# EDGAR Filing Document

**Accession Number:** 0001608108
**File Stem:** 0001608108-23-000001
**Filing Date:** 2023-1
**Character Count:** 16332
**Document Hash:** 3d35c2bfeeff7c7e522c84e3a6455c4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001608108-23-000001.hdr.sgml**: 20230112

**ACCESSION NUMBER**: 0001608108-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230112

**DATE AS OF CHANGE**: 20230112

**EFFECTIVENESS DATE**: 20230112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ardevora Asset Management LLP
- **CENTRAL INDEX KEY:** 0001608108
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16500
- **FILM NUMBER:** 23525290

**BUSINESS ADDRESS:**
- **STREET 1:** 6 NEW BRIDGE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC4V 6AB
- **BUSINESS PHONE:** 0044 207 842 0641

**MAIL ADDRESS:**
- **STREET 1:** 6 NEW BRIDGE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC4V 6AB

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Ardevora Asset Management LLP<br>**Address:** 6 NEW BRIDGE STREET<br>LONDON, X0 EC4V 6AB

**Form 13F File Number:** 028-16500

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Daniel Barnett<br>**Title:** Senior Operations Analyst<br>**Phone:** 020 3915 9664

**Signature, Place, and Date of Signing:**

D BARNETT  LONDON, X0  01-12-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 134

