Siemens

Few industrial players in Europe match the executional depth of Siemens. From Munich, the group manages a workforce of approximately 320k and generates close to $86B in revenue, while steadily widening the gap with regional peers.

The group's regional balance sheet allows it to invest counter-cyclically, an advantage few competitors can match in the current rate environment.

“Siemens is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Few catalysts on the horizon look bearish; the central scenario is a continued, controlled compounding story.