As of 30 Oct 2026

£56,477

+50.5% since inception · two of five holdings offside, 35.3% of capital
Holding Weight Target Value Status Key metric Next filing
RECENT DISCLOSURE CHANGES
Cash conversion is 15.4%. Your floor is 89%.
Free cash flow is a fifth of what the business earns. The gap is capex, and it is being funded with debt.
Cash conversion 15.4% floor 89% · 73.6 pts short
Of your portfolio risk 43.6% largest single contributor
FCF yield 2.1% 10Y median 3.6%
Quality thresholds are calibrated against S&P 500 medians (89% cash conversion, 17% ROCE, 45% gross margin).
ROCE 26.2% · gross margin 59.7% · interest cover 65.7x · shares -1.7% · all clear
WHAT CHANGED
Free cash flow −$9.1B for the quarter. Capex held at guidance, then raised for 2027. Long-term debt +479%.
Cloud revenue doubled. Demand isn't the problem — the cash is going into the build.
EVIDENCE
Cash conversion against your 89% floor, 2019 to TTM Sep-26
Shares bought back are retired at the point of repurchase. TTM row is a rolling four-quarter window to Sep-26 and is not an audited period.
FINDINGS · 16