# EDGAR Filing Document

**Accession Number:** 0001633343
**File Stem:** 0001140361-26-002461
**Filing Date:** 2026-1
**Character Count:** 14665
**Document Hash:** 4947f6e596d4f2f7487b935d18f37d12
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-002461.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001140361-26-002461

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**EFFECTIVENESS DATE**: 20260127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ninety One North America, Inc.
- **CENTRAL INDEX KEY:** 0001633343

**ORGANIZATION NAME:**
- **EIN:** 900948553

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16538
- **FILM NUMBER:** 26562011

**BUSINESS ADDRESS:**
- **STREET 1:** 65 E 55TH ST
- **STREET 2:** 30TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 917-206-5179

**MAIL ADDRESS:**
- **STREET 1:** 65 E 55TH ST
- **STREET 2:** 30TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Investec Asset Management North America, Inc.
- **DATE OF NAME CHANGE:** 20150210

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** Ninety One North America Inc.<br>**Address:** 65 E 55TH ST<br>30th Floor<br>New York, NY 10022

**Form 13F File Number:** 028-16538

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:** Dana Troetel<br>**Title:** Head of Legal America and Chief Compliance Officer<br>**Phone:** 917-206-5136

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

/s/ Dana Troetel  New York, NY  01-27-2026<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:** 102

