Companies we own a share of.

ASM International

ASM.AS · Amsterdam

Atomic layer deposition — critical for gate-all-around transistors.

ASML

ASML · NasdaqGS

Sole supplier of EUV lithography — the narrowest bottleneck in computing.

Advanced Micro Devices

AMD · NasdaqGS

Data-center CPUs and accelerators; a share-gain position rather than an end-market bet.

Adyen

ADYEN.AS · Amsterdam

Single-platform payments processing with enterprise wins compounding.

Airbnb

ABNB · NasdaqGS

Asset-light travel demand with structurally high margins.

Alphabet

GOOGL · NasdaqGS

Search cash flows funding custom silicon and cloud at scale.

Amazon

AMZN · NasdaqGS

Retail margin recovery paired with AWS reacceleration.

American Express

AXP · NYSE

Premium spend franchise where credit losses stay stubbornly low.

Apple

AAPL · NasdaqGS

Installed-base compounder with expanding services mix and a durable buyback.

Applied Materials

AMAT · NasdaqGS

Deposition and etch tools levered to every node transition.

Arm Holdings

ARM · NasdaqGS

Instruction-set royalties compounding with every additional device and data-center core.

Atlas Copco

ATCO-A.ST · Stockholm

Compressors and vacuum pumps with high aftermarket mix.

Berkshire Hathaway

BRK-B · NYSE

Cash optionality and insurance float — our defensive anchor.

Block

XYZ · NYSE

Square merchant base and Cash App cross-sell, valued as if neither grows.

Broadcom

AVGO · NasdaqGS

Custom accelerators and networking silicon with software-like contract economics.

Cadence Design Systems

CDNS · NasdaqGS

The second half of that duopoly, with growing simulation attach.

Caterpillar

CAT · NYSE

Grid, mining and data-center construction demand in one machine fleet.

Cloudflare

NET · NYSE

Edge network monetizing developer distribution and zero-trust migration.

Costco

COST · NasdaqGS

Membership economics; the most reliable retail traffic compounder.

CrowdStrike

CRWD · NasdaqGS

Endpoint platform consolidating adjacent security budgets.

Datadog

DDOG · NasdaqGS

Observability spend scales with cloud footprint, not headcount.

Deere

DE · NYSE

Precision agriculture turning iron sales into recurring software revenue.

Eaton

ETN · NYSE

Electrical equipment backlog tied to grid and reshoring capex.

Eli Lilly

LLY · NYSE

Incretin franchise with manufacturing capacity as the moat.

GE Aerospace

GE · NYSE

Aftermarket spares on a decades-long installed engine base.

Goldman Sachs

GS · NYSE

Advisory and markets levered to a reopening capital-markets cycle.

Hitachi

6501.T · Tokyo

Governance reform turning a conglomerate into an industrial software firm.

Intel

INTC · NasdaqGS

US logic manufacturing and foundry buildout, held on asset value and policy tailwinds.

Investor AB

INVE-B.ST · Stockholm

Nordic holding vehicle bought below net asset value.

JPMorgan Chase

JPM · NYSE

Fortress balance sheet that gains share in every dislocation.

KLA

KLAC · NasdaqGS

Process control — yield metrology gets more valuable as nodes get harder.

LVMH

MC.PA · Paris

Luxury brand equity that survives a consumer slowdown.

Lam Research

LRCX · NasdaqGS

Etch intensity rises with 3D NAND layers and gate-all-around logic.

Linde

LIN · NasdaqGS

Industrial gases with contractual pass-through and utility-like returns.

Lockheed Martin

LMT · NYSE

Munitions replenishment and F-35 sustainment cash flows.

Mastercard

MA · NYSE

The same toll, with faster cross-border mix.

Meta Platforms

META · NasdaqGS

Ad ranking improvements converting compute spend into revenue per user.

Micron

MU · NasdaqGS

High-bandwidth memory turning a commodity cycle into a structural shortage.

Microsoft

MSFT · NasdaqGS

Enterprise software annuity plus the largest commercial AI inference book.

MongoDB

MDB · NasdaqGM

Developer-led database adoption converting to enterprise contracts.

NVIDIA

NVDA · NasdaqGS

Accelerated computing and networking — the toll road on AI training and inference.

Nestlé

NESN.SW · Swiss

Staples pricing power; a franc-denominated defensive holding.

Novartis

NOVN.SW · Swiss

Post-spin pipeline focus with a cleaner cost base.

Novo Nordisk

NVO · NYSE

The second incretin leg, held at a discount after estimate resets.

Palantir Technologies

PLTR · NasdaqGS

Decision software for defense, intelligence and large enterprise. A core software position.

PayPal

PYPL · NasdaqGS

Branded checkout stabilization at a deep-value multiple.

Prosus

PRX.AS · Amsterdam

Holding-company discount plus a maturing e-commerce portfolio.

Qualcomm

QCOM · NasdaqGS

Handset modems funding an underpriced automotive and edge-compute pivot.

RTX

RTX · NYSE

Missiles and defense electronics with a rebuilding backlog.

Rheinmetall

RHM.DE · XETRA

European rearmament expressed through ammunition capacity.

Salesforce

CRM · NYSE

Margin discipline arriving late but arriving, on a sticky revenue base.

Schneider Electric

SU.PA · Paris

Energy management for buildings and data centers.

ServiceNow

NOW · NYSE

Workflow layer becoming the system of record for enterprise operations.

Shell

SHEL · NYSE

LNG trading optionality plus disciplined buybacks.

Shopify

SHOP · NasdaqGS

Merchant software with payments take rate as the real engine.

Siemens

SIE.DE · XETRA

Industrial automation and rail with a software attach story.

Snowflake

SNOW · NYSE

Consumption-based data warehousing with visible AI workload attach.

Sony

6758.T · Tokyo

Image sensors, games and music — three separate compounders.

Synopsys

SNPS · NasdaqGS

EDA duopoly; chip design complexity is our revenue driver.

TSMC

TSM · NYSE

The leading-edge foundry monopoly; pricing power finally showing in gross margin.

Tokyo Electron

8035.T · Tokyo

Japanese wafer fab equipment leverage to the memory upcycle.

TotalEnergies

TTE · NYSE

Integrated energy at a persistent discount to US peers.

Uber

UBER · NYSE

Two-sided marketplace now generating real free cash flow.

UnitedHealth

UNH · NYSE

Vertical integration through Optum; underwriting cycle position.

Vertiv

VRT · NYSE

Data-center power and thermal — the physical constraint on AI buildout.

Visa

V · NYSE

Toll on global consumption with pricing power and no credit risk.