Dundas Partners LLP
EDINBURGH, X0
$1.4bn in 31 US stocks at the end of 30 June 2026. The top 10 are 62.5% of the money. It changed about 12.6% of the portfolio this quarter.
Value
$1.4bn
Stocks
31
Top 10 share
62.5%
Turnover
12.6%
What changed this quarter
New
Bought for the first time this quarter.
- Vanguard World FDESGV1.6% of the fund
- Vanguard World FDVSGX0.2% of the fund
- East West BancorpEWBC<0.1% of the fund
Added
Bought more of a stock they already held.
- VisaV5.0% of the fund+5%
- Booking HoldingsBKNG3.1% of the fund+7%
- MastercardMA2.4% of the fund+17%
- SalesforceCRM1.4% of the fund+14%
- IntuitINTU1.0% of the fund+9%
Cut
Sold some of their stake.
- Applied MaterialsAMAT13.2% of the fund-4%
- Taiwan Semiconductor ManufacturingTSM9.2% of the fund-4%
- AlphabetGOOG7.2% of the fund-2%
- AmphenolAPH6.3% of the fund-6%
- Analog DevicesADI5.5% of the fund-3%
- MicrosoftMSFT4.6% of the fund-5%
- American ExpressAXP4.2% of the fund-3%
- Brown & BrownBRO2.8% of the fund-8%
- HDFC BankHDB1.6% of the fund-2%
- ZoetisZTS0.8% of the fund-45%
- EquifaxEFX0.8% of the fund-47%
- RB GlobalRBA0.7% of the fund-15%
Sold out
Sold their entire stake.
- AccentureACN-100%
- MsciMSCI-100%
- nVent ElectricNVT-100%
- Jack Henry & AssociatesJKHY-100%
- Applied Industrial TechnologiesAIT-100%
- LittelfuseLFUS-100%
- Bio-TechneTECH-100%
- CraneCR-100%
- Stifel FinancialSF-100%
- Watts Water TechnologiesWTS-100%
- EsabESAB-100%
- EvercoreEVR-100%
- Marketaxess HoldingsMKTX-100%
- Hamilton LaneHLNE-100%
- Lemaitre VascularLMAT-100%
- TransUnionTRU-100%
- Interdigital-100%
- Ryan Specialty HoldingsRYAN-100%
- RLIRLI-100%
- Badger MeterBMI-100%
- Paycom SoftwarePAYC-100%
Holdings
- Vanguard World FDESGV
- Share
- 1.6%
- Value
- $22m
- Shares
- 164,888
New
- Vanguard World FDVSGX
- Share
- 0.2%
- Value
- $2m
- Shares
- 29,645
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Applied MaterialsAMAT | 13.2% | $183m | 252,561 | -4% |
| Taiwan Semiconductor ManufacturingTSM | 9.2% | $127m | 265,365 | -4% |
| AlphabetGOOG | 7.2% | $100m | 282,696 | -2% |
| AmphenolAPH | 6.3% | $87m | 494,362 | -6% |
| Analog DevicesADI | 5.5% | $76m | 191,739 | -3% |
| VisaV | 5.0% | $70m | 203,458 | +5% |
| MicrosoftMSFT | 4.6% | $64m | 170,547 | -5% |
| American ExpressAXP | 4.2% | $58m | 171,110 | -3% |
| Ross StoresROST | 3.7% | $51m | 238,768 | Held |
| Thermo Fisher ScientificTMO | 3.5% | $49m | 97,396 | Held |
| Booking HoldingsBKNG | 3.1% | $43m | 243,241 | +7% |
| NasdaqNDAQ | 2.9% | $40m | 512,023 | Held |
| AmetekAME | 2.9% | $40m | 163,876 | Held |
| ResmedRMD | 2.9% | $40m | 203,021 | Held |
| Brown & BrownBRO | 2.8% | $39m | 610,267 | -8% |
| Abbott LaboratoriesABT | 2.8% | $38m | 423,933 | Held |
| MastercardMA | 2.4% | $34m | 65,751 | +17% |
| Automatic Data ProcessingADP | 2.3% | $32m | 141,280 | Held |
| StrykerSYK | 2.2% | $30m | 95,028 | Held |
| Berkley W RWRB | 2.0% | $28m | 390,567 | Held |
| W.W. GraingerGWW | 2.0% | $27m | 19,901 | Held |
| Vanguard World FDESGV | 1.6% | $22m | 164,888 | New |
| HDFC BankHDB | 1.6% | $22m | 842,852 | -2% |
| SalesforceCRM | 1.4% | $19m | 119,681 | +14% |
| AlconALC | 1.2% | $17m | 249,707 | Held |
| IntuitINTU | 1.0% | $14m | 52,445 | +9% |
| ZoetisZTS | 0.8% | $12m | 163,462 | -45% |
| EquifaxEFX | 0.8% | $11m | 67,627 | -47% |
| RB GlobalRBA | 0.7% | $9m | 81,664 | -15% |
| Vanguard World FDVSGX | 0.2% | $2m | 29,645 | New |
| East West BancorpEWBC | <0.1% | $1m | 10,672 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 3.9% since 30 June 2025.
Where the money is
Technology41.1%
Financial services21.1%
Health care13.4%
Industrials8.6%
Media & telecom7.2%
Retail & consumer6.8%
Other1.8%
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.