Ranmore Fund Management portfolio

What changed this quarter

32 positions with a change (9 new, 9 added to, 8 trimmed, 6 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Constellation Brands+6.1 ppof portfolioNew
  — → 6.2%
• Factset Research Systems−5.7 ppof portfolioSold out
  5.7% → —
• Expedia Group−76%fewer sharesReduced
  6.4% → 1.6%
• Joint Stock Company Kaspi.kz−68%fewer sharesReduced
  5.9% → 2.1%
• Zoetis−4.3 ppof portfolioSold out
  4.3% → —
• Molson Coors Beverage−3.9 ppof portfolioSold out
  3.9% → —
• Deckers Outdoor+3.8 ppof portfolioNew
  — → 3.8%
• Booking Holdings+3.6 ppof portfolioNew
  — → 3.6%
• On Holding+3.6 ppof portfolioNew
  — → 3.6%
• Lennar+3.5 ppof portfolioNew
  — → 3.5%
• Tencent Music Entertainment Group−3.0 ppof portfolioSold out
  3.0% → —
• TIM+2.1 ppof portfolioNew
  — → 2.1%

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

• Cigna GroupCI7.0%
• GoDaddyGDDY6.9%
• Universal Health ServicesUHS6.7%
• Constellation BrandsSTZ6.2%
• Vipshop HoldingsVIPS5.8%
• Sally Beauty HoldingsSBH5.7%
• IntuitINTU5.5%
• AdobeADBE5.3%
• Meta PlatformsMETA5.2%
• H&r BlockHRB4.9%
• ComcastCMCSA4.0%
• Deckers OutdoorDECK3.8%
• Booking HoldingsBKNG3.6%
• On HoldingONON3.6%
• LennarLEN3.5%
• Match GroupMTCH3.1%
• PDD HoldingsPDD3.1%
• SNAPSNAP2.9%
• Dentsply SironaXRAY2.8%
• TIMTIMB2.1%
• Joint Stock Company Kaspi.kzKSPI2.1%
• MaximusMMS1.7%
• Expedia GroupEXPE1.6%
• AmdocsDOX1.3%
• GravityGRVY0.8%
• Compania Cervecerias UnidasCCU0.8%