**Form 13F Information Table Value Total:** $5872238

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABS | COM | 002824100 |  | 97086 | 884291 | SH |  | SOLE |  | 884291 | 0 | 0 |
| ABCAM PLC | ADS | 000380204 |  | 271 | 17436 | SH |  | SOLE |  | 17436 | 0 | 0 |
| ACCENTURE PLC IRELAND SHS | CLASS A | G1151C101 |  | 66846 | 250510 | SH |  | SOLE |  | 250510 | 0 | 0 |
| ADVANCE AUTO PARTS INC | COM | 00751Y106 |  | 25977 | 176678 | SH |  | SOLE |  | 176678 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 71209 | 475836 | SH |  | SOLE |  | 475836 | 0 | 0 |
| AIRBNB INC COM | CL A | 009066101 |  | 43805 | 512341 | SH |  | SOLE |  | 512341 | 0 | 0 |
| ALPHABET INC CAP STK | CL A | 02079K305 |  | 137996 | 1564053 | SH |  | SOLE |  | 1564053 | 0 | 0 |
| ALTERYX INC COM | CL A | 02156B103 |  | 11568 | 228291 | SH |  | SOLE |  | 228291 | 0 | 0 |
| AMDOCS LTD | SHS | G02602103 |  | 38450 | 422993 | SH |  | SOLE |  | 422993 | 0 | 0 |
| AMEREN CORP | COM | 023608102 |  | 20982 | 235962 | SH |  | SOLE |  | 235962 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 43574 | 458916 | SH |  | SOLE |  | 458916 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 22941 | 150514 | SH |  | SOLE |  | 150514 | 0 | 0 |
| AMERISOURCEBERGEN CORP | COM | 03073E105 |  | 50091 | 302283 | SH |  | SOLE |  | 302283 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 69794 | 916654 | SH |  | SOLE |  | 916654 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 43340 | 264220 | SH |  | SOLE |  | 264220 | 0 | 0 |
| ANSYS INC | COM | 03662Q105 |  | 43949 | 181917 | SH |  | SOLE |  | 181917 | 0 | 0 |
| AON PLC SHS | CL A | G0403H108 |  | 55061 | 183451 | SH |  | SOLE |  | 183451 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 24615 | 527306 | SH |  | SOLE |  | 527306 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 130994 | 1008191 | SH |  | SOLE |  | 1008191 | 0 | 0 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 25111 | 224069 | SH |  | SOLE |  | 224069 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 19543 | 104582 | SH |  | SOLE |  | 104582 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 67823 | 283946 | SH |  | SOLE |  | 283946 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 25256 | 10241 | SH |  | SOLE |  | 10241 | 0 | 0 |
| BIO RAD LABS INC | CL A | 090572207 |  | 47998 | 114147 | SH |  | SOLE |  | 114147 | 0 | 0 |
| BJS WHSL CLUB HLDGS INC | COM | 05550J101 |  | 39079 | 590676 | SH |  | SOLE |  | 590676 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 40812 | 649451 | SH |  | SOLE |  | 649451 | 0 | 0 |
| BOX INC | CL A | 10316T104 |  | 40887 | 1313442 | SH |  | SOLE |  | 1313442 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 46692 | 290662 | SH |  | SOLE |  | 290662 | 0 | 0 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 40949 | 324581 | SH |  | SOLE |  | 324581 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 40105 | 267438 | SH |  | SOLE |  | 267438 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 39538 | 28496 | SH |  | SOLE |  | 28496 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 97536 | 1533346 | SH |  | SOLE |  | 1533346 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 48523 | 411214 | SH |  | SOLE |  | 411214 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 45755 | 100230 | SH |  | SOLE |  | 100230 | 0 | 0 |
| COUPANG INC | CL A | 22266T109 |  | 9505 | 646143 | SH |  | SOLE |  | 646143 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 70924 | 2289364 | SH |  | SOLE |  | 2289364 | 0 | 0 |
| CULLEN FROST BANKERS INC | COM | 229899109 |  | 40113 | 300026 | SH |  | SOLE |  | 300026 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 62922 | 237067 | SH |  | SOLE |  | 237067 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 26480 | 191429 | SH |  | SOLE |  | 191429 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 25664 | 59857 | SH |  | SOLE |  | 59857 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 24517 | 398580 | SH |  | SOLE |  | 398580 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 23324 | 205967 | SH |  | SOLE |  | 205967 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 23448 | 165779 | SH |  | SOLE |  | 165779 | 0 | 0 |
| EAST WEST BANCORP INC | COM | 27579R104 |  | 39635 | 601434 | SH |  | SOLE |  | 601434 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 24580 | 47917 | SH |  | SOLE |  | 47917 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 51238 | 140055 | SH |  | SOLE |  | 140055 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 44534 | 343839 | SH |  | SOLE |  | 343839 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 45278 | 956856 | SH |  | SOLE |  | 956856 | 0 | 0 |
| FIRST FINL BANKSHARES INC | COM | 32020R109 |  | 38326 | 1114125 | SH |  | SOLE |  | 1114125 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 11404 | 300101 | SH |  | SOLE |  | 300101 | 0 | 0 |
| FRESHWORKS INC CLASS A | COM | 358054104 |  | 11721 | 796794 | SH |  | SOLE |  | 796794 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 25290 | 101931 | SH |  | SOLE |  | 101931 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 66553 | 775227 | SH |  | SOLE |  | 775227 | 0 | 0 |
| HENRY SCHEIN INC | COM | 806407102 |  | 48693 | 609655 | SH |  | SOLE |  | 609655 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 34312 | 241944 | SH |  | SOLE |  | 241944 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 21520 | 170306 | SH |  | SOLE |  | 170306 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 23359 | 45607 | SH |  | SOLE |  | 45607 | 0 | 0 |
| HUNT J B TRANS SVCS INC | COM | 445658107 |  | 24120 | 138335 | SH |  | SOLE |  | 138335 | 0 | 0 |
| HYATT HOTELS CORP COM | CL A | 448579102 |  | 36883 | 407771 | SH |  | SOLE |  | 407771 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 46383 | 113695 | SH |  | SOLE |  | 113695 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 471 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 44653 | 261022 | SH |  | SOLE |  | 261022 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 41870 | 2315837 | SH |  | SOLE |  | 2315837 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 68331 | 181234 | SH |  | SOLE |  | 181234 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 25111 | 120606 | SH |  | SOLE |  | 120606 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 70459 | 216013 | SH |  | SOLE |  | 216013 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 |  | 20765 | 297752 | SH |  | SOLE |  | 297752 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 10659 | 21909 | SH |  | SOLE |  | 21909 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 46297 | 144508 | SH |  | SOLE |  | 144508 | 0 | 0 |
