Arch Capital Group Ltd. (ACGL) is a Bermuda-based insurance company providing property & casualty insurance, reinsurance, and mortgage insurance.
Arch is led by an experienced management team with a successful track record across insurance cycles. The company excels at underwriting specialized policies and can nimbly shift its business mix to target the most profitable lines as market conditions change. The company is currently benefiting from favorable pricing trends across many of its product lines. In our view, management has demonstrated strong underwriting discipline and capital stewardship, allowing Arch to maintain industry-leading returns on equity with less volatility.

Linde plc (LIN) is the largest global independent industrial gas operator. 
Industrial gas producers have strong pricing power due to the consolidated industry structure and high barriers to entry. We believe Linde is making a major contribution toward lowering greenhouse gas emissions and will benefit from a wave of hydrogen projects as well as carbon capture and sequestration projects, which should supplement double-digit earnings growth for the company’s base industrial gas business.

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.

Constellation Software, Inc. (CSU.CN) is a holding company that owns and operates a large number of small- and medium-sized software businesses. These businesses allow customers across a wide range of verticals to automate key activities with the goal of saving on labor costs.
Constellation has valuable experience to offer acquisition targets, primarily around building high-touch, low-cost modules and contract pricing. We view this experience as a durable competitive advantage while the company continues to acquire targets. With over 20,000 small owner-operated vertical market software businesses in the U.S. and Europe, Constellation's successful acquisition program and moat should remain intact, in our view. We believe management can meet its goal of compounding free cash flow per share at greater than 12% over time.

eDreams ODIGEO SA (EDR.SM) is one of the largest online travel companies in the world and e-commerce businesses in Europe. The company serves customers across 44 markets under four leading brands – eDreams, GO Voyages, Opodo, and Travellink – as well as the metasearch engine Liligo.
The company is transforming from a transactional to a subscription-based business and has already reached 5.1 million subscribers, ahead of its original schedule. It is now targeting 7.25 million Amazon Prime members by fiscal year 2025, double our original forecast. eDreams should continue to grow through new customer acquisition and product offerings that could increase its value proposition to consumers, including through entering the fragmented European hotel market and offering more personalized and effective customer experiences with its extensive work in AI.

AstraZeneca PLC (AZN) is a global biopharmaceutical company with a strategy based on pipeline-driven transformation and a focus on three main therapy areas based on its core competencies: oncology, cardiovascular and metabolic diseases, and respiratory illnesses.
We think AstraZeneca’s focused strategy could potentially produce a best-in-class growth profile. The company is a leader in economically attractive markets, particularly oncology, and has an opportunity to participate in emerging transformative markets, such as China's reforming health care system. Current growth comes from multiple venues as AstraZeneca is one of the rare companies to have pipeline optionality, new product cycles, and no existential loss of exclusivity risk for a key asset. 

InPost S.A. (INPST. NA) is a logistics company operating a dominant network of automated parcel lockers in Poland. It has a nascent position in the U.K. and a leading position in France through a 2021 acquisition. InPost also delivers 65% to 70% of online marketplace Allegro's units in Poland.
InPost benefits from shared infrastructure, accelerating returns to scale and density, secular e-commerce growth, and channel shift to lockers versus to-door delivery. The company has over 90% market share of automated parcel lockers in Poland, which has over 50% share of e-commerce volumes and is growing structurally at high incremental returns through densification of its network.

Symrise AG (SY1.GR) is one of the largest manufacturers in the global flavor and fragrance industry. It provides flavor and scent inputs for the consumer staples industry, including packaged food, beverage, and household and personal care.
The demand for processed foods and convenience products has been rising in emerging economies. Since the makers of these products rely on Symrise for flavor and fragrance inputs, we believe the company will benefit from the growth in its end markets. With the flavor and fragrance industry dominated by four global companies including Symrise, we believe Symrise will benefit from industry consolidation and continue to gain share from smaller local companies.

BNP Paribas S.A. (BNP.FP) is a French bank with leading positions in France, Belgium, and Italy. It offers retail banking, corporate investment banking, and asset management, among other financial services. BNP has smaller operations throughout Europe, as well as in the U.S., through its subsidiary Bancwest.
BNP offers a diversified earning mix, above-average execution track record, and high-quality management, in our view. It holds strong franchises in its three main activities: retail banking, corporate and institutional banking, and investment solutions, positioning it to benefit from an expected eventual recovery in the Eurozone. We think BNP will experience ROE improvement through increasing efficiencies. We also think there is upside to management’s strategic plan for achieving 10% ROE, as it is based on conservative assumptions on growth and interest rates.

Bharti Airtel Limited (BHARTI.IN) is a leading telecommunications company, with operations in 18 countries across Asia and Africa. The company's offerings include wireless, mobile commerce, and fixed line. 
Bharti is a top three player in the Indian telecommunications industry. With more than 30% market share, it is well positioned to benefit from rising smartphone penetration and 4G services in India. The company should continue to gain market share from Vodafone India, which is on the brink of bankruptcy and will likely need to raise mobile tariffs by more than 50% to remain a viable entity. We expect earnings to generate mid-teens growth over the next three to five years, with further upside from its broadband and enterprise businesses.

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