**Form 13F Information Table Value Total:** $2467081828

      (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 Laboratories | Common Stock | 002824100 |  | 5555861 | 44344 | SH |  | SOLE |  | 5039 | 0 | 39305 |
| AECOM | Common Stock | 00766T100 |  | 13136570 | 137801 | SH |  | SOLE |  | 75153 | 0 | 62648 |
| AerCap Holdings NV | Common Stock | N00985106 |  | 5110093 | 35546 | SH |  | SOLE |  | 0 | 0 | 35546 |
| AGCO Corp | Common Stock | 001084102 |  | 10504295 | 100693 | SH |  | SOLE |  | 55033 | 0 | 45660 |
| Alcon AG | Common Stock | H01301128 |  | 58172476 | 728305 | SH |  | SOLE |  | 303122 | 0 | 425183 |
| Align Technology Inc | Common Stock | 016255101 |  | 26393725 | 169028 | SH |  | SOLE |  | 121256 | 0 | 47772 |
| Alphabet Inc | Common Stock | 02079K305 |  | 133468209 | 426416 | SH |  | SOLE |  | 273168 | 0 | 153248 |
| Amazon.com Inc | Common Stock | 023135106 |  | 11938242 | 51721 | SH |  | SOLE |  | 0 | 0 | 51721 |
| Aon PLC | Common Stock | G0403H108 |  | 62278031 | 176485 | SH |  | SOLE |  | 78051 | 0 | 98434 |
| Apple Inc | Common Stock | 037833100 |  | 6795957 | 24998 | SH |  | SOLE |  | 0 | 0 | 24998 |
| Arthur J Gallagher  Co | Common Stock | 363576109 |  | 489372 | 1891 | SH |  | SOLE |  | 1891 | 0 | 0 |
| ASE Technology Holding Co Ltd | ADR | 00215W100 |  | 7637535 | 474381 | SH |  | SOLE |  | 474381 | 0 | 0 |
| Autodesk Inc | Common Stock | 052769106 |  | 90002141 | 304051 | SH |  | SOLE |  | 193756 | 0 | 110295 |
| Automatic Data Processing Inc | Common Stock | 053015103 |  | 41895824 | 162873 | SH |  | SOLE |  | 118098 | 0 | 44775 |
| Barrick Mining Corp | Common Stock | 06849F108 |  | 5856300 | 134473 | SH |  | SOLE |  | 0 | 0 | 134473 |
| Boeing Co/The | Common Stock | 097023105 |  | 3654347 | 16831 | SH |  | SOLE |  | 0 | 0 | 16831 |
| Booking Holdings Inc | Common Stock | 09857L108 |  | 85712060 | 16005 | SH |  | SOLE |  | 11331 | 0 | 4674 |
| Boston Scientific Corp | Common Stock | 101137107 |  | 7410412 | 77718 | SH |  | SOLE |  | 0 | 0 | 77718 |
| Broadcom Inc | Common Stock | 11135F101 |  | 14253091 | 41182 | SH |  | SOLE |  | 0 | 0 | 41182 |
| Broadridge Financial Solutions Inc | Common Stock | 11133T103 |  | 272491 | 1221 | SH |  | SOLE |  | 1221 | 0 | 0 |
| Canadian Pacific Kansas City Ltd | Common Stock | 13646K108 |  | 16228008 | 220134 | SH |  | SOLE |  | 131878 | 0 | 88256 |
| Check Point Software Technologies Ltd | Common Stock | M22465104 |  | 37788553 | 203646 | SH |  | SOLE |  | 146070 | 0 | 57576 |
| Citizens Financial Group Inc | Common Stock | 174610105 |  | 4056458 | 69448 | SH |  | SOLE |  | 0 | 0 | 69448 |
| CME Group Inc | Common Stock | 12572Q105 |  | 477071 | 1747 | SH |  | SOLE |  | 1747 | 0 | 0 |
| Coca-Cola Co/The | Common Stock | 191216100 |  | 572563 | 8190 | SH |  | SOLE |  | 8190 | 0 | 0 |
| Colgate-Palmolive Co | Common Stock | 194162103 |  | 5881617 | 74432 | SH |  | SOLE |  | 0 | 0 | 74432 |
| Coupang Inc | Common Stock | 22266T109 |  | 16915 | 717 | SH |  | SOLE |  | 717 | 0 | 0 |
| Credicorp Ltd | Common Stock | G2519Y108 |  | 47875620 | 166814 | SH |  | SOLE |  | 98948 | 0 | 67866 |
| CRH PLC | Common Stock | G25508105 |  | 5450016 | 43670 | SH |  | SOLE |  | 0 | 0 | 43670 |
| Delta Air Lines Inc | Common Stock | 247361702 |  | 2874132 | 41414 | SH |  | SOLE |  | 0 | 0 | 41414 |
| DoorDash Inc | Common Stock | 25809K105 |  | 2129365 | 9402 | SH |  | SOLE |  | 0 | 0 | 9402 |
| Dutch Bros Inc | Common Stock | 26701L100 |  | 2168597 | 35423 | SH |  | SOLE |  | 0 | 0 | 35423 |
| Edwards Lifesciences Corp | Common Stock | 28176E108 |  | 48417229 | 567944 | SH |  | SOLE |  | 402677 | 0 | 165267 |
