Accenture plc Class A Ordinary Shares (Ireland) (ACN)

The work splits between strategy consulting and managed services — long-term operation of a client's systems. The second gives predictable revenue, the first higher margins but greater sensitivity to client sentiment: consultants are cut first when the economy weakens.

The company's core resource is people, and the key health indicators are utilisation and new bookings. Growth comes from hiring and from acquiring small specialist firms, so scaling here is linear in cost, unlike a software business.

The current theme is AI implementation projects for corporate clients: they created fresh demand while raising the question of whether automation will replace part of the consulting work itself. Accenture pays a dividend and buys back stock regularly.