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Artificial intelligence is infrastructure. While capital continues to pour into chip manufacturers and the next «Next Big Thing», the more compelling opportunity is emerging away from the spotlight: companies with genuine economic moats that AI does not disrupt, but reinforce.

This is precisely where the NextGen Software Moat Index comes in. It invests in software and data companies with durable competitive advantages — structural beneficiaries of the AI dynamic.

The Moat as a Return Driver

The moat is the return driver: high switching costs, regulatory barriers to entry, network effects, proprietary data, and deeply embedded platforms. In disruptive phases, they offer the strongest protection against value destruction.

Many of these high-quality companies have been indiscriminately sold off — driven by fears of AI disruption. Yet businesses embedded in regulatory, financial, or operational core processes are made more productive by AI, not obsolete. For long-term investors, this creates a classic setup: intact business models under cyclical valuation pressure.

Value Creation Resides with the Data Owner

AI requires data — and control over workflows.

Regulatory-anchored data providers such as RELX (LexisNexis), Experian, Wolters Kluwer, and Verisk Analytics control exclusive data sets. AI models depend on curated, proprietary data, deepening value creation at the level of the data owner.
Workflow leaders such as SAP and ServiceNow form the digital backbone of large organizations. AI automates — but it does not replace the platform.

An Actively Managed Approach

In cybersecurity, CrowdStrike and Palo Alto Networks benefit from proprietary threat data and rising complexity.
Infrastructure is equally decisive: Cadence and Synopsys enable chip design; Snowflake and MongoDB provide data architecture; Datadog and Cloudflare safeguard performance. They are prerequisites, not options.

The index follows a focused, actively managed approach rather than a market-cap-weighted dilution. Weightings are based on structural quality and technological resilience — not size.

Infrastructure Providers with Pricing Power

The core thesis: sustainable returns are not necessarily generated by the loudest innovator, but by the infrastructure provider with pricing power, data sovereignty, and lock-in effects.

The product is open for subscription until Friday, March 6, 2026. The issue price is CHF 100 and the ISIN is CH1413567046. Full details are available at amc.mavx.com.

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