Andvari Associates

Investor Summary

Douglas E. Ott II founded Andvari Associates in 2013 with $3.5 million of initial capital from friends and family. Prior to founding Andvari, Ott graduated from Washington University in St. Louis in 2004, worked at economic and policy think tanks in Washington, DC, completed law school in 2009, and then worked as a generalist analyst and portfolio manager at an SEC-registered investment firm in Atlanta. He has over 15 years of experience in the investment profession and maintains a Substack newsletter covering business and investment analysis.

Fund Strategy

Andvari Associates focuses on concentrating capital in a select group of exceptional businesses, aiming to outperform the S&P 500 through deep research, disciplined stock selection, and a long-term perspective. They typically hold 5–10 core positions and increase stakes in successful companies rather than diversifying broadly or selling winners prematurely. The firm seeks exceptional businesses with clear growth pathways, well-aligned management teams, strong corporate cultures, and companies capable of continuously investing capital at high rates of return. Their approach emphasizes qualitative analysis and understanding business characteristics beyond quantitative metrics, favoring long-term, infrequent trades over short-term market movements.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	8.2%	-

Executive Summary

Aoris International Fund returned 8.2% in the June quarter, outperforming its benchmark by 2.2%. The concentrated portfolio of 15 high-quality international businesses delivered strong performance driven by AI and cloud computing themes. Top contributors included Amphenol, which rose 42.5% on exceptional data centre growth, and Microsoft, which gained 25% as AI computing revenue accelerated and Azure maintained market share gains. UK-based Diploma and Halma each contributed approximately 2% to returns through consistent execution despite challenging industrial markets. The fund made portfolio changes, purchasing Jack Henry at an attractive valuation and selling Atlas Copco due to management's lack of self-help initiatives. Copart was also sold in July following disappointing growth affected by rising uninsured driver rates and competitive pressure. The manager maintains confidence in the portfolio's ability to compound wealth through quality businesses with commercial ambition, targeting 8-12% annual returns over market cycles through disciplined fundamental analysis and patient capital deployment.

Forward Outlook

The manager expects continued attractive earnings growth for portfolio companies over many years, supported by structural growth drivers in AI, cloud computing, and data centres. Quality businesses with commercial ambition are expected to find profitable growth regardless of economic conditions.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jun 30 2025	2025 Q2	ACN, APH, ATCO-A.ST, CPRT, DPLM.L, HLMA.L, JKHY, MSFT, OR.PA	AI, Beauty, Cloud, growth, Industrial, international, Quality, technology	APH MSFT DPLM.L HLMA.L CPRT ACN OR.PA JKHY	Aoris delivered 8.2% quarterly returns through concentrated exposure to quality international businesses benefiting from AI and cloud computing growth. Strong performance from Amphenol and Microsoft offset weakness in Copart. Portfolio changes included adding Jack Henry and exiting Atlas Copco. The fund maintains its disciplined approach to owning wealth-creating businesses targeting 8-12% annual returns over market cycles.
Apr 4 2025	2025 Q1	AAPL, AMT, AMZN, CSGP, CSU.TO, DHR, GOOGL, IDXX, META, MO, MSFT, MTD, NFLX, NVDA, PM, SBAC, TOI.TO, TSLA, TYL, ZTS	durability, Life Sciences, Quality, REITs, tariffs, Tobacco, value	-	Andvari outperformed significantly in Q1 2025 as money rotated from Mag 7+ into their quality holdings. Portfolio benefits from tobacco industry's transition to reduced risk products, life sciences normalization post-COVID, and defensive positioning against tariff risks through software/services focus. High quality businesses with pricing power and century-plus track records of resilience.
Jan 20 2025	2024 Q4	AMT, CSGP, CSU.TO, KPG.AX, MA, MO, ORLY, PM, SBAC, TOI.TO, TYL	dividends, interest rates, real estate, REITs, software, technology, Telecommunications	AMT SBAC CSGP TOI.TO	Andvari delivered solid 13.3% returns despite underperforming markets due to interest rate pressure on tower REITs and real estate data provider CoStar. These high-quality businesses maintain strong fundamentals and pricing power, trading at attractive valuations. Software acquirers performed well with continued consolidation activity. Portfolio positioned for long-term outperformance through mission-critical business models.
Oct 13 2024	2024 Q3	AJG, CSU.TO, LMN.TO, ROL, TOI.TO	Capital Allocation, insurance, M&A, Serial Acquirers, software, value creation	CSU.TO AJG ROL	Andvari's portfolio concentrates on proven serial acquirers in fragmented markets, particularly vertical market software and insurance brokerage. Holdings like Constellation Software and Arthur J. Gallagher create value through disciplined M&A strategies, acquiring 22+ businesses quarterly while offering permanent homes to sellers. The manager views these as semi-permanent holdings with multi-year consolidation runways ahead.
Jul 22 2024	2024 Q2	AJG, MO, MTD, ORLY, PM, POOL, UNH, ZTS	Capital Allocation, Concentration, Essential Services, Quality, Resilience, value	-	Andvari sold underperforming Mesa and redeployed capital into seven high-quality businesses providing essential services with strong pricing power and cash generation. The concentrated portfolio focuses on resilient companies like insurance broker Gallagher, auto parts retailer O'Reilly, and pet healthcare leader Zoetis. Despite Q2 underperformance versus mega-cap tech, the manager expects better returns ahead from these defensive, cash-generative positions.
Apr 19 2024	2024 Q1	AMT, BUD, CSGP, IWM, MA, MO, SPY, WEA	dividends, Quality, rates, real estate, Tobacco, value	KPG.AX CSGP WEA MO	Andvari outperformed in Q1 2024 with 12.1% returns, continuing recovery from 2022. Rising rates created opportunities in high-yielding securities like Altria at 9.7% dividend yield and Western Asset bonds. Key holdings CoStar and Kelly Partners show strong business development with international expansion and strategic capital reallocation. Quality businesses with pricing power drive long-term value creation.
Jan 20 2024	2023 Q4	CSU.TO, LMN.TO, MLAB, TOI.TO	Acquisitions, Capital Allocation, Compounding, Concentration, software	CSU.TO	Andvari returned 17.5% in 2023, trailing the S&P 500 due to concentrated positioning. Constellation Software was the standout performer with 58.9% returns, driven by aggressive acquisition activity and exceptional growth. Mesa Labs declined 36.7% due to customer losses and debt concerns. The firm maintains its concentrated approach targeting high-quality compounders.
Jul 11 2023	2023 Q3	AMT, ROL	-	-
Jul 20 2023	2023 Q2	KPG.AX	Accounting, Australia, Serial Acquirers, small caps, value	KPG.AX	Andvari is tax-loss harvesting to fund investments in serial acquirer businesses, headlined by Kelly Partners Group. The Australian accounting consolidator has grown revenues 100x since 2006 through acquisitions and superior margins. With founder-CEO Brett Kelly owning 50% and expansion into US/UK markets beginning, Andvari expects continued revenue doubling over the next decade.
Apr 24 2023	2023 Q1	JPM, TYL	Banking, Quality, software, technology, value	TYL	Andvari outperformed in Q1 2023 while explaining their avoidance of commodity businesses like banks. Tyler Technologies, despite 2022 underperformance, appears attractively valued as cloud transition nears inflection point with management targeting significant margin expansion by 2025. Focus remains on concentrated portfolio of high-quality businesses with pricing power.
Jan 30 2023	2022 Q4	ADBE, CPRT, CSGP, CSU, DBGI, MA, MLAB, SPGI, TOITF, TYL	-	-
Oct 17 2022	2022 Q3	ADBE	-	-
Apr 29 2022	2022 Q1	CSU CN, TOI CN, TYL	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jun 30 2025

