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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)

accenture logo.png

Accenture is one of the world’s largest consulting firms, providing a portfolio of services in strategy, consulting, digital technology and operations.  It has over 530,000 employees across the globe servicing clients in over 40 industries.


Company: Alphabet Inc
Sector: Communication Services
Market Cap: $1.366T
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.


Company: Amgen Inc
Sector: Healthcare
Market Cap:
Purchased: May 2020

Amgen is a leading biotechnology company focusing on human therapeutics, innovating novel medicines based on cellular and molecular biology. Commercial areas include oncology, inflammation, bone health, cardiovascular disease, nephrology and neuroscience. Founded in 1980, it continues to expand product sales to around 100 countries.


Company: ASML Holding N.V.
Sector: Information Technology
Market Cap:
Purchased: July 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: Automatic Data Processing
Sector: Information Technology
Market Cap:
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.


Company: Fortinet
Sector: Information Technology
Market Cap: $46bn
Purchased:  January 2022

Fortinet is a US company which develops and sells software for information security like 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: 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.


Company: Novo Nordisk 
Sector: Healthcare
Market Cap:
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:
Purchased: March 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.


Company: Visa
Sector: information Technology
Market Cap:
Purchased: May 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.

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