Rob Sechan, Managing Partner, New Edge Capital

Yes, valuations are high, but he owns Apple, MSFT, Google and Meta because they have catalysts to grow, high cash flows and moats. That's why investors are chasing them in this low-growth, unstable market. You must be there, but watch valuations too.

Won't buy it, because it's capital intensive. In semis, own the equipment manufacturers. The sector has done great, sure, but be cautious on valuations.

Is sticking with it. Trades at a 20% discount to [inaudible].

He sold it in late January. It was trading at a high 33x and growth was slowing. Free cash flow margins were cut in half. They do have a loyal following, but they can't sustain price increases. He doesn't want to own big-box retail and prefers luxury.

He trimmed it last September to decrease his overall healthcare allocation. UNH has slowing topline and profits, but it's still growing with secular tailwinds, and rising enrollments, so he's holding on. UNH has outperformed all healthcare over the last 12 months by 40%.

Energy remains a favoured sector as oil and gas prices remain up from supply constraints. A large, diversified operator with lower production costs. Trades at 10x, a little expensive, but still high quality.

He had a small position. The valuation got extended as shares rallied 40% over the last 9 months. Free cash flow turned negative.

They're a dominant player in chip design software. Shares have been up 27% since October. They continue to execute in a difficult environment.

A UK company, leveraged to the China reopening and shares are cheap.