Sustainable Growth Advisers, LP Concentrated Active

CIK: 0001290668 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 10, 2026

Total Value ($000): $14,420,508 (100.0% shares, 0.0% debt)

Holdings (54)

New Positions (3)

AVGO Broadcom Inc 1.6%

Value ($000) $224,246 Shares 647,922 Est. Cost $357.00 Unrealized 0.0%

SE Sea LTD ADR 0.7%

Value ($000) $96,999 Shares 760,360 Est. Cost $127.57 Unrealized —

UL Unilever PLC ADR 0.2%

Value ($000) $28,777 Shares 440,020 Est. Cost $65.40 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	Broadcom Inc	647,922	$224,246	1.6%	$357.00	0.0%	COM	11135F101
SE	Sea LTD ADR	760,360	$96,999	0.7%	$127.57	—	COM	81141R100
UL	Unilever PLC ADR	440,020	$28,777	0.2%	$65.40	—	COM	904767803

Increased Positions (9)

NOW ServiceNow Inc 1.2%

Value ($000) $174,787 (-69.7%) Shares 1,140,979 (+81.8%) Est. Cost $160.37 Unrealized +7.0%

CRM Salesforce Inc 3.9%

Value ($000) $567,261 (+17.7%) Shares 2,141,335 (+5.3%) Est. Cost $224.59 Unrealized +10.5%

— Netflix Inc 1.7%

Value ($000) $241,797 (+28.5%) Shares 2,578,897 (+1543.7%) Est. Cost $106.87 Unrealized —

NKE NIKE Inc 1.2%

Value ($000) $177,744 (-6.5%) Shares 2,789,888 (+2.3%) Est. Cost $73.59 Unrealized -11.8%

GRAB Grab Holdings Ltd - Cl A 0.1%

Value ($000) $19,444 (+60.8%) Shares 3,896,506 (+94.0%) Est. Cost $5.08 Unrealized +8.7%

IWF iShares Russell 1000 Growth 0.0%

Value ($000) $4,746 (+240.7%) Shares 10,027 (+237.2%) Est. Cost $444.85 Unrealized —

MMYT MakeMyTrip Ltd 0.1%

Value ($000) $7,472 (+32.7%) Shares 90,984 (+51.3%) Est. Cost $94.30 Unrealized -13.0%

XP XP Inc 0.1%

Value ($000) $11,134 (+10.8%) Shares 680,170 (+27.1%) Est. Cost $20.49 Unrealized -14.1%

LIN Linde PLC 0.1%

Value ($000) $12,231 (-7.8%) Shares 28,684 (+2.8%) Est. Cost $323.59 Unrealized +32.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NOW	ServiceNow Inc	1,140,979 (+81.8%)	$174,787 (-69.7%)	1.2%	$160.37	+7.0%	COM	81762P102
CRM	Salesforce Inc	2,141,335 (+5.3%)	$567,261 (+17.7%)	3.9%	$224.59	+10.5%	COM	79466L302
—	Netflix Inc	2,578,897 (+1543.7%)	$241,797 (+28.5%)	1.7%	$106.87	—	COM	64110l106
NKE	NIKE Inc	2,789,888 (+2.3%)	$177,744 (-6.5%)	1.2%	$73.59	-11.8%	COM	654106103
GRAB	Grab Holdings Ltd - Cl A	3,896,506 (+94.0%)	$19,444 (+60.8%)	0.1%	$5.08	+8.7%	COM	G4124C109
IWF	iShares Russell 1000 Growth	10,027 (+237.2%)	$4,746 (+240.7%)	0.0%	$444.85	—	COM	464287614
MMYT	MakeMyTrip Ltd	90,984 (+51.3%)	$7,472 (+32.7%)	0.1%	$94.30	-13.0%	COM	V5633W109
XP	XP Inc	680,170 (+27.1%)	$11,134 (+10.8%)	0.1%	$20.49	-14.1%	COM	G98239109
LIN	Linde PLC	28,684 (+2.8%)	$12,231 (-7.8%)	0.1%	$323.59	+32.0%	COM	G54950103

Exited Positions (8)

