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.