Eagle Capital Management, LLC on Mastercard Incorporated
Thesis
Mastercard is one of Eagle's high-quality compounders and operates within a global payment-network duopoly. The payment rails benefit from scale and network effects that create strong competitive barriers and attractive returns on capital. Eagle believes these steady-growth businesses should outperform when broader corporate earnings growth returns toward more normal levels.
“Mastercard operates as part of a global duopoly of payment rails and standards.”