@www.incrementalreturns.co
Another concentrated high-quality investment portfolio.
https://incrementalreturns.co
https://incrementalreturns.co
4. Strong cash conversion (FCF tracks earnings)
5. Low debt (0.16x D/E) + financial fortress
6. Growth catalysts: Cloud migration + omnichannel demand
7. Bought at 3% FCF yield with 16.8% growth
For more
5. Low debt (0.16x D/E) + financial fortress
6. Growth catalysts: Cloud migration + omnichannel demand
7. Bought at 3% FCF yield with 16.8% growth
For more
Why Terry Smith & Fundsmith Bought Manhattan Associates
Why Fundsmith invested in Manhattan Associates using Terry Smith's quality investing checklist: high ROCE, intangible assets, and strong FCF growth.
open.substack.com
November 25, 2025 at 7:16 PM
4. Strong cash conversion (FCF tracks earnings)
5. Low debt (0.16x D/E) + financial fortress
6. Growth catalysts: Cloud migration + omnichannel demand
7. Bought at 3% FCF yield with 16.8% growth
For more
5. Low debt (0.16x D/E) + financial fortress
6. Growth catalysts: Cloud migration + omnichannel demand
7. Bought at 3% FCF yield with 16.8% growth
For more