S&P Global Inc.

“S&P Global is a portfolio of four structurally protected monopolies — ratings, indices, commodity benchmarks, and financial data — generating $5.4B in annual FCF at 40%+ operating margins, with secular compounding tailwinds in passive investing, private credit, and global debt market deepening that provide a multi-decade reinvestment runway; at 18.2x forward earnings near multi-year lows, the business trades at the low end of fair value with a credible 10–12% annualised total return over a decade and a low probability of permanent capital impairment, making it a high-conviction BUY in tranches.”