Investment Theses

Rentokil Initial

Rentokil Initial (RTO) provides pest control and hygiene services worldwide. RTO merged with Terminix, a US competitor, in December 2021. RTO expects the transaction to close in Q3 2022. Following this transaction, RTO will become the largest pest control company in the world with 26% market share in the United States, representing more than half of the global market.

McKesson

Founded in 1828, McKesson (MCK) is one of the three major drug distributors in the United States, along with AmerisourceBergen and Cardinal Health. They distribute medicines from manufacturers to pharmacies. This industry is characterized by significant entry barriers such as high requirements from the Food and Drug Administration (FDA). MCK shows limited cyclical sensitivity with stable sales even during the financial crisis in 2008/2009. MCK earns a percentage of the value it distributes from generic drugs and a fixed value per unit from branded drugs.

IQVIA

A merger between Quintiles and IMS in 2016 resulted in IQVIA. We evaluated the merger as a positive development and became shareholders in 2018.

ASML

ASML was founded in 1984 as a joint venture between ASM International and Philips. The company spun off in 1988 and has since developed into one of the world’s leading suppliers to the chip industry. In our investment thesis we share why this company is included in the portfolio.

Novo Nordisk

Novo Nordisk (NVO) has been part of our portfolios since 2009. The company is the world leading producer of insulin medication. NVO has been led by Lars Jorgensen and since his appointment in 2017 the shares have achieved a return of 20% per year.

S&P Global

In November 2020 S&P announced a merger with IHS Markit. While we have a positive informed opinion about this combination, the market did not react favorably.

American Express

There is a strong trend towards electronic payments at the expense of cash and check transactions and with the high remaining volume of traditional payments, this trend is set to continue for years to come.

KKR & Co.

With founders and co-CEOs Kravis and Roberts striving to add maximum value to KKR and preparing the company for the future, we as fellow investors are positioned to profit from this success.

Copart

Copart operates one of two US auction platforms for passenger cars declared a total loss. Here is why this is a high-quality business with high growth prospects.

Stryker

Stryker is the only S&P500 company to have grown its revenues every year for 40 consecutive years, including past periods of economic decline and crises.