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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Jacob Asset Management is positioned for the acceleration of agentic AI adoption, which they view as a transformational force rivaling the dot-com boom. The firm added Securitize across multiple funds to capture the rapid expansion of tokenized real-world assets, and maintains concentrated exposure to next-generation CAR-T therapies in autoimmune diseases through Kyverna, Cabaletta, and Cartesian, where early data shows promise and valuations appear attractive.
The rapid emergence of agentic AI represents an underappreciated transformational opportunity that will unlock business and economic innovation rivaling the dot-com boom, while tokenization of real-world assets and next-generation CAR-T therapies in autoimmune diseases offer compelling growth opportunities in their respective markets.
Manager remains confident that significant portfolio changes made earlier in the year will pay off as AI adoption accelerates. Despite slower-than-expected progress, signs of meaningful pickup in activity are emerging. The manager maintains a constructive view on agentic AI as a transformational force and believes the tokenization market will continue to expand rapidly. In biotechnology, the manager is optimistic about next-generation CAR-T therapies proving successful across multiple autoimmune diseases.
As of Jul 8, 2026
Lead Portfolio Manager
Ryan Jacob and Darren Chervitz
Managing Partner
Moderate Conviction Bullish
Market Conviction
The manager demonstrates moderate-high conviction through concentrated thematic positioning (AI, tokenization, CAR-T therapies) and specific position additions with clear thesis articulation. Securitize is described with detailed metrics ($1B to $3.4B growth, regulatory moat, partnerships with Apollo/BlackRock/KKR) and was added across all three funds. Kyverna is discussed with specific disease targets and early patient data. However, the letter covers multiple funds with different strategies, positions are not explicitly sized, and the manager acknowledges slower-than-expected progress on the AI thesis. The conviction is clear but not at the extreme concentration level of single-thesis funds.
Growth Outlook
Market outlook remains low conviction: Jacob Funds suffered a difficult quarter due to AI disruption fears and geopolitical tensions, but the manager sees this as creating attractive entry points into agentic AI benefic...
Risk Appetite
Risk appetite posture is above average conviction: Jacob Funds suffered a difficult quarter due to AI disruption fears and geopolitical tensions, but the manager sees this as creating attractive entry points into agentic AI benefic...
Capital Deployment
The manager added three new positions in the quarter: Securitize across all three funds (Internet, Discovery, Small Cap Growth) and Kyverna in the Discovery Fund. This represents active deployment and selective adding. However, there is no discussion of cash levels, position sizing changes, or the magnitude of capital deployed. The letter describes 'significant portfolio changes' made 'earlier this year' (not this quarter), suggesting the current quarter activity is moderate rather than aggressive. The deployment is selective and thematic rather than broad-based.
Forward Guidance
Forward guidance signal: Jacob Funds suffered a difficult quarter due to AI disruption fears and geopolitical tensions, but the manager sees this as creating attractive entry points into agentic AI benefic...
Language Signal
The letter uses balanced language with both opportunity-focused terms (underappreciated, unlock, innovation, meaningful improvement, attractive, premier, massive regulatory moat) and risk-aware language (volatile, slower than expected, challenges remain, scant credit). The manager uses confident language about specific positions but also acknowledges uncertainties and slower-than-expected progress. The net balance is moderately positive but not overwhelmingly bullish.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Jacob Funds suffered a difficult quarter due to AI disruption fears and geopolitical tensions, but the manager sees this as creating attractive entry points into agentic AI benefic...
Opportunity Density
The manager sees multiple attractive opportunities across different themes and added new positions in the quarter. The letter describes AI as 'underappreciated by investors' and tokenization as a rapidly growing market with 35% quarterly growth. In biotech, the manager wants 'broad exposure' to CAR-T therapies and believes 'market valuations give scant' credit for potential. The tone suggests a rich opportunity set across technology and healthcare, with specific areas identified for investment. The manager is finding enough compelling ideas to add positions across multiple funds.
Time Horizon
The manager discusses near-term catalysts ('as the year progresses,' 'meaningful pickup in activity') alongside longer-term themes (AI innovation 'rivaling the dot-com boom,' broader autoimmune platform potential). Kyverna's drug 'may be the first of its kind to reach FDA approval,' suggesting a 1-3 year catalyst window. The tokenization market growth is described with quarterly metrics, indicating attention to near-term momentum. The letter balances medium-term catalyst dependency (12-24 months for AI adoption acceleration, FDA approvals) with longer-term thematic conviction. This is a typical public equities fund horizon, not permanent capital or urgent trading.
Top Conviction Themes
Key Catalysts
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