How concentrated this is
Holdings7
Weighted like6.5 equal ones
LargestV at 20.0%
Half the portfolio3 names
Exposed to the premise84%
76% of this book is one theme. It is a bet on Payments rewiring, not a spread of them.
Payment rails are rebuilt around real-time settlement and the incumbent toll is renegotiated.
Only 1 term in your premise matched this theme (payment). The match is weak — check the holdings carefully or rewrite the premise more specifically.
This link was built against universe v1, and the published universe is now v2. Conviction scores and holdings may have been revised since, so the portfolio below is not necessarily the one that was shared. See what changed.
Universe v1· No stated date on this link
Every holding, and why it is that size
Restore the portfolio20%Visa
The toll booth; wins on volume even when rates are squeezed.
V · Equity · $367.39 · — · Payments rewiring
−+×18.7%Mastercard
The same toll with more exposure to cross-border growth.
MA · Equity · $176.07 · $57B · Payments rewiring
−+×14.1%Circle
Stablecoin settlement as the credible new rail.
CRCL · Equity · $530.30 · $371B · Payments rewiring
−+×13.4%Adyen
Single-platform acquiring, taking share from legacy processors.
ADYEY · Equity · $76.85 · $2.87T · Payments rewiring
−+×9.9%Fiserv
Merchant and bank infrastructure, cheap and unloved.
FI · Equity · $48.65 · — · Payments rewiring
−+×7.9%Coinbase
The regulated on-ramp with the widest institutional footprint.
COIN · Equity · $169.56 · $19B · Tokenised markets
−+×16%7–10 Year Treasury ETF
Duration that tends to rally when growth disappoints.
IEF · Treasury · $91.18 · — · Ballast
The case for
Card networks earn a toll set before the internet existed. Instant payment schemes, account-to-account rails and stablecoins each attack that toll, while total transaction volume compounds regardless of who routes it.
The case against
The card networks have survived every disruption for forty years and own the fraud and dispute infrastructure nobody wants to rebuild. Interchange regulation cuts both ways.
What the weights are worth
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igitur.xyz/b/payment-rails-are-rebuilt-around-real-otdpf6