for WCM Investment Management, which has outperformed 99% of global stock funds of the past five years.
"For us, the most important thing is not just thinking about these competitive advantages in a static sense, but rather, aligning yourselves with the companies whose competitive advantages are actually getting better over time," he said. "You want to avoid companies whose competitive advantages are being eroded away."investing in businesses that are such a strong position
He continued: "And the corporate culture is what really allows a company to kind of accumulate these small changes ... this is very intangible, but it's very powerful." That approach has helped Tian find the companies that have taken the fund to the top. Listed below are the three companies he thinks will help it stay there. They're his top picks for the next five years, the typical holding period for his fund. is the largest position in the fund at 7.2% of the portfolio, and Tian says its culture has helped the company open up a big lead on its competitors.
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