| Electronic Arts Inc | Common Stock | 285512109 |  | 67960569 | 332602 | SH |  | SOLE |  | 233045 | 0 | 99557 |
| Elevance Health Inc | Common Stock | 036752103 |  | 1800776 | 5137 | SH |  | SOLE |  | 0 | 0 | 5137 |
| Eli Lilly  Co | Common Stock | 532457108 |  | 7072470 | 6581 | SH |  | SOLE |  | 0 | 0 | 6581 |
| Equifax Inc | Common Stock | 294429105 |  | 321782 | 1483 | SH |  | SOLE |  | 1483 | 0 | 0 |
| Exxon Mobil Corp | Common Stock | 30231G102 |  | 4317559 | 35878 | SH |  | SOLE |  | 0 | 0 | 35878 |
| FactSet Research Systems Inc | Common Stock | 303075105 |  | 25008286 | 86179 | SH |  | SOLE |  | 61110 | 0 | 25069 |
| Ferrari NV | Common Stock | N3167Y103 |  | 4164431 | 11126 | SH |  | SOLE |  | 0 | 0 | 11126 |
| Freeport-McMoRan Inc | Common Stock | 35671D857 |  | 3290024 | 64777 | SH |  | SOLE |  | 0 | 0 | 64777 |
| Gaming and Leisure Properties Inc | REIT | 36467J108 |  | 2291078 | 51266 | SH |  | SOLE |  | 0 | 0 | 51266 |
| General Motors Co | Common Stock | 37045V100 |  | 5533257 | 68043 | SH |  | SOLE |  | 0 | 0 | 68043 |
| Goldman Sachs Group Inc/The | Common Stock | 38141G104 |  | 4601565 | 5235 | SH |  | SOLE |  | 0 | 0 | 5235 |
| HDFC Bank Ltd | ADR | 40415F101 |  | 7263093 | 198771 | SH |  | SOLE |  | 198771 | 0 | 0 |
| ICICI Bank Ltd | ADR | 45104G104 |  | 17344705 | 582037 | SH |  | SOLE |  | 462550 | 0 | 119487 |
| ICON PLC | Common Stock | G4705A100 |  | 82982811 | 455399 | SH |  | SOLE |  | 262091 | 0 | 193308 |
| Intercontinental Exchange Inc | Common Stock | 45866F104 |  | 4168365 | 25737 | SH |  | SOLE |  | 4877 | 0 | 20860 |
| Intuit Inc | Common Stock | 461202103 |  | 72091833 | 108831 | SH |  | SOLE |  | 78107 | 0 | 30724 |
| Invesco Senior Loan ETF | ETP | 46138G508 |  | 886200 | 42200 | SH |  | SOLE |  | 42200 | 0 | 0 |
| iShares Broad USD High Yield Corporate Bond ETF | ETP | 46435U853 |  | 825308 | 22070 | SH |  | SOLE |  | 22070 | 0 | 0 |
| iShares MSCI Emerging Markets ETF | ETP | 464287234 |  | 10214139 | 186696 | SH |  | SOLE |  | 186696 | 0 | 0 |
| iShares MSCI India ETF | ETP | 46429B598 |  | 59875348 | 1107777 | SH |  | SOLE |  | 1107777 | 0 | 0 |
| Jack Henry  Associates Inc | Common Stock | 426281101 |  | 90876 | 498 | SH |  | SOLE |  | 498 | 0 | 0 |
| Jacobs Solutions Inc | Common Stock | 46982L108 |  | 4967913 | 37505 | SH |  | SOLE |  | 0 | 0 | 37505 |
| Johnson  Johnson | Common Stock | 478160104 |  | 57584255 | 278252 | SH |  | SOLE |  | 174363 | 0 | 103889 |
| JPMorgan Chase  Co | Common Stock | 46625H100 |  | 8640008 | 26814 | SH |  | SOLE |  | 0 | 0 | 26814 |
| Kinross Gold Corp | Common Stock | 496902404 |  | 12421234 | 440414 | SH |  | SOLE |  | 440414 | 0 | 0 |
| Marsh  McLennan Cos Inc | Common Stock | 571748102 |  | 49579108 | 267244 | SH |  | SOLE |  | 186942 | 0 | 80302 |
| Mastercard Inc | Common Stock | 57636Q104 |  | 94043920 | 164735 | SH |  | SOLE |  | 69300 | 0 | 95435 |
| Meta Platforms Inc | Common Stock | 30303M102 |  | 3569767 | 5408 | SH |  | SOLE |  | 0 | 0 | 5408 |
| Microsoft Corp | Common Stock | 594918104 |  | 124440266 | 257310 | SH |  | SOLE |  | 151688 | 0 | 105622 |
| Monster Beverage Corp | Common Stock | 61174X109 |  | 35627171 | 464682 | SH |  | SOLE |  | 330310 | 0 | 134372 |
| Moody's Corp | Common Stock | 615369105 |  | 33446884 | 65473 | SH |  | SOLE |  | 46605 | 0 | 18868 |
| Motorola Solutions Inc | Common Stock | 620076307 |  | 41551890 | 108400 | SH |  | SOLE |  | 77054 | 0 | 31346 |
| NetEase Inc | ADR | 64110W102 |  | 68843169 | 500241 | SH |  | SOLE |  | 348447 | 0 | 151794 |
| NextEra Energy Inc | Common Stock | 65339F101 |  | 22818467 | 284236 | SH |  | SOLE |  | 162721 | 0 | 121515 |
