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Livermore
Livermore
ZHEN

Ninety One North America, Inc.

SEC CIK
0001633343
Latest filing
Jul 16, 2026

The latest 13F from Ninety One North America, Inc. covers Q2 2026 (filed Jul 16, 2026): 106 long positions worth $2.13B. The top 10 holdings make up 39.4% of the portfolio, and the largest is Visa Inc. (V) at 6.9%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
11
Est. +$126.6M
Added
17
Est. +$33.0M
Reduced
58
Est. −$334.1M
Sold out
5
Est. −$16.5M

Top 5 holdings

Share of this quarter's portfolio value

  1. VVisa Inc.
    6.9%$147.0MHistory
  2. PMPhilip Morris International Inc.
    5.9%$126.1MHistory
  3. GOOGLAlphabet Inc.
    4.6%$98.9MHistory
  4. MSFTMicrosoft Corp
    4.2%$89.7MHistory
  5. BKNGBooking Holdings Inc.
    3.7%$79.4MHistory

Share of portfolio

Top 5 holdings and the other 101 positions, by share of portfolio value

  1. V6.9%
  2. PM5.9%
  3. GOOGL4.6%
  4. MSFT4.2%
  5. BKNG3.7%
  6. Other 101 positions74.7%

Biggest buys

New and added positions, by estimated amount bought

  1. LTMLatam Airlines Group S.A.
    +$36.1MNewHistory
  2. LAURLaureate Education, Inc.
    +$34.5MNewHistory
  3. FMXMexican Economic Development Inc
    +$13.7MNewHistory
  4. RYAAYRyanair Holdings PLC
    +$11.8MNewHistory
  5. DSGXDescartes Systems Group Inc
    +$8.50MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. LTMLatam Airlines Group S.A.
    +1.69 pp0.0% → 1.7%History
  2. LAURLaureate Education, Inc.
    +1.62 pp0.0% → 1.6%History
  3. FMXMexican Economic Development Inc
    +0.64 pp0.0% → 0.6%History
  4. RYAAYRyanair Holdings PLC
    +0.55 pp0.0% → 0.6%History
  5. ASXASE Technology Holding Co., Ltd.
    +0.52 pp0.4% → 1.0%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. EAElectronic Arts Inc.
    −$45.4MReducedHistory
  2. TSMTaiwan Semiconductor Manufacturing Co Ltd
    −$39.1MReducedHistory
  3. GOOGLAlphabet Inc.
    −$36.0MReducedHistory
  4. MAMastercard Inc
    −$32.4MReducedHistory
  5. BAPCredicorp Ltd
    −$23.5MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. EAElectronic Arts Inc.
    −1.97 pp3.1% → 1.1%History
  2. MAMastercard Inc
    −1.24 pp3.8% → 2.6%History
  3. ALCAlcon Inc
    −1.01 pp2.5% → 1.5%History
  4. AONAon plc
    −0.86 pp2.5% → 1.7%History
  5. iShares MSCI India ETF46429B598
    −0.82 pp2.4% → 1.6%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.13B
−$93.0M (−4.2%) vs. prior quarter
Positions
106
+6 vs. prior quarter
Top 10 concentration
39.4%
Top 10 as share of value
Turnover
7.3%
Q2 2026, one quarter
Average holding period
14.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.86B (Q4 2021)

Q1 2021: $1.73BQ2 2021: $2.13BQ3 2021: $2.17BQ4 2021: $2.86BQ1 2022: $2.73BQ2 2022: $2.26BQ3 2022: $2.08BQ4 2022: $2.05BQ1 2023: $2.21BQ2 2023: $2.36BQ3 2023: $2.04BQ4 2023: $2.05BQ1 2024: $2.06BQ2 2024: $1.98BQ3 2024: $1.47BQ4 2024: $1.62BQ1 2025: $1.49BQ2 2025: $2.04BQ3 2025: $2.21BQ4 2025: $2.47BQ1 2026: $2.23BQ2 2026: $2.13B
Q1 2021Q2 2026
13F filings of Ninety One North America, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 16, 2026106$2.13BVPMGOOGLvs. Q1 2026SEC
Q1 2026Apr 24, 2026100$2.23BVPMGOOGLvs. Q4 2025SEC
Q4 2025Jan 27, 2026102$2.47BVGOOGLMSFTvs. Q3 2025SEC
Q3 2025Nov 13, 2025Amended70$2.21BVMSFTPMvs. Q2 2025SEC
Q2 2025Jul 18, 202565$2.04BVMSFTPMvs. Q1 2025SEC
Q1 2025Apr 30, 202568$1.49BVPMMAvs. Q4 2024SEC
Q4 2024Jan 27, 202571$1.62BVMSFTTSMvs. Q3 2024SEC
Q3 2024Nov 12, 202466$1.47BVMSFTPMvs. Q2 2024SEC
Q2 2024Jul 22, 202462$1.98BMSFTVBKNGvs. Q1 2024SEC
Q1 2024Apr 25, 202461$2.06BVMSFTBKNGvs. Q4 2023SEC
Q4 2023Jan 31, 202468$2.05BVMSFTBKNGvs. Q3 2023SEC
Q3 2023Oct 10, 202368$2.04BVMSFTBKNGvs. Q2 2023SEC
Q2 2023Jul 19, 202389$2.36BVMSFTBKNGvs. Q1 2023SEC
Q1 2023Apr 28, 202383$2.21BVMSFTBKNGvs. Q4 2022SEC
Q4 2022Feb 7, 202382$2.05BVMSFTMCOvs. Q3 2022SEC
Q3 2022Nov 14, 202280$2.08BVMSFTMCOvs. Q2 2022SEC
Q2 2022Aug 15, 202279$2.26BVMSFTMCOvs. Q1 2022SEC
Q1 2022Apr 27, 2022102$2.73BVMSFTMCOvs. Q4 2021SEC
Q4 2021Feb 11, 2022109$2.86BMSFTVMCOvs. Q3 2021SEC
Q3 2021Nov 2, 2021108$2.17BVMSFTMCOvs. Q2 2021SEC
Q2 2021Aug 12, 2021106$2.13BVMSFTMCOvs. Q1 2021SEC
Q1 2021May 7, 2021107$1.73BVMSFTMCO–SEC