Every row is a disclosed holding — this post is the portfolio sheet. Stance = the post's own published rating (STRONG BUY / BUY → Positive; HOLD → Neutral), ordered by rating then by portfolio weight. Research legend: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis. Foreign primary listings keep this source's suffixed row ids so prices and exchanges resolve to the home venue. Written post with no timestamps — the At link opens the article.
| Ticker | Name | Research | View | What he said | At |
|---|---|---|---|---|---|
| KPG.AX | Kelly Partners Group Holdings | STK | Positive | STRONG BUY — bought 13 November 2023, 7.6% of the portfolio and the second-largest contributor to the record (about +$56,000 of profit). One of the three names Slegers says "drove the majority of returns." | read ↗ |
| BRO | Brown & Brown | QT · SA · STK · FA | Positive | STRONG BUY — bought 27 November 2023, 5.3% of the portfolio and one of the five positions showing a loss (about −$6,000). The highest rating on a name that is under water is the clearest signal in the sheet that the ratings are forward-looking, not a scoreboard. | read ↗ |
| KNSL | Kinsale Capital | QT · SA · STK · FA | Positive | STRONG BUY — bought 30 April 2024, 6.2% of the portfolio, about +$3,000 of profit. | read ↗ |
| TOI.V | Topicus.com | QT · SA · STK | Positive | STRONG BUY — bought 23 December 2024, 4.75% of the portfolio, about +$2,000 of profit. | read ↗ |
| NVO | Novo Nordisk | QT · SA · STK · FA | Positive | STRONG BUY — bought 26 May 2025, 4.6% of the portfolio, and the second-worst position by dollars (about −$22,000). Rated at the top of the scale while sitting near the bottom of the P&L. | read ↗ |
| CSU.TO | Constellation Software | QT · SA · STK · FA | Positive | STRONG BUY — the newest-but-one position, bought 10 November 2025 at 3.45% of the portfolio, roughly flat. The AI-fear drawdown that dominates the spring archive is being bought here, at a starter weight. | read ↗ |
| EVO.ST | Evolution AB | QT · SA · STK | Positive | BUY — bought 29 October 2023, 7.6% of the portfolio (the third-largest weight) and the single worst position by dollars, about −$31,000. A large weight, a large loss and a maintained Buy — the combination that makes the January book worth revisiting. | read ↗ |
| DNP.WA | Dino Polska | SA · STK | Positive | BUY — bought 11 March 2024, 5.7% of the portfolio, about +$6,500 of profit. | read ↗ |
| IPAR | Inter Parfums | QT · SA · STK · FA | Positive | BUY — bought 1 July 2024, 3.45% of the portfolio (the smallest weight, tied with Constellation) and the third-worst by dollars (about −$19,000). | read ↗ |
| AMP | Ameriprise Financial | QT · SA · STK · FA | Positive | BUY — bought 12 August 2024, 6.15% of the portfolio, about +$15,000 of profit. | read ↗ |
| V | Visa Inc. | QT · SA · STK · FA | Positive | BUY — bought 21 October 2024, 4.35% of the portfolio, about +$11,000 of profit. Used as the worked example of the post's cash-flow arithmetic: "we own 180 shares of Visa… expected to generate a Free Cash Flow Per Share of $11.1 in 2026… Visa generates $1,998 in pure cash for us every single year." | read ↗ |
| JDG.L | Judges Scientific plc | STK | Positive | BUY — bought 4 March 2025, 3.6% of the portfolio, about −$16,000 — the fourth-worst position by dollars, on a position under a year old. | read ↗ |
| HGT.L | HgCapital Trust | STK | Positive | BUY — bought 31 March 2025, 4.15% of the portfolio, roughly flat. | read ↗ |
| BN | Brookfield Corporation | QT · SA · STK · FA | Positive | BUY — the newest position, bought 23 December 2025 at 3.5%, roughly flat. This is where the December deep-dive becomes a holding — nine days after Part 1 was published — and four months before the April update names it the intended largest position. | read ↗ |
| MEDP | Medpace Holdings | QT · SA · STK · FA | Neutral | HOLD — bought 23 October 2023 and now the largest position at 10.2%, on about +$83,000 of profit, the biggest single contributor in the book. The weight is a consequence of performance, not of conviction: the rating is Hold, which is the sheet's clearest statement that Slegers lets winners run past his own buy price. | read ↗ |
| LVMUY | LVMH (ADR) | QT · SA | Neutral | HOLD — bought 15 January 2024 and the second-largest position at 8.8%, about +$15,000 of profit. | read ↗ |
| GAW.L | Games Workshop | QT · SA · STK | Neutral | HOLD — bought 19 February 2024, 7.0% of the portfolio and the third-biggest profit contributor (about +$52,000). Named with Medpace and Kelly Partners as the trio that "drove the majority of returns." | read ↗ |
| OTCM | OTC Markets Group | QT · SA · STK | Neutral | HOLD — the oldest position in the book (bought 14 October 2023, the fortnight the portfolio launched), 3.6% of the portfolio and roughly flat after more than two years. Four weeks later it is the name that gets sold, on exactly that observation — see 29 January. | read ↗ |
Two things worth carrying forward. (1) This is a rating sheet, not a conviction ranking. The four Holds are three of the four largest weights (MEDP 10.2%, LVMUY 8.8%, GAW.L 7.0%) plus the oldest position — so a Hold here means "owned, fully valued or under review," not "small". The April 2026 update replaces this scale with four conviction tiers and reaches different answers on the same names (MEDP moves to Very Strong on a 30.3x multiple). (2) The book changes twice in the next four months. OTC Markets is sold on 29 January and replaced by Zoetis, which is why the April roster has ZTS where this one has OTCM.
