Bought FINT & KLAC，Sold GOOG & ASML In the last 12 months

Long_Equity
10-17

Here’s the current portfolio.

In the last 12 months, I have:

Bought

• Fortinet $Fortinet(FTNT)$

• KLA Corp $KLA-Tencor(KLAC)$

Sold

• Alphabet $Alphabet(GOOG)$ $Alphabet(GOOGL)$

• ASML $ASML Holding NV(ASML)$

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I sold ASML in June. It will probably outperform long term, but my view is there are better opportunities in semiconductors

High capital expenditure. I’m currently trying to rebalance towards companies with lower CAPEX margins.

My bull case for all the companies I own is the underlying quality of the business. KLA had a lower CAPEX margin than ASML, and from memory benefit ROC and more predictable growth.

Fortinet is up 20% since buying. KLA is down 13%, but was up 4% yesterday! Will look at the other numbers later.

Semiconductors underpin nearly all technology, and advanced tech has driven nearly all economic growth in developed economies over the last 2 decades.

This is reflected in the performance of the MSCI Semi index.

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I’m away from my computer so would need to check, but a couple of free sites online suggest otherwise - or at least it was short lived.

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