DNCA FINANCE

The firm demonstrates a high-conviction, concentrated strategy. The top ten positions account for roughly 57% of the total portfolio value, indicating a preference for holding significant stakes in their best ideas rather than broad diversification. The portfolio is primarily composed of large-cap growth and quality companies, with a distinct tilt toward the technology and communication services sectors. The high level of activity—22 new positions and 22 exits in a single quarter—suggests an active management style focused on tactical shifts rather than passive indexing.

Key Holdings

The portfolio is anchored by a "Magnificent Seven" adjacent strategy, though with notable divergences from standard index holdings.