— Unilever PLC ADR 0.2%

Value ($000) $26,315 Shares 443,906 Est. Cost $57.27 Unrealized —

TEAM Atlassian Corp-A 0.1%

Value ($000) $12,141 Shares 76,025 Est. Cost $179.05 Unrealized -12.4%

ADSK Autodesk Inc 0.0%

Value ($000) $574 Shares 1,806 Est. Cost $177.68 Unrealized +70.3%

TMO Thermo Fisher Scientific Inc 0.0%

Value ($000) $428 Shares 883 Est. Cost $466.48 Unrealized +21.2%

MSCI MSCI Inc. 0.0%

Value ($000) $423 Shares 745 Est. Cost $453.74 Unrealized +23.4%

NVO Novo-Nordisk A/S-Spons ADR 0.0%

Value ($000) $309 Shares 5,573 Est. Cost $97.72 Unrealized —

SBUX Starbucks Corp 0.0%

Value ($000) $277 Shares 3,272 Est. Cost $84.31 Unrealized -0.3%

SHW Sherwin-Williams Co 0.0%

Value ($000) $202 Shares 583 Est. Cost $261.54 Unrealized +27.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Unilever PLC ADR	443,906	$26,315	0.2%	$57.27	—	—	904767704
TEAM	Atlassian Corp-A	76,025	$12,141	0.1%	$179.05	-12.4%	—	049468101
ADSK	Autodesk Inc	1,806	$574	0.0%	$177.68	+70.3%	—	052769106
TMO	Thermo Fisher Scientific Inc	883	$428	0.0%	$466.48	+21.2%	—	883556102
MSCI	MSCI Inc.	745	$423	0.0%	$453.74	+23.4%	—	55354G100
NVO	Novo-Nordisk A/S-Spons ADR	5,573	$309	0.0%	$97.72	—	—	670100205
SBUX	Starbucks Corp	3,272	$277	0.0%	$84.31	-0.3%	—	855244109
SHW	Sherwin-Williams Co	583	$202	0.0%	$261.54	+27.7%	—	824348106

Decreased Positions (40)

MSFT Microsoft Corp. 6.9%

Value ($000) $993,876 (-25.0%) Shares 2,055,077 (-19.7%) Est. Cost $171.72 Unrealized +191.5%

INTU Intuit Inc 4.4%

Value ($000) $635,659 (-25.4%) Shares 959,601 (-23.1%) Est. Cost $450.52 Unrealized +46.7%

META Meta Platforms Inc 3.9%

Value ($000) $563,997 (-27.4%) Shares 854,425 (-19.3%) Est. Cost $518.38 Unrealized +28.7%

INFY Infosys Ltd-Sp ADR 0.0%

Value ($000) $6,240 (-96.5%) Shares 350,187 (-96.8%) Est. Cost $16.66 Unrealized —

HDB HDFC Bank Ltd-ADR 1.4%

Value ($000) $208,679 (-44.0%) Shares 5,710,975 (-47.7%) Est. Cost $54.48 Unrealized —

V Visa Inc 5.1%

Value ($000) $742,372 (-15.6%) Shares 2,116,769 (-17.8%) Est. Cost $141.29 Unrealized +140.9%

SNPS Synopsys Inc 3.7%

Value ($000) $528,146 (-20.3%) Shares 1,124,385 (-16.3%) Est. Cost $550.58 Unrealized -19.3%

CMG Chipotle Mexican Grill Inc 2.5%

Value ($000) $358,068 (-26.9%) Shares 9,677,524 (-22.6%) Est. Cost $50.00 Unrealized -27.7%

AMZN Amazon.com Inc 7.4%

Value ($000) $1,073,902 (-9.8%) Shares 4,652,553 (-14.2%) Est. Cost $131.52 Unrealized +74.0%

ARM Arm Holdings Inc - ADR 2.0%

Value ($000) $291,653 (-28.5%) Shares 2,668,130 (-7.4%) Est. Cost $136.40 Unrealized —

WM Waste Management Inc 4.2%

Value ($000) $608,234 (-15.6%) Shares 2,768,350 (-15.1%) Est. Cost $210.86 Unrealized +0.8%

