#3 Visa Inc (NYSE:V)
Shares held (as of September 30): 14.63 million
Total Value (as of September 30): $1.02 billion
Percent of Portfolio (as of September 30): 2.12%
Payments processing company Visa Inc (NYSE:V) has a wide moat. It has network effects and economies of scale in a two sided market. Unless everyone begins using bitcoins immediately, Visa will continue making a lot of profits for its shareholders for many years to come. Visa shares have done well this year, with shares up 18.19% year-to-date. Analysts expect good things from the company in the next five years, with an average next 5 year EPS growth rate of 18.1%. Paul Ruddock And Steve Heinz’s Lansdowne Partners owned 13 million shares at the end of June.
#2 Apple Inc. (NASDAQ:AAPL)
Shares held (as of September 30): 11.12 million
Total Value (as of September 30): $1.23 billion
Percent of Portfolio (as of September 30): 2.56%
Steve Jobs may be gone, but his life’s work is still thriving. With a market capitalization of over $650 billion, Apple Inc. (NASDAQ:AAPL) is the largest publicly traded company in the world. Given the forward PE of 12.15, Apple is also one of the cheapest big tech companies in the world. Bears think Apple is really just a one product company — the Apple IPhone — and Apple’s China business will deteriorate as the economy slows further, but the results have proved the bears wrong so far. Apple’s China business is growing and its iPhone business is taking business away from Android. Fully automated internet connected cars, virtual reality, the connected healthcare home, and the biggest future market of them all, artificial intelligence, offer huge growth opportunities. Carl Icahn‘s Icahn Capital Lp, who thinks Apple should trade for $240 per share, owned 52.76 million shares at the end of June.