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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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.

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Company: Adyen
Sector: Information Technology
Market Cap:
$47bn
Purchased: May 2020

Adyen is a Dutch company that provides merchants online services for accepting electronic payments.  It has offices in 27 countries and has grown to processing over EUR 300bn in payments in 2020.

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Company: Alphabet Inc
Sector: Communication Services
Market Cap:
 $1.4t
Purchased: August 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.

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Company: Automatic Data Processing
Sector: Information Technology
Market Cap:
$106bn
Purchased: May 2020

ADP is a provider of payroll and human capital management solutions.  It has almost almost 60,000 employees and a million clients from small businesses to global companies, primarily in the US. 

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Company: LVMH
Sector: Consumer Discretionary
Market Cap: $305bn
Purchased: July 2021

Moët Hennessy Louis Vuitton or LVMH for short is a French  multinational corporation specializing in luxury goods.  It has around 75 major brands (or houses as it calls them) and over 5,000 stores around the world.  Since 2021 it has had the largest capitalisation of any European company.

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Company: Mastercard Inc
Sector: Information Technology
Market Cap: $350bn
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: Microsoft Corp
Sector: Information Technology
Market Cap:
$2470bn
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: Novo Nordisk A/S
Sector: Healthcare
Market Cap:
$281bn
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.

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Company: Taiwan Semiconductor
Sector: Information Technology
Market Cap:
 $486bn
Purchased: May 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.

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Company: Visa
Sector: Information Technology
Market Cap: $493bn
Purchased: October 2020

Visa is the world’s largest payments processor.  Outside of China it commands a 50% share of total card payments.  In 2021 it processed over $10 trllion in purchase transactions.