# Ardevora Asset Management LLP

> Institutional holdings reported to the SEC as of Q4 2023 on Form 13F. CIK 1608108. Source: https://holderbook.com/funds/1608108-ardevora-asset-management-llp/

- Reported value: $1.1B
- Positions: 96
- Weight of the ten largest: 23.7%
- Filed: 2024-02-01

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $34.7M | 69,986 | 3.1% | 4 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $34.3M | 91,127 | 3.1% | 3 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $33.4M | 173,372 | 3.0% | 10 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $32.1M | 211,455 | 2.9% | 2 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $23.3M | 65,955 | 2.1% | 6 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $23.0M | 164,560 | 2.0% | 20 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $22.9M | 162,829 | 2.0% | 3 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $22.7M | 53,304 | 2.0% | 20 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $22.4M | 86,037 | 2.0% | 20 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $17.1M | 157,288 | 1.5% | 7 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $17.0M | 25,796 | 1.5% | 10 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $17.0M | 99,857 | 1.5% | 2 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $16.8M | 341,090 | 1.5% | 8 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $16.6M | 92,958 | 1.5% | 16 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $16.6M | 56,101 | 1.5% | 16 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $16.5M | 97,280 | 1.5% | 7 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $16.5M | 227,895 | 1.5% | 16 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $16.5M | 40,064 | 1.5% | 4 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $16.4M | 277,640 | 1.5% | 7 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $16.2M | 85,562 | 1.4% | 7 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $15.6M | 131,324 | 1.4% | 7 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $15.2M | 151,817 | 1.4% | 2 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $14.0M | 23,952 | 1.2% | 7 |
| ANSYS INC | [ANSS](https://holderbook.com/stocks/ANSS/) | $13.0M | 35,836 | 1.2% | 6 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $11.9M | 73,523 | 1.1% | 4 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $11.8M | 54,873 | 1.1% | 7 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $11.8M | 24,273 | 1.1% | 6 |
| DEXCOM INC | [DXCM](https://holderbook.com/stocks/DXCM/) | $11.7M | 94,095 | 1.0% | 5 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $11.6M | 223,764 | 1.0% | 5 |
| CHIPOTLE MEXICAN GRILL INC | [CMG](https://holderbook.com/stocks/CMG/) | $11.6M | 5,081 | 1.0% | 5 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $11.5M | 28,349 | 1.0% | 5 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $11.5M | 10,331 | 1.0% | 2 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $11.5M | 38,510 | 1.0% | 21 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $11.4M | 28,614 | 1.0% | 8 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $11.4M | 19,610 | 1.0% | 9 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $11.2M | 86,540 | 1.0% | 5 |
| PAYLOCITY HLDG CORP | [PCTY](https://holderbook.com/stocks/PCTY/) | $11.2M | 67,859 | 1.0% | 4 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $11.2M | 112,591 | 1.0% | 21 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $11.2M | 18,700 | 1.0% | 2 |
| SMUCKER J M CO | [SJM](https://holderbook.com/stocks/SJM/) | $11.1M | 88,200 | 1.0% | 1 |
| RESMED INC | [RMD](https://holderbook.com/stocks/RMD/) | $11.1M | 64,746 | 1.0% | 9 |
| SCHEIN HENRY INC | [HSIC](https://holderbook.com/stocks/HSIC/) | $11.1M | 146,860 | 1.0% | 15 |
| WW GRAINGER INC | [GWW](https://holderbook.com/stocks/GWW/) | $11.1M | 13,364 | 1.0% | 1 |
| MICROCHIP TECHNOLOGY INC. | [MCHP](https://holderbook.com/stocks/MCHP/) | $11.0M | 122,523 | 1.0% | 5 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $11.0M | 20,257 | 1.0% | 21 |
| REPUBLIC SVCS INC | [RSG](https://holderbook.com/stocks/RSG/) | $11.0M | 66,855 | 1.0% | 21 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $11.0M | 53,448 | 1.0% | 7 |
| AIRBNB INC | [ABNB](https://holderbook.com/stocks/ABNB/) | $10.9M | 80,338 | 1.0% | 7 |
| MARATHON OIL CORP | [MRO](https://holderbook.com/stocks/MRO/) | $10.9M | 449,551 | 1.0% | 5 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $10.8M | 15,333 | 1.0% | 3 |
| CINTAS CORP | [CTAS](https://holderbook.com/stocks/CTAS/) | $10.8M | 17,974 | 1.0% | 2 |
| TRANSDIGM GROUP INC | [TDG](https://holderbook.com/stocks/TDG/) | $10.8M | 10,682 | 1.0% | 3 |
