The top contributors to performance were Fortinet and Visa in FEB

Long_Equity

03-01

Portfolio at the end of February 2025

February performance: -2.0%

YTD: 0.5%

FCF ROC = 39%

FCF per share CAGR (5yr) = 23%

FCF Linearity (5yr) = 0.93

FCF Margin = 36%

FCF Margin Expansion (5yr) = 6%

FCF Yield = 2.85%

We exited our position in Microsoft and began a new position in $Technology One, Ltd.(THNOF)$ . The top contributors to performance were $Fortinet(FTNT)$ and $Visa(V)$ .

The top detractors from performance were $Cadence Design(CDNS)$ and $Applied Materials(AMAT)$ .

PS：Sadly the semis still hyper volatile...

Probably always will be, but definitely less now there are multiple drivers of demand - compared to just personal computers

Image

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The top contributors to performance were <a data-mention-id=\"FTNT\" class=\"teditor-mention\" data-mention-name=\"Fortinet\" href=\"https://ttm.financial/S/FTNT\">$Fortinet(FTNT)$</a> and <a data-mention-id=\"V\" class=\"teditor-mention\" data-mention-name=\"Visa\" href=\"https://ttm.financial/S/V\">$Visa(V)$</a> .The top detractors from performance were <a data-mention-id=\"CDNS\" class=\"teditor-mention\" data-mention-name=\"Cadence Design\" href=\"https://ttm.financial/S/CDNS\">$Cadence Design(CDNS)$</a> and <a data-mention-id=\"AMAT\" class=\"teditor-mention\" data-mention-name=\"Applied Materials\" href=\"https://ttm.financial/S/AMAT\">$Applied Materials(AMAT)$</a> .PS：Sadly the semis still hyper volatile...Probably always will be, but definitely less now there are multiple drivers of demand - compared to just personal computers<img alt=\"Image\" title=\"Image\" src=\"https://community-static.tradeup.com/news/07a4eabb4a5cddec50998426220d7f2e\" tg-width=\"695\" tg-height=\"900\">Image</body></html>","htmlText":"<html><head></head><body>Portfolio at the end of February 2025February performance: -2.0%YTD: 0.5%FCF ROC = 39%FCF per share CAGR (5yr) = 23%FCF Linearity (5yr) = 0.93FCF Margin = 36%FCF Margin Expansion (5yr) = 6%FCF Yield = 2.85%We exited our position in Microsoft and began a new position in <a data-mention-id=\"THNOF\" class=\"teditor-mention\" data-mention-name=\"Technology One, Ltd.\" href=\"https://ttm.financial/S/THNOF\">$Technology One, Ltd.(THNOF)$</a> . 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