David Rolfe Comments on S&P Global

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Apr 19, 2023
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S&P Global (SPGI, Financial) was a bottom contributor to portfolio performance during the quarter. Adjusted revenue declined -5%, mostly driven by the decline in ratings revenues which is lapping strong one-year and two-year comparisons. During 2022, the Company closed on its acquisition of IHS Markit which has diversified its revenue streams into new, but high-margin business lines. The Company’s new corporate structure should allow for attractive growth, even if fixed income issuance trends stay at stall-speeds for the next few quarters.

From David Rolfe (Trades, Portfolio)'s Wedgewood Partners 1st-Quarter 2023 letter.

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