.1M Reduce -7.5%
ISRG Intuitive Surgical Inc. 1.60% 72,197 $39.2M Reduce -2.2%
UNH Unitedhealth Group Inc. 1.60% 125,480 $39.1M Add +57.0%
BSX Boston Scientific Corp. 1.57% 358,651 $38.5M Reduce -2.6%
VRSK Verisk Analytics Inc. 1.55% 121,635 $37.9M Reduce -2.7%
MCO Moody's Corp. 1.51% 73,829 $37.0M Reduce -3.6%
MCD McDonald's Corp. 1.48% 123,832 $36.2M Reduce -3.6%
NEE Nextera Energy Inc. 1.34% 471,275 $32.7M Reduce -3.0%
KO The Coca-Cola Co. 1.29% 448,063 $31.7M Reduce -4.5%
BKNG Booking Holdings Inc. 1.26% 5,318 $30.8M Reduce -2.5%
VRSN Verisign Inc. 1.21% 102,637 $29.6M Reduce -2.7%
CRM Salesforce Inc. 1.19% 107,206 $29.2M Reduce -8.2%
ZTS Zoetis Inc. 1.10% 173,399 $27.0M Reduce -3.0%
ADP Automatic Data Processing 1.10% 87,661 $27.0M Reduce -2.8%
HDB HDFC Bank Ltd.-ADR 1.10% 351,789 $27.0M New
ADBE Adobe Inc. 1.06% 67,217 $26.0M Reduce -2.5%
YUM Yum! Brands Inc. 1.04% 172,527 $25.6M Reduce -2.9%
NOW ServiceNow Inc. 1.02% 24,199 $24.9M Reduce -2.3%
EFX Equifax Inc. 1.00% 94,772 $24.6M Reduce -0.6%
EQIX Equinix Inc. 1.00% 30,728 $24.4M Reduce -2.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.90% 466,528 $22.1M Reduce -2.6%
MNST Monster Beverage Corp. 0.88% 344,181 $21.6M Reduce -2.6%
HON Honeywell International Inc. 0.85% 89,341 $20.8M Reduce -2.7%
ADSK Autodesk Inc. 0.85% 66,976 $20.7M Reduce -2.3%
IDXX Idexx Laboratories Inc. 0.83% 37,994 $20.4M Reduce -3.0%
VEEV Veeva Systems Inc. Class A 0.81% 68,576 $19.7M Reduce -2.2%
QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 0.78% 440,647 $19.1M Add +11.3%
MKC McCormick & Co.-Non VTG SHRS 0.77% 250,164 $19.0M Reduce -2.9%
CSGP Costar Group Inc. 0.70% 214,502 $17.2M Reduce -2.3%
NKE Nike Inc. Class B 0.68% 233,977 $16.6M Reduce -2.6%
NOC Northrop Grumman Corp. 0.66% 32,519 $16.3M Reduce -3.0%
SBUX Starbucks Corp. 0.66% 175,702 $16.1M Reduce -13.5%
PM Philip Morris International 0.65% 86,939 $15.8M Reduce -2.9%
EW Edwards Lifesciences Corp. 0.64% 201,301 $15.7M Reduce -2.4%
CCI Crown Castle Inc. 0.63% 151,116 $15.5M Reduce -3.1%
GRAB Grab Holdings Ltd. Class A 0.62% 3,017,610 $15.2M Add +65.8%
TRU Transunion 0.61% 170,900 $15.0M Reduce -0.5%
LMT Lockheed Martin Corp. 0.61% 32,355 $15.0M Reduce -2.8%
PYPL PayPal Holdings Inc. 0.58% 192,740 $14.3M Reduce -2.5%
BAP Credicorp Ltd. 0.55% 60,617 $13.5M Reduce -14.5%
IBN Icici Bank Ltd.-Spon ADR 0.46% 335,687 $11.3M Add +179.5%
ALLE Allegion PLC 0.44% 75,371 $10.9M Reduce -2.7%
BDX Becton Dickinson and Co. 0.43% 61,047 $10.5M Reduce -7.9%
KVUE Kenvue Inc. 0.42% 490,110 $10.3M Reduce -2.8%
ANSS Ansys Inc. 0.41% 28,291 $9.9M Add +6.7%
GGAL Grupo Financiero Galicia-ADR 0.40% 192,900 $9.7M New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.39% 117,261 $9.5M Reduce -10.2%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 0.35% 69,500 $8.6M New
MASI Masimo Corp. 0.29% 42,566 $7.2M Reduce -2.3%
ILMN Illumina Inc. 0.21% 52,826 $5.0M Reduce -2.0%
STZ Constellation Brands Inc. Class A 0.19% 28,164 $4.6M Reduce -2.3%
TSM Taiwan Semiconductor-SP ADR 0.14% 15,618 $3.5M Reduce -4.3%
PEP Pepsico Inc. 0.10% 18,688 $2.5M Reduce -86.4%
HD Home Depot Inc. 0.04% 2,854 $1.0M Reduce -5.6%
VALE Vale SA-SP ADR 0.04% 104,700 $1.0M No change
RYAAY Ryanair Holdings PLC-SP ADR 0.04% 14,975 $864K No change
KSA Ishrs MSCI Saudi Arabia ETF 0.02% 9,800 $378K Reduce -49.5%
SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 0.01% 6,100 $215K No change

