I challenge you to critique my current holdings. Any critique is welcome. Go!

Here are my current holdings:

$MSFT (-0.2%)

$META (-0.42%)

$MA (+0.4%)

$BRK.B (+0.01%)

$AMZN (+0.04%)

$ASML (+1.54%)

$MSCI (+0.58%)

$MC (+2.58%)

$BKNG (+1.23%)

$SPGI (+0.98%)

$ADBE (-0.37%)

$NOVO B (+2.6%)

$AIR (+0.39%)

$CDNS (+0%)

$OR (+1.42%)

$IDXX (+1.04%)

$EL (-1.57%)

$FTNT (-3.85%)

$LULU (+2.23%)

Today I want to share with you 5 of my holdings and tell you exactly "why I own them" - a quick overview of why I got a strong conviction:

1. $MSFT (-0.2%) sells its leading software and services to both consumers and enterprises. The company's Azure cloud platform and Office 365 suite have significantly driven growth. Microsoft generates 50% of its revenue from the US and 50% internationally. Millions of individuals and businesses worldwide rely on Microsoft's software and productivity tools for their daily operations. Future growth should be propelled by its cloud services, AI and strong enterprise software demand.

-- FCF ROC: 19% I FCF Growth: 15% I FCF Linearity: 0.95 --

2.$MA (+0.4%) a major player in global payments processing, offers credit, debit and prepaid cards, along with digital payment solutions to consumers and businesses worldwide. Mastercard processes close to $6tn transactions per year. Mastercard generates 35% of its revenue from the Americas and the rest internationally. Like Visa, growth has been driven by the shift from cash to digital payments and expanding global commerce. Mastercard's extensive network, strong brand and advanced security measures offer a significant competitive edge.

-- FCF ROC: 42% I FCF Growth: 15% I FCF Linearity: 0.95 --

3. $MSCI (+0.58%) sells investment decision support tools, including indices, portfolio risk and performance analytics, to institutional investors globally. Over $1 trillion in ETF assets are linked to MSCI indexes. Growth has been driven by the increasing adoption of its indices for benchmarking and passive investment products like ETFs. MSCI's strong brand reputation, comprehensive data and analytics capabilities give it its competitive advantage.

-- FCF ROC: 31% I FCF Growth: 18% I FCF Linearity: 1.00 --

4. $CDNS (+0%) sells electronic design automation (EDA) software predominantly to the semiconductor industry. 44% of revenue is from the US. Cadence has benefited from the increasing complexity of chip designs and the demand for advanced electronic devices. Its competitive advantages include a comprehensive suite of design tools and long-standing industry relationships. Cadence is well-positioned to capitalise on its critical role in the design process.

-- FCF ROC: 31% I FCF Growth: 19% I FCF Linearity: 0.99 --

5. $FTNT (-3.85%) provides cybersecurity, including firewalls, antivirus software, intrusion prevention systems and endpoint security, to enterprises and service providers. They have over 730,000 customers across most industries, including healthcare, finance, tech and government. Future growth drivers include the expanding cybersecurity market, adoption of cloud security and growing demand for secure network solutions.

-- FCF ROC: 49% I FCF Growth: 27% I FCF Linearity: 0.99 --

When I‘m screening markets for my investable universe I look for high-quality compounders with:

• Strong and consistent capital returns (ROCE)
• High and stable profitability (gross, operating, and FCF margins)
• Steady revenue growth over time
• Large market capitalization (mature, established companies)

In detail I’m screening for:

• Market Cap: at least $ 10B
• ROCE 3-Year Avg: ≥ 25%
• ROCE 10-Year Avg: ≥ 25%
• Gross Margin 3-Year Avg: ≥ 50%
• FCF Margin 3-Year Avg: ≥ 20%
• Operating Margin 10-Year Avg: ≥ 25%
• Revenue per share CAGR 3-Year: ≥ 5%
• Revenue per share CAGR 10-Year: ≥ 5%
• FCF per share CAGR 3-Year: ≥ 10%
• FCF per share CAGR 10-Year: ≥ 10%
• Consistency/stability of earnings (from max. 1.0): ≥ 0.8
• No more than 75% revenue exposure to one single country/market (eg. USA)

