Sustainable Growth Advisers (George Fraise & Gordon March&) latest 13F portfolio: 51 holdings worth $10.6B as of Q1 2026.
Backtested since 2020: mirroring Sustainable Growth Advisers's reported 13F equity holdings each quarter would have returned +79.9% versus +187.7%for the S&P 500 (+9.9% annualized). See the Performance tab for the full equity curve.
Investor: George Fraise & Gordon March&
Number of Assets: 51
Reporting Period: Q1 - 2026
Holdings at Report: $10,622,216,645
Return $ Since Report: +$1,531,935,688
Return % Since Report: +14.42%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| AIA Group Limited (AAGIY) | Equity | 0% | 71,286 | 0.03% | $44.53 | $39.84 | $3,174,366 | $2,840,034 | -$334,332 | -10.53% |
| Alibaba Group Holding Limited (BABA) | Equity | -2.47% | 273,486 | 0.32% | $125.46 | $128.99 | $34,311,553 | $35,276,959 | +$965,406 | +2.81% |
| Alphabet Inc. (GOOG) | Equity | -11.71% | 1,892,568 | 5.11% | $286.86 | $375.35 | $542,902,056 | $710,375,399 | +$167,473,343 | +30.85% |
| Amazon.com Inc. (AMZN) | Equity | -29.69% | 3,271,241 | 6.41% | $208.27 | $277.42 | $681,301,363 | $907,507,678 | +$226,206,315 | +33.20% |
| American Express Company (AXP) | Equity | +81.59% | 1,122,014 | 3.20% | $302.48 | $346.71 | $339,386,795 | $389,013,474 | +$49,626,679 | +14.62% |
| Apple Inc. (AAPL) | Equity | +25.05% | 1,525,700 | 3.65% | $253.79 | $309.38 | $387,207,403 | $472,021,066 | +$84,813,663 | +21.90% |
| The Cooper Companies Inc. (COO) | Equity | -39.02% | 2,054,312 | 1.38% | $71.50 | $74.69 | $146,883,308 | $153,436,563 | +$6,553,255 | +4.46% |
| Ecolab Inc. (ECL) | Equity | +31.35% | 847,258 | 2.12% | $266.02 | $283.14 | $225,387,573 | $239,892,630 | +$14,505,057 | +6.44% |
| Adyen ADR (ADYEY) | Equity | +29.41% | 294,848 | 0.03% | $9.97 | $10.81 | $2,939,635 | $3,187,307 | +$247,672 | +8.43% |
| Alcon Inc. (ALC) | Equity | -48.30% | 1,102,071 | 0.78% | $75.35 | $70.99 | $83,041,050 | $78,236,020 | -$4,805,030 | -5.79% |
| Aon PLC (AON) | Equity | -13.89% | 1,051,805 | 3.20% | $322.78 | $356.65 | $339,501,618 | $375,126,253 | +$35,624,635 | +10.49% |
| Arm Holdings PLC (ARM) | Equity | -24.77% | 2,007,159 | 2.86% | $151.28 | $280.56 | $303,643,013 | $563,128,529 | +$259,485,516 | +85.46% |
| Fast Retailing Co-unspon ADR (FRCOY) | Equity | -19.40% | 62,583 | 0.02% | $39.67 | $50.47 | $2,482,668 | $3,158,564 | +$675,896 | +27.22% |
| Fomento Económico Mexicano S.A.B. De C.V. (FMX) | Equity | +6.22% | 165,107 | 0.17% | $111.06 | $126.28 | $18,336,783 | $20,849,712 | +$2,512,929 | +13.70% |
| Grab Holdings Limited (GRAB) | Equity | +49.14% | 5,811,158 | 0.20% | $3.66 | $3.72 | $21,268,839 | $21,617,508 | +$348,669 | +1.64% |
| HDFC Bank Limited (HDB) | Equity | -8.49% | 5,225,907 | 1.22% | $24.88 | $23.89 | $130,020,566 | $124,846,918 | -$5,173,648 | -3.98% |
| Linde PLC (LIN) | Equity | -14.50% | 24,524 | 0.11% | $495.76 | $484.64 | $12,158,018 | $11,885,311 | -$272,707 | -2.24% |
| Unilever PLC (UL) | Equity | -7.83% | 405,570 | 0.22% | $56.97 | $64.08 | $23,105,323 | $25,988,926 | +$2,883,603 | +12.48% |
| Universal Music Gro Unsp Adr (UNVGY) | Equity | 0% | 342,750 | 0.03% | $9.60 | $8.55 | $3,290,400 | $2,930,513 | -$359,888 | -10.94% |
| Visa Inc. (V) | Equity | -17.32% | 1,750,135 | 4.98% | $302.24 | $369.59 | $528,960,803 | $646,832,395 | +$117,871,592 | +22.28% |
| W.W. Grainger Inc. (GWW) | Equity | -8.17% | 210,918 | 2.17% | $1,090.81 | $1,300.45 | $230,071,464 | $274,288,313 | +$44,216,849 | +19.22% |
| XP Inc. (XP) | Equity | +2.40% | 696,489 | 0.12% | $19.04 | $16.97 | $13,261,151 | $11,819,418 | -$1,441,733 | -10.87% |
| Danaher Corp. (DHR) | Equity | +2.41% | 1,636,382 | 2.92% | $189.60 | $194.78 | $310,258,027 | $318,734,486 | +$8,476,459 | +2.73% |
