Portfolio
20-25 positions – each selected for its
underlying economics and its role within the whole.
PORTFOLIO FEATURES
Selective Ownership
Advantaged businesses and assets
(Weighted average across holdings)
43%
Gross Margin
24%
Return on Equity
10 bn
Free Cash Flow, USD
Strategy inception: May 26, 2011. Asset Quality (TTM) and Performance as of December 31, 2025 (USD, net). Performance reflects the hypothetical deduction of the highest fee class under the Delaware 3(c)(1) Fund structure. Additional information available upon request.
SELECTIVE OWNERSHIP
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.
Cash-flow durability
misunderstood post-Humira
Brand with emerging market
premiumization flywheel
Structural demand beats
cyclical pharma narrative
Luxury scarcity model,
not auto exposure
Multi-dimensional moat within
aerospace and defense
02 – PLATFORMS + SCALE
Own dominant platforms, where scale drives
winner-takes-most economics over time.
Under-monetized AI, dominant
digital toll collector, optionality
Ecosystem depth ignored
due to geopolitical noise
Technological moat
vastly underestimated
Fintech and e-commerce
flywheel still very early
Public-Private compounding
vehicle, not holding company
03 – REAL ASSETS + CAPITAL CYCLES
Own asset-backed platforms where capital discipline
and cycle awareness drive asymmetric returns.
Real assets owner-allocator
clothed as asset manager
Precious metals royalty upside
without the operations risk
Balance sheet and fee streams
create hybrid compounding
CapEx intensity remains a
durable moat, not a risk
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.