Comfort, Fair Isaac Lead; Mastercard, Cadence Lag
SEPTEMBER 2025 Factsheet
No new positions.
The portfolio is optimised for return on capital, growth rate and pricing power.
Cash Return on Capital = 38%
5yr FCF/share CAGR = 29%
Only 3 of the 13 positions have been held for <12 months. The aim is to reduce the number of holdings to 12 in the next 3-6 months.
There were no outright sales or purchases.
The top contributors to performance were $Comfort Systems USA(FIX)$ and $Fair Isaac(FICO)$ .
The top detractors from performance were $MasterCard(MA)$ and $Cadence Design(CDNS)$ .
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