Seilern Investment Management portfolio

What changed this quarter

23 positions with a change (3 added to, 20 trimmed). 10 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Veeva Systems−44%fewer sharesReduced
  7.1% → 6.6%
• Mastercard−16%fewer sharesReduced
  11.0% → 10.2%
• Microsoft−20%fewer sharesReduced
  5.4% → 6.1%
• UnitedHealth Group−18%fewer sharesReduced
  8.4% → 6.2%
• Adobe−24%fewer sharesReduced
  4.6% → 4.3%
• Intuitive Surgical+16%more sharesIncreased
  5.8% → 7.1%
• Cadence Design Systems+18%more sharesIncreased
  5.4% → 5.8%
• West Pharmaceutical Services−13%fewer sharesReduced
  6.3% → 5.8%
• Accenture−20%fewer sharesReduced
  2.6% → 3.1%
• Autodesk−9.5%fewer sharesReduced
  5.6% → 5.6%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• MastercardMA10.2%
• Intuitive SurgicalISRG7.1%
• Tyler TechnologiesTYL7.0%
• Veeva SystemsVEEV6.6%
• Edwards LifesciencesEW6.6%
• Idexx LaboratoriesIDXX6.5%
• UnitedHealth GroupUNH6.2%
• MicrosoftMSFT6.1%
• West Pharmaceutical ServicesWST5.8%
• Cadence Design SystemsCDNS5.8%
• AutodeskADSK5.6%
• AlphabetGOOGL5.3%
• AdobeADBE4.3%
• CopartCPRT4.2%
• ZoetisZTS4.1%
• Mettler-Toledo InternationalMTD4.0%
• AccentureACN3.1%
• Booking HoldingsBKNG0.3%
• Tradeweb MarketsTW0.2%
• VisaV0.2%
• Automatic Data ProcessingADP0.2%
• Moody'sMCO0.2%
• GracoGGG0.2%
• CME GroupCME0.1%