| Experian PLC (EXPGY) | Equity | 0% | 72,210 | 0.02% | $34.94 | $38.74 | $2,523,017 | $2,797,415 | +$274,398 | +10.88% |
| Infosys Limited (INFY) | Equity | +230.06% | 1,155,813 | 0.15% | $13.51 | $12.60 | $15,615,034 | $14,563,244 | -$1,051,790 | -6.74% |
| Intuit Inc. (INTU) | Equity | -33.75% | 635,752 | 2.59% | $432.38 | $323.60 | $274,886,450 | $205,729,347 | -$69,157,103 | -25.16% |
| Mercadolibre Inc. (MELI) | Equity | -32.01% | 52,541 | 0.86% | $1,729.02 | $1,888.50 | $90,844,440 | $99,223,679 | +$8,379,238 | +9.22% |
| Meta Platforms Inc. (META) | Equity | -18.40% | 697,191 | 3.76% | $572.13 | $587.94 | $398,883,886 | $409,906,477 | +$11,022,591 | +2.76% |
| Microsoft Corp. (MSFT) | Equity | -23.65% | 1,568,993 | 5.47% | $370.17 | $492.81 | $580,794,139 | $773,215,440 | +$192,421,301 | +33.13% |
| Nike Inc. (NKE) | Equity | -8.07% | 2,564,741 | 1.28% | $52.82 | $41.53 | $135,469,619 | $106,513,694 | -$28,955,925 | -21.37% |
| Netflix Inc. (NFLX) | Equity | +32.26% | 3,410,969 | 3.09% | $96.15 | $73.57 | $327,964,669 | $250,944,989 | -$77,019,680 | -23.48% |
| Nvidia Corp. (NVDA) | Equity | -18.83% | 4,849,512 | 7.96% | $174.40 | $211.94 | $845,754,893 | $1,027,805,573 | +$182,050,680 | +21.53% |
| S&P Global Inc. (SPGI) | Equity | -26.50% | 757,297 | 3.03% | $425.34 | $412.53 | $322,108,706 | $312,407,731 | -$9,700,975 | -3.01% |
| SAP SE (SAP) | Equity | -30.97% | 474,104 | 0.76% | $171.21 | $195.49 | $81,171,345 | $92,682,591 | +$11,511,246 | +14.18% |
| Salesforce Inc. (CRM) | Equity | -18.73% | 1,740,310 | 3.06% | $186.67 | $190.99 | $324,863,668 | $332,381,807 | +$7,518,139 | +2.31% |
| Sea Limited (SE) | Equity | -17.15% | 629,955 | 0.49% | $82.81 | $111.44 | $52,166,573 | $70,202,185 | +$18,035,612 | +34.57% |
| Shopify Inc. (SHOP) | Equity | +33.69% | 81,087 | 0.09% | $118.62 | $123.30 | $9,618,540 | $9,998,027 | +$379,487 | +3.95% |
| Spotify Technology S.A. (SPOT) | Equity | +100% | 14,877 | 0.07% | $484.91 | $478.17 | $7,214,006 | $7,113,735 | -$100,271 | -1.39% |
| Steris PLC (STE) | Equity | -27.88% | 547,179 | 1.14% | $221.13 | $232.85 | $120,997,693 | $127,410,630 | +$6,412,937 | +5.30% |
| Waste Connections Inc. (WCN) | Equity | +15.04% | 98,148 | 0.15% | $162.44 | $165.57 | $15,943,161 | $16,250,364 | +$307,203 | +1.93% |
| Waste Management Inc. (WM) | Equity | -26.97% | 2,021,702 | 4.37% | $229.79 | $225.25 | $464,566,903 | $455,388,376 | -$9,178,527 | -1.98% |
| Broadcom Inc. (AVGO) | Equity | +125.74% | 1,462,602 | 4.26% | $309.51 | $418.16 | $452,689,945 | $611,601,652 | +$158,911,707 | +35.10% |
| Canadian Pacific Kansas City Limited (CP) | Equity | -20.63% | 5,210,330 | 3.86% | $78.66 | $90.63 | $409,844,558 | $472,212,208 | +$62,367,650 | +15.22% |
| Chipotle Mexican Grill Inc. (CMG) | Equity | -19.21% | 7,818,154 | 2.36% | $32.01 | $33.82 | $250,259,110 | $264,409,968 | +$14,150,858 | +5.65% |
| MakeMyTrip Limited (MMYT) | Equity | +35.46% | 123,247 | 0.04% | $37.29 | $63.22 | $4,595,880 | $7,791,675 | +$3,195,795 | +69.54% |
| Synopsys Inc. (SNPS) | Equity | -19.87% | 900,987 | 3.36% | $396.48 | $403.86 | $357,223,326 | $363,872,610 | +$6,649,284 | +1.86% |
| Servicenow Inc. (NOW) | Equity | -11.89% | 1,005,271 | 0.99% | $104.55 | $118.14 | $105,101,083 | $118,762,716 | +$13,661,633 | +13.00% |
| Tencent Music Entertainment Group (TME) | Equity | +47.71% | 503,887 | 0.04% | $9.28 | $9.62 | $4,676,072 | $4,847,393 | +$171,321 | +3.66% |
| Yum! Brands Inc. (YUM) | Equity | -9.49% | 2,260,403 | 3.31% | $155.48 | $147.68 | $351,447,458 | $333,816,315 | -$17,631,143 | -5.02% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | -2.45% | 130,255 | 0.41% | $337.95 | $417.17 | $44,019,677 | $54,338,478 | +$10,318,801 | +23.44% |
| Mastercard Inc. (MA) | Equity | +100% | 376,414 | 1.77% | $499.66 | $571.10 | $188,079,019 | $214,970,035 | +$26,891,016 | +14.30% |