CCLA Investment Management
LONDON, X0
$6.2bn in 55 US stocks at the end of 31 December 2025. The top 10 are 36.4% of the money. It changed about 7.5% of the portfolio this quarter.
Value
$6.2bn
Stocks
55
Top 10 share
36.4%
Turnover
7.5%
What changed this quarter
New
Bought for the first time this quarter.
- Bank of AmericaBAC2.0% of the fund
- Intercontinental Hotels GrouIHG1.4% of the fund
- NetflixNFLX0.6% of the fund
Added
Bought more of a stock they already held.
- Brookfield Infrastructure PABIP2.6% of the fund+6%
- IntuitINTU2.4% of the fund+9%
- StrykerSYK2.3% of the fund+5%
- Tradeweb MarketsTW2.0% of the fund+3%
- ServiceNowNOW1.3% of the fund+4%
- AmetekAME0.9% of the fund+5%
- AmphenolAPH0.8% of the fund+47%
- MedtronicMDT0.2% of the fund+4%
- Johnson & JohnsonJNJ<0.1% of the fund+6%
- Cisco SystemsCSCO<0.1% of the fund+7%
- Automatic Data ProcessingADP<0.1% of the fund+6%
- Procter & GamblePG<0.1% of the fund+7%
- Home DepotHD<0.1% of the fund+7%
Cut
Sold some of their stake.
- AlphabetGOOG6.9% of the fund-3%
- Thermo Fisher ScientificTMO2.5% of the fund-11%
- CME GroupCME2.3% of the fund-7%
- DanaherDHR2.3% of the fund-14%
- Intercontinental ExchangeICE2.2% of the fund-8%
- TransUnionTRU2.1% of the fund-8%
- SynopsysSNPS2.1% of the fund-14%
- TJX CompaniesTJX1.8% of the fund-10%
- Abbott LaboratoriesABT1.7% of the fund-10%
- O'Reilly AutomotiveORLY1.7% of the fund-10%
- Trane TechnologiesTT1.6% of the fund-9%
- FortinetFTNT1.6% of the fund-16%
- Ingersoll RandIR1.6% of the fund-9%
- Brookfield Renewable EnergyBEP1.0% of the fund-7%
- Ares CapitalARCC0.6% of the fund-37%
- Blackstone Secured Lending FundBXSL0.5% of the fund-43%
Sold out
Sold their entire stake.
Holdings
- Brookfield Infrastructure PABIP
- Share
- 2.6%
- Value
- $164m
- Shares
- 4,710,064
+6%
- Intercontinental Hotels GrouIHG
- Share
- 1.4%
- Value
- $85m
- Shares
- 811,662
New
- Brookfield Renewable EnergyBEP
- Share
- 1.0%
- Value
- $59m
- Shares
- 2,199,682
-7%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| AlphabetGOOG | 6.9% | $432m | 1,376,508 | -3% |
| MicrosoftMSFT | 5.5% | $341m | 705,021 | Held |
| Amazon.comAMZN | 4.6% | $285m | 1,234,639 | Held |
| BroadcomAVGO | 3.5% | $220m | 635,312 | Held |
| VisaV | 2.9% | $182m | 522,261 | Held |
| S&P GlobalSPGI | 2.8% | $175m | 334,290 | Held |
| Brookfield Infrastructure PABIP | 2.6% | $164m | 4,710,064 | +6% |
| Coca-ColaKO | 2.6% | $159m | 2,275,618 | Held |
| HDFC BankHDB | 2.5% | $157m | 4,286,185 | Held |
| Thermo Fisher ScientificTMO | 2.5% | $155m | 267,601 | -11% |
| IntuitINTU | 2.4% | $148m | 222,696 | +9% |
| CME GroupCME | 2.3% | $144m | 526,168 | -7% |
