Portfolio
20-25 carefully selected businesses and assets. Each chosen for its underlying economics and its role within the whole.
Portfolio Characteristics
We own advantaged businesses and assets, not allocation buckets.
43%
Weighted Average
Gross Margin
24%
Weighted Average
Return on Equity
$10bn
Weighted Average
Free Cash Flow
10+
Countries Contributing Revenue
Portfolio Expression
One framework. Applied consistently across assets, geographies and cycles.
01 / Enduring Quality
Own durable businesses and assets, where pricing power and reinvestment do the heavy lifting, not market timing.
Abbvie.
US BioPharma
Cash flow durability and M&A capacity not well understood after Humira
L'Oreal.
Global Consumer
Durable brand with emerging market premiumization flywheel
Vertex.
Genetic Medicine
Scientific leadership scaling with disciplined biotech innovation
Ferrari.
Global Luxury
Luxury scarcity within the world's wealthy, not auto exposure
Safran.
Installed Aerospace
Structural moat with royalty economics within aerospace and defence
02 / Platforms + Scale
Own dominant platforms, where scale drives winner-takes-most economics over time.
Alphabet.
Digital Infrastructure
Digital toll collector with under-monetized AI and embedded optionality
Tencent.
China Digital Ecosystem
Ecosystem breath, depth and optionality obscured due to geopolitical noise
TSMC.
Semicon Manufacturing
Technological leadership and moat create a global chokepoint
Mercado Libre.
LatAm Commerce
e-Commerce and Fintech flywheels are still in early innings
Investor AB.
Generational Ownership
Long-duration global ownership, not Swedish holding company
03 / Real Assets + Capital Cycles
Own asset-backed platforms, where capital discipline and cycle awareness drive asymmetric returns.
Brookfield.
Global Asset Ownership
Owner-operator allocating capital across real assets globally
Franco-Nevada.
Gold Royalty
Precious metals participation without the mining execution risk
KKR.
Private Capital
Fee streams and balance sheet investing create hybrid compounding
ASML.
Semicon Equipment
Technological prowess makes Capex intensity a durable moat
CareTrust.
Healthcare Real Estate
Defensive real estate anchored by demographic inevitability
DESIGNED TO COMPLEMENT
Where Mash Fits
01 /
Complement Passive Exposure
Enhances the return and resilience profile of your overall portfolio with a focus on durability and downside protection. Most effective when market concentration is high.
02 /
Improve 60/40
Portfolio
Introduces risk-return drivers beyond traditional stock-bond mixes, with greater flexibility across assets. Very valuable when stock-bond correlations break down.
03 /
Complete Core
Allocation
Acts as a focused core embedded with downside discipline – adding stability and resilience to your overall portfolio. Designed for full-cycle capital preservation and growth.