CrowdStrike Holdings Inc - Class A

CrowdStrike has demonstrated strong operating profit growth of over 25% in 2025, which is significant given the current market conditions. Despite the broader market's negative sentiment towards enterprise software, we believe that the fundamentals of CrowdStrike remain robust. The company is well-positioned to benefit from the ongoing AI revolution, as it continues to integrate advanced AI capabilities into its offerings. This positions CrowdStrike as a leader in cybersecurity, which is increasingly critical as enterprises navigate the complexities of digital transformation. The market's current undervaluation of CrowdStrike does not reflect its strong performance and growth potential.

We have identified firms which we believe have genuine potential in an AI world, assembling them into what we believe to be an extremely strong portfolio. Within the past 12 months we have added several companies to our Focus List, including cybersecurity software firm CrowdStrike. We look at each software company on its merits... and it involves identifying companies with strong moats and potential for AI to make their services even better.

CrowdStrike continues to capitalize on a rapidly expanding market, with its strong competitive differentiation fueling significant market share gains. This positions the company well within the information technology sector, particularly as demand for cybersecurity solutions grows in tandem with advancements in AI and other technologies.

CrowdStrike Holdings ended with a 3% gain, benefiting from optimism for software companies as beneficiaries of lower costs to implement AI, which could lead to broader AI adoption among organizations. Despite a retreat in shares following a report of better-than-anticipated results and a less-optimistic outlook due to one-time costs from last year’s outage, we believe that annual recurring revenues should reaccelerate later this year. Given this transitional nature, we began to add back to our holdings.

CrowdStrike Holdings ended with a 3% gain, benefiting from optimism for software companies as beneficiaries of lower costs to implement AI, which could lead to broader AI adoption among organizations. Despite a retreat in shares following a report of better-than-anticipated results and a less-optimistic outlook due to one-time costs from last year’s outage, we believe that annual recurring revenues should reaccelerate later this year. Given this transitional nature, we began to add back to our holdings.

CrowdStrike Holdings ended with a 3% gain, benefiting from optimism for software companies as beneficiaries of lower costs to implement AI, which could lead to broader AI adoption among organizations. Despite a retreat in shares following a report of better-than-anticipated results and a less-optimistic outlook due to one-time costs from last year’s outage, we believe that annual recurring revenues should reaccelerate later this year. Given this transitional nature, we began to add back to our holdings.