WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST
Long book
$8.09B
Q1 2026
Positions
21
Top-10 weight
70%
concentration
Last quarter
+14.2%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsWELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST is a concentrated fundamental stock-picker, running a $8.09B US long book across 21 positions.
The portfolio is concentrated: the top 10 names carry 70% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: VISA INC-CLASS A SHARES, APPLE INC, AMAZON.COM INC, MICROSOFT CORP, LINDE PLC.
Over the last 9 quarters its long book ran on average 1.9pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.5%
Q2 2024
+5.3%
Q3 2024
+4.4%
Q4 2024
-3.0%
Q1 2025
+7.9%
Q2 2025
+4.9%
Q3 2025
+1.6%
Q4 2025
-11.4%
Q1 2026
+14.2%
Sector allocation
Technology 37%
Services media 21%
Healthcare 14%
Consumer discretionary 8%
Materials 7%
Financials 7%
Consumer staples 4%
Other 2%
Long book by quarter
What does WELLCOME TRUST own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| V VISA INC-CLASS A SHARES | Services media | 2.4M | $725.4M | 9.0% | Held |
| AAPL APPLE INC | Technology | 2.8M | $710.6M | 8.8% | Held |
| AMZN AMAZON.COM INC | Consumer discretionary | 3.3M | $687.3M | 8.5% | Held |
| MSFT MICROSOFT CORP | Technology | 1.5M | $555.3M | 6.9% | Held |
| LIN LINDE PLC | Materials | 1.1M | $555.3M | 6.9% | Held |
| GOOGL ALPHABET INC-CL A | Technology | 1.8M | $517.6M | 6.4% | Held |
| GOOG ALPHABET INC-CL C | Technology | 1.8M | $516.3M | 6.4% | Held |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 700 | $502.7M | 6.2% | Held |
| CSCO CISCO SYSTEMS INC | Technology | 6.0M | $465.5M | 5.8% | Held |
| DASH DOORDASH INC - A | Services media | 3.0M | $450.4M | 5.6% | Held |
| JNJ JOHNSON & JOHNSON | Healthcare | 1.6M | $391.1M | 4.8% | Held |
| EW EDWARDS LIFESCIENCES CORP | Healthcare | 4.8M | $384.4M | 4.7% | Held |
| MA MASTERCARD INC - A | Services media | 670.0K | $334.8M | 4.1% | +12.6% |
| ABT ABBOTT LABORATORIES | Healthcare | 3.1M | $320.8M | 4.0% | Held |
| PEP PEPSICO INC | Consumer staples | 2.0M | $310.6M | 3.8% | Held |
| NOW SERVICENOW INC | Technology | 2.3M | $235.2M | 2.9% | Held |
| ACN ACCENTURE PLC-CL A | Services media | 1.1M | $218.1M | 2.7% | Held |
| NKE NIKE INC -CL B | Other | 3.0M | $158.5M | 2.0% | Held |
| KLAR KLARNA GROUP PLC | Financials | 3.2M | $41.3M | 0.5% | Held |
| MDLN MEDLINE INC-CL A | Healthcare | 146.6K | $6.5M | 0.1% | New |
| NMRA NEUMORA THERAPEUTICS INC | Healthcare | 3.3M | $6.5M | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 22, 2026 | 21 | $8.09B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 22, 2026 | 21 | $9.32B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 5, 2025 | 21 | $9.18B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 24, 2025 | 20 | $8.67B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 24, 2025 | 20 | $8.00B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 13, 2025 | 21 | $8.28B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 21, 2024 | 22 | $8.21B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 10, 2024 | 23 | $7.82B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 18, 2024 | 23 | $8.33B | canonical | SEC ↗ |
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