# CCLA Investment Management

> Institutional holdings reported to the SEC as of Q4 2025 on Form 13F. CIK 1631562. Source: https://holderbook.com/funds/1631562-ccla-investment-management/

- Reported value: $6.2B
- Positions: 55
- Weight of the ten largest: 36.4%
- Filed: 2026-01-22

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 |
|---|---|---|---|---|---|
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $431.9M | 1,376,508 | 6.9% | 22 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $340.9M | 705,021 | 5.5% | 22 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $285.0M | 1,234,639 | 4.6% | 22 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $219.8M | 635,312 | 3.5% | 21 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $182.3M | 522,261 | 2.9% | 22 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $174.7M | 334,290 | 2.8% | 22 |
| BROOKFIELD INFRASTRUCTURE PA | [BIP](https://holderbook.com/stocks/BIP/) | $163.6M | 4,710,064 | 2.6% | 19 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $159.1M | 2,275,618 | 2.6% | 22 |
| HDFC BANK LTD | [HDB](https://holderbook.com/stocks/HDB/) | $156.6M | 4,286,185 | 2.5% | 19 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $155.1M | 267,601 | 2.5% | 22 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $147.5M | 222,696 | 2.4% | 14 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $143.7M | 526,168 | 2.3% | 21 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $142.6M | 622,571 | 2.3% | 21 |
| AGILENT TECHNOLOGIES INC | [A](https://holderbook.com/stocks/A/) | $142.5M | 1,047,488 | 2.3% | 22 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $141.2M | 401,936 | 2.3% | 22 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $140.5M | 246,042 | 2.3% | 22 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $135.2M | 834,672 | 2.2% | 20 |
| TRANSUNION | [TRU](https://holderbook.com/stocks/TRU/) | $132.7M | 1,548,239 | 2.1% | 20 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $130.8M | 278,486 | 2.1% | 22 |
| NXP SEMICONDUCTORS N V | [NXPI](https://holderbook.com/stocks/NXPI/) | $130.2M | 600,380 | 2.1% | 17 |
| TRADEWEB MKTS INC | [TW](https://holderbook.com/stocks/TW/) | $127.1M | 1,182,118 | 2.0% | 12 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $125.2M | 281,360 | 2.0% | 21 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $124.0M | 2,254,107 | 2.0% | 1 |
| GALLAGHER ARTHUR J & CO | [AJG](https://holderbook.com/stocks/AJG/) | $121.7M | 470,291 | 2.0% | 5 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $120.2M | 647,823 | 1.9% | 20 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $119.6M | 22,334 | 1.9% | 2 |
| PTC INC | [PTC](https://holderbook.com/stocks/PTC/) | $117.4M | 674,102 | 1.9% | 3 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $112.1M | 729,957 | 1.8% | 4 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $111.4M | 885,388 | 1.8% | 22 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $110.4M | 636,345 | 1.8% | 22 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $105.9M | 845,716 | 1.7% | 18 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $105.8M | 1,160,562 | 1.7% | 8 |
| TRANE TECHNOLOGIES PLC | [TT](https://holderbook.com/stocks/TT/) | $100.0M | 256,954 | 1.6% | 11 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $99.6M | 1,253,998 | 1.6% | 10 |
| INGERSOLL RAND INC | [IR](https://holderbook.com/stocks/IR/) | $98.8M | 1,246,800 | 1.6% | 18 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $95.6M | 205,327 | 1.5% | 11 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $93.1M | 304,737 | 1.5% | 22 |
| INTERCONTINENTAL HOTELS GROU | [IHG](https://holderbook.com/stocks/IHG/) | $84.9M | 811,662 | 1.4% | 1 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $83.7M | 546,685 | 1.3% | 22 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $77.5M | 38,496 | 1.2% | 2 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $72.7M | 414,327 | 1.2% | 20 |
| BROOKFIELD RENEWABLE ENERGY | [BEP](https://holderbook.com/stocks/BEP/) | $59.3M | 2,199,682 | 1.0% | 10 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $55.7M | 271,560 | 0.9% | 22 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $48.6M | 359,535 | 0.8% | 2 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $42.9M | 141,341 | 0.7% | 2 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $37.8M | 402,872 | 0.6% | 1 |
| ARES CAPITAL CORP | [ARCC](https://holderbook.com/stocks/ARCC/) | $34.5M | 1,703,144 | 0.6% | 22 |
| BLACKSTONE SECD LENDING FD | [BXSL](https://holderbook.com/stocks/BXSL/) | $33.9M | 1,287,641 | 0.5% | 5 |
| FS KKR CAP CORP | [FSK](https://holderbook.com/stocks/FSK/) | $25.5M | 1,720,929 | 0.4% | 3 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $13.0M | 135,630 | 0.2% | 18 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $6.0M | 28,940 | 0.1% | 22 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $5.0M | 64,742 | 0.1% | 22 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $3.6M | 13,858 | 0.1% | 21 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $2.9M | 20,218 | 0.0% | 21 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $2.0M | 5,952 | 0.0% | 20 |

## 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 2025 | -0.2% | +2.4% | -2.6% | 100% |
| Q3 2025 | -1.4% | +7.8% | -9.2% | 100% |
| Q2 2025 | +5.6% | +10.5% | -4.9% | 100% |
| Q1 2025 | -2.6% | -4.6% | +2.0% | 100% |
| Q4 2024 | -3.5% | +2.1% | -5.7% | 105% |
| Q3 2024 | +6.5% | +5.4% | +1.1% | 100% |
| Q2 2024 | -1.2% | +4.0% | -5.2% | 100% |
| Q1 2024 | +6.3% | +10.0% | -3.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2025 | $6.2B | 55 |
| Q3 2025 | $6.3B | 53 |
| Q2 2025 | $124.8B | 53 |
| Q1 2025 | $5.6B | 55 |
| Q4 2024 | $6.3B | 59 |
| Q3 2024 | $6.5B | 69 |
| Q2 2024 | $6.5B | 69 |
| Q1 2024 | $6.5B | 69 |
| Q4 2023 | $6.1B | 70 |
| Q3 2023 | $5.4B | 72 |
| Q2 2023 | $5.6B | 72 |
| Q1 2023 | $5.1B | 76 |