Live Portfolio
Our current holdings and current metrics
| Company | Weight | Price | Intrinsic value | Upside/Downside to IV |
5Y expected returns (growth + yield) |
|---|---|---|---|---|---|
|
BootsBoots
BTS
|
8.4% | $234.54 | $320.03 | +28.9% | 10.7% |
|
B&QB&Q
B&Q
|
7.6% | $33.21 | $44.00 | +28.6% | 9% |
|
AAdobe
ADOBE
|
7.2% | $66,000 | $44,300 | -9.3% | -0.3% |
|
Apple
APL
|
7.2% | $66,000 | $44,300 | -9.3% | -0.3% |
|
TSCTractor Supply
TSCO
|
8.4% | $234.54 | $320.03 | +28.9% | 10.7% |
5Y expected returns
(growth + yield)
(growth + yield)
10.9%
Weighted FCF
Growth (5Y)
Growth (5Y)
8.9%
Dividend Yield
(portfolio)
(portfolio)
1.3%
Cash Position
7.2%
Holdings
14
Top 5 Weight
36.1%
What we are focusing on
Where our attention is right now
Earning quality in a slow environment
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Capital allocation discipline
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Capital allocation discipline
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Company research
Deep dive analysis on high-quality businesses
Tractor Supply : Rural America advantageMay 20, 2026
Tractor Supply : Rural America advantageMay 20, 2026
Tractor Supply : Rural America advantageMay 20, 2026
View all our company researches The Vault
High-quality companies will buy at the right price
- Company name here
- Company name here
- Company name here
- Company name here
- Company name here
Recent Activities
What we've been doing on the portfolio
Added to Thermo Fisher long na...May 20, 2026
Trimmed KeyenceSep 20, 2026
Exited RELXDec 20, 2026
View all our recent activities Tools & Resources
Everything you need to invest
One-pager
B&Q Assessment
Checklist
Live portfolio
The stocks we own and how we allocate capital
Expected 5Y returns (TCR)
8.9%
Growth + Yield
Weighted FCF Growth (5Y)
9.6%
Cash flow growth outlook
Dividend Yield (Portfolio)
1.2%
Current weighted yield
Cash position
7.2%
Available to invest
Number of holdings
7.2%
High-quality compounding businesses
Top 5 Holdings
23.5%
% of portfolio
Holdings
| Company | Weight | Latest Price (Local) |
Avg. Purchase Price (Local) |
Intrinsic value (local) |
Upside/ Downside to IV |
5Y FCF Growth (Annual) |
Dividend Yield |
5Y expected returns (growth + yield) |
Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
BootsBoots
BTS
|
8.4% | $234.54 | $234.54 | $320.03 | +28.9% | 9% | 1.7% | 10.7% | Add | Building on periods of weakness | |
|
B&QB&Q
B&Q
|
7.6% | $33.21 | $33.21 | $44.00 | +28.6% | 6% | 0.2% | 9% | Hold | Resilient business model | |
|
AAdobe
ADOBE
|
7.2% | $66,000 | $66,000 | $44,300 | -9.3% | 11% | 0.5% | -0.3% | Hold | Trimmed into recent strenght | |
|
Apple
APL
|
7.2% | $66,000 | $66,000 | $44,300 | -9.3% | 10% | 1.1% | -0.3% | Hold | Building on periods of weakness | |
|
TSCTractor Supply
TSCO
|
8.4% | $234.54 | $234.54 | $320.03 | +28.9% | 4% | 0.4% | 10.7% | Hold | Resilient business model | |
|
TSCTractor Supply
TSCO
|
8.4% | $234.54 | $234.54 | $320.03 | +28.9% | 4% | 0.4% | 10.7% | Trim | Trimmed into recent strenght | |
|
TSCTractor Supply
TSCO
|
8.4% | $234.54 | $234.54 | $320.03 | +28.9% | 4% | 0.4% | 10.7% | Trim | Resilient business model | |
|
TSCTractor Supply
TSCO
|
8.4% | $234.54 | $234.54 | $320.03 | +28.9% | 4% | 0.4% | 10.7% | Add | Trimmed into recent strenght |
Show all 14 entries
Recent Activities
Added to Thermo Fisher long na...May 20, 2026
Trimmed KeyenceSep 20, 2026
Exited RELXDec 20, 2026
View all our recent activities Portfolio Valuation & Quality
Weighted FCF Yield
4.3%
Strong cash flow returns
Forward P/E (Weighted)
23.4x
Quality at a fair price
ROIC (Weighted)
22.7%
High return on capital
Net Debt EBITDA
0.6x
Conservative balance sheets
We estimate intrinsic value using a discounted cash flow analysis with a long-term margin of safety. Estimates are updated regularly or when material events occur.
The Vault
High-quality businesses we are watching at the right price
Average Upside to IV
—
Average valuation opportunity
Median Upside to IV
—
Median valuation opportunity
Weighted FCF Growth
—
Cash flow growth outlook
Dividend Yield
—
Weighted current yield
Companies in Vault
0
Companies currently monitored
Companies Below IV
—
Trading below intrinsic value
Vault Companies
| Company | Weight | Latest Price (Local) |
Avg. Purchase Price (Local) |
Intrinsic Value (Local) |
Upside / Downside to IV |
5Y FCF Growth (Annual) |
Dividend Yield |
5Y Expected Returns (Growth + Yield) |
Status | Notes |
|---|
Show all Vault entries
Vault Approach
Businesses that meet our quality standards but not yet our valuation requirements
Companies in the Vault meet our business quality requirements, but we are waiting for a more attractive entry price or stronger margin of safety.
What We Are Waiting For
Conditions that could move a company into the portfolio
Attractive valuation
The market price offers sufficient upside to our estimated intrinsic value.
Thesis remains intact
Business quality, management and long-term growth expectations remain strong.
Appropriate portfolio fit
The opportunity complements the current portfolio and meets the required risk profile.
Back to Portfolio
M
Company
Why We Own It
Revenues (USD)
Operating Profit (OPM %)
FCF Margin (%)
Return on Capital Employed (%)
Unlevered FCF