Here are my current holdings:

$MSFT (-0.2%)

$META (-0.42%)

$MA (+0.4%)

$BRK.B (+0.01%)

$AMZN (+0.04%)

$ASML (+1.54%)

$MSCI (+0.58%)

$MC (+2.58%)

$BKNG (+1.23%)

$SPGI (+0.98%)

$ADBE (-0.37%)

$NOVO B (+2.6%)

$AIR (+0.39%)

$CDNS (+0%)

$OR (+1.42%)

$IDXX (+1.04%)

$EL (-1.57%)

$FTNT (-3.85%)

$LULU (+2.23%)

Today I‘m sharing with you my main portfolio. This doesn’t include any ETF investments and crypto currencies / gold etc. since I want to focus my presence on getquin on stock-picking.

Read my 3-part portfolio strategy posts to get the full picture - here are just the main pillars of what I‘m doing:

• Long-term buy and hold (average holding time 5+ years at least)
• Focus on high-ROIC compounders riding secular trends (top-tier capital efficiency)
• High margins, strong FCF growth, large moats (7 powers strategy)
• Holding not more than 20 stocks at a time while mainly focusing on US and EU based companies

I like to divide my holdings into „core holdings“ (forever stocks) and „trend picks“ (2030 stocks) as follows:

Core Holdings (“Forever Stocks”):

• $MSFT (-0.2%)
  $ADBE (-0.37%)
  $META (-0.42%)
  $MA (+0.4%)
  $AMZN (+0.04%)
• 
  $OR (+1.42%)
  $MC (+2.58%)
  $RMS (+1.13%)
  $EL (-1.57%)
• 
  $BRK.B (+0.01%)
  $MSCI (+0.58%)
  $SPGI (+0.98%)

Growth Picks (“2030 Stocks”):

• $ASML (+1.54%)
  $CDNS (+0%)
  $FTNT (-3.85%)
• 
  $BKNG (+1.23%)
  $AIR (+0.39%)
• 
  $LULU (+2.23%)
  $IDXX (+1.04%)
  $NOVO B (+2.6%)

I use the 7 Powers framework from the book “7 Powers: The Foundations of Business Strategy” by Hamilton Helmer. It’s a killer framework for understanding why some businesses create lasting value and compound returns over time.

Each “Power” is a sustainable strategic advantage that lets a company generate outsized returns for a long time. I ask the 7 questions for each stock I am considering to buy.

1. Counter-Positioning

• What it is: A new entrant adopts a superior business model that incumbents can’t copy without damaging their own biz.
• Example: Netflix vs. Blockbuster. Blockbuster couldn’t move to streaming without killing its DVD revenue.
• Why it matters: Creates asymmetric pressure; the old guard is paralyzed.

2. Scale Economies

• What it is: Unit costs drop as volume increases.
• Example: Amazon, Costco. Bigger = cheaper = stronger moat.
• Why it matters: Hard to compete if you can’t match their cost base.

3. Switching Costs

• What it is: Customers stick around because switching is painful.
• Example: Adobe Creative Cloud, Microsoft Office, Salesforce.
• Why it matters: High retention = stable cash flows = compounding machine.

4. Network Effects

• What it is: The product gets better as more people use it.
• Example: Meta, Visa, LinkedIn.
• Why it matters: Leads to dominance, creates a feedback loop of growth.

5. Branding

• What it is: Emotional or symbolic value, not just functional.
• Example: L’Oréal, Hermès, Apple.
• Why it matters: Lets companies charge premium prices and keeps customers loyal even if alternatives exist.

6. Cornered Resource

• What it is: Exclusive access to a critical asset — talent, IP, data, supply.
• Example: ASML (EUV tech), Novo Nordisk (Ozempic IP), Ferrari (brand + heritage + team).
• Why it matters: If no one else can get it, you win.

7. Process Power

• What it is: Unique internal processes that drive efficiency, innovation, or quality — and are hard to copy.
• Example: Toyota (lean manufacturing), Amazon (logistics, culture of innovation).
• Why it matters: Long-lasting edge baked into the org’s DNA.

If I had to chose one, Network effects would be the most important one for me.

