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:
09-30-2025
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]
10-20-2025
                           [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:
68
Form 13F Information table Value Total:
2144775680
          (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 Stock002824100891,1036,653SHSOLE6,653 0 0
Accenture PLCCommon StockG1151C1011,147,9234,655SHSOLE4,655 0 0
AECOMCommon Stock00766T10017,480,110133,978SHSOLE72,585 0 61,393
AGCO CorpCommon Stock00108410210,480,86997,888SHSOLE53,141 0 44,747
Align Technology IncCommon Stock01625510120,791,028166,036SHSOLE118,264 0 47,772
Alphabet IncCommon Stock02079K30590,884,394373,856SHSOLE266,427 0 107,429
Aon PLCCommon StockG0403H10851,813,571145,307SHSOLE64,867 0 80,440
Arthur J Gallagher & CoCommon Stock363576109773,4212,497SHSOLE2,497 0 0
ASE Technology Holding Co LtdADR00215W1005,509,457496,795SHSOLE496,795 0 0
Autodesk IncCommon Stock05276910694,064,629296,108SHSOLE196,812 0 99,296
Automatic Data Processing IncCommon Stock05301510347,639,159162,314SHSOLE117,539 0 44,775
Booking Holdings IncCommon Stock09857L10884,925,11815,729SHSOLE11,055 0 4,674
Broadridge Financial Solutions IncCommon Stock11133T103383,9311,612SHSOLE1,612 0 0
Canadian Pacific Kansas City LtdCommon Stock13646K10816,053,012215,496SHSOLE129,008 0 86,488
Check Point Software Technologies LtdCommon StockM2246510441,390,484200,041SHSOLE142,465 0 57,576
CME Group IncCommon Stock12572Q105623,3292,307SHSOLE2,307 0 0
Coca-Cola Co/TheCommon Stock191216100717,18510,814SHSOLE10,814 0 0
Coupang IncCommon Stock22266T10931,579,249980,722SHSOLE579,804 0 400,918
Credicorp LtdCommon StockG2519Y10840,426,630151,820SHSOLE85,487 0 66,333
Edwards Lifesciences CorpCommon Stock28176E10842,882,301551,399SHSOLE392,736 0 158,663
Electronic Arts IncCommon Stock28551210965,150,714323,008SHSOLE227,351 0 95,657
Embraer SAADR29082A1074,410,55372,962SHSOLE72,962 0 0
Equifax IncCommon Stock294429105502,2861,958SHSOLE1,958 0 0
FactSet Research Systems IncCommon Stock30307510524,261,69384,686SHSOLE59,617 0 25,069
HDFC Bank LtdADR40415F1016,837,125200,150SHSOLE200,150 0 0
ICICI Bank LtdADR45104G10412,118,694400,883SHSOLE400,883 0 0
ICON PLCCommon StockG4705A10077,498,226442,847SHSOLE257,269 0 185,578
Intercontinental Exchange IncCommon Stock45866F1041,084,8436,439SHSOLE6,439 0 0
Intuit IncCommon Stock46120210373,005,811106,904SHSOLE76,180 0 30,724
Invesco Senior Loan ETFETP46138G508883,24642,200SHSOLE42,200 0 0
iShares Broad USD High Yield Corporate Bond ETFETP46435U853474,89512,570SHSOLE12,570 0 0
iShares MSCI Emerging Markets ETFETP4642872348,055,978150,861SHSOLE150,861 0 0
iShares MSCI India ETFETP46429B59844,476,160854,325SHSOLE854,325 0 0
iShares MSCI UAE ETFETP46434V7615,093,406269,635SHSOLE269,635 0 0
Jack Henry & Associates IncCommon Stock42628110197,848657SHSOLE657 0 0
Johnson & JohnsonCommon Stock47816010444,643,574240,770SHSOLE170,089 0 70,681
Kinross Gold CorpCommon Stock49690240413,438,032541,334SHSOLE541,334 0 0
Marsh & McLennan Cos IncCommon Stock57174810219,759,00998,045SHSOLE67,749 0 30,296
Mastercard IncCommon Stock57636Q10482,195,321144,504SHSOLE68,788 0 75,716
MercadoLibre IncCommon Stock58733R10211,084,1074,743SHSOLE4,743 0 0
Microsoft CorpCommon Stock594918104141,816,782273,804SHSOLE196,340 0 77,464
Monster Beverage CorpCommon Stock61174X10935,184,688522,726SHSOLE367,090 0 155,636
Moody's CorpCommon Stock61536910530,705,32564,442SHSOLE45,574 0 18,868
Motorola Solutions IncCommon Stock62007630726,467,03157,878SHSOLE40,793 0 17,085
NetEase IncADR64110W10273,524,403483,745SHSOLE337,921 0 145,824
NextEra Energy IncCommon Stock65339F10125,715,216340,644SHSOLE194,550 0 146,094
NU Holdings Ltd/Cayman IslandsCommon StockG6683N10336,012,6062,249,382SHSOLE1,533,340 0 716,042
Otis Worldwide CorpCommon Stock68902V107376,8754,122SHSOLE4,122 0 0
Philip Morris International IncCommon Stock718172109112,680,178694,699SHSOLE536,735 0 157,964
Procter & Gamble Co/TheCommon Stock7427181094,138,71726,936SHSOLE26,936 0 0
Roper Technologies IncCommon Stock776696106534,5961,072SHSOLE1,072 0 0
S&P Global IncCommon Stock78409V10433,271,49668,360SHSOLE48,239 0 20,121
Sea LtdADR81141R10066,577,283372,502SHSOLE276,434 0 96,068
SPDR Blackstone Senior Loan ETFETP78467V608903,03521,718SHSOLE21,718 0 0
STERIS PLCCommon StockG8473T100322,4151,303SHSOLE1,303 0 0
StoneCo LtdCommon StockG8515810630,125,1431,593,080SHSOLE1,059,637 0 533,443
Taiwan Semiconductor Manufacturing Co LtdADR87403910085,445,983305,940SHSOLE168,673 0 137,267
TE Connectivity PLCCommon StockG8705210917,999,70481,992SHSOLE44,421 0 37,571
TechnipFMC PLCCommon StockG871101054,655,534118,011SHSOLE118,011 0 0
Ternium SAADR88089010832,312,515930,392SHSOLE534,254 0 396,138
Tetra Tech IncCommon Stock88162G10313,488,692404,095SHSOLE218,971 0 185,124
Vale SAADR91912E10536,680,5413,377,582SHSOLE2,175,753 0 1,201,829
VeriSign IncCommon Stock92343E10243,023,307153,891SHSOLE105,646 0 48,245
Visa IncCommon Stock92826C839147,471,040431,985SHSOLE307,439 0 124,546
Vista Energy SAB de CVADR92837L10916,769,209487,477SHSOLE331,133 0 156,344
Waste Management IncCommon Stock94106L1099,482,22042,939SHSOLE23,268 0 19,671
XP IncCommon StockG9823910923,299,6381,240,002SHSOLE835,734 0 404,268
Zoetis IncCommon Stock98978V103263,0841,798SHSOLE1,798 0 0