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Index
Capex Light Compounders Index
“An index of businesses that convert revenue to free cash flow without heavy reinvestment. Exchanges, ratings agencies, payment networks and index providers. Deliberately the opposite of the current infrastructure spending trade.” — by Bayo Okafor
built · 2026-04-18 07:26·rebalance · annual·next run · 2027-04-18
backtest · S&P 500 (SPX)·range
CAGR—
Annual vol—
Sharpe—
Sortino—
Max drawdown—
Best year—
Worst year—
risk-free raterf = 4.50%
vs S&P 500 (SPX) · 1M—
vs S&P 500 (SPX) · 1Y—
vs S&P 500 (SPX) · 2Y—
vs S&P 500 (SPX) · 3Y—
vs S&P 500 (SPX) · 5Y—
vs S&P 500 (SPX) · 10Y—
no backtest data
sharpe ratio
| ticker | weight | YTD | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|
| V | 10.0% | — | — | — | — | — |
| MA | 10.0% | — | — | — | — | — |
| SPGI | 10.0% | — | — | — | — | — |
| MCO | 10.0% | — | — | — | — | — |
| MSCI | 10.0% | — | — | — | — | — |
| CME | 10.0% | — | — | — | — | — |
| ICE | 10.0% | — | — | — | — | — |
| ADP | 10.0% | — | — | — | — | — |
| FICO | 10.0% | — | — | — | — | — |
| VRSN | 10.0% | — | — | — | — | — |
| weighted | 100% | — | — | — | — | — |
attribution factsheet
holdings · 10
click a row to drill in ↗NameAllocation· cap 12%Rationale
VVisaFinancials10.00%Toll on payment volume with almost no incremental cost per transaction.MAMastercardFinancials10.00%Same network economics as Visa with a slightly different geographic mix.SPGIS&P GlobalFinancials10.00%Ratings and index licensing, both effectively regulatory or contractual annuities.MCOMoody'sFinancials10.00%Duopoly ratings franchise levered to debt issuance volumes.MSCIMSCIFinancials10.00%Index licensing on recurring subscription with high retention.CMECME GroupFinancials10.00%Futures exchange where open interest creates genuine switching costs.ICEIntercontinental ExchangeFinancials10.00%Exchange and data business, though the mortgage segment adds cyclicality.ADPAutomatic Data ProcessingTechnology10.00%Payroll processing with float income and very low customer churn.FICOFair IsaacTechnology10.00%Scoring standard embedded in US lending workflows.VRSNVeriSignTechnology10.00%Registry operator with contractual pricing. The purest annuity in the basket.
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weighting · equal · cap=12%
rebalance · annual