2025 Q2

ACN, APH, ATCO-A.ST, CPRT, DPLM.L, HLMA.L, JKHY, MSFT, OR.PA

AI, Beauty, Cloud, growth, Industrial, international, Quality, technology

APH
MSFT
DPLM.L
HLMA.L
CPRT
ACN
OR.PA
JKHY

Aoris delivered 8.2% quarterly returns through concentrated exposure to quality international businesses benefiting from AI and cloud computing growth. Strong performance from Amphenol and Microsoft offset weakness in Copart. Portfolio changes included adding Jack Henry and exiting Atlas Copco. The fund maintains its disciplined approach to owning wealth-creating businesses targeting 8-12% annual returns over market cycles.

Apr 4 2025

2025 Q1

AAPL, AMT, AMZN, CSGP, CSU.TO, DHR, GOOGL, IDXX, META, MO, MSFT, MTD, NFLX, NVDA, PM, SBAC, TOI.TO, TSLA, TYL, ZTS

durability, Life Sciences, Quality, REITs, tariffs, Tobacco, value

Andvari outperformed significantly in Q1 2025 as money rotated from Mag 7+ into their quality holdings. Portfolio benefits from tobacco industry's transition to reduced risk products, life sciences normalization post-COVID, and defensive positioning against tariff risks through software/services focus. High quality businesses with pricing power and century-plus track records of resilience.

Jan 20 2025

2024 Q4

AMT, CSGP, CSU.TO, KPG.AX, MA, MO, ORLY, PM, SBAC, TOI.TO, TYL

dividends, interest rates, real estate, REITs, software, technology, Telecommunications

AMT
SBAC
CSGP
TOI.TO

Andvari delivered solid 13.3% returns despite underperforming markets due to interest rate pressure on tower REITs and real estate data provider CoStar. These high-quality businesses maintain strong fundamentals and pricing power, trading at attractive valuations. Software acquirers performed well with continued consolidation activity. Portfolio positioned for long-term outperformance through mission-critical business models.

Oct 13 2024

2024 Q3

AJG, CSU.TO, LMN.TO, ROL, TOI.TO

Capital Allocation, insurance, M&A, Serial Acquirers, software, value creation

CSU.TO
AJG
ROL

Andvari's portfolio concentrates on proven serial acquirers in fragmented markets, particularly vertical market software and insurance brokerage. Holdings like Constellation Software and Arthur J. Gallagher create value through disciplined M&A strategies, acquiring 22+ businesses quarterly while offering permanent homes to sellers. The manager views these as semi-permanent holdings with multi-year consolidation runways ahead.

Jul 22 2024

2024 Q2

AJG, MO, MTD, ORLY, PM, POOL, UNH, ZTS

Capital Allocation, Concentration, Essential Services, Quality, Resilience, value

Andvari sold underperforming Mesa and redeployed capital into seven high-quality businesses providing essential services with strong pricing power and cash generation. The concentrated portfolio focuses on resilient companies like insurance broker Gallagher, auto parts retailer O'Reilly, and pet healthcare leader Zoetis. Despite Q2 underperformance versus mega-cap tech, the manager expects better returns ahead from these defensive, cash-generative positions.

Apr 19 2024

2024 Q1

AMT, BUD, CSGP, IWM, MA, MO, SPY, WEA

dividends, Quality, rates, real estate, Tobacco, value

KPG.AX
CSGP
WEA
MO

Andvari outperformed in Q1 2024 with 12.1% returns, continuing recovery from 2022. Rising rates created opportunities in high-yielding securities like Altria at 9.7% dividend yield and Western Asset bonds. Key holdings CoStar and Kelly Partners show strong business development with international expansion and strategic capital reallocation. Quality businesses with pricing power drive long-term value creation.

Jan 20 2024

2023 Q4

CSU.TO, LMN.TO, MLAB, TOI.TO

Acquisitions, Capital Allocation, Compounding, Concentration, software

CSU.TO

Andvari returned 17.5% in 2023, trailing the S&P 500 due to concentrated positioning. Constellation Software was the standout performer with 58.9% returns, driven by aggressive acquisition activity and exceptional growth. Mesa Labs declined 36.7% due to customer losses and debt concerns. The firm maintains its concentrated approach targeting high-quality compounders.

Jul 11 2023

2023 Q3

AMT, ROL

Jul 20 2023

2023 Q2

KPG.AX

Accounting, Australia, Serial Acquirers, small caps, value

KPG.AX

Andvari is tax-loss harvesting to fund investments in serial acquirer businesses, headlined by Kelly Partners Group. The Australian accounting consolidator has grown revenues 100x since 2006 through acquisitions and superior margins. With founder-CEO Brett Kelly owning 50% and expansion into US/UK markets beginning, Andvari expects continued revenue doubling over the next decade.

