Active Portfolio

Securities Portfolio

A concentrated, long-only book of quality compounders — sized by conviction, benchmarked against the MSCI World.

Inception May 2026 · Last updated 03 Jul 2026 · Currency USD

Since Inception

+14.97%

vs. May 2026

vs. MSCI World

+14.2%

Alpha · MSCI World +0.77%

Positions

Active holdings

Cash

Portfolio weight

Allocation

Portfolio Weights

CSU.TOConstellation Software18%
MELIMercadoLibre20%
ADBEAdobe14%
TTWOTake-Two Interactive Software12%
ADYEN.ASAdyen NV12%
RMS.PAHermes International10%
NTRANatera8%
LIFCO-B.STLifco AB6%

Click a segment or legend row to jump to the holding below.

Holdings

Current Positions

Ticker	Company	Sector	Weight	Return	Thesis
MELI	MercadoLibre	Ecommerce & Fintech	20%	+16.56%	Market prices this as LatAm e-commerce. It's actually the region's fastest-growing bank. Mercado Pago's credit book and the current reinvestment cycle are both mispriced.
CSU.TO	Constellation Software	Technology	18%	+15.86%	Best capital allocator in software. Hundreds of tiny VMS acquisitions compounding at 30%+ IRRs with no integration risk and no ceiling.
ADBE	Adobe	Software	14%	-6.64%	Software de-rating created a mispriced entry into the only creative suite with real generative AI integration and 95%+ gross retention.
TTWO	Take-Two Interactive Software	Software/Gaming	12%	+13.15%	GTA VI is the most asymmetric product launch in gaming. 200M+ unit franchise, proven recurring monetization, and the market is still sleeping on it.
ADYEN.AS	Adyen NV	Technology	12%	-2.16%	Single-stack payments replacing the legacy acquirer-processor-gateway chain. Switching costs rise with every integration, so enterprise wins compound.
RMS.PA	Hermes International	Luxury	10%	+4.47%	Never discounted, never licensed, still has multi-year waitlists. Pricing power this durable doesn't exist anywhere else in consumer.
NTRA	Natera	Healthcare	8%	+40.3%	Signatera is making molecular residual disease monitoring standard of care in oncology. MRD testing is sub-5% penetrated and reimbursement tailwinds are just starting.
LIFCO-B.ST	Lifco AB	Industrials	6%	+16.13%	Nordic CSU. Buys niche industrials, leaves them alone, holds them forever. Decentralized model, 20%+ ROIC floor, no synergy theatre.

MELI

MercadoLibre

Market prices this as LatAm e-commerce. It's actually the region's fastest-growing bank. Mercado Pago's credit book and the current reinvestment cycle are both mispriced.

CSU.TO

Constellation Software

Best capital allocator in software. Hundreds of tiny VMS acquisitions compounding at 30%+ IRRs with no integration risk and no ceiling.

ADBE

Adobe

Software de-rating created a mispriced entry into the only creative suite with real generative AI integration and 95%+ gross retention.

TTWO

Take-Two Interactive Software

GTA VI is the most asymmetric product launch in gaming. 200M+ unit franchise, proven recurring monetization, and the market is still sleeping on it.

ADYEN.AS

Adyen NV

Single-stack payments replacing the legacy acquirer-processor-gateway chain. Switching costs rise with every integration, so enterprise wins compound.

RMS.PA

Hermes International

Never discounted, never licensed, still has multi-year waitlists. Pricing power this durable doesn't exist anywhere else in consumer.

NTRA

Natera

Signatera is making molecular residual disease monitoring standard of care in oncology. MRD testing is sub-5% penetrated and reimbursement tailwinds are just starting.

LIFCO-B.ST

Lifco AB

Nordic CSU. Buys niche industrials, leaves them alone, holds them forever. Decentralized model, 20%+ ROIC floor, no synergy theatre.

Investment Philosophy

Conviction over Index Weight

We run a concentrated, long-only portfolio of 8–15 quality compounders benchmarked against the MSCI World. Our mandate favors businesses with durable competitive advantages, high returns on invested capital, and long reinvestment runways. We size positions by conviction, not by index weight.