Large and mega-cap companies across AI, semiconductors, cloud, and enterprise software. Chosen for scale, market leadership, diversified revenue, recurring cash flow, and strong balance sheets. Focus on disciplined capital allocation, R&D productivity, pricing power, and shareholder returns to compound returns through cycles. Risks, such as valuation, regulation, and supply-chain shifts, are mitigated by balance-sheet strength and product optionality, as well as upside from eventual broad adoption of AI.
Updated 2025-08-27