AGNC Investment

Structure and industry: AGNC invests almost exclusively in Agency RMBS and finances with short‑term repo. Asset yields and funding costs are market‑driven, so the firm is a price‑taker without control of key inputs. Intangible assets: brand/patents negligible (10/100).

Switching costs: none; portfolio can be replicated by any well‑resourced desk (15/100). Network effects: none (5/100). Cost advantage: modest from scale, internalization of management in 2016, and a captive broker‑dealer (Bethesda Securities) that sources ~half of repo through FICC channels at competitive terms (35/100).

Efficient scale: Agency MBS is a vast market with many sophisticated players; no natural monopoly (25/100). Weighted together, the moat is weak and easily eroded by tighter spreads, funding stress, or peers adopting similar hedging/funding.