Coverage Universe

Financials

Payments rails, exchanges, credit data, banks, asset managers, and fintech — money moving, not software parked next to it.

15Names

81Avg moat

74Avg growth

70Avg val

—Avg score

5In IM25

Versus the book

How this bucket sits against coverage

Moat81vs71 book+10

Growth74vs75 book-1

Val70vs72 book-2

MSCI

MSCIIM25

Moat 95·Growth 80·Val 73

Moat 97·Growth 72·Val 78

Moat 97·Growth 73·Val 75

Moat 85·Growth 79·Val 76

857976

—

Mastercard

Moat 81·Growth 81·Val 74

Moat 79·Growth 79·Val 79

797979

—

ICE

Intercontinental Exchange

Moat 93·Growth 68·Val 78

936878

—

Visa

Moat 81·Growth 80·Val 73

Moat 57·Growth 87·Val 79

Moat 71·Growth 69·Val 73

716973

—

Blackstone

Moat 84·Growth 75·Val 60

Moat 95·Growth 60·Val 60

956060

—

Morgan Stanley

Moat 75·Growth 72·Val 56

Moat 57·Growth 68·Val 62

576862

—

Goldman Sachs

Moat 69·Growth 63·Val 56

696356

—

15 stocks · Financials

Other sectors

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Platforms

24 names

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Software

18 names

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Semiconductors

23 names

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Healthcare

10 names

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Industrials

22 names

—

Energy

4 names

—

Consumer

5 names

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Hard Assets

10 names

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Crypto

4 names

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Other

1 name