Defensive with structural growth positioning – As scientific progress increasingly depends on more complex equipment and precision instruments, we believe wholesaler and distributor AS ONE is well positioned to capture demand through expanding its presence in the high-end segment. Demand for scientific supplies and lower-end scientific equipment remains stable, providing a resilient, recurring revenue base. The company’s growth has consistently outpaced and shown limited correlation with national R&D spending. Growth is underpinned by a strong track record of financial discipline, as evidenced by the company’s stable margins and steadily increasing ROE. We view AS ONE as a fundamentally defensive business positioned for sustainable, compounding returns.