Evaluating Visa’s (V)Long-Term Moat

Alphyn Capital Management, an investment management firm, released its second-quarter 2026 investor letter. The letter can be downloaded here. The fund’s Master Account returned 0.6% net in the quarter compared to 15.2% for the S&P500. As of June 30, 2026, the top ten positions comprised approximately 72% of the portfolio, and the portfolio held approximately 9% in cash and short-term treasuries. The portfolio experienced minimal gains in the quarter, despite a strong index performance,...