| MARATHON OIL CORP | COM | 565849106 |  | 23485 | 867578 | SH |  | SOLE |  | 867578 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 74544 | 450469 | SH |  | SOLE |  | 450469 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 96130 | 276449 | SH |  | SOLE |  | 276449 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 69702 | 264495 | SH |  | SOLE |  | 264495 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 24705 | 65860 | SH |  | SOLE |  | 65860 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 19879 | 23491 | SH |  | SOLE |  | 23491 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 59729 | 538341 | SH |  | SOLE |  | 538341 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 99839 | 829639 | SH |  | SOLE |  | 829639 | 0 | 0 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 24206 | 16746 | SH |  | SOLE |  | 16746 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 44903 | 639193 | SH |  | SOLE |  | 639193 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 504 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| MONDAY COM LTD | SHS | M7S64H106 |  | 11658 | 95554 | SH |  | SOLE |  | 95554 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 72734 | 1091289 | SH |  | SOLE |  | 1091289 | 0 | 0 |
| MOSAIC CO NEW | COM | 61945C103 |  | 12164 | 277264 | SH |  | SOLE |  | 277264 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 23374 | 50249 | SH |  | SOLE |  | 50249 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 45945 | 748895 | SH |  | SOLE |  | 748895 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 40948 | 681781 | SH |  | SOLE |  | 681781 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 91478 | 310220 | SH |  | SOLE |  | 310220 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 24010 | 287200 | SH |  | SOLE |  | 287200 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 66896 | 271470 | SH |  | SOLE |  | 271470 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 10842 | 19872 | SH |  | SOLE |  | 19872 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 11635 | 88270 | SH |  | SOLE |  | 88270 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 42182 | 266925 | SH |  | SOLE |  | 266925 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 30870 | 490085 | SH |  | SOLE |  | 490085 | 0 | 0 |
| OMNICOM GROUP INC | COM | 681919106 |  | 69505 | 852093 | SH |  | SOLE |  | 852093 | 0 | 0 |
| ONE GAS INC | COM | 68235P108 |  | 20648 | 272687 | SH |  | SOLE |  | 272687 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 419 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 46845 | 405370 | SH |  | SOLE |  | 405370 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 94826 | 524887 | SH |  | SOLE |  | 524887 | 0 | 0 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 27235 | 371052 | SH |  | SOLE |  | 371052 | 0 | 0 |
| PINTEREST INC | CL A | 72352L106 |  | 21375 | 880368 | SH |  | SOLE |  | 880368 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 72672 | 460127 | SH |  | SOLE |  | 460127 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 97902 | 645960 | SH |  | SOLE |  | 645960 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 24742 | 173631 | SH |  | SOLE |  | 173631 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 66473 | 92133 | SH |  | SOLE |  | 92133 | 0 | 0 |
| RELIANCE STEEL  ALUMINUM CO | COM | 759509102 |  | 12035 | 59448 | SH |  | SOLE |  | 59448 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 44610 | 345843 | SH |  | SOLE |  | 345843 | 0 | 0 |
| RESMED INC | COM | 761152107 |  | 44274 | 212723 | SH |  | SOLE |  | 212723 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 48063 | 111233 | SH |  | SOLE |  | 111233 | 0 | 0 |
| ROSS STORES INC | COM | 778296103 |  | 48568 | 418433 | SH |  | SOLE |  | 418433 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 65057 | 194236 | SH |  | SOLE |  | 194236 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 44935 | 840538 | SH |  | SOLE |  | 840538 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 34320 | 659626 | SH |  | SOLE |  | 659626 | 0 | 0 |
| SERVICE CORP INTL | COM | 817565104 |  | 41344 | 597975 | SH |  | SOLE |  | 597975 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 47647 | 480315 | SH |  | SOLE |  | 480315 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 71477 | 292352 | SH |  | SOLE |  | 292352 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 24412 | 76456 | SH |  | SOLE |  | 76456 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 43542 | 569546 | SH |  | SOLE |  | 569546 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 271 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 64100 | 116399 | SH |  | SOLE |  | 116399 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 24450 | 108683 | SH |  | SOLE |  | 108683 | 0 | 0 |
| THE TRADE DESK INC COM | CL A | 88339J105 |  | 22069 | 492274 | SH |  | SOLE |  | 492274 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 70551 | 340712 | SH |  | SOLE |  | 340712 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 42927 | 246936 | SH |  | SOLE |  | 246936 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 95511 | 180148 | SH |  | SOLE |  | 180148 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 |  | 44777 | 187862 | SH |  | SOLE |  | 187862 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 48300 | 380733 | SH |  | SOLE |  | 380733 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 41267 | 142900 | SH |  | SOLE |  | 142900 | 0 | 0 |
| VISA INC COM | CL A | 92826C839 |  | 72105 | 347060 | SH |  | SOLE |  | 347060 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 67537 | 430500 | SH |  | SOLE |  | 430500 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 53537 | 1296609 | SH |  | SOLE |  | 1296609 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 40362 | 1226811 | SH |  | SOLE |  | 1226811 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 |  | 43541 | 260210 | SH |  | SOLE |  | 260210 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 72574 | 566634 | SH |  | SOLE |  | 566634 | 0 | 0 |
| ZIONS BANCORPORATION N A | COM | 989701107 |  | 39573 | 804979 | SH |  | SOLE |  | 804979 | 0 | 0 |

---