A jargon-free summary of the thesis behind each argued name. (Renders on each name's consolidated page.)
Medpace runs clinical trials for small biotech companies that have a promising drug but no infrastructure of their own. It gets paid for running the trial whether the drug works or not, which is what separates it from betting on the biotech itself.
It is the largest thing in the portfolio at 10.2% — but that is because it went up about $83,000, not because it was bought that big. The published rating is Hold. That combination is the useful disclosure: Slegers is happy to own it and will not add at this price, and he is not trimming it either. The position size is an outcome, not a decision.
LVMH owns the largest collection of luxury brands in the world — Louis Vuitton, Dior, Moët, Hennessy and dozens more — sold mostly through stores it owns itself, so it controls the price and never has to discount.
It is the second-largest position at 8.8% and modestly profitable, and it carries a Hold. The reason is the same as for the other Holds in this sheet: the business is not in question, the entry price is. Nothing new is argued here; the name is simply confirmed as owned and fully valued going into 2026.
Evolution runs live-dealer casino games — real croupiers filmed in a studio, streamed into online gambling sites that license the games rather than build them. It is the market leader and extremely profitable.
What makes it the most interesting row in this sheet is the combination. It is the third-largest position at 7.6%, it is the worst position in the book by money lost (about $31,000), and the rating is still Buy. In other words the price has fallen a long way and Slegers reads that as cheapness rather than as a broken case. Whether that is conviction or anchoring is exactly the question the rest of 2026 answers — by the summer the position is being defended on its buyback rather than its growth.
Novo Nordisk makes the diabetes and weight-loss injections Ozempic and Wegovy, and shares that market with Eli Lilly.
Bought in May 2025, it is already down about $22,000 — and it is rated STRONG BUY, the highest rating on the sheet. A position that has gone against you and is being marked as the best available price is an unusually clean commitment, and it is testable: the deep dive two weeks later (15 January) sets out the whole argument, and the case is still running in August.
Brown & Brown is an insurance broker: it finds the right cover for businesses and takes a commission without ever carrying the risk itself. Capital-light, recurring, and family-run.
Like Novo Nordisk, it is rated STRONG BUY while sitting on a loss — about $6,000. The January update explains why: the position was deliberately built out during the autumn's one-third drawdown, so the rating reflects the price on offer rather than the entry already made.
OTC Markets runs the trading and data platform for American shares that are not listed on the New York Stock Exchange or Nasdaq, and charges companies and brokers for access, listings and compliance tools.
It is the oldest holding in the portfolio — bought in the fortnight the whole thing launched — and after more than two years it is roughly where it started. The rating is Hold, which in this sheet is the softest thing said about any position. Four weeks later it becomes the archive's first sale on grounds of stalled growth rather than a mistake in the original thesis, so read this row as the last time OTC Markets appears as a holding.
Constellation buys hundreds of small software companies that sell unglamorous but essential programs to narrow industries, and holds them permanently, using their cash to buy more.
The interesting detail here is the date: it was bought on 10 November 2025 and is only 3.45% of the book — the smallest weight, tied with Interparfums — while carrying a STRONG BUY. That is what building into a falling price looks like from the inside: a starter position at the top rating, with room to add, in a name the rest of the archive spends the spring arguing the market has misjudged on AI fear.
Brookfield owns and operates physical assets — power grids, ports, toll roads, data centres — with its own money and, more profitably, with other people's money for a fee.
This row dates the purchase: 23 December 2025, nine days after the second part of the December deep dive was published, at 3.5% of the portfolio. Four months later it is the position Slegers says he wants to make one of the largest in the book. Read it as the moment a piece of research turned into a position, at a deliberately small starting size.
Summary derived from the archived Compounding Quality post (text in transcript.txt) for personal study. Not investment advice. © Compounding Quality / Pieter Slegers for source material.