Apr 24 2023

2023 Q1

JPM, TYL

Banking, Quality, software, technology, value

TYL

Andvari outperformed in Q1 2023 while explaining their avoidance of commodity businesses like banks. Tyler Technologies, despite 2022 underperformance, appears attractively valued as cloud transition nears inflection point with management targeting significant margin expansion by 2025. Focus remains on concentrated portfolio of high-quality businesses with pricing power.

Jan 30 2023

2022 Q4

ADBE, CPRT, CSGP, CSU, DBGI, MA, MLAB, SPGI, TOITF, TYL

Oct 17 2022

2022 Q3

ADBE

Apr 29 2022

2022 Q1

CSU CN, TOI CN, TYL

QUARTER	THEMES	TAGS
2025 Q2	AI Microsoft's AI computing revenue rose rapidly with demand exceeding capacity. Copilot AI product experiencing very rapid growth, generating 3.7x returns on investment according to IDC. AI tools being applied to enhance productivity across software coding, customer enquiries, and sales preparation.	Artificial Intelligence Copilot Productivity Computing Microsoft
	Cloud Microsoft Azure accounts for almost one-third of group revenue with 25% market share, gaining consistently against competitors. Only one-quarter of SAP's customer base has moved to cloud, suggesting significant remaining opportunity for cloud migration from on-premises servers.	Azure Cloud Computing Migration Infrastructure SaaS
	Data Centers Amphenol's sales into data centre market more than doubled in the quarter, accounting for roughly one-third of revenue. Strong growth driven by AI computing demand and Amphenol gaining market share in this rapidly expanding segment.	Data Centers Infrastructure Connectors AI Computing Growth
	Beauty L'Oréal is the world's largest beauty company with 15% global market share, larger than its two closest peers combined. The company has outgrown its market in 18 of the last 20 years through diversification across categories, brands, channels, and geographies.	Cosmetics Skincare Market Share Global Growth
2025 Q1	Tobacco Andvari made first investments in Philip Morris International and Altria, benefiting from the transition to reduced risk products like nicotine pouches. The ZYN brand has grown 40-80% despite product shortages, while Altria's on! brand grew 32-48%. With 1.1 billion nicotine users globally and only 100 million using reduced risk products, there is significant runway for market share growth.	Nicotine Reduced Risk ZYN Pouches Sweden
	Life Sciences Four holdings serve life sciences and companion animal markets: Mettler-Toledo, Danaher, IDEXX, and Zoetis. All are market leaders with high margins and solid growth tailwinds, but have been working through COVID-era demand pull-forward. Growth normalization should drive share price appreciation when it reverts to pre-COVID levels.	Equipment Consumables Veterinary Pharma COVID
	Trade Policy Andvari's portfolio is well-positioned for tariff impacts due to focus on software and services businesses rather than physical goods manufacturers. Companies with physical goods exposure have above-average pricing power from selling critical products that represent small portions of customer costs with high switching costs.	Tariffs Software Services Pricing Power Switching Costs
	Real Estate Holdings include two cell tower REITs (American Tower and SBA Communications) that have reduced debt and increased dividends. CoStar Group continues investing in residential property portals and made a bid for Domain Group in Australia, though success in residential is not necessary for good returns.	REITs Cell Towers Property Portals Interest Rates Dividends
2024 Q4	Tower REITs Cell tower REITs AMT and SBAC declined due to interest rate sensitivity but maintain strong fundamentals. Mobile data usage growth drives demand for more antennas on existing and new towers. Land scarcity and regulatory barriers provide pricing power with steady rent increases built into contracts.	Cell Towers REITs Mobile Data Pricing Power Land Scarcity
	Commercial Real Estate CoStar serves the real estate industry with mission-critical tools for brokers and property owners. The company continues growing across all business lines with CoStar Suite up 10%, Apartments.com up 15.5%, and Homes.com up 169%. CoStar maintains competitive advantages through extensive data collection and strong intellectual property protection.	Real Estate Data Commercial Brokers Property Management Data Collection Intellectual Property
	Vertical Software Serial acquirers Topicus, Constellation Software, and Tyler Technologies performed well by acquiring niche vertical market software businesses. Topicus recently announced acquiring Cipal Schaubroeck for €200-250 million, continuing its strategy of doubling revenues and free cash flows every five years.	Software Acquisitions Vertical Markets Serial Acquirers Niche Software Government Software
	Dividends AMT paused dividend increases to focus on debt reduction, with resumption of dividend growth expected as a positive catalyst this year. Both AMT and SBAC are trading near highest dividend yields in their history, creating favorable setup for future shareholder returns.	Dividend Growth Debt Reduction Shareholder Returns Dividend Yields Capital Allocation
2024 Q3	Vertical Software The fund owns three serial acquirers of vertical market software companies: Constellation Software, Topicus.com, and Lumine Group. This trio acquired another 22 software businesses in just the prior quarter. The manager views this group as a semi-permanent holding still capable of outperforming the market over the long term.	Software Acquisitions Technology VMS Serial Acquirers
	Serial Acquirers The portfolio is concentrated in companies with proven acquisition track records including Constellation Software, Arthur J. Gallagher, and Rollins. These companies have highly rational acquisition strategies and have created enormous value for shareholders through M&A. They position themselves as acquirers of choice by offering fair prices and permanent homes for businesses.	M&A Acquisitions Capital Allocation Growth Consolidation
2024 Q2	Resilience Andvari focuses on companies that provide essential services and products that customers will buy regardless of economic conditions. These businesses demonstrate revenue stability even during challenging periods, with examples like Gallagher showing minimal revenue declines during recessions and O'Reilly selling essential auto parts. The portfolio emphasizes businesses with predictable cash flows and non-discretionary purchase patterns.	Essential Services Revenue Stability Non-discretionary Cash Flow Economic Resilience
	Tobacco The tobacco industry has consolidated to a handful of players who have successfully offset declining cigarette volumes with price increases for decades. Both Altria and Philip Morris are introducing safer nicotine delivery products including vaping, nicotine pouches, and heat-not-burn products, with nicotine pouches showing extraordinary growth rates of 30%+ and 70%+ respectively. The manager sees potential for a nicotine renaissance aided by less harmful products.	Nicotine Pouches Price Increases Product Innovation Volume Decline Harm Reduction
	Pet Care The pet healthcare market benefits from increasing pet ownership trends and growing willingness to spend more on pets annually. Spending on pets has nearly doubled since 1990 compared to overall consumer spending, and the pet healthcare industry has never had a year of negative growth in the last 15 years. Zoetis operates in this resilient market with exceptional financials including 70% gross margins and steady revenue growth.	Pet Ownership Healthcare Spending Market Growth Consumer Trends Veterinary
2024 Q1	Commercial Real Estate CoStar Group is investing $1 billion into Homes.com to compete against Zillow in residential real estate. The National Association of Realtors settlement could provide a tailwind by changing commission structures that favor Homes.com's seller-focused business model over buyer-focused portals.	Real Estate Portals Commissions Settlement Competition
	Dividends Altria offers a 9.7% dividend yield at levels seen only twice since 2000, with ability to grow dividends 2-3% annually. Kelly Partners eliminated its monthly dividend to redeploy capital at higher returns through acquisitions.	Yield Income Payout Growth Capital Allocation
	Tobacco Altria maintains extraordinary profitability despite declining cigarette volumes through regular price increases. The company is transitioning to reduced risk products like nicotine pouches, with the on! brand growing volumes over 30% annually.	Cigarettes Nicotine Pricing Power Harm Reduction Volumes
2023 Q4	Vertical Software Constellation Software's acquisition strategy focuses on niche, vertical market software businesses with high margins and mission-critical applications. The company acquired over 100 such businesses in 2023, demonstrating the continued opportunity in this space. These businesses typically have low organic growth but generate substantial free cash flows that can be reinvested at high rates of return.	Software Acquisitions Vertical Mission Critical Niche
2023 Q2	Value Andvari employs a concentrated investment strategy focused on identifying high quality businesses with high quality managers that can deploy capital at high rates of return. The fund seeks to buy shares of these businesses at sensible prices to produce excellent long-term returns.	Value Quality Capital Allocation
2023 Q1	Quality Andvari seeks businesses with highly valued products or services that enable higher than average margins and returns, more robust free cash flows, more dependable revenues, and stronger customer relationships. They avoid commodity businesses like banking that compete primarily on price.	Quality Margins Returns Differentiation Pricing Power
	Cloud Tyler Technologies has transitioned to a cloud-first, software-as-a-service business model with a partnership with Amazon Web Services. While this transition has been a short-term headwind, it will lead to more predictable revenue growth and higher free cash flows in the long run.	Cloud SaaS AWS Transition Recurring Revenue

