ACCE Quality Compounders

Meets every quality screen: ROE >30%, GM ~70%, double-digit rev growth, FCF positive every quarter, D/E well below 1.5. Azure and Copilot monetization are the cleanest AI revenue stories in software, better forward setup than ADBE which is -26.8% from entry.

Clears all quality screens: ROE >25%, GM ~57%, rev growth >12%, net cash, FCF positive. Search and Cloud both growing double digits; trades cheaper than MSFT on forward FCF.

Mandatory: 21.6% breaches the 15% single-name cap by 6.6pp. Frees 6.6pp to fund adds.

19.4% breaches 15% cap by 4.4pp. Frees 4.4pp to fund adds.