Merchant West Global Equity Fund on Broadridge Financial Solutions
Thesis
Merchant West rotated from Paychex into Broadridge because it views Broadridge's moat as structurally more durable. Its near-monopoly in proxy materials and investor communication distribution is supported by long-dated broker-dealer contracts and high regulatory and operational switching costs. The fund believes these barriers make Broadridge a more durable compounder over its investment horizon than software franchises whose competitive position may be weakened by lower AI-driven development costs. P(1) Merchant West Global Equit… SEC
“We view Broadridge's structurally entrenched position, emanating more from regulatory barriers than technology factors, as the more durable compounder”