Microsoft Corporation (MSFT) is a software company traditionally known for its Windows and Office products. Over the last five years, it has built a $120 billion-plus annual cloud business, including Office 365, CRM product Dynamics 365, and infrastructure-as-a-service product Azure.
Microsoft is led by Satya Nadella, who has refocused the company on cloud computing and AI. He has been quite successful thus far, with Microsoft's commercial cloud business now representing over 56% of revenue and growing around 25% year-on-year. Microsoft's moat is based on the wide reach of its sales channel, its diverse platform of software offerings, hybrid cloud capabilities, and the high costs of switching away from its solutions, which tend to be critical for its customers. We believe Microsoft will benefit from the growing adoption of cloud for years to come.

Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader with a relentless focus on providing value and convenience to its customers. Amazon also operates the industry-leading cloud infrastructure business Amazon Web Services.
Amazon's market share of U.S. online retail sales is around 40%, while its share of global online retail sales is less than 5%. Amazon has many avenues for new revenue growth opportunities, including consumer staples, apparel, international expansion, digital media offerings, private label, pharmacy services, advertising, and providing a better shopping experience powered by generative AI. With Amazon Web Services as an increasingly important part of the business, we also believe Amazon represents a unique opportunity to invest in the secular growth of cloud computing. 

Meta Platforms, Inc. (META) owns Facebook, the world's largest social network, with over 3.0 billion monthly and over 2.1 billion daily active users. Instagram, Messenger, WhatsApp, and Oculus are also part of the Meta Platforms network, with over 3.9 billion total monthly unique users across Meta products.
Meta owns unique social platforms with users that continue to demonstrate stickiness and high engagement. Advertisers want to be where users are, and Meta's ability to analyze, target, and show clear, demonstrable, and rising returns on investment makes the platform particularly attractive to them. We believe the company is still in the middle innings of monetizing its vast customer base, especially internationally. In addition, we see significant positive optionality from monetization opportunities in short-form video, WhatsApp, and generative AI features.

Alphabet Inc. (GOOG) is the parent of Google, the world's most dominant online search provider. Other services and products include display advertising, Android, Chrome, Google Cloud, Google Maps, Google Play, and YouTube. Its Other Bets segment consists of businesses such as CapitalG, Waymo, and Verily.
Alphabet has been the largest beneficiary of a secular shift in advertising from all other media to online and mobile. Alphabet has processed and indexed more data than any other company, and its leadership position in artificial intelligence allows it to leverage its large datasets to quickly improve its products. Subsidiaries Google Cloud and YouTube give Alphabet exposure to the secular shifts to cloud computing and connected TV. Alphabet has tremendous scale, distribution, and talent. We monitor the ongoing potential disruption of generative AI to core search.

NVIDIA Corporation (NVDA) sells semiconductors, systems, and software for accelerated computing, gaming, and artificial intelligence (AI) and generative AI (GenAI).
Demand for computer power has doubled every one to two years, driven by recent developments in GenAI, yet supply growth has decelerated dramatically due to the slowdown in Moore's law. NVIDIA’s accelerated architecture enables continued growth in processing power through parallelization. We are at the tipping point of a new era in computing with NVIDIA at its epicenter as GenAI adoption grows. Given its leading market share in gaming, data centers, and autonomous machines, we believe NVIDIA can grow rapidly for years to come.

S&P Global Inc. (SPGI) provides credit ratings, indices, data, and analytics to the financial, transportation, and commodities markets.
S&P Global benefits from the secular growth of rated bond issuance, the ongoing shift from active to passive investing, and growing demand for data and analytics. The company operates in oligopoly markets, where it enjoys formidable competitive advantages. Excess cash flow is being used for accretive acquisitions and is being returned to shareholders through share repurchases and dividends. The 2022 merger with IHS Markit should create significant shareholder value through cost savings and cross-selling services to the combined customer base.

Visa Inc. (V) is a leading global payment network. The company authorizes and facilitates electronic payments for consumers, merchants, and banks.
Visa benefits from consumer spending growth and the secular shift from cash to electronic payments. Most of its revenue comes from international markets, where consumer spending and the adoption rate of electronic payments are rising quickly. The company generates significant free cash flow, which is being returned to shareholders through dividends and share repurchases. We believe Visa enjoys high barriers to entry given its well-established brand, ubiquitous merchant acceptance network, and extensive banking relationships.

Moody's Corporation (MCO) provides credit ratings, financial intelligence, and analytical tools to assist businesses in making decisions.
Moody's benefits from the secular growth of bond issuance as debt levels rise with the global economy and bond markets gain share from unrated bank debt. We think the data and analytics business will generate steady growth from new sales, product upgrades, and price increases. Further, we believe margins should continue expanding due to operating leverage and efficiency initiatives. Excess cash flow is being used for accretive acquisitions and returned to shareholders through share repurchases and dividends.

Apollo Global Management, Inc. (APO) is one of the world's leading alternative asset managers. The company manages over $600 billion in assets, mostly in credit. It also owns Athene, one of the largest providers of annuities in the U.S.
As a leading alternative asset manager, Apollo has a dominant franchise in private credit, where it has spearheaded the matching of insurance liabilities with investment-grade, illiquid credit investments to generate better returns than its peers. We think Apollo will continue to grow in credit and insurance, where it has significant scale and expertise. The company should also see growth in assets, fees, and spread earnings in the years ahead, since it earns management fees on assets, as well as excess spread on liabilities following its 2022 merger with insurer Athene.

Taiwan Semiconductor Manufacturing Company Limited (TSM) is the world's largest independent semiconductor foundry, manufacturing chips on behalf of other companies.
Taiwan Semiconductor remains the dominant force in leading edge semiconductor foundry manufacturing, as it benefits from economies of scale and a superior cost structure. Its successful track record of deploying new technology faster than competitors enables it to maintain its market share and pricing power. We believe Taiwan Semiconductor's investments in advanced nodes will solidify its superior market positioning and profitability in the long run.

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