QUARTER

THEMES

AI

Microsoft's AI computing revenue rose rapidly with demand exceeding capacity. Copilot AI product experiencing very rapid growth, generating 3.7x returns on investment according to IDC. AI tools being applied to enhance productivity across software coding, customer enquiries, and sales preparation.

Artificial Intelligence Copilot Productivity Computing Microsoft

Cloud

Microsoft Azure accounts for almost one-third of group revenue with 25% market share, gaining consistently against competitors. Only one-quarter of SAP's customer base has moved to cloud, suggesting significant remaining opportunity for cloud migration from on-premises servers.

Azure Cloud Computing Migration Infrastructure SaaS

Data Centers

Amphenol's sales into data centre market more than doubled in the quarter, accounting for roughly one-third of revenue. Strong growth driven by AI computing demand and Amphenol gaining market share in this rapidly expanding segment.

Data Centers Infrastructure Connectors AI Computing Growth

Beauty

L'Oréal is the world's largest beauty company with 15% global market share, larger than its two closest peers combined. The company has outgrown its market in 18 of the last 20 years through diversification across categories, brands, channels, and geographies.

Cosmetics Skincare Market Share Global Growth

2025 Q1

Tobacco

Andvari made first investments in Philip Morris International and Altria, benefiting from the transition to reduced risk products like nicotine pouches. The ZYN brand has grown 40-80% despite product shortages, while Altria's on! brand grew 32-48%. With 1.1 billion nicotine users globally and only 100 million using reduced risk products, there is significant runway for market share growth.

Nicotine Reduced Risk ZYN Pouches Sweden

Life Sciences

Four holdings serve life sciences and companion animal markets: Mettler-Toledo, Danaher, IDEXX, and Zoetis. All are market leaders with high margins and solid growth tailwinds, but have been working through COVID-era demand pull-forward. Growth normalization should drive share price appreciation when it reverts to pre-COVID levels.

Equipment Consumables Veterinary Pharma COVID

Trade Policy

Andvari's portfolio is well-positioned for tariff impacts due to focus on software and services businesses rather than physical goods manufacturers. Companies with physical goods exposure have above-average pricing power from selling critical products that represent small portions of customer costs with high switching costs.

Tariffs Software Services Pricing Power Switching Costs

Real Estate

Holdings include two cell tower REITs (American Tower and SBA Communications) that have reduced debt and increased dividends. CoStar Group continues investing in residential property portals and made a bid for Domain Group in Australia, though success in residential is not necessary for good returns.

REITs Cell Towers Property Portals Interest Rates Dividends

2024 Q4

Tower REITs

Cell tower REITs AMT and SBAC declined due to interest rate sensitivity but maintain strong fundamentals. Mobile data usage growth drives demand for more antennas on existing and new towers. Land scarcity and regulatory barriers provide pricing power with steady rent increases built into contracts.

Cell Towers REITs Mobile Data Pricing Power Land Scarcity

Commercial Real Estate

CoStar serves the real estate industry with mission-critical tools for brokers and property owners. The company continues growing across all business lines with CoStar Suite up 10%, Apartments.com up 15.5%, and Homes.com up 169%. CoStar maintains competitive advantages through extensive data collection and strong intellectual property protection.

Real Estate Data Commercial Brokers Property Management Data Collection Intellectual Property

Vertical Software

Serial acquirers Topicus, Constellation Software, and Tyler Technologies performed well by acquiring niche vertical market software businesses. Topicus recently announced acquiring Cipal Schaubroeck for €200-250 million, continuing its strategy of doubling revenues and free cash flows every five years.

Software Acquisitions Vertical Markets Serial Acquirers Niche Software Government Software

Dividends

AMT paused dividend increases to focus on debt reduction, with resumption of dividend growth expected as a positive catalyst this year. Both AMT and SBAC are trading near highest dividend yields in their history, creating favorable setup for future shareholder returns.

Dividend Growth Debt Reduction Shareholder Returns Dividend Yields Capital Allocation

2024 Q3

Vertical Software

The fund owns three serial acquirers of vertical market software companies: Constellation Software, Topicus.com, and Lumine Group. This trio acquired another 22 software businesses in just the prior quarter. The manager views this group as a semi-permanent holding still capable of outperforming the market over the long term.

