Winslow Capital Management (Justin Kelly) latest 13F portfolio: 66 holdings worth $29.1B as of Q2 2026.
Backtested since 2020: mirroring Winslow Capital Management's reported 13F equity holdings each quarter would have returned +156.1% versus +182.3%for the S&P 500 (+16.0% annualized). See the Performance tab for the full equity curve.
Investor: Justin Kelly
Number of Assets: 66
Reporting Period: Q2 - 2026
Holdings at Report: $29,059,630,524
Return $ Since Report: -$83,290,045
Return % Since Report: -0.29%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Amazon.com Inc. (AMZN) | Equity | -20.50% | 4,304,655 | 3.53% | $238.34 | $258.44 | $1,025,971,474 | $1,112,473,515 | +$86,502,041 | +8.43% |
| Arista Networks Inc. (ANET) | Equity | +68.74% | 3,484,991 | 2.04% | $169.88 | $205.59 | $592,030,271 | $716,461,875 | +$124,431,604 | +21.02% |
| Ishares Russell 1000 Growth ETF (IWF) | Equity | +116.14% | 199,230 | 0.09% | $124.17 | $126.31 | $24,738,389 | $25,164,741 | +$426,352 | +1.72% |
| Affirm Holdings Inc. (AFRM) | Equity | +100% | 4,577,562 | 1.28% | $81.55 | $71.61 | $373,300,181 | $327,799,215 | -$45,500,966 | -12.19% |
| Analog Devices Inc. (ADI) | Equity | +10.22% | 999,060 | 1.37% | $397.17 | $382.10 | $396,796,660 | $381,735,831 | -$15,060,829 | -3.80% |
| Costco Wholesale Corp. (COST) | Equity | -97.50% | 256 | 0.00% | $935.47 | $898.40 | $239,480 | $229,990 | -$9,490 | -3.96% |
| Amphenol Corp. (APH) | Equity | +53.95% | 2,044,422 | 1.24% | $176.32 | $80.96 | $360,472,487 | $165,516,405 | -$194,956,082 | -54.08% |
| ASML Holding N.V. (ASML) | Equity | -0.66% | 348,356 | 2.38% | $1,989.44 | $1,714.68 | $693,033,361 | $597,319,066 | -$95,714,295 | -13.81% |
| Broadcom Inc. (AVGO) | Equity | -9.41% | 4,633,364 | 6.02% | $377.75 | $362.46 | $1,750,253,252 | $1,679,413,749 | -$70,839,503 | -4.05% |
| Caterpillar Inc. (CAT) | Equity | +100% | 350,774 | 1.29% | $1,064.90 | $819.19 | $373,539,233 | $287,348,799 | -$86,190,434 | -23.07% |
| Axon Enterprise Inc. (AXON) | Equity | +100% | 504,819 | 0.97% | $560.61 | $451.89 | $283,006,581 | $228,122,658 | -$54,883,923 | -19.39% |
| Advanced Micro Devices Inc. (AMD) | Equity | -22.96% | 1,460,164 | 2.92% | $580.91 | $608.36 | $848,223,870 | $888,305,371 | +$40,081,501 | +4.73% |
| Applovin Corp. (APP) | Equity | +48.27% | 640,362 | 1.14% | $515.23 | $331.15 | $329,933,713 | $212,055,876 | -$117,877,837 | -35.73% |
| Micron Technology Inc. (MU) | Equity | -4.14% | 559,488 | 2.22% | $1,154.29 | $1,044.25 | $645,811,403 | $584,245,344 | -$61,566,059 | -9.53% |
| Lumentum Holdings Inc. (LITE) | Equity | +100% | 595,561 | 1.76% | $858.06 | $962.49 | $511,027,072 | $573,218,529 | +$62,191,457 | +12.17% |
| Nvidia Corp. (NVDA) | Equity | -6.33% | 15,600,375 | 10.74% | $200.09 | $227.91 | $3,121,479,033 | $3,555,481,466 | +$434,002,433 | +13.90% |
| Palantir Technologies Inc. (PLTR) | Equity | -42.74% | 1,976,130 | 0.79% | $116.67 | $181.82 | $230,555,086 | $359,297,980 | +$128,742,894 | +55.84% |
| Seagate Technology Holdings PLC (STX) | Equity | +100% | 517,006 | 1.72% | $965.00 | $881.00 | $498,910,790 | $455,482,286 | -$43,428,504 | -8.70% |
| Tesla Inc. (TSLA) | Equity | -21.18% | 1,150,181 | 1.66% | $420.60 | $375.68 | $483,766,128 | $432,099,998 | -$51,666,130 | -10.68% |
