Digital Payments, Banking & Brokerage

The thesis

This basket owns financial platforms that earn revenue from electronic payments, digital banking and customer trading rather than from manufacturing or enterprise technology spending. Visa and Mastercard have advanced while Nu, Robinhood and Coinbase have weakened, creating an opportunity to combine resilient payment networks with more cyclical financial platforms. The approach remains exposed to consumer credit, trading activity and cryptocurrency risk; the drawdowns alone do not establish chea