Software Acquisitions Technology VMS Serial Acquirers

Serial Acquirers

The portfolio is concentrated in companies with proven acquisition track records including Constellation Software, Arthur J. Gallagher, and Rollins. These companies have highly rational acquisition strategies and have created enormous value for shareholders through M&A. They position themselves as acquirers of choice by offering fair prices and permanent homes for businesses.

M&A Acquisitions Capital Allocation Growth Consolidation

2024 Q2

Resilience

Andvari focuses on companies that provide essential services and products that customers will buy regardless of economic conditions. These businesses demonstrate revenue stability even during challenging periods, with examples like Gallagher showing minimal revenue declines during recessions and O'Reilly selling essential auto parts. The portfolio emphasizes businesses with predictable cash flows and non-discretionary purchase patterns.

Essential Services Revenue Stability Non-discretionary Cash Flow Economic Resilience

Tobacco

The tobacco industry has consolidated to a handful of players who have successfully offset declining cigarette volumes with price increases for decades. Both Altria and Philip Morris are introducing safer nicotine delivery products including vaping, nicotine pouches, and heat-not-burn products, with nicotine pouches showing extraordinary growth rates of 30%+ and 70%+ respectively. The manager sees potential for a nicotine renaissance aided by less harmful products.

Nicotine Pouches Price Increases Product Innovation Volume Decline Harm Reduction

Pet Care

The pet healthcare market benefits from increasing pet ownership trends and growing willingness to spend more on pets annually. Spending on pets has nearly doubled since 1990 compared to overall consumer spending, and the pet healthcare industry has never had a year of negative growth in the last 15 years. Zoetis operates in this resilient market with exceptional financials including 70% gross margins and steady revenue growth.

Pet Ownership Healthcare Spending Market Growth Consumer Trends Veterinary

2024 Q1

Commercial Real Estate

CoStar Group is investing $1 billion into Homes.com to compete against Zillow in residential real estate. The National Association of Realtors settlement could provide a tailwind by changing commission structures that favor Homes.com's seller-focused business model over buyer-focused portals.

Real Estate Portals Commissions Settlement Competition

Dividends

Altria offers a 9.7% dividend yield at levels seen only twice since 2000, with ability to grow dividends 2-3% annually. Kelly Partners eliminated its monthly dividend to redeploy capital at higher returns through acquisitions.

Yield Income Payout Growth Capital Allocation

Tobacco

Altria maintains extraordinary profitability despite declining cigarette volumes through regular price increases. The company is transitioning to reduced risk products like nicotine pouches, with the on! brand growing volumes over 30% annually.

Cigarettes Nicotine Pricing Power Harm Reduction Volumes

2023 Q4

Vertical Software

Constellation Software's acquisition strategy focuses on niche, vertical market software businesses with high margins and mission-critical applications. The company acquired over 100 such businesses in 2023, demonstrating the continued opportunity in this space. These businesses typically have low organic growth but generate substantial free cash flows that can be reinvested at high rates of return.

Software Acquisitions Vertical Mission Critical Niche

2023 Q2

Value

Andvari employs a concentrated investment strategy focused on identifying high quality businesses with high quality managers that can deploy capital at high rates of return. The fund seeks to buy shares of these businesses at sensible prices to produce excellent long-term returns.

Value Quality Capital Allocation

2023 Q1

Quality

Andvari seeks businesses with highly valued products or services that enable higher than average margins and returns, more robust free cash flows, more dependable revenues, and stronger customer relationships. They avoid commodity businesses like banking that compete primarily on price.

Quality Margins Returns Differentiation Pricing Power

Cloud

Tyler Technologies has transitioned to a cloud-first, software-as-a-service business model with a partnership with Amazon Web Services. While this transition has been a short-term headwind, it will lead to more predictable revenue growth and higher free cash flows in the long run.

