Companies / CPU
ASXComputershare (CPU) in our theses
Computershare appears in one of our theses. Below is why it entered the basket and how it has done since publication.
Bond markets buckle under AI's funding needs, and the toll is collected per deal by the ratings oligopoly
AI capex is now pre-committed and debt-funded, so higher yields raise the price of borrowing but not the volume, and ratings fees are levied on volume.
Why this company: Its Corporate Trust arm, bought from Wells Fargo, is a top tier US structured finance trustee paid per deal, and it earns margin income on client balances, so it gains from more issuance and from higher rates at once.
Where these numbers come from
The reference price is recorded on the thesis publication date and never changed afterwards. The current price is refreshed several times a day. Returns are in the listing currency and exclude dividends, so for dividend payers the real total return was somewhat higher.
This is not a recommendation to buy or sell. A company enters a basket as a beneficiary of the mechanism described in the thesis, and the full argument is on each thesis page.
See all of our theses
Each with a publication date, a causal map and a score assigned before the market ruled.
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