
Top Ten
Our Top 10 holdings, are our favourite companies. They typically have a wide moat, and are likely to earn excess profits over the long run. They have all scored very highly in our factor based selection methodology.
Please note these are not investment recommendations. Market Capitalisation as of 30/04/2025.

Company: Adobe Inc
Sector: Information Technology
Market Cap: $159.8bn
Purchased: May 2020
Adobe provides content creation, document management, digital marketing and advertising software and services to creative professionals and marketers. The company operates with three segments: digital media content creation, digital experience for marketing solutions, and publishing for legacy products (less than 5% of revenue).

Company: Alphabet Inc
Sector: Communication Services
Market Cap: $1.94tn
Purchased: Aug 2020
Alphabet is a holding company, with Google, the Internet media giant, as a wholly owned subsidiary. Google generates 99% of Alphabet revenue, of which more than 85% is from online ads. Google’s other revenue is from sales of apps and content on Google Play and YouTube, as well as cloud service fees and other licensing revenue. Sales of hardware such as Chromebooks, the Pixel smartphone, and smart homes products, which include Nest and Google Home, also contribute to other revenue. Alphabet’s operating margin has been 25%-30%, with Google at 30% and other bets operating at a loss.

Company: ASML Holding N.V.
Sector: Information Technology
Market Cap: $260.5bn
Purchased: Jul 2021
Netherlands based ASML develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The company services clients worldwide.

Company: Fortinet Inc
Sector: Information Technology
Market Cap: $79.3bn
Purchased: Jan 2022
Fortinet is a US company which develops and sells software for information security including firewalls, antivirus programs or intrusion detection systems. The firm derives a majority of its revenue through sales of its subscriptions and support-based business and has more than 500,000 customers across the world.

Company: Fortnox Inc
Sector: Information Technology
Market Cap: $5.5bn
Purchased: May 2023
Fortnox is a flexible cloud-based business solutions platform for accountancy, bookkeeping, payroll and invoicing. Its high margin fast growing subscription model helps businesses start, grow and develop.

Company: Mastercard Inc
Sector: Financials
Market Cap: $497.7bn
Purchased: Aug 2020
Mastercard, the American financial services multinational is the second largest payment processor in the world. It operates in over 200 countries and 150 currencies. Its major brands are MasterCard, Maestro and Cirrus.

Company: Medpace holdings Inc
Sector: Healthcare
Market Cap: $8.8bn
Purchased: Feb 2023
Medpace is a global, full-service contract research organisation headquartered in Ohio. Founded in 1992, the company provides comprehensive clinical development services, from Phase I through Phase IV clinical trials, to the pharmaceutical, biotechnology, and medical device industries. Medpace specialises in therapeutic areas such as oncology, cardiology, metabolic diseases, endocrinology, central nervous system disorders, and antiviral and anti-infective treatments.

Company: Microsoft Corp
Sector: Information Technology
Market Cap: $2.94tn
Purchased: May 2020
Microsoft develops and licenses consumer and enterprise software. It is known for its Windows operating systems and Office productivity suite. The company is organised into three overarching segments: Productivity and Business Processes, Intelligence Cloud, and Personal Computing. Through acquisitions, Microsoft owns Xamarin, LinkedIn, and GitHub.

Company: Novo Nordisk
Sector: Healthcare
Market Cap: $295.5bn
Purchased: May 2020
A global healthcare company with 90 years of innovation and leadership in diabetes care, it has almost 50% market share by volume of the global insulin market. The company also has leading positions within haemophilia care, growth hormone therapy and hormone replacement therapy.

Company: Taiwan Semiconductor
Sector: Information Technology
Market Cap: $736.5bn
Purchased: Mar 2021
Taiwan Semiconductor is the worlds largest semiconductor manufacturing and design company which has maintained an over 50% share of the global market since the early 2000s. It has around 65,000 employees and was the first Taiwanese company to be listed on the New York Stock Exchange.