Auxier Focus Fund on The Bank of New York Mellon Corporation
Thesis
Bank of New York Mellon is a behind-the-scenes financial infrastructure business with high switching costs. Auxier highlights its central role in financial markets and its aggressive adoption of new technology, with nearly $4 billion spent annually. The fund believes this digital focus has strengthened the franchise under CEO Robin Vince. The position fits its preference for durable businesses whose essential role is not dependent on a single market theme.
“Bank of New York Mellon is another behind-the-scenes player with high switching costs at the center of the financial market.”