While Mastercard (MA, Financial) has a strong market position with high barriers to entry, pricing power, and solid operating leverage potential, the company was hurt in the quarter by significantly slowing commerce and cross-border transactions. However, with its strong secular growth positions, we believe that Mastercard remains well positioned over the long term.
From Spiros Segalas (Trades, Portfolio)' Harbor Capital Appreciation Fund first-quarter 2020 shareholder commentary.