All investments risk the loss of capital. The value of investments may go down as well as up and, for
products designed to return income, the distributions can also go down or up and you may not
receive back the full value of your initial investment. Past performance is not a reliable indicator of
future results, and no representation or guarantee is made that the fund will achieve its investment
objectives.
This website and its contents are intended for informational purposes only and do not constitute
investment advice, a recommendation, or an offer to buy or sell the fund. The information does not
take into account your individual circumstances or objectives. You should seek independent financial
advice before making any investment decision.
This website is intended exclusively for individuals residing in the specified jurisdiction who meet the
criteria for Professional Investors.
A professional investor includes someone with the experience and expertise to make informed
investment decisions. This includes:
Per se professional clients (regulated firms, large companies, pension funds, public authorities)
Elective professional clients: individuals or firms that opt‑in and meet both knowledge/experience
and financial criteria.
The content is not intended for access or use by any person or entity in a country or jurisdiction
where such access or use would be unlawful, or where it would impose a legal obligation on the Firm
to undertake any filing, registration, or reporting.
This website is intended exclusively for individuals residing in the specified jurisdiction who meet the
criteria for Institutional Investors.
An Institutional Investor is a large, sophisticated organisation that invests capital on its own behalf or on behalf of clients or members. These entities typically include pension funds, insurance
companies, investment firms, banks, endowments, and collective investment schemes. Under UK
MiFID rules, institutional investors are recognised for their scale, expertise, and ability to manage
complex investment strategies. As such, they are considered capable of operating with limited
regulatory protections.
The content is not intended for access or use by any person or entity in a country or jurisdiction
where such access or use would be unlawful, or where it would impose a legal obligation on the Firm
to undertake any filing, registration, or reporting.
All investments risk the loss of capital. The value of investments may go down as well as up and, for products
designed to return income, the distributions can also go down or up and you may not receive back the full
value of your initial investment. No guarantee or representation is made that the funds will achieve their
investment objective. The material on this site does not constitute legal, tax, or advice on investments. If you
are unsure about whether a fund meets your requirements, then you should seek professional financial advice
before investing. This information is not directed at any US person or any person in the US and the information
does not constitute an offer or solicitation to buy or sell shares or units in any Stonehage Fleming fund to any
US person or to any person in the US.
The following pages contain information on collective investment schemes (both local and foreign) that have
been approved by the Financial Sector Conduct Authority (FSCA) for distribution in South Africa, in accordance
with the Collective Investment Schemes Control Act, No 45 of 2002 (“CISCA”). The information and materials
have been prepared for information purposes only and do not constitute a personal recommendation or
advice or a solicitation to buy any product or service. They do not take into account the financial
circumstances, needs or objectives of the recipient. In addition to the information provided, you may wish to
consult an independent professional adviser.
This Website may include links or references to external websites. Stonehage Fleming has not
reviewed these external sites and accepts no responsibility for their content. Such links, including
those to the Firm’s own materials, are provided solely for your convenience and informational
purposes. Accessing any external site is at your own risk. Stonehage Fleming does not endorse,
sponsor, or affiliate with any third-party websites, their owners, or providers, and makes no
representations regarding the accuracy, suitability, or reliability of any information, software, or
products found there.
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Mastercard
Global payments processor
Mastercard, along with Visa, dominates the global financial payments landscape. It receives fee in exchange for securely processing all payments that flows across its network. It seamlessly connects the bank accounts of merchants, consumers and businesses, via card and digital transactions. In recent years it has diversified its product offering into complementary value-added services to its legacy clients, maximising the value of its data and branching into new payment flows.
Sustainable Organic Growth
40% of revenues now from new flows and value-added services and solutions
Large cross-border transaction mix leads to best-in-class growth rate
Quality Management
Successful adoption of technology to drive new growth opportunities
Excellent strategy communicators, driving excitement in outlook
Efficiency
Strong margin progression from increased mix of international and value-added-services
Dividend paid since IPO in 2006, raised every year since 2012
18% of total issued shares repurchased over last 10 years
Source: Company Data; Stonehage Fleming Investment Management Limited. Data as at March 2025. Acronyms: IPO: Initial Public Offering; ROIC: Return on invested capital.
