UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
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.
Address:
65 E 55TH ST
30th Floor
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
Title:
Head of Legal, America and Chief Compliance Officer
Phone:
917-206-5136


Signature, Place, and Date of Signing:

/s/ Dana Troetel
                         [Signature]
New York, NEW YORK
                 [City, State]
01-27-2026
                           [Date]
                          

Report Type (Check only one.):

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

☐ 13F NOTICE. (Check here if no holdings reported are 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
          (thousands)

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


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
Abbott LaboratoriesCommon Stock0028241005,555,86144,344SHSOLE5,039 0 39,305
AECOMCommon Stock00766T10013,136,570137,801SHSOLE75,153 0 62,648
AerCap Holdings NVCommon StockN009851065,110,09335,546SHSOLE 0 0 35,546
AGCO CorpCommon Stock00108410210,504,295100,693SHSOLE55,033 0 45,660
Alcon AGCommon StockH0130112858,172,476728,305SHSOLE303,122 0 425,183
Align Technology IncCommon Stock01625510126,393,725169,028SHSOLE121,256 0 47,772
Alphabet IncCommon Stock02079K305133,468,209426,416SHSOLE273,168 0 153,248
Amazon.com IncCommon Stock02313510611,938,24251,721SHSOLE 0 0 51,721
Aon PLCCommon StockG0403H10862,278,031176,485SHSOLE78,051 0 98,434
Apple IncCommon Stock0378331006,795,95724,998SHSOLE 0 0 24,998
Arthur J Gallagher & CoCommon Stock363576109489,3721,891SHSOLE1,891 0 0
ASE Technology Holding Co LtdADR00215W1007,637,535474,381SHSOLE474,381 0 0
Autodesk IncCommon Stock05276910690,002,141304,051SHSOLE193,756 0 110,295
Automatic Data Processing IncCommon Stock05301510341,895,824162,873SHSOLE118,098 0 44,775
Barrick Mining CorpCommon Stock06849F1085,856,300134,473SHSOLE 0 0 134,473
Boeing Co/TheCommon Stock0970231053,654,34716,831SHSOLE 0 0 16,831
Booking Holdings IncCommon Stock09857L10885,712,06016,005SHSOLE11,331 0 4,674
Boston Scientific CorpCommon Stock1011371077,410,41277,718SHSOLE 0 0 77,718
Broadcom IncCommon Stock11135F10114,253,09141,182SHSOLE 0 0 41,182
Broadridge Financial Solutions IncCommon Stock11133T103272,4911,221SHSOLE1,221 0 0
Canadian Pacific Kansas City LtdCommon Stock13646K10816,228,008220,134SHSOLE131,878 0 88,256
Check Point Software Technologies LtdCommon StockM2246510437,788,553203,646SHSOLE146,070 0 57,576
Citizens Financial Group IncCommon Stock1746101054,056,45869,448SHSOLE 0 0 69,448
CME Group IncCommon Stock12572Q105477,0711,747SHSOLE1,747 0 0
Coca-Cola Co/TheCommon Stock191216100572,5638,190SHSOLE8,190 0 0
Colgate-Palmolive CoCommon Stock1941621035,881,61774,432SHSOLE 0 0 74,432
Coupang IncCommon Stock22266T10916,915717SHSOLE717 0 0
Credicorp LtdCommon StockG2519Y10847,875,620166,814SHSOLE98,948 0 67,866
CRH PLCCommon StockG255081055,450,01643,670SHSOLE 0 0 43,670
Delta Air Lines IncCommon Stock2473617022,874,13241,414SHSOLE 0 0 41,414
DoorDash IncCommon Stock25809K1052,129,3659,402SHSOLE 0 0 9,402
Dutch Bros IncCommon Stock26701L1002,168,59735,423SHSOLE 0 0 35,423
Edwards Lifesciences CorpCommon Stock28176E10848,417,229567,944SHSOLE402,677 0 165,267
Electronic Arts IncCommon Stock28551210967,960,569332,602SHSOLE233,045 0 99,557
Elevance Health IncCommon Stock0367521031,800,7765,137SHSOLE 0 0 5,137
Eli Lilly & CoCommon Stock5324571087,072,4706,581SHSOLE 0 0 6,581
Equifax IncCommon Stock294429105321,7821,483SHSOLE1,483 0 0
Exxon Mobil CorpCommon Stock30231G1024,317,55935,878SHSOLE 0 0 35,878
FactSet Research Systems IncCommon Stock30307510525,008,28686,179SHSOLE61,110 0 25,069
Ferrari NVCommon StockN3167Y1034,164,43111,126SHSOLE 0 0 11,126
Freeport-McMoRan IncCommon Stock35671D8573,290,02464,777SHSOLE 0 0 64,777
Gaming and Leisure Properties IncREIT36467J1082,291,07851,266SHSOLE 0 0 51,266
General Motors CoCommon Stock37045V1005,533,25768,043SHSOLE 0 0 68,043
Goldman Sachs Group Inc/TheCommon Stock38141G1044,601,5655,235SHSOLE 0 0 5,235
HDFC Bank LtdADR40415F1017,263,093198,771SHSOLE198,771 0 0
ICICI Bank LtdADR45104G10417,344,705582,037SHSOLE462,550 0 119,487
