Mastercard

Management has a long record of high‑return reinvestment and disciplined returns to shareholders.

In 2024 Mastercard repurchased 23.0M shares for 11.0B dollars and paid 2.4B dollars in dividends; in 1H25 it repurchased 8.9M shares for 4.84B dollars, and the Board authorized a new 12B dollars buyback program effective upon completion of the prior program.

Acquisitions have been targeted to widen the services moat, notably the December 2024 Recorded Future purchase (~2.7B dollars) adding threat intelligence to security and identity offerings. We view buybacks as value‑accretive over the cycle given durable growth and high ROIC.