Mastercard (MA): Scaling Network Infrastructure for the Era of Agentic Commerce

Akre Capital Management, an investment management company, published the "Akre Focus ETF" third-quarter 2026 investor letter. The letter can be downloaded here. The Akre Focus ETF fell 0.84% in Q3 2026, versus a 2.30% gain for the S&P 500, as September's 14.38% decline erased strong July and August returns. The fund's trailing 12-month return was −21.80%, compared with +15.74% for the index. Akre argues that its holdings remain financially strong—projecting mid-teens free-cash-flow growth, over 43% ROIC, and lower leverage than the S&P 500—despite historically low valuations.