Ninety One SA (Pty) Ltd
Long book
$2.33B
Q1 2026
Positions
96
Top-10 weight
79%
concentration
Last quarter
-4.3%
SPY +14.8%
Turnover
34%
of book per quarter
Strategy in plain words
auto-generated from filingsNinety One SA (Pty) Ltd is a diversified fundamental manager, specialised in materials (64% of the long book), running a $2.33B US long book across 96 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ANGLOGOLD ASHANTI PLC, ALPHABET INC-CL A, BERKSHIRE HATHAWAY INC-CL A, NVIDIA CORP, MICROSOFT CORP.
Over the last 9 quarters its long book ran on average 0.4pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.7%
Q2 2024
+3.8%
Q3 2024
+5.1%
Q4 2024
-1.6%
Q1 2025
+13.8%
Q2 2025
+6.7%
Q3 2025
+10.6%
Q4 2025
+6.6%
Q1 2026
-4.3%
Sector allocation
Materials 65%
Technology 11%
Financials 6%
Industrials 4%
Services media 4%
Healthcare 3%
Energy 3%
Consumer discretionary 2%
Long book by quarter
What does Ninety One own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AU ANGLOGOLD ASHANTI PLC | Materials | 15.3M | $1.47B | 63.3% | -4.1% |
| GOOGL ALPHABET INC-CL A | Technology | 236.6K | $67.0M | 2.9% | +34.0% |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 91 | $64.8M | 2.8% | Held |
| NVDA NVIDIA CORP | Technology | 308.4K | $53.2M | 2.3% | +4.7% |
| MSFT MICROSOFT CORP | Technology | 111.1K | $40.7M | 1.7% | -25.4% |
| JNJ JOHNSON & JOHNSON | Healthcare | 152.9K | $37.3M | 1.6% | +11.8% |
| AAPL APPLE INC | Technology | 100.1K | $25.1M | 1.1% | +7.4% |
| JPM JPMORGAN CHASE & CO | Financials | 85.3K | $24.9M | 1.1% | +5.8% |
| V VISA INC-CLASS A SHARES | Services media | 77.7K | $23.2M | 1.0% | +14.1% |
| AMZN AMAZON.COM INC | Consumer discretionary | 109.8K | $22.7M | 1.0% | +5.1% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 130.4K | $21.5M | 0.9% | -1.3% |
| CVX CHEVRON CORP | Energy | 102.2K | $21.4M | 0.9% | New |
| EW EDWARDS LIFESCIENCES CORP | Healthcare | 255.9K | $20.2M | 0.9% | +41.0% |
| VLO VALERO ENERGY CORP | Energy | 76.5K | $19.4M | 0.8% | Held |
| AEM AGNICO EAGLE MINES LTD | Materials | 94.5K | $18.7M | 0.8% | -10.9% |
| META META PLATFORMS INC-CLASS A | Technology | 31.7K | $17.5M | 0.8% | +1045.9% |
| COP CONOCOPHILLIPS | Energy | 122.7K | $16.4M | 0.7% | New |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 32.7K | $16.0M | 0.7% | +16.1% |
| CRH CRH PLC | Industrials | 145.7K | $15.1M | 0.7% | +5.4% |
| AVGO BROADCOM INC | Technology | 49.7K | $15.1M | 0.7% | -27.3% |
| J JACOBS SOLUTIONS INC | Industrials | 107.8K | $13.6M | 0.6% | +5.3% |
| CFG CITIZENS FINANCIAL GROUP | Financials | 228.7K | $13.6M | 0.6% | +49.8% |
| TKO TKO GROUP HOLDINGS INC | Services media | 64.5K | $12.9M | 0.6% | -51.6% |
| MA MASTERCARD INC - A | Services media | 25.1K | $12.4M | 0.5% | -24.0% |
| BKNG BOOKING HOLDINGS INC | Industrials | 2.8K | $11.7M | 0.5% | -43.9% |
| PLNT PLANET FITNESS INC - CL A | Services media | 153.2K | $11.4M | 0.5% | +5.5% |
| INTU INTUIT INC | Technology | 26.3K | $11.2M | 0.5% | +78.1% |
| GS GOLDMAN SACHS GROUP INC | Financials | 13.5K | $11.2M | 0.5% | -35.1% |
| RACE FERRARI NV | Industrials | 33.4K | $11.1M | 0.5% | +5.4% |
| BA BOEING CO/THE | Industrials | 56.3K | $11.1M | 0.5% | +3116.2% |
| SNX TD SYNNEX CORP | Consumer discretionary | 54.2K | $8.9M | 0.4% | +5.1% |
| MCO MOODY'S CORP | Services media | 19.5K | $8.4M | 0.4% | +1.4% |
| KEY KEYCORP | Financials | 414.6K | $8.3M | 0.4% | New |
| AER AERCAP HOLDINGS NV | Services media | 59.9K | $8.1M | 0.3% | +1481.2% |
| DAL DELTA AIR LINES INC | Industrials | 115.3K | $7.5M | 0.3% | +5.4% |
| ADSK AUTODESK INC | Technology | 31.7K | $7.5M | 0.3% | -33.9% |
| SPGI S&P GLOBAL INC | Services media | 16.5K | $7.0M | 0.3% | +2.1% |
| TW TRADEWEB MARKETS INC-CLASS A | Financials | 56.1K | $6.6M | 0.3% | +5.3% |
| TTWO TAKE-TWO INTERACTIVE SOFTWRE | Technology | 32.6K | $6.4M | 0.3% | -55.4% |
| GNRC GENERAC HOLDINGS INC | Industrials | 33.4K | $6.4M | 0.3% | +5.9% |
| TSLA TESLA INC | Industrials | 17.3K | $6.4M | 0.3% | +5.9% |
| FDX FEDEX CORP | Industrials | 16.6K | $5.8M | 0.3% | New |
| VRSK VERISK ANALYTICS INC | Technology | 30.3K | $5.7M | 0.2% | +3.3% |
| BSX BOSTON SCIENTIFIC CORP | Healthcare | 91.7K | $5.7M | 0.2% | +1031.1% |
| GOOG ALPHABET INC-CL C | Technology | 17.0K | $4.8M | 0.2% | New |
| Z ZILLOW GROUP INC - C | Services media | 96.9K | $4.0M | 0.2% | +5.9% |
| CPW CHECK POINT SOFTWARE TECH | — | 25.3K | $3.6M | 0.2% | -1.9% |
| VRSN VERISIGN INC | Technology | 13.8K | $3.4M | 0.1% | -3.5% |
| SCHW SCHWAB (CHARLES) CORP | Financials | 35.4K | $3.3M | 0.1% | +70.4% |
| GE GENERAL ELECTRIC | Industrials | 10.9K | $3.0M | 0.1% | +60.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 24, 2026 | 97 | $2.33B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 27, 2026 | 96 | $2.32B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR/ANEW HOLDINGS | Nov 13, 2025 | 97 | $2.22B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 21, 2025 | 75 | $687.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 18, 2025 | 74 | $608.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 30, 2025 | 74 | $539.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 27, 2025 | 74 | $453.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 75 | $457.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 22, 2024 | 71 | $645.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 25, 2024 | 73 | $694.3M | canonical | SEC ↗ |
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