Cloud SaaS AWS Transition Recurring Revenue

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 20, 2023	Fund Letters	Andvari Associates	KPG.AX	Kelly Partners Group	Commercial & Professional Services	Professional Services	Bull	ASX	accounting services, Acquisitions, Australia, EBITDA margins, founder-led, growth, market consolidation, professional services, recurring revenue, serial acquirer	Login
Jun 30, 2025	Fund Letters	Andvari Associates	APH	Amphenol Corporation	Information Technology	Electronic Components	Bull	NYSE	Aerospace, AI infrastructure, automotive, data centers, Electronic Connectors, market share gains, Sensors, technology hardware	Login
Jun 30, 2025	Fund Letters	Andvari Associates	ACN	Accenture plc	Information Technology	IT Consulting & Other Services	Bull	NYSE	AI implementation, cloud migration, Data Security, Enterprise transformation, Government Pressure, It consulting, Large Contracts, Technology Services	Login
Jun 30, 2025	Fund Letters	Andvari Associates	HLMA.L	Halma plc	Information Technology	Electronic Equipment & Instruments	Bull	LSE	defensive, Dividend Growth, Environmental, Medical, Mission-Critical, Safety Products, Specialized Products, UK	Login
Jun 30, 2025	Fund Letters	Andvari Associates	JKHY	Jack Henry & Associates, Inc.	Information Technology	Application Software	Bull	NASDAQ	Banking Software, Core Processing, customer satisfaction, digital banking, financial technology, market share gains, Mission-Critical, recurring revenue	Login
Jun 30, 2025	Fund Letters	Andvari Associates	CPRT	Copart, Inc.	Industrials	Commercial Services & Supplies	Bear	NASDAQ	Auto auctions, Competition, Insurance, margin pressure, Market Share Loss, Structural headwinds, Uninsured Vehicles, Used cars	Login
Jun 30, 2025	Fund Letters	Andvari Associates	DPLM.L	Diploma PLC	Industrials	Trading Companies & Distributors	Bull	LSE	Commercial Ambition, Industrial, life sciences, manufacturing, market share gains, operational excellence, UK, Value-Added Distribution	Login
Jun 30, 2025	Fund Letters	Andvari Associates	MSFT	Microsoft Corporation	Information Technology	Systems Software	Bull	NASDAQ	AI Computing, Azure, Capacity constraints, Cloud computing, data centers, Enterprise software, infrastructure, SaaS	Login
Jun 30, 2025	Fund Letters	Andvari Associates	OR.PA	L'Oréal S.A.	Consumer Staples	Personal Care Products	Bull	Euronext Paris	beauty products, brand portfolio, consumer staples, Cosmetics, diversification, Emerging markets, Global Market Leader, R&D investment	Login
Jan 20, 2025	Fund Letters	Andvari Associates	CSGP	CoStar Group Inc	Real Estate	Real Estate Services	Bull	NASDAQ	commercial real estate, competitive moat, Data Analytics, high-margin, Intellectual Property, Mission-Critical, Real Estate Data, SaaS	Login
Jan 20, 2025	Fund Letters	Andvari Associates	AMT	American Tower Corporation	Real Estate	Specialized REITs	Bull	NYSE	Cell Tower, dividend, infrastructure, Interest Rate Sensitive, Mission-Critical, Mobile Data, Pricing power, REIT, telecommunications	Login
Jan 20, 2025	Fund Letters	Andvari Associates	TOI.TO	Topicus.com Inc	Information Technology	Systems Software	Bull	TSX	European Software, Free Cash Flow, government software, growth, M&A, serial acquirer, Software, vertical software	Login
Jan 20, 2025	Fund Letters	Andvari Associates	SBAC	SBA Communications Corporation	Real Estate	Specialized REITs	Bull	NASDAQ	Cell Tower, infrastructure, Interest Rate Sensitive, Mission-Critical, Mobile Data, Pricing power, REIT, share repurchases, telecommunications	Login
Oct 13, 2024	Fund Letters	Andvari Associates	CSU.TO	Constellation Software Inc.	Information Technology	Systems Software	Bull	Toronto Stock Exchange	Canada, Decentralized, M&A, serial acquirer, Software, technology, Value Arbitrage, VMS	Login
Oct 13, 2024	Fund Letters	Andvari Associates	AJG	Arthur J. Gallagher & Co.	Financials	Insurance Brokers	Bull	New York Stock Exchange	financial services, Fragmented Market, Insurance Broker, M&A, Property & Casualty, Reinsurance, serial acquirer	Login
Oct 13, 2024	Fund Letters	Andvari Associates	ROL	Rollins Inc.	Industrials	Environmental & Facilities Services	Bull	New York Stock Exchange	Consumer services, Fragmented Market, M&A, North America, pest control, Roll-up Strategy, serial acquirer	Login
Apr 4, 2024	Fund Letters	Andvari Associates	WEA	Western Asset Premier Bond Fund	Financials	Asset Management & Custody Banks	Bull	NYSE	Berkshire Connection, bond fund, closed-end fund, fixed income, high yield, income investment, NAV discount, Western Asset	Login
Apr 4, 2024	Fund Letters	Andvari Associates	CSGP	CoStar Group	Real Estate	Real Estate Services	Bull	NASDAQ	commercial real estate, market share gains, Marketing Investment, NAR Settlement, Online Marketplaces, real estate technology, Residential Real Estate, Zillow Competition	Login
Apr 4, 2024	Fund Letters	Andvari Associates	KPG.AX	Kelly Partners Group	Financials	Professional Services	Bull	ASX	accounting services, Acquisitions, Australia, capital allocation, professional services, Roll-up Strategy, Small Business Services, US Expansion	Login
Apr 4, 2024	Fund Letters	Andvari Associates	MO	Altria Group	Consumer Staples	Tobacco	Bull	NYSE	consumer staples, high dividend yield, Nicotine pouches, Pricing power, Reduced-Risk Products, share repurchase, tobacco, Value Investment	Login
Apr 18, 2023	Fund Letters	Andvari Associates	TYL	Tyler Technologies	Information Technology	Application Software	Bull	NYSE	Cloud computing, government software, margin expansion, recurring revenue, SaaS, Technology Transition, turnaround, Value	Login
Jan 20, 2024	Fund Letters	Andvari Associates	CSU.TO	Constellation Software Inc.	Information Technology	Systems Software	Bull	Toronto Stock Exchange	Acquisitions, Canada, compounding, Decentralized, Free Cash Flow, growth, Mission-Critical, Software, Vertical Markets	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 20, 2023

Fund Letters

Andvari Associates

KPG.AX

Kelly Partners Group

Commercial & Professional Services

Professional Services

Bull

ASX

accounting services, Acquisitions, Australia, EBITDA margins, founder-led, growth, market consolidation, professional services, recurring revenue, serial acquirer

Jun 30, 2025

Fund Letters

Andvari Associates

APH

Amphenol Corporation

Information Technology

Electronic Components

Bull

NYSE

Aerospace, AI infrastructure, automotive, data centers, Electronic Connectors, market share gains, Sensors, technology hardware

Jun 30, 2025

Fund Letters

Andvari Associates

ACN

Accenture plc

Information Technology

IT Consulting & Other Services

Bull

NYSE

AI implementation, cloud migration, Data Security, Enterprise transformation, Government Pressure, It consulting, Large Contracts, Technology Services

Jun 30, 2025

Fund Letters

Andvari Associates

HLMA.L

Halma plc

Information Technology

Electronic Equipment & Instruments

Bull

LSE

defensive, Dividend Growth, Environmental, Medical, Mission-Critical, Safety Products, Specialized Products, UK

Jun 30, 2025

Fund Letters

Andvari Associates

JKHY

Jack Henry & Associates, Inc.

Information Technology

Application Software

Bull

NASDAQ

Banking Software, Core Processing, customer satisfaction, digital banking, financial technology, market share gains, Mission-Critical, recurring revenue

Jun 30, 2025

Fund Letters

Andvari Associates

CPRT

Copart, Inc.

Industrials

Commercial Services & Supplies

Bear

NASDAQ

Auto auctions, Competition, Insurance, margin pressure, Market Share Loss, Structural headwinds, Uninsured Vehicles, Used cars

Jun 30, 2025

Fund Letters

Andvari Associates

DPLM.L

Diploma PLC

Industrials

Trading Companies & Distributors

Bull

LSE

Commercial Ambition, Industrial, life sciences, manufacturing, market share gains, operational excellence, UK, Value-Added Distribution

Jun 30, 2025

Fund Letters

Andvari Associates

MSFT

Microsoft Corporation

Information Technology

Systems Software

Bull

NASDAQ

AI Computing, Azure, Capacity constraints, Cloud computing, data centers, Enterprise software, infrastructure, SaaS

Jun 30, 2025

Fund Letters

Andvari Associates

OR.PA

L'Oréal S.A.