— UnitedHealth Group Inc 3.3%

Value ($000) $469,585 (-17.1%) Shares 1,422,511 (-13.3%) Est. Cost $484.51 Unrealized —

SPGI S&P Global Inc 3.7%

Value ($000) $538,420 (-14.5%) Shares 1,030,292 (-20.4%) Est. Cost $361.25 Unrealized +36.8%

CP Canadian Pacific Kansas City L 3.4%

Value ($000) $483,323 (-15.1%) Shares 6,564,219 (-14.1%) Est. Cost $76.54 Unrealized -3.8%

NVDA Nvidia Corp 7.7%

Value ($000) $1,114,191 (-6.8%) Shares 5,974,213 (-6.8%) Est. Cost $102.76 Unrealized +81.1%

GOOG Alphabet Inc CL C 4.7%

Value ($000) $672,690 (+13.5%) Shares 2,143,689 (-11.9%) Est. Cost $106.53 Unrealized +168.8%

IT Gartner Inc 2.2%

Value ($000) $313,621 (-18.7%) Shares 1,243,148 (-15.2%) Est. Cost $410.95 Unrealized -41.4%

ALC Alcon Inc 1.2%

Value ($000) $167,983 (-29.9%) Shares 2,131,499 (-33.7%) Est. Cost $73.18 Unrealized +5.2%

STE Steris PLC 1.3%

Value ($000) $192,342 (-27.1%) Shares 758,684 (-28.8%) Est. Cost $200.28 Unrealized +25.4%

MELI MercadoLibre Inc 1.1%

Value ($000) $155,668 (-28.5%) Shares 77,283 (-17.0%) Est. Cost $1456.91 Unrealized +44.2%

SAP SAP SE-Sponsored ADR 1.2%

Value ($000) $166,843 (-25.9%) Shares 686,851 (-18.5%) Est. Cost $258.62 Unrealized —

AXP American Express Co 1.6%

Value ($000) $228,588 (-14.9%) Shares 617,890 (-23.6%) Est. Cost $112.48 Unrealized +217.4%

AON Aon PLC 3.0%

Value ($000) $431,031 (-8.2%) Shares 1,221,467 (-7.3%) Est. Cost $308.64 Unrealized +13.1%

TSM Taiwan Semiconductor Mfg ADR 0.3%

Value ($000) $40,577 (-48.4%) Shares 133,526 (-52.6%) Est. Cost $168.56 Unrealized —

YUM Yum! Brands Inc 2.6%

Value ($000) $377,811 (-9.1%) Shares 2,497,429 (-8.7%) Est. Cost $93.73 Unrealized +57.5%

ECL Ecolab Inc 1.2%

Value ($000) $169,330 (-11.2%) Shares 645,018 (-7.3%) Est. Cost $166.42 Unrealized +59.7%

DHR Danaher Corp 2.5%

Value ($000) $365,768 (-3.8%) Shares 1,597,798 (-16.7%) Est. Cost $206.90 Unrealized +6.1%

GWW WW Grainger Inc 1.6%

Value ($000) $231,774 (-3.3%) Shares 229,695 (-8.6%) Est. Cost $1000.75 Unrealized -3.2%

COO Cooper Companies Inc/ The 1.9%

Value ($000) $276,088 (-2.6%) Shares 3,368,567 (-18.5%) Est. Cost $75.53 Unrealized -0.9%

UNVGY Universal Music Group Unsp Adr 0.0%

Value ($000) $4,469 (-57.1%) Shares 342,750 (-52.5%) Est. Cost $13.64 Unrealized —

EXPGY Experian PLC ADR 0.0%

Value ($000) $3,262 (-57.3%) Shares 72,210 (-52.5%) Est. Cost $44.59 Unrealized —

FMX Fomento Economico Mexicano-Sp 0.1%

Value ($000) $15,710 (-20.9%) Shares 155,439 (-22.8%) Est. Cost $116.65 Unrealized —

AAPL Apple Inc 2.3%

Value ($000) $331,679 (-1.1%) Shares 1,220,036 (-7.4%) Est. Cost $184.52 Unrealized +45.4%

