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Portfolio updates
- After the last rebalancing cycle caused no changes in the portfolio, there are some additions and exits this month.
- New additions to the Syntelligence portfolio include:
- PDF Solutions Inc: A leading provider of software and data analytics solutions in the semiconductor manufacturing space. Basically a manufacturer of shovels for the chip or AI gold rush. PDFS sales have been growing by around 30% annually since 2021 and the US small cap will achieve a clearly positive company result for the first time this year.
- Super Micro Computer Inc: A manufacturer of high-performance components for tech companies, including servers, memory, blades, workstations to complete racks and server management software. SMCI is one of Nvidia's closest partners and recently received a large order from Meta Platforms. Another provider of shovels for the chip or AI gold rush. Since 2021, SMCI's sales have been growing at around 40% annually. The company's result (net income) grew proportionally in the same proportion.
- EMCOR Group Inc: One of the stocks that protected investors from big losses in the 2022 bear market, according to Morningstar. As one of the largest electrical, engineering, construction and building services companies in the United States, EME benefits from infrastructure investment and broader macro trends. With its diversified business activities, reliable double-digit sales growth, a decent profit margin for the industry and a fair valuation, the EMCOR Group is a value play in the mid-cap area and thus a good counterweight to the newcomers in the AI area.
- FTI Consulting Inc: One of the most renowned consultancies in the field of complex business processes (risk management, corporate finance, forensics, litigation, change) and also a stock that, according to Morningstar, protected investors from major drawdowns in the 2022 bear market. As a classic service business with stable growth rates and attractive margins, FCN is also an addition to the portfolio that can be classified on the value side.
- Element Solutions: The products of the specialty chemicals company are a fundamental part of production chains in companies in the electronics, semiconductor, automotive, telecommunications and energy industries. In addition to a constantly growing core business with positive free cash flow and strong guidance, additional acquisitions are conceivable, according to the management, in order to strengthen both growth and strategic positioning.
- Retired from the Syntelligence portfolio include: Estee Lauder Companies, Agilent Technologies, Fair Isaac Corp, Gartner and Mastercard.
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