Todd Wenning of Ensemble Capital presented his in-depth investment thesis on NVR, Inc. (US: NVR) at Wide-Moat Investing Summit 2023.

Thesis summary:

NVR is mainly known among quality investors for having top-notch capital allocation skills — opportunistic buybacks and a cash-rich, asset-light balance sheet. Homebuilding, however, is generally considered to be a “no moat” industry. Intuitively this makes sense and history seems to show it to be true. As land and labor become scarce and affordability remains a problem, NVR has been able to establish a series of local and regional moats that Todd believes are defensible for the next decade and beyond.

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About the instructor:

Todd Wenning is a senior investment analyst at Ensemble Capital. Before joining Ensemble, Todd was an analyst at Johnson Investment Counsel, where he worked on the firm’s SMID cap strategy. Prior to that, Todd was a sell-side analyst at Morningstar, where he led Morningstar’s equity stewardship methodology and covered companies in the basic materials, industrials, and consumer sectors. Earlier in his career, Todd worked for The Motley Fool, SunTrust Asset Management, and Vanguard. He holds a BA in History from Saint Joseph’s University in Philadelphia and the Chartered Financial Analyst designation.

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