Evelyn Partners Portfolio Rebalancing
Evelyn Partners Rebalances Portfolio, Trimming Stakes in Five Major US Companies
Anonymous
Key Points
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In its latest 13F, Evelyn Partners Asset Management Ltd cut its Automatic Data Processing (ADP) position by 8.3%—ending the quarter with 35,441 shares after selling 3,224. ADP was described as a 2.1% portfolio weighting and Evelyn Partners’ 14th-largest holding, worth about $9.116 million in the filing.
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Evelyn Partners trimmed PPG Industries by 22.9% to 34,824 shares (after selling 10,320), with the position worth about $3.568 million. The article also notes other fund activity including Rosenberg Matthew Hamilton boosting its stake by 226.7%, and that PPG recently paid a quarterly dividend of $0.71 (with investors of record on May 11 and paid June 12).
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For Ferguson plc (FERG), Evelyn Partners Investment Management LLP reduced its stake by 5.7% to 49,593 shares (selling 3,000). The report highlights large opposing activity as well, including Maverick Capital Ltd increasing its Ferguson stake by 50.1%—now owning 22,114 shares valued at about $4.923 million—and notes hedge funds/institutional investors own 81.98% of the stock.
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Evelyn Partners Investment Management Europe Ltd trimmed CRH plc (CRH) by 2.6% to 226,850 shares (selling 6,054). CRH was characterized as Evelyn Partners’ largest CRH-related position—about 9.2% of the firm’s investment portfolio—and the holding was valued at roughly $28.311 million; institutional investors were said to own 62.50% of CRH.
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Although Evelyn Partners cut Deere & Company (DE) by 5.4% to 19,333 shares (after selling 1,095), other major investors increased exposure. The article states Vanguard Group increased by 0.9% (now 22,583,185 shares), State Street increased by 0.9% (10,485,949 shares), Capital World Investors boosted by 53.9% (to 9,592,004 shares), and Norges Bank acquired a new stake valued at about $1.716 million.
UK wealth manager Evelyn Partners has cut its stake in Automatic Data Processing by 8.3%, selling 3,224 shares and ending the quarter with 35,441 shares worth about $9.1 million, according to MarketBeat. The trim makes ADP the 14th-largest holding in the portfolio, at a 2.1% weighting.
The ADP cut is part of a broader pullback. Across its latest 13F filings, Evelyn Partners and its subsidiaries reduced positions in five major U.S.-listed companies: ADP, PPG Industries, Ferguson plc, CRH plc, and Deere & Company. The firm manages roughly £64.6 billion in assets, Evelyn Partners says.
Five U.S. Stakes Trimmed in One Filing Cycle
The steepest cut was in PPG Industries. Evelyn Partners sold 10,320 shares — a 22.9% reduction — leaving it with 34,824 shares valued at about $3.6 million, Watchlist News reported. The ADP cut was smaller at 8.3%, but still notable given ADP's size as a portfolio holding.
The firm also trimmed Ferguson plc by 5.7% to 49,593 shares, selling 3,000. It cut Deere & Company by 5.4% to 19,333 shares after selling 1,095. CRH plc saw the smallest reduction — just 2.6%, or 6,054 shares — leaving Evelyn Partners with 226,850 shares worth roughly $28.3 million, according to Ticker Report.
Evelyn Is Recycling Capital Away From U.S. Stocks
The cuts are not random. Investment Week reports that Evelyn is moving away from direct U.S. stock holdings and into global funds and index-based managed portfolio services. Lead portfolio manager Genevra Banszky von Ambroz said the goal is to "more effectively diversify" and "take some risk off the table."
Chief Investment Strategist Daniel Casali has called 2026 a "game of two halves," warning of inflation pressures and bond market volatility. The firm's view is not that these companies are failing. Rather, Evelyn wants capital in funds whose prices are "driven by underlying asset performance" — not market swings.
Big Funds Are Buying What Evelyn Is Selling
Other institutions are moving in the opposite direction. In Deere, Vanguard Group increased its stake by 0.9% to 22.6 million shares. State Street also grew by 0.9% to 10.5 million shares. Capital World Investors made the boldest move — a 53.9% increase to 9.6 million shares, according to Fintel.
In Ferguson, Maverick Capital Ltd boosted its position by 50.1%, now holding 22,114 shares worth about $4.9 million. In PPG, Rosenberg Matthew Hamilton increased its stake by a striking 226.7%. Institutional investors own 81.98% of Ferguson and 62.5% of CRH — meaning retail traders have little sway over these stocks.
Analysts See Value in the Stocks Evelyn Is Leaving
Some market watchers think Evelyn may be selling near the bottom. Seeking Alpha recently upgraded ADP from "Sell" to "Hold," noting that shares lost nearly a third of their value in 2025 and 2026 due to fears about AI disrupting business services. Analysts say the valuation has now "resolved concerns."
PPG paid a quarterly dividend of $0.71 per share on June 12 to investors of record as of May 11. Analysts hold a neutral-to-positive view on the stock. For now, the divide is clear: global giants like Vanguard and Capital World are buying the dip, while Evelyn is taking chips off the table.
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