Consumer Staples

Personal Care Products

Bull

Euronext Paris

beauty products, brand portfolio, consumer staples, Cosmetics, diversification, Emerging markets, Global Market Leader, R&D investment

Jan 20, 2025

Fund Letters

Andvari Associates

CSGP

CoStar Group Inc

Real Estate

Real Estate Services

Bull

NASDAQ

commercial real estate, competitive moat, Data Analytics, high-margin, Intellectual Property, Mission-Critical, Real Estate Data, SaaS

Jan 20, 2025

Fund Letters

Andvari Associates

AMT

American Tower Corporation

Real Estate

Specialized REITs

Bull

NYSE

Cell Tower, dividend, infrastructure, Interest Rate Sensitive, Mission-Critical, Mobile Data, Pricing power, REIT, telecommunications

Jan 20, 2025

Fund Letters

Andvari Associates

TOI.TO

Topicus.com Inc

Information Technology

Systems Software

Bull

TSX

European Software, Free Cash Flow, government software, growth, M&A, serial acquirer, Software, vertical software

Jan 20, 2025

Fund Letters

Andvari Associates

SBAC

SBA Communications Corporation

Real Estate

Specialized REITs

Bull

NASDAQ

Cell Tower, infrastructure, Interest Rate Sensitive, Mission-Critical, Mobile Data, Pricing power, REIT, share repurchases, telecommunications

Oct 13, 2024

Fund Letters

Andvari Associates

CSU.TO

Constellation Software Inc.

Information Technology

Systems Software

Bull

Toronto Stock Exchange

Canada, Decentralized, M&A, serial acquirer, Software, technology, Value Arbitrage, VMS

Oct 13, 2024

Fund Letters

Andvari Associates

AJG

Arthur J. Gallagher & Co.

Financials

Insurance Brokers

Bull

New York Stock Exchange

financial services, Fragmented Market, Insurance Broker, M&A, Property & Casualty, Reinsurance, serial acquirer

Oct 13, 2024

Fund Letters

Andvari Associates

ROL

Rollins Inc.

Industrials

Environmental & Facilities Services

Bull

New York Stock Exchange

Consumer services, Fragmented Market, M&A, North America, pest control, Roll-up Strategy, serial acquirer

Apr 4, 2024

Fund Letters

Andvari Associates

WEA

Western Asset Premier Bond Fund

Financials

Asset Management & Custody Banks

Bull

NYSE

Berkshire Connection, bond fund, closed-end fund, fixed income, high yield, income investment, NAV discount, Western Asset

Apr 4, 2024

Fund Letters

Andvari Associates

CSGP

CoStar Group

Real Estate

Real Estate Services

Bull

NASDAQ

commercial real estate, market share gains, Marketing Investment, NAR Settlement, Online Marketplaces, real estate technology, Residential Real Estate, Zillow Competition

Apr 4, 2024

Fund Letters

Andvari Associates

KPG.AX

Kelly Partners Group

Financials

Professional Services

Bull

ASX

accounting services, Acquisitions, Australia, capital allocation, professional services, Roll-up Strategy, Small Business Services, US Expansion

Apr 4, 2024

Fund Letters

Andvari Associates

Altria Group

Consumer Staples

Tobacco

Bull

NYSE

consumer staples, high dividend yield, Nicotine pouches, Pricing power, Reduced-Risk Products, share repurchase, tobacco, Value Investment

Apr 18, 2023

Fund Letters

Andvari Associates

TYL

Tyler Technologies

Information Technology

Application Software

Bull

NYSE

Cloud computing, government software, margin expansion, recurring revenue, SaaS, Technology Transition, turnaround, Value

Jan 20, 2024

Fund Letters

Andvari Associates

CSU.TO

Constellation Software Inc.

Information Technology

Systems Software

Bull

Toronto Stock Exchange

Acquisitions, Canada, compounding, Decentralized, Free Cash Flow, growth, Mission-Critical, Software, Vertical Markets

TICKER	COMMENTARY
APH	Amphenol is a world-leading maker of electronic connectors and sensors. These devices are sold into a wide variety of end markets, including aerospace, automotive manufacturing, industrial equipment, mobile phones and data centres. Amphenol reported exceptionally strong growth in its March quarter, with revenue up on an underlying basis by 33%. Sales into the data centre market, which accounts for roughly one-third of its revenue, more than doubled in the quarter, as Amphenol gained share in a strongly growing market.
MSFT	There had been concerns from some investors for much of the last year that Microsoft had overcommitted to its data centre infrastructure build out, and reports of lease cancellations were seen as a sign of underwhelming demand for AI computing. Pleasingly, Microsoft's March quarter revenue rose by 15%, including 35% growth in its Azure cloud computing business. Its AI computing revenue rose rapidly, and demand for these services continues to exceed Microsoft's ability to add new capacity.
DPLM.L	Diploma is a UK-based, value-added distributor, serving a broad mix of industrial, manufacturing, commercial and life science markets. Diploma's revenue grew by 9% in the March quarter on an underlying basis, well ahead of the growth of its end markets, and EPS rose by 25%. In our interactions with Diploma's management over the past year, we've been impressed by the company's commercial ambition, efforts to improve every aspect of its operations, and its desire to find growth regardless of external conditions.
HLMA.L	Also based in the UK, Halma is a global supplier of specialised products for safety, environmental and medical markets. Underlying revenue growth of 9% in the March quarter may have surprised some investors, given tepid industrial and manufacturing end markets. However, like Diploma, Halma is an ambitious business with an expectation to find profitable growth regardless of economic conditions. This March marked the 46th consecutive year that Halma has raised its dividend by 5% or more.
CPRT	Copart operates an online auction site, primarily to serve US auto insurers disposing of damaged vehicles deemed too expensive to repair. Growth in the March quarter was disappointing, with the volume of cars auctioned on behalf of US insurers flat compared to a year earlier. The proportion of cars that are uninsured has risen rapidly in the last four years, from 11% to 15.5%, reflecting the sharp increase in the cost of insurance. Copart's only competitor, IAA Inc, appears to be improving its effectiveness under new ownership, regaining some of the market share it lost to Copart in recent years. We sold Copart from the portfolio in mid-July.
ACN	Accenture's growth has slowed over the last two years following a strong post-pandemic period. The company reports there is robust client demand for large, complex IT projects of the size and scope that Accenture excels at. Clients are undertaking these large projects to migrate their computing infrastructure to the cloud, enhance data security, and benefit from applying AI tools to their data. On the other hand, some clients are funding their increased investment in large projects by spending less on smaller, simpler ones. The US federal government, which contributes 8% of Accenture's revenue, is pressuring its various departments to reduce the business they give to consultants and secure price concessions on existing contracts.
OR.PA	L'Oréal is the world's largest beauty company, with a 15% share of its market globally. L'Oréal has outgrown its market in 18 of the last 20 years. L'Oréal's brand investment in the form of advertising and promotion in 2024 was 50% more than it spent in 2019, and higher as a proportion of sales, while its investment in research and development was almost 40% greater than five years ago.
JKHY	Jack Henry is a leading provider of essential software to banks and credit unions in the US. Its offering includes the core account management software that maintains a financial institution's customer deposit and loan data, as well as software for transaction processing, digital banking, fraud detection and treasury management. Jack Henry has an established record of very high customer satisfaction, which has aided its long record of customer wins and market share gains. We had owned Jack Henry in the portfolio from mid-2019 to late 2022, and repurchased it at a significantly more attractive valuation multiple than we sold it for.
ATCO-A.ST	Atlas Copco supplies industrial products and components, such as vacuum valves, air compressors, filters and pumps into a wide variety of end markets. Although many of these end markets are soft at present, after a meeting with Atlas Copco's senior management we were disappointed with the lack of observable self-help initiatives by the company to strengthen its individual business units and take market share in a way we see from other portfolio companies when faced with similarly challenged conditions. This has diminished our confidence in the long-term earnings growth prospects of the business.

