This actively-managed fund holds a worldwide portfolio of companies with tangible moats, like essential infrastructure and payment networks. TOLL seeks durable, quality companies with defensible earnings streams and long-term compounding potential across various sectors.
MPLY offers a concentrated, actively-managed portfolio of companies exhibiting true monopolistic power. MPLY's strategy targets businesses with high barriers to entry and dominant brand control, aiming to capture the unique growth potential of market leaders who set the terms of their industries.
This ETF tracks Morningstar's Wide Moat Focus Index, investing in U.S. companies with sustainable competitive advantages trading at attractive prices. offers a systematic, research-backed approach to owning high-quality businesses poised for long-term success.
Across different industries in the United States, businesses have been consolidating into just a few big players that eventually grow to dominate their industries.
Despite this, the average lifespan of a company on the S&P 500 has declined from a high of 67 years to just over 15 years.
Unlike other companies, monopolies and oligopolies enjoy large returns that allow them to reinvest capital, improving their efficiencies and magnifying their margins.
The S&P 500 returned 24.2% and 23.3% in 2023 and 2024, respectively. Without the Magnificent 7, however, these numbers would have been 4.1% and 6.3%.
The cost advantages a company gains as its production volume increases, leading to a decreased cost per unit by spreading fixed costs over a larger output. This allows for lower prices or higher profit margins.
Exclusive rights from patents, copyrights, or guarded trade secrets that prevent competitors from duplicating a product or process. This legal exclusivity provides a temporary monopoly or strong market position.
The value of a product or service increases for each new user. This creates a self-reinforcing cycle of growth where scale itself becomes a barrier, making it exceptionally difficult for new entrants to compete.
A deeply held commitment to repeatedly purchase a preferred product or service consistently in the future, making customers resistant to competitive promotions despite situational influences or marketing efforts.
Exclusive or preferential access to strategic raw materials, critical infrastructure, or advantages from government licenses/regulations that create substantial barriers to entry for competitors.
The financial, time, or psychological burdens that make it difficult for customers to switch to a competitor. This effectively "locks in" customers, granting the incumbent significant pricing power and higher retention.