Long_Equity Investment strategy in Feb 2023

We began a new position in Cerillion$CERILLION(CER.UK)$ . The top contributors to performance were NVIDIA$NVIDIA Corp(NVDA)$ and Cadence Design Systems$Cadence Design(CDNS)$ . The top detractors from performance were Moody’s$Moody's(MCO)$ and S&P Global$S&P Global(SPGI)$ .$Microsoft(MSFT)$ $Visa(V)$ $MSCI Inc(MSCI)$ $L'Oreal Co.(LRLCY)$ $MasterCard(MA)$ $Intuit(INTU)$ $ASML Holding NV(ASML)$

Long Equity only holds companies that can (i) invest capital at significantly higher returns than their cost of capital (value creation), and (ii) raise prices without impacting demand (price setting).

Returns on capital must be high, consistent and unleveraged, with competitive advantages, ideally switching costs and network effects, preventing returns and margins from being competed away. We pursue a long-term strategy to minimise transaction costs and defer capital gains by investing in companies capable of compounding indefinitely