US Quality Compounders 2026–2029

Ten US companies with return on invested capital above 20 %, net-cash or lightly levered balance sheets, and moats that are hard to replicate: network effects (Visa, Mastercard), switching costs (Microsoft, ADP), scale economies (Costco, O'Reilly), regulatory and data moats (S&P Global), and installed-base lock-in (Intuitive Surgical, Nvidia). Horizon is 3–5 years; the goal is to compound at 10–12 % a year through earnings growth rather than multiple expansion. Equal-weight 10 % each, rebalance only when a position exceeds 15 % or drops below 6 %, otherwise let winners run. Risks: the Fed's first hike since 2023 to 3.75–4.00 % on 16 Sep 2026 (XTB), USD exposure for a EUR investor, and elevated valuations for Microsoft, Costco and Nvidia. This is NOT a momentum portfolio, NOT a dividend portfolio and holds NO unprofitable growth stories.