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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 30, 2026
Optimist Fund delivered a strong Q2 2026 with a 36.3% net return, rebounding materially as geopolitical fears receded, though the fund remains slightly negative year-to-date at -0.9%. Since inception in March 2022, the fund has achieved its goal of mid-teens annualized returns at 16.5%, and the manager believes the current portfolio can deliver better returns over the next five years. The portfolio remains highly concentrated with the top 10 holdings comprising approximately 90% of assets. ThredUp led performance with a 108.8% quarterly return driven by strong operational execution and the expansion of its direct listing program. The manager added significantly to Affirm during the Q1 correction, viewing BNPL as a second-inning growth opportunity with Affirm positioned as the category leader. Carvana continues to grow retail units at 40% year-over-year, and the manager is adding to the position at what is viewed as a bargain valuation of 13x estimated 2027 EBITDA. The fund maintains a long-term, conviction-driven approach focused on founder-led businesses with durable competitive advantages.
Optimist Fund invests in concentrated positions of market-leading, founder-led or highly aligned businesses with long growth runways and the ability to compound value over many years, targeting mid-teens or better annualized returns through a 5-year investment horizon.
The manager remains highly optimistic about the businesses owned, viewing them as market leaders with long growth runways, founder-led or highly aligned management teams, with the ability to compound value for many years. While unable to predict where markets will trade over the next quarter or year, the manager is confident in where these businesses can be five years from now. Based on opportunities in the portfolio today, the manager believes the fund can deliver better than mid-teens annualized returns over the next 5 years.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
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