| Chipotle Mexican Grill Inc. (CMG) | Equity | -58.75% | 16,060 | 0.00% | $34.00 | $33.33 | $546,040 | $535,200 | -$10,841 | -1.99% |
| Visa Inc. (V) | Equity | +8.51% | 1,472,227 | 1.74% | $343.09 | $368.91 | $505,106,361 | $543,119,263 | +$38,012,902 | +7.53% |
| Ishares S&P 500 Growth ETF (IVW) | Equity | -9.48% | 3,008 | 0.00% | $137.53 | $143.46 | $413,690 | $431,528 | +$17,838 | +4.31% |
| Uber Technologies Inc. (UBER) | Equity | -4.76% | 4,618 | 0.00% | $72.16 | $71.02 | $333,235 | $327,970 | -$5,265 | -1.58% |
| Alphabet Inc. (GOOG) | Equity | +32.48% | 8,800,064 | 10.70% | $353.33 | $351.30 | $3,109,326,613 | $3,091,462,483 | -$17,864,130 | -0.57% |
| Apple Inc. (AAPL) | Equity | -47.32% | 4,877,656 | 4.86% | $289.36 | $338.79 | $1,411,398,540 | $1,652,501,076 | +$241,102,536 | +17.08% |
| C.H. Robinson Worldwide Inc. (CHRW) | Equity | +3.02% | 1,630,787 | 1.06% | $188.34 | $153.02 | $307,142,423 | $249,543,027 | -$57,599,396 | -18.75% |
| Celestica Inc. (CLS) | Equity | +100% | 714,367 | 0.90% | $364.80 | $344.25 | $260,601,081 | $245,920,840 | -$14,680,241 | -5.63% |
| Ecolab Inc. (ECL) | Equity | +138.03% | 1,258,248 | 1.21% | $278.61 | $270.47 | $350,560,474 | $340,318,337 | -$10,242,137 | -2.92% |
| Johnson Controls International PLC (JCI) | Equity | +100% | 2,946,071 | 1.48% | $146.11 | $144.92 | $430,450,435 | $426,944,609 | -$3,505,826 | -0.81% |
| Morgan Stanley (MS) | Equity | +42.11% | 1,372,032 | 0.99% | $209.04 | $206.63 | $286,809,569 | $283,496,112 | -$3,313,457 | -1.16% |
| Oracle Corp. (ORCL) | Equity | +226.10% | 1,537,543 | 0.78% | $146.55 | $148.73 | $225,326,927 | $228,671,083 | +$3,344,156 | +1.48% |
| Sandisk Corp (SNDK) | Equity | +100% | 129,876 | 1.02% | $2,273.73 | $1,759.34 | $295,302,958 | $228,496,042 | -$66,806,916 | -22.62% |
| Western Digital Corp. (WDC) | Equity | +100% | 31,678 | 0.07% | $638.72 | $446.32 | $20,233,372 | $14,138,367 | -$6,095,005 | -30.12% |
| Compass Inc. (COMP) | Equity | 0% | 6,934,620 | 0.29% | $12.33 | $10.30 | $85,503,865 | $71,391,913 | -$14,111,952 | -16.50% |
| Applied Materials Inc. (AMAT) | Equity | +100% | 2,360 | 0.01% | $723.00 | $465.36 | $1,706,280 | $1,098,250 | -$608,030 | -35.63% |
| Texas Instruments Inc. (TXN) | Equity | -5.16% | 650,733 | 0.67% | $298.07 | $269.70 | $193,963,985 | $175,502,690 | -$18,461,295 | -9.52% |
| Linde PLC (LIN) | Equity | -5.48% | 414 | 0.00% | $518.94 | $458.28 | $214,841 | $189,728 | -$25,113 | -11.69% |
| Alphabet Inc. (GOOGL) | Equity | -2.73% | 8,169 | 0.01% | $357.37 | $355.04 | $2,919,356 | $2,900,281 | -$19,075 | -0.65% |
| Netflix Inc. (NFLX) | Equity | -99.81% | 12,041 | 0.00% | $71.40 | $73.54 | $859,727 | $885,435 | +$25,708 | +2.99% |
| Vanguard Growth Index Fund ETF Shares (VUG) | Equity | +291.33% | 23,347 | 0.01% | $86.14 | $91.01 | $2,011,111 | $2,124,694 | +$113,583 | +5.65% |
| Elanco Animal Health Inc. (ELAN) | Equity | -0.76% | 13,511,127 | 1.14% | $24.61 | $22.48 | $332,508,835 | $303,730,135 | -$28,778,700 | -8.66% |
| GE Aerospace (GE) | Equity | -28.43% | 1,708,225 | 2.20% | $373.73 | $320.87 | $638,414,930 | $548,118,156 | -$90,296,774 | -14.14% |
| GE Vernova Inc. (GEV) | Equity | -32.43% | 360,801 | 1.46% | $1,174.86 | $952.50 | $423,890,662 | $343,662,953 | -$80,227,710 | -18.93% |
