Here's a snapshot of the my portfolio's valuation

Here's our factsheet for November.

FCF ROC = 27%
FCF Growth = 17%
FCF Margin = 25%
FCF Yield = 2.53%

November return = 2.3%
YTD = -17.4%Sartorius Stedim Biotech was sold due to valuation concerns (FCF yield = 0.4%) and was replaced with the Italian immunodiagnostics company Diasorin.

Adobe$Adobe(ADBE)$ and Nemetschek$Nemetschek AG(NEMTF)$ were replaced with Paychex$Paychex(PAYX)$ and TechnologyOne$Technology One, Ltd.(THNOF)$ . This maintains our SAAS exposure, but increases the predicability and stickiness of their FCF.

Here's a snapshot of the portfolio's valuation.

$Visa(V)$ $Qualys(QLYS)$ $ASML Holding NV(ASML)$ $Constellation Software, Inc.(CNSWF)$ $Texas Instruments(TXN)$ $Microsoft(MSFT)$ $Intuit(INTU)$ $Automatic Data Processing Inc(ADP)$ $MasterCard(MA)$ $Paychex(PAYX)$ $FactSet Research(FDS)$ $Technology One(TNE.AU)$ $O'Reilly(ORLY)$ $MSCI Inc(MSCI)$ $Cadence Design(CDNS)$ $Edwards Lifesciences(EW)$ $Moody's(MCO)$ $S&P Global(SPGI)$ $Mettler-Toledo(MTD)$ $Costco(COST)$ $NVIDIA Corp(NVDA)$ $Amazon.com(AMZN)$ In short, we continue to stick to our strategy of running a concentrated portfolio of resilient companies with high free cash flow per share growth.

A diversified customer base, a history of incremental FCF growth, and it benefits from pricing power and switching costs. Plus being located in Australia means it’s overlooked by most analysts.

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