SHOP Shopify Inc. 0.1%

Value ($000) $9,763 (-27.7%) Shares 60,651 (-33.2%) Est. Cost $74.91 Unrealized +114.3%

AAGIY AIA Group Ltd-Sp ADR 0.0%

Value ($000) $2,925 (-53.9%) Shares 71,286 (-56.8%) Est. Cost $36.17 Unrealized —

FRCOY Fast Retailing Co-Unspon ADR 0.0%

Value ($000) $2,811 (-51.7%) Shares 77,646 (-59.6%) Est. Cost $30.27 Unrealized —

TME Tencent Music Entertainment - 0.0%

Value ($000) $5,980 (-31.6%) Shares 341,132 (-9.0%) Est. Cost $12.25 Unrealized —

ADYEY Adyen NV Unspon ADR 0.0%

Value ($000) $3,639 (-40.6%) Shares 227,836 (-40.5%) Est. Cost $15.99 Unrealized —

WDAY Workday Inc Class A 0.1%

Value ($000) $7,796 (-14.8%) Shares 36,299 (-4.5%) Est. Cost $207.55 Unrealized +9.5%

WCN Waste Connections 0.1%

Value ($000) $14,962 (-1.4%) Shares 85,319 (-1.1%) Est. Cost $166.02 Unrealized +4.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp.	2,055,077 (-19.7%)	$993,876 (-25.0%)	6.9%	$171.72	+191.5%	COM	594918104
INTU	Intuit Inc	959,601 (-23.1%)	$635,659 (-25.4%)	4.4%	$450.52	+46.7%	COM	461202103
META	Meta Platforms Inc	854,425 (-19.3%)	$563,997 (-27.4%)	3.9%	$518.38	+28.7%	COM	30303M102
INFY	Infosys Ltd-Sp ADR	350,187 (-96.8%)	$6,240 (-96.5%)	0.0%	$16.66	—	COM	456788108
HDB	HDFC Bank Ltd-ADR	5,710,975 (-47.7%)	$208,679 (-44.0%)	1.4%	$54.48	—	COM	40415F101
V	Visa Inc	2,116,769 (-17.8%)	$742,372 (-15.6%)	5.1%	$141.29	+140.9%	COM	92826C839
SNPS	Synopsys Inc	1,124,385 (-16.3%)	$528,146 (-20.3%)	3.7%	$550.58	-19.3%	COM	871607107
CMG	Chipotle Mexican Grill Inc	9,677,524 (-22.6%)	$358,068 (-26.9%)	2.5%	$50.00	-27.7%	COM	169656105
AMZN	Amazon.com Inc	4,652,553 (-14.2%)	$1,073,902 (-9.8%)	7.4%	$131.52	+74.0%	COM	023135106
ARM	Arm Holdings Inc - ADR	2,668,130 (-7.4%)	$291,653 (-28.5%)	2.0%	$136.40	—	COM	042068205
WM	Waste Management Inc	2,768,350 (-15.1%)	$608,234 (-15.6%)	4.2%	$210.86	+0.8%	COM	94106L109
—	UnitedHealth Group Inc	1,422,511 (-13.3%)	$469,585 (-17.1%)	3.3%	$484.51	—	COM	91324p102
SPGI	S&P Global Inc	1,030,292 (-20.4%)	$538,420 (-14.5%)	3.7%	$361.25	+36.8%	COM	78409V104
CP	Canadian Pacific Kansas City L	6,564,219 (-14.1%)	$483,323 (-15.1%)	3.4%	$76.54	-3.8%	COM	13646K108
NVDA	Nvidia Corp	5,974,213 (-6.8%)	$1,114,191 (-6.8%)	7.7%	$102.76	+81.1%	COM	67066G104
GOOG	Alphabet Inc CL C	2,143,689 (-11.9%)	$672,690 (+13.5%)	4.7%	$106.53	+168.8%	COM	02079K107
IT	Gartner Inc	1,243,148 (-15.2%)	$313,621 (-18.7%)	2.2%	$410.95	-41.4%	COM	366651107
