Distillate Capital

What they bought and sold · 12 moves

• AddedApple

  September 2026

  “Just the 20 biggest AI-stocks accounted for $20 trillion of the $30 trillion of growth with Apple adding another $2 trillion to that figure.”

  Read the letter→
• TrimmedBorgWarner Inc.

  June 2026

  Listed in Distillate Capital’s reported holdings.

  Read the letter→
• New positionCDW Corporation

  June 2026

  Listed in Distillate Capital’s reported holdings.

  Read the letter→
• TrimmedICON plc

  June 2026

  Listed in Distillate Capital’s reported holdings.

  Read the letter→
• New positionToll Brothers, Inc.

  June 2026

  Listed in Distillate Capital’s reported holdings.

  Read the letter→
• TrimmedAbbVie, Inc.

  June 2026

  “AbbVie, Inc. 2.0% 3.2%”

  Read the letter→
• TrimmedHF Sinclair

  June 2026

  Listed in Distillate Capital’s reported holdings.

  Read the letter→
• AddedSalesforce, Inc.

  June 2026

  Listed in Distillate Capital’s reported holdings.

  Read the letter→
• New positionInvesco Ltd.

  June 2026

  Listed in Distillate Capital’s reported holdings.

  Read the letter→
• TrimmedJabil Inc.

  June 2026

  Listed in Distillate Capital’s reported holdings.

  Read the letter→
• AddedDXC Technology

  June 2026

  Listed in Distillate Capital’s reported holdings.

  Read the letter→
• AddedAccenture plc

  June 2026

  “Accenture is a current example of a high-quality company that is trading at a compelling valuation that offers potential significant upside with notable margin of safety characteristics proving downside protection.”

  Read the letter→

Companies held · 27

Every company Distillate Capital has disclosed a position in across our archive, with the letter that last mentioned it.

• AbbVie, Inc.Jun 2026
• AccentureJun 2026
• AlphabetJun 2026
• AmazonSep 2026
• AppleSep 2026
• BorgWarner Inc.Jun 2026
• BroadcomSep 2026
• CapgeminiJun 2026
• CDW CorporationJun 2026
• Dell TechnologiesSep 2026
• DXC TechnologyJun 2026
• Enphase Energy, Inc.Jun 2026
• HF SinclairJun 2026
• ICON plcJun 2026
• InfosysJun 2026
• Invesco Ltd.Jun 2026
• Jabil Inc.Jun 2026
• Marathon PetroleumJun 2026
• Merck & Co.Jun 2026
• MetaSep 2026
• MicrosoftSep 2026
• NVIDIASep 2026
• OracleSep 2026
• Salesforce, Inc.Jun 2026
• Samsung ElectronicsJun 2026
• SpaceXSep 2026
• Toll BrothersSep 2026

Theses · 3

• Toll Brothers, Inc.

  September 2026

  Toll Brothers is a homebuilder whose cheap valuation and cash generation have enabled large share repurchases and strong per-share fundamental growth.

  Read the full thesis→
• Accenture plc

  June 2026

  Accenture is viewed as a high-quality, cash-generative company trading at a deeply discounted valuation with buyback-driven upside and downside protection.

  Read the full thesis→
• Salesforce

  March 2026

  Salesforce is a well-entrenched technology player with annuity-like characteristics, strong fundamentals, and an attractive valuation that supports substantial buybacks.

  Read the full thesis→

Letter archive · 7