ICON PLCCommon StockG4705A10082,982,811455,399SHSOLE262,091 0 193,308
Intercontinental Exchange IncCommon Stock45866F1044,168,36525,737SHSOLE4,877 0 20,860
Intuit IncCommon Stock46120210372,091,833108,831SHSOLE78,107 0 30,724
Invesco Senior Loan ETFETP46138G508886,20042,200SHSOLE42,200 0 0
iShares Broad USD High Yield Corporate Bond ETFETP46435U853825,30822,070SHSOLE22,070 0 0
iShares MSCI Emerging Markets ETFETP46428723410,214,139186,696SHSOLE186,696 0 0
iShares MSCI India ETFETP46429B59859,875,3481,107,777SHSOLE1,107,777 0 0
Jack Henry & Associates IncCommon Stock42628110190,876498SHSOLE498 0 0
Jacobs Solutions IncCommon Stock46982L1084,967,91337,505SHSOLE 0 0 37,505
Johnson & JohnsonCommon Stock47816010457,584,255278,252SHSOLE174,363 0 103,889
JPMorgan Chase & CoCommon Stock46625H1008,640,00826,814SHSOLE 0 0 26,814
Kinross Gold CorpCommon Stock49690240412,421,234440,414SHSOLE440,414 0 0
Marsh & McLennan Cos IncCommon Stock57174810249,579,108267,244SHSOLE186,942 0 80,302
Mastercard IncCommon Stock57636Q10494,043,920164,735SHSOLE69,300 0 95,435
Meta Platforms IncCommon Stock30303M1023,569,7675,408SHSOLE 0 0 5,408
Microsoft CorpCommon Stock594918104124,440,266257,310SHSOLE151,688 0 105,622
Monster Beverage CorpCommon Stock61174X10935,627,171464,682SHSOLE330,310 0 134,372
Moody's CorpCommon Stock61536910533,446,88465,473SHSOLE46,605 0 18,868
Motorola Solutions IncCommon Stock62007630741,551,890108,400SHSOLE77,054 0 31,346
NetEase IncADR64110W10268,843,169500,241SHSOLE348,447 0 151,794
NextEra Energy IncCommon Stock65339F10122,818,467284,236SHSOLE162,721 0 121,515
NU Holdings Ltd/Cayman IslandsCommon StockG6683N10346,125,1652,755,386SHSOLE1,749,259 0 1,006,127
NVIDIA CorpCommon Stock67066G10428,371,872152,128SHSOLE 0 0 152,128
Okta IncCommon Stock6792951052,284,97026,425SHSOLE 0 0 26,425
Otis Worldwide CorpCommon Stock68902V107272,7073,122SHSOLE3,122 0 0
Philip Morris International IncCommon Stock718172109113,301,111706,366SHSOLE548,402 0 157,964
Pinterest IncCommon Stock72352L1062,159,14983,397SHSOLE 0 0 83,397
Planet Fitness IncCommon Stock72703H1013,918,15436,122SHSOLE 0 0 36,122
Procter & Gamble Co/TheCommon Stock7427181092,923,66820,401SHSOLE20,401 0 0
Robinhood Markets IncCommon Stock7707001021,794,10615,863SHSOLE 0 0 15,863
Roper Technologies IncCommon Stock776696106361,446812SHSOLE812 0 0
S&P Global IncCommon Stock78409V10436,292,31069,447SHSOLE49,326 0 20,121
STERIS PLCCommon StockG8473T100250,225987SHSOLE987 0 0
StoneCo LtdCommon StockG8515810623,382,1201,580,941SHSOLE1,049,886 0 531,055
Taiwan Semiconductor Manufacturing Co LtdADR87403910078,120,399257,068SHSOLE141,891 0 115,177
Take-Two Interactive Software IncCommon Stock8740541095,421,18021,174SHSOLE 0 0 21,174
TD SYNNEX CorpCommon Stock87162W1003,237,60721,551SHSOLE 0 0 21,551
TE Connectivity PLCCommon StockG8705210917,272,78875,921SHSOLE41,439 0 34,482
TechnipFMC PLCCommon StockG871101056,199,634139,130SHSOLE139,130 0 0
Ternium SAADR88089010830,004,090785,653SHSOLE430,789 0 354,864
Tetra Tech IncCommon Stock88162G10313,937,045415,535SHSOLE226,625 0 188,910
Thermo Fisher Scientific IncCommon Stock8835561024,254,3227,342SHSOLE 0 0 7,342
TKO Group Holdings IncCommon Stock87256C10113,006,27962,231SHSOLE 0 0 62,231
Tradeweb Markets IncCommon Stock8926721062,060,46719,160SHSOLE 0 0 19,160
TransUnionCommon Stock89400J1074,489,09952,351SHSOLE 0 0 52,351
Trimble IncCommon Stock8962391009,580,013122,272SHSOLE66,874 0 55,398
UBS Group AGCommon StockH420971076,268,482134,367SHSOLE 0 0 134,367
Vale SAADR91912E10543,803,9843,361,779SHSOLE2,166,347 0 1,195,432
Valmont Industries IncCommon Stock9202531019,345,09123,228SHSOLE12,708 0 10,520
VeriSign IncCommon Stock92343E10238,613,017158,934SHSOLE108,239 0 50,695
Visa IncCommon Stock92826C839153,731,626438,344SHSOLE313,798 0 124,546
Vista Energy SAB de CVADR92837L10923,543,173483,830SHSOLE328,169 0 155,661
Waste Management IncCommon Stock94106L1099,702,39644,160SHSOLE24,088 0 20,072
XP IncCommon StockG9823910923,506,5051,435,950SHSOLE967,441 0 468,509
Zillow Group IncCommon Stock98954M2003,805,92655,789SHSOLE 0 0 55,789
Zoetis IncCommon Stock98978V1031,629,99912,955SHSOLE1,362 0 11,593