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.

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. 

Apple Inc. (AAPL) designs, manufactures, and markets consumer electronics, computer software, and online services. Its products include the iPhone, iPad, Mac personal computer, Apple smartwatch, Apple TV, and HomePod. It also offers advertising and app discovery services through its App Store.
As the creator and owner of one of the largest and most popular consumer electronics platforms, Apple, in our view, is well positioned to benefit from the network effect that typically accrues to platform companies. It has a large and growing ecosystem, a trusted brand, and positive optionality through its efforts to expand into additional consumer and enterprise services with its large installed base. We believe Apple trades at a discount to our estimate of its intrinsic value, with capital return and growth alleviating near-term trade and iPhone demand uncertainty. 

Broadcom Inc. (AVGO) designs, develops, and supplies a wide range of semiconductor and infrastructure software solutions. Its semiconductor devices focus on CMOS and analog architectures in networking, while its software offerings focus on operational efficiency tools for large enterprises.
We think Broadcom’s semiconductor portfolio is capable of mid-single-digit to high-single-digit organic growth, driven by secular growth in data consumption. Its software offerings should continue to expand at a low-single-digit rate as the company focuses on cost efficiencies, cross-selling, and servicing its key enterprise accounts. With Broadcom’s announced acquisition of VMWare, software now accounts for roughly 50% of total revenue. Broadcom is reasonably valued, in our view, and returns its free cash flow to shareholders via dividends and buybacks.

Spotify Technology S.A. (SPOT) is the world's leading music streaming service, with approximately 40% market share. The company monetizes through subscriptions, advertising, and miscellaneous a la carte pricing.
With over 228 million paying subscribers, Spotify has created a two-sided marketplace where creators can monetize their work and consumers can stream music. Longer term, we expect the company to grow to over one billion total subscribers (from 600 million today) and improve margins materially through advertising, its artist promotions marketplace, and improved cost discipline. On the product side, we expect Spotify to continually improve its value proposition through additional features and expansion into adjacencies such as audiobooks.

Advanced Micro Devices, Inc. (AMD) is a global fabless semiconductor company focusing on high performance computing technology, software, and products. The company designs leading high-performance CPUs, GPUs, FPGAs, and other compute products to build differentiated solutions across many end markets.
Advanced Micro Devices has been gaining meaningful share in PC and server end markets over the past several years, driven by the strong performance of its processors and execution against its technology roadmap. The 2022 acquisitions of Xilinx and Pensando enhance its positioning within the data center market, a key growth engine for semiconductors, and in new end markets like industrial, automotive, and communications. Its revamped GPU offerings for AI applications are viewed as some of the only viable GPU competitors to NVIDIA in a large and growing market.

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.

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.

CoStar Group, Inc. (CSGP) is the leading provider of information and marketing services to the commercial real estate industry.
CoStar has built a proprietary database through data collection over a 20-year period, creating high barriers to entry. We think CoStar's suite should grow at mid-teens rates, and we believe its Loopnet marketing platform can grow even faster. Its Apartments.com platform is the dominant multi-family internet listing service and should grow revenue by more than 20%. CoStar is starting to expand into residential, creating additional significant growth opportunities. Its balance sheet and cash generation create M&A optionality.

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Long Equity Exposure

Cash & Equivalents