| Hilton Worldwide Holdings Inc. (HLT) | Equity | +25.34% | 2,187,153 | 2.49% | $330.46 | $308.44 | $722,766,581 | $674,605,471 | -$48,161,110 | -6.66% |
| Howmet Aerospace Inc. (HWM) | Equity | -4.97% | 1,412,714 | 1.31% | $268.86 | $227.90 | $379,822,286 | $321,957,521 | -$57,864,765 | -15.23% |
| Eli Lilly And Company (LLY) | Equity | -8.44% | 693,624 | 2.86% | $1,199.43 | $1,168.30 | $831,953,434 | $810,357,451 | -$21,595,983 | -2.60% |
| Mastercard Inc. (MA) | Equity | -14.00% | 719,495 | 1.27% | $513.60 | $566.53 | $369,532,632 | $407,611,905 | +$38,079,273 | +10.30% |
| Mckesson Corp. (MCK) | Equity | +10.79% | 420,541 | 1.09% | $755.60 | $892.69 | $317,760,779 | $375,412,745 | +$57,651,966 | +18.14% |
| Meta Platforms Inc. (META) | Equity | -23.04% | 1,338,364 | 2.59% | $563.29 | $746.17 | $753,887,059 | $998,647,066 | +$244,760,007 | +32.47% |
| Microsoft Corp. (MSFT) | Equity | -48.86% | 2,295,227 | 2.95% | $373.02 | $498.93 | $856,165,576 | $1,145,146,131 | +$288,980,555 | +33.75% |
| MSCI Inc. (MSCI) | Equity | +100% | 529,653 | 1.02% | $560.04 | $556.83 | $296,626,865 | $294,924,032 | -$1,702,833 | -0.57% |
| O'Reilly Automotive Inc. (ORLY) | Equity | +2.42% | 3,022,539 | 0.96% | $92.09 | $83.75 | $278,345,616 | $253,137,641 | -$25,207,975 | -9.06% |
| Parker-Hannifin Corp. (PH) | Equity | -14.85% | 325,169 | 1.09% | $978.12 | $963.71 | $318,054,302 | $313,366,991 | -$4,687,311 | -1.47% |
| Quanta Services Inc. (PWR) | Equity | -39.79% | 421,452 | 1.04% | $720.04 | $642.97 | $303,462,298 | $270,978,885 | -$32,483,413 | -10.70% |
| Shopify Inc. (SHOP) | Equity | -36.52% | 1,919,693 | 0.75% | $114.18 | $135.51 | $219,190,546 | $260,137,598 | +$40,947,052 | +18.68% |
| Space Exploration Techn corp (SPCX) | Equity | +100% | 1,345,148 | 0.79% | $170.86 | $152.53 | $229,831,987 | $205,175,424 | -$24,656,563 | -10.73% |
| Trane Technologies PLC (TT) | Equity | +1.05% | 800,850 | 1.35% | $491.16 | $434.18 | $393,345,486 | $347,713,053 | -$45,632,433 | -11.60% |
| Vertiv Holdings Co (VRT) | Equity | +34.42% | 1,162,369 | 1.34% | $334.82 | $252.87 | $389,184,389 | $293,928,249 | -$95,256,140 | -24.48% |
| Woodward Inc. (WWD) | Equity | +100% | 690,171 | 1.01% | $425.44 | $326.67 | $293,626,350 | $225,454,710 | -$68,171,640 | -23.22% |
| Datadog Inc. (DDOG) | Equity | +100% | 71,940 | 0.06% | $260.36 | $242.22 | $18,730,298 | $17,424,947 | -$1,305,351 | -6.97% |
| Intuitive Surgical Inc. (ISRG) | Equity | -99.36% | 7,450 | 0.01% | $397.68 | $401.91 | $2,962,716 | $2,994,230 | +$31,514 | +1.06% |
| Snowflake Inc. (SNOW) | Equity | -99.83% | 5,608 | 0.00% | $254.50 | $334.03 | $1,427,237 | $1,873,240 | +$446,003 | +31.25% |
| KLA Corp. (KLAC) | Equity | +848.38% | 1,524,800 | 1.58% | $301.71 | $184.84 | $460,047,408 | $281,836,408 | -$178,211,000 | -38.74% |
| Lam Research Corp. (LRCX) | Equity | +2944.51% | 444,164 | 0.66% | $433.33 | $302.57 | $192,469,586 | $134,390,701 | -$58,078,885 | -30.18% |
| Spotify Technology S.A. (SPOT) | Equity | -99.55% | 2,811 | 0.00% | $459.13 | $516.71 | $1,290,614 | $1,452,472 | +$161,858 | +12.54% |
| Moody's Corp. (MCO) | Equity | -20.56% | 1,132 | 0.00% | $452.92 | $468.86 | $512,705 | $530,744 | +$18,039 | +3.52% |