Here are my current holdings:

$MSFT (-0.2%)

$META (-0.42%)

$MA (+0.4%)

$BRK.B (+0.01%)

$AMZN (+0.04%)

$ASML (+1.54%)

$MSCI (+0.58%)

$MC (+2.58%)

$BKNG (+1.23%)

$SPGI (+0.98%)

$ADBE (-0.37%)

$NOVO B (+2.6%)

$AIR (+0.39%)

$CDNS (+0%)

$OR (+1.42%)

$IDXX (+1.04%)

$EL (-1.57%)

$FTNT (-3.85%)

$LULU (+2.23%)

• Concentrate on the following sectors: Tech, consumer, healthcare, financial (excluding banks), industrials
• Smallest position size 2% / largest position size 15%
• Only sell a position when it can be replaced with a position that increases the overall quality of the portfolio
• Avoid companies with little to no track record or companies going through a restructuring phase

Here are my current holdings:

$MSFT (-0.2%)

$META (-0.42%)

$MA (+0.4%)

$BRK.B (+0.01%)

$AMZN (+0.04%)

$ASML (+1.54%)

$MSCI (+0.58%)

$MC (+2.58%)

$BKNG (+1.23%)

$SPGI (+0.98%)

$ADBE (-0.37%)

$NOVO B (+2.6%)

$AIR (+0.39%)

$CDNS (+0%)

$OR (+1.42%)

$IDXX (+1.04%)

$EL (-1.57%)

$RMS (+1.13%)

$FTNT (-3.85%)

$LULU (+2.23%)

My Portfolio is a selection of 15-25 companies which I am buying and planning on never selling. The overall criteria for my #investableuniverse are the following. I will go in-depth in another post:

• Little capital needed to run the business (high ROCE)
• High returns on invested capital (high ROIC)
• Profitability track-record with high gross margins / operating margins / high free cash flow margins
• High free cashflow growth / substantial revenue growth
• Global revenue diversification
• Low cyclicality
• #tollbooth Company - Large moat / brand name in the industry / no alternatives to the product
• Predictable sources of future growth / global trends

Here are my current holdings:

$MSFT (-0.2%)

$META (-0.42%)

$MA (+0.4%)

$BRK.B (+0.01%)

$AMZN (+0.04%)

$ASML (+1.54%)

$MSCI (+0.58%)

$MC (+2.58%)

$BKNG (+1.23%)

$SPGI (+0.98%)

$ADBE (-0.37%)

$NOVO B (+2.6%)

$AIR (+0.39%)

$CDNS (+0%)

$OR (+1.42%)

$IDXX (+1.04%)

$EL (-1.57%)

$RMS (+1.13%)

$FTNT (-3.85%)

$FTNT (-3.85%)

- Revenue: $1.54B, +14% YoY

- Net Income: $433.4M, +45% YoY

- Free Cash Flow: $782.8M, +29% YoY

🌱Revenue & Growth

- Product Revenue: $459.1M, +12% YoY

- Service Revenue: $1.08B, +14% YoY

- Billings: $1.60B, +14% YoY

- Unified SASE ARR: $1.15B, +26% YoY

- Security Operations ARR: $434.5M, +30% YoY

💰Profits & Health

- GAAP Operating Margin: 29.5% vs 23.7% in Q1 2024

- Non-GAAP Operating Margin: 34.2% vs 28.5% in Q1 2024

- Non-GAAP Net Income: $452.3M, +35% YoY

- Cash & Equivalents: $3.60B, +25% QoQ

- Remaining Performance Obligations: $6.49B, +12% YoY

📌Business Highlights

- Achieved record Q1 GAAP operating margin

- Acquired Linksys Holdings, Inc.

- Invested in Unified SASE and Security Operations

- Strengthened leadership in Secure Networking

- Received $14.0M from intellectual property matter

🔮Future Outlook

- Q2 2025 Revenue: $1.59B-$1.65B

- Q2 2025 Billings: $1.685B-$1.765B

- FY2025 Revenue: $6.65B-$6.85B

- FY2025 Non-GAAP Operating Margin: 31.5%-33.5%

- FY2025 Non-GAAP EPS: $2.43-$2.49