TICKER

COMMENTARY

APH

Amphenol is a world-leading maker of electronic connectors and sensors. These devices are sold into a wide variety of end markets, including aerospace, automotive manufacturing, industrial equipment, mobile phones and data centres. Amphenol reported exceptionally strong growth in its March quarter, with revenue up on an underlying basis by 33%. Sales into the data centre market, which accounts for roughly one-third of its revenue, more than doubled in the quarter, as Amphenol gained share in a strongly growing market.

MSFT

There had been concerns from some investors for much of the last year that Microsoft had overcommitted to its data centre infrastructure build out, and reports of lease cancellations were seen as a sign of underwhelming demand for AI computing. Pleasingly, Microsoft's March quarter revenue rose by 15%, including 35% growth in its Azure cloud computing business. Its AI computing revenue rose rapidly, and demand for these services continues to exceed Microsoft's ability to add new capacity.

DPLM.L

Diploma is a UK-based, value-added distributor, serving a broad mix of industrial, manufacturing, commercial and life science markets. Diploma's revenue grew by 9% in the March quarter on an underlying basis, well ahead of the growth of its end markets, and EPS rose by 25%. In our interactions with Diploma's management over the past year, we've been impressed by the company's commercial ambition, efforts to improve every aspect of its operations, and its desire to find growth regardless of external conditions.

HLMA.L

Also based in the UK, Halma is a global supplier of specialised products for safety, environmental and medical markets. Underlying revenue growth of 9% in the March quarter may have surprised some investors, given tepid industrial and manufacturing end markets. However, like Diploma, Halma is an ambitious business with an expectation to find profitable growth regardless of economic conditions. This March marked the 46th consecutive year that Halma has raised its dividend by 5% or more.

CPRT

Copart operates an online auction site, primarily to serve US auto insurers disposing of damaged vehicles deemed too expensive to repair. Growth in the March quarter was disappointing, with the volume of cars auctioned on behalf of US insurers flat compared to a year earlier. The proportion of cars that are uninsured has risen rapidly in the last four years, from 11% to 15.5%, reflecting the sharp increase in the cost of insurance. Copart's only competitor, IAA Inc, appears to be improving its effectiveness under new ownership, regaining some of the market share it lost to Copart in recent years. We sold Copart from the portfolio in mid-July.

ACN

Accenture's growth has slowed over the last two years following a strong post-pandemic period. The company reports there is robust client demand for large, complex IT projects of the size and scope that Accenture excels at. Clients are undertaking these large projects to migrate their computing infrastructure to the cloud, enhance data security, and benefit from applying AI tools to their data. On the other hand, some clients are funding their increased investment in large projects by spending less on smaller, simpler ones. The US federal government, which contributes 8% of Accenture's revenue, is pressuring its various departments to reduce the business they give to consultants and secure price concessions on existing contracts.

OR.PA

L'Oréal is the world's largest beauty company, with a 15% share of its market globally. L'Oréal has outgrown its market in 18 of the last 20 years. L'Oréal's brand investment in the form of advertising and promotion in 2024 was 50% more than it spent in 2019, and higher as a proportion of sales, while its investment in research and development was almost 40% greater than five years ago.

JKHY

Jack Henry is a leading provider of essential software to banks and credit unions in the US. Its offering includes the core account management software that maintains a financial institution's customer deposit and loan data, as well as software for transaction processing, digital banking, fraud detection and treasury management. Jack Henry has an established record of very high customer satisfaction, which has aided its long record of customer wins and market share gains. We had owned Jack Henry in the portfolio from mid-2019 to late 2022, and repurchased it at a significantly more attractive valuation multiple than we sold it for.

ATCO-A.ST

Atlas Copco supplies industrial products and components, such as vacuum valves, air compressors, filters and pumps into a wide variety of end markets. Although many of these end markets are soft at present, after a meeting with Atlas Copco's senior management we were disappointed with the lack of observable self-help initiatives by the company to strengthen its individual business units and take market share in a way we see from other portfolio companies when faced with similarly challenged conditions. This has diminished our confidence in the long-term earnings growth prospects of the business.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Cloud

Data Centers

Beauty

Tobacco

Life Sciences

Trade Policy

Real Estate

Tower REITs

Commercial Real Estate

Vertical Software

Dividends

Vertical Software

Serial Acquirers

Resilience

Tobacco

Pet Care

Commercial Real Estate

Dividends

Tobacco

Vertical Software

Value

Quality

Cloud

Investor Pitches

Current Portfolio as of ( 30th June 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Douglas E. Ott Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

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Latest 13D & 13G Filings

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