The Steppe Eagle OEIC Ltd on Accenture plc
Thesis
Accenture is held as a financially healthy, global IT consulting business with a long record of growth across major regions. The fund's thesis combines continued growth, dividends and what it views as a historically favorable valuation. The position is sized at 2.5%+ with an average buying point of 137. The key debate is whether LLMs will disrupt portions of the consulting model. P(1) Harry Qelm Baabsman Steppe…
“We hold it for dividends, continuation of growth and historically favorable valuation.”
Key risks
- LLMs may threaten part of Accenture's consulting business