Auxier Focus Fund on Mastercard Incorporated
Thesis
Mastercard is viewed as an enduring, capital-light business positioned at the centre of an increasingly digital payments system. Auxier argues that Mastercard and Visa play a vital role across almost every industry as commerce becomes more digital. Their low capital requirements support strong margins and attractive returns on capital. Mastercard was also among the fund’s ten largest equity holdings at quarter end.
“Mastercard and Visa play a vital role across nearly every industry in an increasingly digital world.”