Longview Partners (Guernsey) LTD

Despite the reduction in capital, the portfolio remains highly concentrated, holding only 13 securities. The fund has adopted a "barbell" strategy regarding position sizing. The top 12 holdings are tightly clustered, representing between 7.36% and 10.23% of the portfolio each. In contrast, the 13th holding, HCA Healthcare, constitutes a mere 2.14%, creating a sharp drop-off in allocation. This structure indicates a high-conviction approach where the fund manager is willing to overweight a select group of businesses while maintaining minimal exposure to others.

2. Key Holdings

The portfolio is dominated by high-quality, large-cap "compounder" businesses with strong competitive advantages (moats) and robust free cash flow generation.