| WORKDAY INC | [WDAY](https://holderbook.com/stocks/WDAY/) | $10.7M | 38,926 | 1.0% | 6 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $10.7M | 62,848 | 1.0% | 7 |
| LIVE NATION ENTERTAINMENT IN | [LYV](https://holderbook.com/stocks/LYV/) | $10.7M | 114,130 | 1.0% | 8 |
| EDWARDS LIFESCIENCES CORP | [EW](https://holderbook.com/stocks/EW/) | $10.6M | 139,106 | 0.9% | 2 |
| LIBERTY MEDIA CORP DEL | [FWONK](https://holderbook.com/stocks/FWONK/) | $10.6M | 167,620 | 0.9% | 2 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $10.6M | 182,900 | 0.9% | 2 |
| ROLLINS INC | [ROL](https://holderbook.com/stocks/ROL/) | $10.5M | 240,267 | 0.9% | 3 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $10.4M | 63,207 | 0.9% | 3 |
| MCKESSON CORP | [MCK](https://holderbook.com/stocks/MCK/) | $10.4M | 22,365 | 0.9% | 8 |
| BOOZ ALLEN HAMILTON HLDG COR | [BAH](https://holderbook.com/stocks/BAH/) | $10.2M | 80,000 | 0.9% | 2 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $10.2M | 10,754 | 0.9% | 2 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $10.2M | 125,943 | 0.9% | 5 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $10.0M | 34,516 | 0.9% | 7 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $10.0M | 287,441 | 0.9% | 7 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $10.0M | 6,369 | 0.9% | 6 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $8.7M | 19,129 | 0.8% | 8 |
| MONDAY COM LTD | [MNDY](https://holderbook.com/stocks/MNDY/) | $7.5M | 39,945 | 0.7% | 6 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $6.7M | 45,245 | 0.6% | 2 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $6.4M | 108,764 | 0.6% | 2 |
| LAM RESEARCH CORP | [LRCXXXXX](https://holderbook.com/stocks/LRCXXXXX/) | $6.3M | 8,041 | 0.6% | 4 |
| LULULEMON ATHLETICA INC | [LULU](https://holderbook.com/stocks/LULU/) | $6.1M | 12,003 | 0.5% | 5 |
| PINTEREST INC | [PINS](https://holderbook.com/stocks/PINS/) | $6.1M | 164,598 | 0.5% | 5 |
| HUBSPOT INC | [HUBS](https://holderbook.com/stocks/HUBS/) | $6.1M | 10,487 | 0.5% | 3 |
| CADENCE DESIGN SYSTEM INC | [CDNS](https://holderbook.com/stocks/CDNS/) | $6.0M | 22,180 | 0.5% | 9 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $6.0M | 10,883 | 0.5% | 5 |
| EXACT SCIENCES CORP | [EXAS](https://holderbook.com/stocks/EXAS/) | $6.0M | 80,461 | 0.5% | 3 |
| HESS CORP | [HES](https://holderbook.com/stocks/HES/) | $5.9M | 41,258 | 0.5% | 7 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $5.9M | 10,347 | 0.5% | 5 |
| THE TRADE DESK INC | [TTD](https://holderbook.com/stocks/TTD/) | $5.7M | 79,033 | 0.5% | 5 |
| HYATT HOTELS CORP | [H](https://holderbook.com/stocks/H/) | $5.7M | 43,560 | 0.5% | 5 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $5.7M | 10,978 | 0.5% | 21 |
| COPART INC | [CPRT](https://holderbook.com/stocks/CPRT/) | $5.6M | 114,990 | 0.5% | 3 |
| NUCOR CORP | [NUE](https://holderbook.com/stocks/NUE/) | $5.6M | 32,360 | 0.5% | 1 |
| WEST PHARMACEUTICAL SVSC INC | [WST](https://holderbook.com/stocks/WST/) | $5.6M | 15,945 | 0.5% | 3 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $5.6M | 40,389 | 0.5% | 5 |
| EOG RES INC | [EOG](https://holderbook.com/stocks/EOG/) | $5.5M | 45,379 | 0.5% | 7 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $5.5M | 47,157 | 0.5% | 5 |
| DEVON ENERGY CORP NEW | [DVN](https://holderbook.com/stocks/DVN/) | $5.5M | 120,435 | 0.5% | 7 |
| APA CORPORATION | [APA](https://holderbook.com/stocks/APA/) | $5.4M | 150,822 | 0.5% | 5 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $5.4M | 42,100 | 0.5% | 2 |
| OCCIDENTAL PETE CORP | [OXY](https://holderbook.com/stocks/OXY/) | $5.3M | 88,526 | 0.5% | 7 |
| PG&E CORP | [PCG](https://holderbook.com/stocks/PCG/) | $5.2M | 285,900 | 0.5% | 3 |
| HILTON WORLDWIDE HLDGS INC | [HLT](https://holderbook.com/stocks/HLT/) | $453.0K | 2,486 | 0.0% | 8 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $439.0K | 1,300 | 0.0% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2023 | +11.1% | +11.2% | -0.1% | 100% |
| Q3 2023 | -4.4% | -3.6% | -0.8% | 100% |
| Q2 2023 | +4.7% | +8.3% | -3.5% | 100% |
| Q1 2023 | +5.2% | +7.0% | -1.9% | 100% |
| Q4 2022 | +7.4% | +7.1% | +0.4% | 100% |
| Q3 2022 | -2.9% | -5.3% | +2.4% | 100% |
| Q2 2022 | -17.4% | -16.5% | -1.0% | 100% |
| Q1 2022 | -11.8% | -4.9% | -6.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2023 | $1.1B | 96 |
| Q3 2023 | $2.0B | 118 |
| Q2 2023 | $4.1B | 117 |
| Q1 2023 | $5.6B | 116 |
| Q4 2022 | $5.9B | 134 |
| Q3 2022 | $5.6B | 140 |
| Q2 2022 | $6.1B | 123 |
| Q1 2022 | $7.7B | 128 |
| Q4 2021 | $9.4B | 130 |
| Q3 2021 | $7.9B | 126 |
| Q2 2021 | $7.9B | 125 |
| Q1 2021 | $6.7B | 129 |