WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST

CIK 0001026720 · Q1 2026

13F Equity AUM

$8.1B

-13.1% QoQ

Positions

0 QoQ

AUM Rank

#743

Top 6%

Skill Alpha (FF)

-0.7%/yr^ns

No Clear Edge

Rank #3,248 · Top 40%

vs S&P -1.8%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 40.0%Top 10: 70.3%Top 20: 99.9%

V9.0%

AAPL8.8%

AMZN8.5%

MSFT6.9%

LIN6.9%

GOOGL6.4%

GOOG6.4%

BRK/A6.2%

CSCO5.8%

DASH5.6%

Others (11)29.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology27.5%

Communication Services18.3%

Healthcare13.7%

Financial Services13.1%

Consumer Cyclical10.4%

Basic Materials6.9%

Financials6.2%

Consumer Defensive3.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 21Median: 4.83%Avg: 4.76%

0–0.5%

2(0.2%)

0.5–1%

1(0.5%)

1–3%

3(7.6%)

3–5%

5(21.5%)

5%+

10(70.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 21Unique: 0vs 20 funds

0.3%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

0.5%

FMR LLC

0.7%

MORGAN STANLEY

0.4%

VANGUARD CAPITAL MANAGEMENT LLC

0.6%

GEODE CAPITAL MANAGEMENT, LLC

0.6%

BANK OF AMERICA CORP /DE/

0.4%

STATE STREET CORP

0.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.7%

JPMORGAN CHASE & CO

0.4%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New1Increased1Decreased0Exited1

New Positions

MDLN0.1%

+147K

Increased

MA4.1%

+75K(+13%)

Exited

ADBE

-750,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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