Companies we own a share of.

Decision software for defense, intelligence and large enterprise. A core software position.

Accelerated computing and networking — the toll road on AI training and inference.

Data-center CPUs and accelerators; a share-gain position rather than an end-market bet.

US logic manufacturing and foundry buildout, held on asset value and policy tailwinds.

Installed-base compounder with expanding services mix and a durable buyback.

Enterprise software annuity plus the largest commercial AI inference book.

Search cash flows funding custom silicon and cloud at scale.

Retail margin recovery paired with AWS reacceleration.

Ad ranking improvements converting compute spend into revenue per user.

Custom accelerators and networking silicon with software-like contract economics.

The leading-edge foundry monopoly; pricing power finally showing in gross margin.

Sole supplier of EUV lithography — the narrowest bottleneck in computing.

Instruction-set royalties compounding with every additional device and data-center core.

Handset modems funding an underpriced automotive and edge-compute pivot.

High-bandwidth memory turning a commodity cycle into a structural shortage.

Deposition and etch tools levered to every node transition.

Etch intensity rises with 3D NAND layers and gate-all-around logic.

Process control — yield metrology gets more valuable as nodes get harder.

EDA duopoly; chip design complexity is our revenue driver.

The second half of that duopoly, with growing simulation attach.

Margin discipline arriving late but arriving, on a sticky revenue base.

Workflow layer becoming the system of record for enterprise operations.

Consumption-based data warehousing with visible AI workload attach.

Observability spend scales with cloud footprint, not headcount.

Endpoint platform consolidating adjacent security budgets.

Edge network monetizing developer distribution and zero-trust migration.

Developer-led database adoption converting to enterprise contracts.

Merchant software with payments take rate as the real engine.

Two-sided marketplace now generating real free cash flow.

Asset-light travel demand with structurally high margins.

Square merchant base and Cash App cross-sell, valued as if neither grows.

Branded checkout stabilization at a deep-value multiple.

Toll on global consumption with pricing power and no credit risk.

The same toll, with faster cross-border mix.

Premium spend franchise where credit losses stay stubbornly low.

Fortress balance sheet that gains share in every dislocation.

Advisory and markets levered to a reopening capital-markets cycle.

Cash optionality and insurance float — our defensive anchor.

Membership economics; the most reliable retail traffic compounder.

Incretin franchise with manufacturing capacity as the moat.

The second incretin leg, held at a discount after estimate resets.

Vertical integration through Optum; underwriting cycle position.

Grid, mining and data-center construction demand in one machine fleet.

Precision agriculture turning iron sales into recurring software revenue.

Aftermarket spares on a decades-long installed engine base.

Missiles and defense electronics with a rebuilding backlog.

Munitions replenishment and F-35 sustainment cash flows.

Data-center power and thermal — the physical constraint on AI buildout.

Electrical equipment backlog tied to grid and reshoring capex.

Industrial gases with contractual pass-through and utility-like returns.

LNG trading optionality plus disciplined buybacks.

Integrated energy at a persistent discount to US peers.

European rearmament expressed through ammunition capacity.

Industrial automation and rail with a software attach story.

Energy management for buildings and data centers.

Luxury brand equity that survives a consumer slowdown.

Staples pricing power; a franc-denominated defensive holding.

Post-spin pipeline focus with a cleaner cost base.

Single-platform payments processing with enterprise wins compounding.

Atomic layer deposition — critical for gate-all-around transistors.

Holding-company discount plus a maturing e-commerce portfolio.

Japanese wafer fab equipment leverage to the memory upcycle.

Image sensors, games and music — three separate compounders.

Governance reform turning a conglomerate into an industrial software firm.

Compressors and vacuum pumps with high aftermarket mix.

Nordic holding vehicle bought below net asset value.

Launch and satellite broadband; held via secondary vehicles.

Autonomous defense hardware and the Lattice software layer.

Payments infrastructure for internet-native businesses.

Corporate cards expanding into full financial operations software.

Data labeling and evaluation infrastructure for frontier models.

Freight forwarding and customs brokerage rebuilt on software.

Implantable brain-computer interfaces; early-stage venture exposure.

Cloud security posture management with unusually fast enterprise adoption.

Collaborative design as the default surface for product teams.

Lakehouse architecture sitting underneath enterprise AI workloads.

Frontier model developer; exposure held through a co-investment vehicle.

Frontier model developer focused on enterprise reliability and safety.

Autonomous surface vessels for naval missions — a small early position.

Low-cost hypersonic strike systems built on mass-manufacturing methods.

Automated precision-parts factories for aerospace and defense supply chains.

Simulation and autonomy toolchains for vehicles and defense platforms.

In-space pharmaceutical crystallization and hypersonic reentry capsules.

Portable microreactors for remote power and defense installations.

Distributed home battery fleets sold as grid capacity.

AI-native code editor with rapid developer adoption.