November 2025 Portfolio Update: Arista & Constellation Out, Lam Research In

Long_Equity
11-30

NOVEMBER 2025 Factsheet

OUT: $Arista Networks(ANET)$ and $Constellation Software, Inc.(CNSWY)$

IN: $Lam Research(LRCX)$

The portfolio is optimised for return on capital, growth rate and pricing power.

Cash Return on Capital = 40%

5yr FCF/share CAGR = 27%

Only 3 of the 13 positions have been held for <12 months.

We exited our positions in Arista Networks and Constellation Software, and began a new position in Lam Research,

The top contributors to performancewere $Fair Isaac(FICO)$ and $Applied Materials(AMAT)$ .

The top detractors from performancewere $Technology One, Ltd.(THNOF)$ and $NVIDIA(NVDA)$ .

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Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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