| NU Holdings Ltd/Cayman Islands | Common Stock | G6683N103 |  | 46125165 | 2755386 | SH |  | SOLE |  | 1749259 | 0 | 1006127 |
| NVIDIA Corp | Common Stock | 67066G104 |  | 28371872 | 152128 | SH |  | SOLE |  | 0 | 0 | 152128 |
| Okta Inc | Common Stock | 679295105 |  | 2284970 | 26425 | SH |  | SOLE |  | 0 | 0 | 26425 |
| Otis Worldwide Corp | Common Stock | 68902V107 |  | 272707 | 3122 | SH |  | SOLE |  | 3122 | 0 | 0 |
| Philip Morris International Inc | Common Stock | 718172109 |  | 113301111 | 706366 | SH |  | SOLE |  | 548402 | 0 | 157964 |
| Pinterest Inc | Common Stock | 72352L106 |  | 2159149 | 83397 | SH |  | SOLE |  | 0 | 0 | 83397 |
| Planet Fitness Inc | Common Stock | 72703H101 |  | 3918154 | 36122 | SH |  | SOLE |  | 0 | 0 | 36122 |
| Procter  Gamble Co/The | Common Stock | 742718109 |  | 2923668 | 20401 | SH |  | SOLE |  | 20401 | 0 | 0 |
| Robinhood Markets Inc | Common Stock | 770700102 |  | 1794106 | 15863 | SH |  | SOLE |  | 0 | 0 | 15863 |
| Roper Technologies Inc | Common Stock | 776696106 |  | 361446 | 812 | SH |  | SOLE |  | 812 | 0 | 0 |
| S Global Inc | Common Stock | 78409V104 |  | 36292310 | 69447 | SH |  | SOLE |  | 49326 | 0 | 20121 |
| STERIS PLC | Common Stock | G8473T100 |  | 250225 | 987 | SH |  | SOLE |  | 987 | 0 | 0 |
| StoneCo Ltd | Common Stock | G85158106 |  | 23382120 | 1580941 | SH |  | SOLE |  | 1049886 | 0 | 531055 |
| Taiwan Semiconductor Manufacturing Co Ltd | ADR | 874039100 |  | 78120399 | 257068 | SH |  | SOLE |  | 141891 | 0 | 115177 |
| Take-Two Interactive Software Inc | Common Stock | 874054109 |  | 5421180 | 21174 | SH |  | SOLE |  | 0 | 0 | 21174 |
| TD SYNNEX Corp | Common Stock | 87162W100 |  | 3237607 | 21551 | SH |  | SOLE |  | 0 | 0 | 21551 |
| TE Connectivity PLC | Common Stock | G87052109 |  | 17272788 | 75921 | SH |  | SOLE |  | 41439 | 0 | 34482 |
| TechnipFMC PLC | Common Stock | G87110105 |  | 6199634 | 139130 | SH |  | SOLE |  | 139130 | 0 | 0 |
| Ternium SA | ADR | 880890108 |  | 30004090 | 785653 | SH |  | SOLE |  | 430789 | 0 | 354864 |
| Tetra Tech Inc | Common Stock | 88162G103 |  | 13937045 | 415535 | SH |  | SOLE |  | 226625 | 0 | 188910 |
| Thermo Fisher Scientific Inc | Common Stock | 883556102 |  | 4254322 | 7342 | SH |  | SOLE |  | 0 | 0 | 7342 |
| TKO Group Holdings Inc | Common Stock | 87256C101 |  | 13006279 | 62231 | SH |  | SOLE |  | 0 | 0 | 62231 |
| Tradeweb Markets Inc | Common Stock | 892672106 |  | 2060467 | 19160 | SH |  | SOLE |  | 0 | 0 | 19160 |
| TransUnion | Common Stock | 89400J107 |  | 4489099 | 52351 | SH |  | SOLE |  | 0 | 0 | 52351 |
| Trimble Inc | Common Stock | 896239100 |  | 9580013 | 122272 | SH |  | SOLE |  | 66874 | 0 | 55398 |
| UBS Group AG | Common Stock | H42097107 |  | 6268482 | 134367 | SH |  | SOLE |  | 0 | 0 | 134367 |
| Vale SA | ADR | 91912E105 |  | 43803984 | 3361779 | SH |  | SOLE |  | 2166347 | 0 | 1195432 |
| Valmont Industries Inc | Common Stock | 920253101 |  | 9345091 | 23228 | SH |  | SOLE |  | 12708 | 0 | 10520 |
| VeriSign Inc | Common Stock | 92343E102 |  | 38613017 | 158934 | SH |  | SOLE |  | 108239 | 0 | 50695 |
| Visa Inc | Common Stock | 92826C839 |  | 153731626 | 438344 | SH |  | SOLE |  | 313798 | 0 | 124546 |
| Vista Energy SAB de CV | ADR | 92837L109 |  | 23543173 | 483830 | SH |  | SOLE |  | 328169 | 0 | 155661 |
| Waste Management Inc | Common Stock | 94106L109 |  | 9702396 | 44160 | SH |  | SOLE |  | 24088 | 0 | 20072 |
| XP Inc | Common Stock | G98239109 |  | 23506505 | 1435950 | SH |  | SOLE |  | 967441 | 0 | 468509 |
| Zillow Group Inc | Common Stock | 98954M200 |  | 3805926 | 55789 | SH |  | SOLE |  | 0 | 0 | 55789 |
| Zoetis Inc | Common Stock | 98978V103 |  | 1629999 | 12955 | SH |  | SOLE |  | 1362 | 0 | 11593 |

---