The top detractors were FICO & AMAT in DEC
Portfolio at the end of December 2024
December performance: -5.6%
2024 return: 20.5%
FCF ROC = 38%
FCF per share CAGR (5yr) = 24%
FCF Linearity (5yr) = 0.94
FCF Margin = 35%
FCF Margin Expansion (5yr) = 6%
FCF Yield = 2.71%
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We exited our position in $Novo-Nordisk A/S(NVO)$ . The top contributor to performance was ATOSS Software. The top detractors from performance were $Fair Isaac(FICO)$ and $Applied Materials(AMAT)$ .
I’ve held Novo for quite some time, mostly for the insulin side of the business - as I thought it was highly predictable. I think there will be a lot of growth once Ozempic is sold in Mexico.
Well I personally own property and have cash savings, but this is an equity only portfolio. I leave the comparisons to the individual investors. My focus is only owning the best companies.
My focus is on owning the highest quality companies and my hypothesis is that this should create outperformance over the long term. Things could be a lot worse than being up 20%.
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