Small- and mid-cap compounders in industrial technology and vertical-market software. The portfolio targets industrial digitalization, connectivity and IoT, semiconductors and printed circuit boards, plus cloud, data, and simulation and design software. Holdings are niche leaders with resilient cash flow that pursue disciplined, small complementary acquisitions, supported by a few larger anchors for stability. The aim is steady per-share free-cash-flow growth and eventual compounding through cycles.
Updated 2025-08-30