German Software ROE over 20

Churchill Downs

Market Cap: US$6.2b

Operates live and historical racing entertainment venues, online wagering businesses, and regional casino gaming properties in the United States.

MarketAxess Holdings

Market Cap: US$6.1b

Operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally.

PJT Partners

Market Cap: US$6.1b

An investment bank, provides various strategic advisory, shareholder advisory, capital markets advisory, and restructuring and special situations services to corporations, financial sponsors, institutional investors, and governments worldwide.

SOLV Energy

Market Cap: US$6.1b

Provides infrastructure services to the power industry in the Unites Sates.

Genpact

Market Cap: US$6.0b

Provides business process outsourcing and information technology services in India, the rest of Asia, North and Latin America, and Europe.

NewMarket

Market Cap: US$6.0b

Through its subsidiaries, primarily engages in the manufacture and sale of petroleum additives.

Acushnet Holdings

Market Cap: US$5.8b

Designs, develops, manufactures, and distributes golf products in the United States, Europe, the Middle East, Asia, Africa, Japan, Korea, and internationally.

PACS Group

Market Cap: US$5.7b

Through its subsidiaries, operates skilled nursing facilities and assisted living facilities in the United States.

WEX

Market Cap: US$5.5b

Operates a commerce platform in the United States and internationally.

RLI

Market Cap: US$5.4b

An insurance holding company, provides property, casualty, and surety insurance products.

Chemed

Market Cap: US$5.4b

Provides hospice and palliative care services to patients through a network of physicians, doctors, registered nurses, home health aides, social workers, clergy, and volunteers primarily in the United States.

AppFolio

Market Cap: US$5.3b

Provides cloud-based platform for the real estate industry in the United States.

Paycom Software

Market Cap: US$5.3b

Provides cloud-based human capital management (HCM) solution delivered as software-as-a-service for small to mid-sized companies in the United States.

Super Group (SGHC)

Market Cap: US$5.3b

Operates as an online sports betting and gaming operator.

Lantheus Holdings

Market Cap: US$5.3b

Develops, manufactures, and commercializes diagnostic and therapeutic products that assist clinicians in diagnosis and treatment of heart, cancer, and other diseases worldwide.

Vontier

Market Cap: US$5.3b

Provides mobility ecosystem solutions worldwide.

Hamilton Lane

Market Cap: US$5.2b

A private equity and venture capital firm specializing in early venture, emerging growth, turnaround, middle market, mature, mid-venture, bridge, buyout, distressed/vulture, loan, mezzanine in growth capital companies.

Mercury General

Market Cap: US$5.2b

Engages in writing personal automobile insurance in the United States.

OUTFRONT Media

Market Cap: US$5.2b

OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most.

Brookfield Infrastructure

Market Cap: US$5.1b

Owns and operates utility investments in Brazil, the United Kingdom, and internationally.

Paylocity Holding

Market Cap: US$5.1b

Provides cloud-based human capital management, payroll software, and spend management solutions for the workforce in the United States.

Credit Acceptance

Market Cap: US$5.0b

Engages in the provision of financing programs, and related products and services in the United States.

Atour Lifestyle Holdings

Market Cap: US$5.0b

Through its subsidiaries, develops lifestyle brands around hotel offerings in the People’s Republic of China.

Moelis

Market Cap: US$5.0b

Operates as an investment banking advisory company in North and South America, Europe, the Middle East, Asia, and Australia.

Rush Street Interactive

Market Cap: US$5.0b

Operates as an online casino and sports betting company in the United States, Canada, and Latin America.

Copa Holdings

Market Cap: US$4.9b

Through its subsidiaries, provides airline passenger, and cargo and mail transportation services in North America, South America, Central America, and the Caribbean.

Laureate Education

Market Cap: US$4.8b

Offers higher education programs and services to students through a portfolio of higher education institutions in Mexico, Peru, and the United States.

KBR

Market Cap: US$4.8b

Provides scientific, technology, and engineering solutions to governments and commercial customers worldwide.

ExlService Holdings

Market Cap: US$4.7b

Operates as a data and artificial intelligence (“AI”) company in the North America, the United Kingdom, Europe, and internationally.

Abercrombie & Fitch

Market Cap: US$4.6b

Through its subsidiaries, operates as an omnichannel retailer in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.

Alliance Laundry Holdings

Market Cap: US$4.6b

Designs, manufactures, and sells commercial laundry systems in the United States, the Czech Republic, Thailand, and internationally.

Vail Resorts

Market Cap: US$4.6b

Operates mountain resorts and regional ski areas in the United States and internationally.

Grand Canyon Education

Market Cap: US$4.5b

Operates as an education services company in the United States.

Hims & Hers Health

Market Cap: US$4.5b

Operates as a consumer-first health and wellness platform that connects consumers to licensed healthcare professionals in the United States, the United Kingdom, Canada, Germany, the Republic of Ireland, France, Spain, and internationally.

Valvoline

Market Cap: US$4.4b

Provides automotive preventive maintenance through its retail stores in the United States and Canada.

Tidewater

Market Cap: US$4.3b

Provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of offshore marine service vessels worldwide.