ALC	Alcon Inc	2,131,499 (-33.7%)	$167,983 (-29.9%)	1.2%	$73.18	+5.2%	COM	H01301128
STE	Steris PLC	758,684 (-28.8%)	$192,342 (-27.1%)	1.3%	$200.28	+25.4%	COM	G8473T100
MELI	MercadoLibre Inc	77,283 (-17.0%)	$155,668 (-28.5%)	1.1%	$1456.91	+44.2%	COM	58733R102
SAP	SAP SE-Sponsored ADR	686,851 (-18.5%)	$166,843 (-25.9%)	1.2%	$258.62	—	COM	803054204
AXP	American Express Co	617,890 (-23.6%)	$228,588 (-14.9%)	1.6%	$112.48	+217.4%	COM	025816109
AON	Aon PLC	1,221,467 (-7.3%)	$431,031 (-8.2%)	3.0%	$308.64	+13.1%	COM	G0403H108
TSM	Taiwan Semiconductor Mfg ADR	133,526 (-52.6%)	$40,577 (-48.4%)	0.3%	$168.56	—	COM	874039100
YUM	Yum! Brands Inc	2,497,429 (-8.7%)	$377,811 (-9.1%)	2.6%	$93.73	+57.5%	COM	988498101
ECL	Ecolab Inc	645,018 (-7.3%)	$169,330 (-11.2%)	1.2%	$166.42	+59.7%	COM	278865100
DHR	Danaher Corp	1,597,798 (-16.7%)	$365,768 (-3.8%)	2.5%	$206.90	+6.1%	COM	235851102
GWW	WW Grainger Inc	229,695 (-8.6%)	$231,774 (-3.3%)	1.6%	$1000.75	-3.2%	COM	384802104
COO	Cooper Companies Inc/ The	3,368,567 (-18.5%)	$276,088 (-2.6%)	1.9%	$75.53	-0.9%	COM	216648501
UNVGY	Universal Music Group Unsp Adr	342,750 (-52.5%)	$4,469 (-57.1%)	0.0%	$13.64	—	COM	91377B109
EXPGY	Experian PLC ADR	72,210 (-52.5%)	$3,262 (-57.3%)	0.0%	$44.59	—	COM	30215C101
FMX	Fomento Economico Mexicano-Sp	155,439 (-22.8%)	$15,710 (-20.9%)	0.1%	$116.65	—	COM	344419106
AAPL	Apple Inc	1,220,036 (-7.4%)	$331,679 (-1.1%)	2.3%	$184.52	+45.4%	COM	037833100
SHOP	Shopify Inc.	60,651 (-33.2%)	$9,763 (-27.7%)	0.1%	$74.91	+114.3%	COM	82509L107
AAGIY	AIA Group Ltd-Sp ADR	71,286 (-56.8%)	$2,925 (-53.9%)	0.0%	$36.17	—	COM	001317205
FRCOY	Fast Retailing Co-Unspon ADR	77,646 (-59.6%)	$2,811 (-51.7%)	0.0%	$30.27	—	COM	31188H101
TME	Tencent Music Entertainment -	341,132 (-9.0%)	$5,980 (-31.6%)	0.0%	$12.25	—	COM	88034P109
ADYEY	Adyen NV Unspon ADR	227,836 (-40.5%)	$3,639 (-40.6%)	0.0%	$15.99	—	COM	00783V104
WDAY	Workday Inc Class A	36,299 (-4.5%)	$7,796 (-14.8%)	0.1%	$207.55	+9.5%	COM	98138H101
WCN	Waste Connections	85,319 (-1.1%)	$14,962 (-1.4%)	0.1%	$166.02	+4.1%	COM	94106B101

Unchanged Positions (2)

BABA Alibaba Group Holding-Sp ADR 0.3%

Value ($000) $41,101 Shares 280,402 Est. Cost $159.43 Unrealized —

GOOGL Alphabet Inc CL A 0.0%

Value ($000) $3,312 Shares 10,582 Est. Cost $108.48 Unrealized +163.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BABA	Alibaba Group Holding-Sp ADR	280,402	$41,101	0.3%	$159.43	—	COM	01609W102
GOOGL	Alphabet Inc CL A	10,582	$3,312	0.0%	$108.48	+163.3%	COM	02079K305