Fortinet, Inc. Thesis

Fortinet is a leader in the cybersecurity market, particularly in network security firewalls. Its moat is its custom-designed ASIC chips, which provide a performance advantage, and its broad 'Security Fabric' platform that encourages customers to consolidate their security vendors. The growth driver is the convergence of networking and security (Secure SD-WAN) and the expansion of its platform to cover cloud and endpoint security. The investment thesis is based on Fortinet's ability to provide a high-performance, integrated security platform at a lower total cost of ownership.