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Top 10.

 

Download Top 10

Data as at 31 July 2020

 

The Top 10 holdings in the LF Blue Whale Growth Fund make up approximately 50% of the total value of the fund.

In picking our Top 10, we employ what we internally call ‘The Beautiful Companies Concept’. That is picking those companies which fulfil several important criteria that we believe makes them ‘beautiful’. They represent our highest conviction picks within the portfolio and offer, we believe, a significant upside to the current share price.

Here we take a look at each of our Top 10 holdings and explain why they feature in top positions within our portfolio. 

Please note that the Top 10 is provided for information only and the views we express on holdings do not constitute Investment Recommendations and must not be viewed as such.

 

Company

Sector

In Portfolio Since

Company Size

Media

Sep-17

£163bn  

  • Adobe has more than 50% of the digital content creation software market. Whenever you view an image, video, website, magazine, or even an app, there is a good chance it was created using its software. We believe Adobe will be a major beneficiary of continued explosive growth in this market, as ever-richer digital content is consumed across devices. Meanwhile, Adobe’s pioneering transition to a subscription model is unlocking international growth opportunities and helping to combat software piracy. 

  • Industrials

    Mar-18

    £40bn  

  • AutoCAD, Revit and Inventor are industry-standard computer aided design (CAD) tools made by Autodesk that are deeply embedded in the construction and manufacturing industries.

    We’re optimistic about Autodesk for a number of reasons: Autodesk is helping to drive a long-overdue ‘digitisation’ of the construction industry with paper drawings and post-it notes being replaced by digital models and iPads. A subscription transition in the vein of Adobe and Microsoft should bring Autodesk closer to its customers, provide more predictable cash flows, help to combat software piracy, and allow delivery of continuous innovation to customers. On the final point we are excited about advances that Autodesk is making in areas like web-based CAD, Generative Design and software tools for 3D Printing.

  • Healthcare

    Jul-19

    £42bn  

  • Boston Scientific is an innovative medical device company that has an attractive portfolio of products used within minimally invasive procedures. It is led by an inspirational CEO, Mike Mahoney, who has turned the organisation around and cultivated a “winning spirit”. As a result of his actions the future looks bright for Boston Scientific thanks to improved portfolio quality, margin expansion potential and a greater ability to deploy capital than in the past. Moreover, Boston Scientific has diverse growth drivers with growth broad based across every region and every franchise. We therefore believe that the market underappreciates the durability of Boston Scientific’s growth and the ultimate potential for the business.

  • Industrials

    Aug-19

    £37bn  

  • Dassault Systèmes’ flagship 3D design software CATIA and SOLIDWORKS are mission-critical to the aerospace, automotive, and wider manufacturing industries. As customers look to digitally transform, they are seeking to work ever-more deeply with Dassault Systèmes. Take the recent Boeing deal; the largest in Dassault’s history, their software will be used by around 70,000 employees, connected to 90,000 machines, and is expected to increase an already significant revenue stream by 2-3 times. We are also optimistic about Dassault’s recent acquisition of clinical-trial software provider Medidata, and their ambition to bring the same digitisation of processes to the Life Sciences industry.

  • Financials

    Oct-17

    £236bn  

  • Mastercard is a high quality business benefiting from the structural shift of payments away from cash to mobile, online and contactless transactions. At its core, Mastercard runs BankNet, a global payment network connecting major banks for verifying and processing card payments. Mastercard is able to process hundreds of millions of transactions per day due to its superior technology. Looking ahead, Mastercard is seeking to build on its successes in consumer payments to business-to-business transactions (much of which is still made manually by cash or cheque) and we are confident in their ability to navigate and execute on this multi-decade opportunity.

  • Technology

    Sep-17

    £1,188bn  

  • Microsoft’s products; Windows, Office, server operating systems and developer tools, are part of the foundation of almost every enterprise. But history is littered with examples of companies in such enviable positions that abuse their power over customers and fail to adapt to a changing world.  We believe Microsoft is a rare exception. 

    Since taking over as CEO in 2014, Satya Nadella has reinvigorated Microsoft by pursing a more ‘open’ strategy (Office 365 works on Apple iPhones - unthinkable previously), overhauling internal culture to attract the best talent and focusing attention firmly on the future of technology (Microsoft is one of the top contributors to open source software and artificial intelligence research). 

  • Financials

    Sep-17

    £176bn  

  • PayPal is a high quality business benefiting from structural growth in digital payments. At its core is a global two-sided payment network operating at scale, storing payment details for consumers while processing online transactions for businesses. PayPal’s scale comes from its first mover advantage at the dawn of the consumer internet. Network effects and superior technology helped PayPal grow users in the tens of millions to more than 250 million in 2018. More recently, PayPal has been extending its lead over competitors through commercial partnerships spanning financial institutions (Barclays, HSBC, Amex) as well as tech giants (Facebook, Google).

    PayPal’s ability to keep growing its lead – commercially and technologically – gives us confidence that the business is likely to perform well in the long run.

  • Technology

    Oct-18

    £149bn  

  • SAP is a stalwart of the enterprise software industry, with its Enterprise Resource Planning (ERP) products used by tens of thousands of businesses and enterprises, touching 77% of global transaction revenue. SAP software plays boring but critical roles in keeping large businesses running – without SAP, the enterprise would no longer be able to manage its accounts, pay its employees and suppliers, or manage a multitude of business processes.

    We particularly like SAP for upgrading customers to its next-generation ERP software, S4/HANA. This transition is based on the vision that SAP products run faster and integrate more smoothly when unified within its proprietary database platform, HANA. We’re optimistic that this generational transition will sustain SAP’s growth and margin improvement for the next decade.

  • Healthcare

    Jan-20

    £55bn  

  • Stryker is a world-leading medical device company with market leading positions across its three franchises in Orthopaedics, Medical Surgery and Neurotechnology. We believe that through a combination of a highly dynamic culture, exceptional customer focus and innovation Stryker is able to outperform the medical device industry. Moreover, tailwinds, such as Stryker’s robotic platform and international expansion, should continue to support Stryker’s growth over multiple years.

    We also consider Stryker’s management team to be one of the best in the industry and view their capital allocation, which is focused on small acquisitions in their core areas, as judicious. As a result, we are confident in Stryker’s ability to deliver double-digit cash flow growth over the medium term and hence view it as an attractive investment.

  • Financials

    Mar-18

    £310bn  

  • Visa is a high quality business benefiting from the structural shift of payments away from cash to mobile, online and contactless transactions. Visa operates VisaNet, a global payment network connecting major banks for verifying and processing card transactions. In 2018, Visa successfully merged its European and global operations so that its full array of value added products and services (especially in transaction security) could be rolled out across bank and fintech customers across Europe. Like Mastercard, Visa is building on its successes in consumer payments and bringing this to the B2B space. We are confident in their ability to navigate and execute on this multi-decade opportunity.

     

  • *Please note that the sectors stated are Blue Whale's proprietary classifications which may differ from the Global Industry Classification Standard (GICS) referred to on the Factsheet.

     

     

     

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