| DanaherDHR | 2.3% | $143m | 622,571 | -14% |
| Agilent TechnologiesA | 2.3% | $143m | 1,047,488 | Held |
| StrykerSYK | 2.3% | $141m | 401,936 | +5% |
| MastercardMA | 2.3% | $140m | 246,042 | Held |
| Intercontinental ExchangeICE | 2.2% | $135m | 834,672 | -8% |
| TransUnionTRU | 2.1% | $133m | 1,548,239 | -8% |
| SynopsysSNPS | 2.1% | $131m | 278,486 | -14% |
| NXP SemiconductorsNXPI | 2.1% | $130m | 600,380 | Held |
| Tradeweb MarketsTW | 2.0% | $127m | 1,182,118 | +3% |
| Roper TechnologiesROP | 2.0% | $125m | 281,360 | Held |
| Bank of AmericaBAC | 2.0% | $124m | 2,254,107 | New |
| Arthur J. GallagherAJG | 2.0% | $122m | 470,291 | Held |
| Marsh & McLennan CompaniesMRSH | 1.9% | $120m | 647,823 | Held |
| Booking HoldingsBKNG | 1.9% | $120m | 22,334 | Held |
| PTCPTC | 1.9% | $117m | 674,102 | Held |
| TJX CompaniesTJX | 1.8% | $112m | 729,957 | -10% |
| ZoetisZTS | 1.8% | $111m | 885,388 | Held |
| Texas InstrumentsTXN | 1.8% | $110m | 636,345 | Held |
| Abbott LaboratoriesABT | 1.7% | $106m | 845,716 | -10% |
| O'Reilly AutomotiveORLY | 1.7% | $106m | 1,160,562 | -10% |
| Trane TechnologiesTT | 1.6% | $100m | 256,954 | -9% |
| FortinetFTNT | 1.6% | $100m | 1,253,998 | -16% |
| Ingersoll RandIR | 1.6% | $99m | 1,246,800 | -9% |
| DeereDE | 1.5% | $96m | 205,327 | Held |
| McDonald'sMCD | 1.5% | $93m | 304,737 | Held |
| Intercontinental Hotels GrouIHG | 1.4% | $85m | 811,662 | New |
| ServiceNowNOW | 1.3% | $84m | 546,685 | +4% |
| MercadoLibreMELI | 1.2% | $78m | 38,496 | Held |
| American TowerAMT | 1.2% | $73m | 414,327 | Held |
| Brookfield Renewable EnergyBEP | 1.0% | $59m | 2,199,682 | -7% |
| AmetekAME | 0.9% | $56m | 271,560 | +5% |
| AmphenolAPH | 0.8% | $49m | 359,535 | +47% |
| Taiwan Semiconductor ManufacturingTSM | 0.7% | $43m | 141,341 | Held |
| NetflixNFLX | 0.6% | $38m | 402,872 | New |
| Ares CapitalARCC | 0.6% | $34m | 1,703,144 | -37% |
| Blackstone Secured Lending FundBXSL | 0.5% | $34m | 1,287,641 | -43% |
| FS KKR CapitalFSK | 0.4% | $25m | 1,720,929 | Held |
| MedtronicMDT | 0.2% | $13m | 135,630 | +4% |
| Johnson & JohnsonJNJ | <0.1% | $6m | 28,940 | +6% |
| Cisco SystemsCSCO | <0.1% | $5m | 64,742 | +7% |
| Automatic Data ProcessingADP | <0.1% | $4m | 13,858 | +6% |
| Procter & GamblePG | <0.1% | $3m | 20,218 | +7% |
| Home DepotHD | <0.1% | $2m | 5,952 | +7% |
Over time and by industry
Value over time
Jun '25
Dec '25
Value is down 95.0% since 30 June 2025.
Where the money is
Technology26.9%
Financial services22.9%
Health care13.1%
Retail & consumer11.5%
Industrials7.8%
Media & telecom7.5%
Everyday goods2.6%
Real estate1.2%
Other6.4%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.