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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.   

(Note these are not investment recommendations)

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Company: Arista Networks
Sector: Information Technology
Market Cap: $51bn
Purchased: February 2023

Arista Networks is an American networking equipment provider that primarily sells Ethernet switches and software to data centers.  Microsoft and Meta Platforms are its largest customers, and around 75% of its $USD 4bn+ revenue is generated in North America.

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Company: AutoZone Inc
Sector: Consumer Discretionary
Market Cap:
$45bn
Purchased: July 2020

AutoZone is the premier seller of aftermarket automotive parts, tools, and accessories to do-it-yourself customers in the United States. The company derives an increasing proportion of its sales from domestic commercial customers, roughly three quarters in fiscal 2020, and has a growing presence in Mexico and Brazil. AutoZone had 6,549 stores in the U.S. (5,885), Mexico (621), and Brazil (43) as of the end of fiscal 2020.

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Company: Dollarama
Sector: Consumer Discretionary
Market Cap:
 $19bn
Purchased: July 2023

Dollarama is a Canadian discount retail chain offering general household merchandise, consumable products and seasonal items with over 1,500 stores across the country.  Annual revenue is around C$5bn a year.

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Company: Fortinet
Sector: Information Technology
Market Cap:
 $46bn
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.

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Company: Fortnox
Sector: Information Technology
Market Cap: $4bn
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.

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Company: Mastercard Inc
Sector: Information Technology
Market Cap: $372bn
Purchased: November 2021

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.

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Company: Meta Platforms Inc
Sector: Communication Services
Market Cap: $1.18tn
Purchased: August 2020

Meta is the world’s largest online social network, with 2.5 billion monthly active users. On the video side, the firm is in the process of building a library of premium content and monetizing it via ads or subscription revenue. The firm’s ecosystem consists mainly of the Facebook app, Instagram, Messenger, WhatsApp, and many features surrounding these products. Advertising revenue represents more than 90% of the firm’s total revenue, with 50% coming from the U.S. and Canada and 25% from Europe. With gross margins above 80%, Meta operates at a 30%-plus margin.

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Company: Microsoft Corp
Sector: Information Technology
Market Cap: $2.9tn
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 organized into three overarching segments: Productivity and Business Processes, Intelligence Cloud, and Personal Computing. Through acquisitions, Microsoft owns Xamarin, LinkedIn, and GitHub.

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Company: MSCI
Sector: Financials
Market Cap:
$43bn
Purchased: August 2020

MSCI is a global provider of equity, fixed income, real estate indexes, multi-asset portfolio analysis tools, ESG and climate products.  In addition, it boasts over $1 trillion in ETF assets linked to MSCI indexes. 

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Company: Nvidia Corp
Sector: Information Technology
Market Cap: $1.967bn
Purchased: March 2022

Nvidia is an American multi-national technology company, and a leading developer of graphics processing units.  It is a dominant supplier of artificial intelligence hardware and software, employing almost 30,000 people.

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