Portfolio Sells Q1 2025 → Q2 2025

TCOM Trip.com Group Ltd.-ADR Sold out 0.00% −1.13
AAPL Apple Inc. Reduce -4.1% 4.67% −1.00
PEP Pepsico Inc. Reduce -86.4% 0.10% −0.80
YMM Full Truck Alliance -SPN ADR Sold out 0.00% −0.79
TMUS T-Mobile US Inc. Reduce -4.0% 1.89% −0.48
MCD McDonald's Corp. Reduce -3.6% 1.48% −0.29
V Visa Inc. Class A Reduce -3.6% 2.38% −0.24
BDX Becton Dickinson and Co. Reduce -7.9% 0.43% −0.24
SBUX Starbucks Corp. Reduce -13.5% 0.66% −0.22
MA Mastercard Inc. Class A Reduce -3.3% 2.35% −0.20
ZTS Zoetis Inc. Reduce -3.0% 1.10% −0.19
YUM Yum! Brands Inc. Reduce -2.9% 1.04% −0.19
CRM Salesforce Inc. Reduce -8.2% 1.19% −0.18
KO The Coca-Cola Co. Reduce -4.5% 1.29% −0.18
NEE Nextera Energy Inc. Reduce -3.0% 1.34% −0.18
MKC McCormick & Co.-Non VTG SHRS Reduce -2.9% 0.77% −0.16
MSCI MSCI Inc. Reduce -2.6% 1.77% −0.15
SPGI S&P Global Inc. Reduce -3.9% 1.75% −0.14
EQIX Equinix Inc. Reduce -2.6% 1.00% −0.13
JNJ Johnson & Johnson Sold out 0.00% −0.12
PBR Petroleo Brasileiro-Spon ADR Sold out 0.00% −0.12
KVUE Kenvue Inc. Reduce -2.8% 0.42% −0.11
ADP Automatic Data Processing Reduce -2.8% 1.10% −0.11
ADBE Adobe Inc. Reduce -2.5% 1.06% −0.10
NOC Northrop Grumman Corp. Reduce -3.0% 0.66% −0.09
VRSK Verisk Analytics Inc. Reduce -2.7% 1.55% −0.09
CCI Crown Castle Inc. Reduce -3.1% 0.63% −0.08
SYK Stryker Corp. Reduce -2.7% 1.77% −0.07
CSGP Costar Group Inc. Reduce -2.3% 0.70% −0.06
BSX Boston Scientific Corp. Reduce -2.6% 1.57% −0.06
MCO Moody's Corp. Reduce -3.6% 1.51% −0.06
STZ Constellation Brands Inc. Class A Reduce -2.3% 0.19% −0.05
LMT Lockheed Martin Corp. Reduce -2.8% 0.61% −0.04
MNST Monster Beverage Corp. Reduce -2.6% 0.88% −0.03
BAP Credicorp Ltd. Reduce -14.5% 0.55% −0.03
MASI Masimo Corp. Reduce -2.3% 0.29% −0.03
MAR Marriott International Class A Reduce -7.5% 1.64% −0.03
KSA Ishrs MSCI Saudi Arabia ETF Reduce -49.5% 0.02% −0.02
EFX Equifax Inc. Reduce -0.6% 1.00% −0.02
EW Edwards Lifesciences Corp. Reduce -2.4% 0.64% −0.01
GOOG Alphabet Inc. Class C Reduce -5.5% 4.85% −0.01
TRU Transunion Reduce -0.5% 0.61% −0.01
HD Home Depot Inc. Reduce -5.6% 0.04% −0.01
HON Honeywell International Inc. Reduce -2.7% 0.85% −0.01
ISRG Intuitive Surgical Inc. Reduce -2.2% 1.60% −0.00
ALLE Allegion PLC Reduce -2.7% 0.44% −0.00
EL Estee Lauder Companies Class A Reduce -10.2% 0.39% +0.01
NKE Nike Inc. Class B Reduce -2.6% 0.68% +0.01
ILMN Illumina Inc. Reduce -2.0% 0.21% +0.02
PYPL PayPal Holdings Inc. Reduce -2.5% 0.58% +0.02

Portfolio Buys Q1 2025 → Q2 2025

HDB HDFC Bank Ltd.-ADR New 1.10% +1.10
GGAL Grupo Financiero Galicia-ADR New 0.40% +0.40
FUTU Futu Holdings Ltd.-ADR New 0.35% +0.35
IBN Icici Bank Ltd.-Spon ADR Add +179.5% 0.46% +0.29
GRAB Grab Holdings Ltd. Class A Add +65.8% 0.62% +0.26
ANSS Ansys Inc. Add +6.7% 0.41% +0.04
QFIN Qfin Holdings Inc.-ADR Add +11.3% 0.78% −0.00
UNH Unitedhealth Group Inc. Add +57.0% 1.60% −0.24

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 77$2.3BNVDA, GOOG, AAPL, MSFT, AMZN
Q1 2026 71$2.2BNVDA, GOOG, MSFT, AAPL, AMZN
Q4 2025 74$2.6BMSFT, NVDA, GOOG, AAPL, AMZN
Q3 2025 74$2.6BNVDA, MSFT, GOOG, AAPL, META
Q2 2025 72$2.4BMSFT, NVDA, META, GOOG, AAPL
Q1 2025 73$2.3BMSFT, NVDA, AAPL, GOOG, META
Q4 2024 77$2.4BMSFT, NVDA, AAPL, GOOG, AMZN
Q3 2024 75$2.4BMSFT, NVDA, AAPL, GOOG, META
Q2 2024 74$2.2BMSFT, NVDA, GOOG, AAPL, AMZN
Q1 2024 75$2.2BMSFT, NVDA, GOOG, AAPL, AMZN