| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 16.5% | 36.3% | -0.9% |
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.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 28 2026 | 2026 Q2 | AFRM, CVNA, FA, TDUP, W | BNPL, consumer, E-Commerce, Fintech, Founder-led, growth, mid cap, US |
TDUP FA AFRM W CVNA |
Optimist Fund rebounded 36.3% in Q2 2026 on concentrated positions in market-leading e-commerce and consumer finance businesses. ThredUp surged 109% on strong execution and new direct listing optionality. The manager added significantly to Affirm, viewing BNPL as a second-inning growth opportunity, and continues adding to Carvana at 13x 2027 EBITDA despite 40% organic growth. The portfolio targets better than mid-teens annualized returns over five years. |
| May 12 2026 | 2026 Q1 | AFRM, AHT.L, CVNA, DASH, DSCV.L, DSV.CO, FA, KVYO, MEDP, MNDY, TDUP, TDY, TOST, UBER, W, ZS | AI, dislocation, E-Commerce, growth, opportunity, technology |
TDUP W CVNA TOST |
Optimist Fund fell 27.3% in Q1 as AI fears and Iran war drove growth stock selloff. Manager sees sentiment-driven dislocation creating compelling opportunities, adding to core positions like ThredUp, Wayfair, and Carvana while initiating Toast and Zscaler. Portfolio companies show strong fundamentals despite stock weakness. Fund increased leverage, positioning for rebound in highest-quality businesses since inception. |
| Feb 12 2026 | 2025 Q4 | AFRM, CVNA, DASH, DICEY.L, FVRR, HFG, LTHM, META, MNDY, NFLX, PTON, ROOT, TDUP, UBER, W | Compounding, E-Commerce, growth, long-term, technology, value |
W CVNA TDUP MNDY SWIM LUCE LN DSCV LN W CVNA TDUP MNDY |
Optimist Fund delivered 32.2% returns in 2025 despite Q4 decline, maintaining strong long-term performance through disciplined focus on misunderstood compounders. Portfolio companies like Wayfair, Carvana, and ThredUp show accelerating fundamentals while trading at attractive valuations. Manager believes next five years will outperform as current prices underappreciate improved business quality and earnings potential. |
| Oct 22 2025 | 2025 Q3 | CVNA, DASH, FADU, FVRR, HFG.DE, MEDP, MNDY, RVLV, SWIM, TDUP, UBER, W | Biotech, Cyclical, E-Commerce, growth, mid cap, Recovery, technology |
W TDUP CVNA MEDP W TDUP CVNA MEDP |
Optimist Fund gained 9.1% in Q3 as cyclical holdings like Wayfair, ThredUp, and Carvana showed strong recovery signs after multi-year downswings. The fund added Medpace, a founder-led CRO, while trimming software positions facing AI headwinds. With end markets stabilizing across multiple holdings, the manager sees significant opportunity ahead for continued outperformance. |
| Jul 18 2025 | 2025 Q2 | CVNA, DASH, FA, FVRR, HFG, MNDY, RVLV, TDUP, UBER, W | Compounding, E-Commerce, growth, Long/Short, mid cap, value |
TDUP CVNA W TDUP CVNA W RVLV |
Optimist Fund achieved 39.2% returns in Q2 by investing in underappreciated market leaders like ThredUp, Carvana, and Wayfair. The manager used tariff-driven volatility to add positions at attractive prices, with both Carvana and Wayfair subsequently doubling. Strong conviction remains in the portfolio's ability to deliver exceptional five-year returns through disciplined long-term investing. |
| Apr 22 2025 | 2025 Q1 | CVNA, DASH, FA, FVRR, HFG.DE, LIDR, MNDY, RVLV, TDUP, UBER, W | consumer, E-Commerce, growth, long-term, profitability, Recovery, technology |
TDUP CVNA UBER HFG REVL W FA |
Optimist Fund's Q1 decline of 4.9% reflects short-term volatility rather than fundamental deterioration. Manager McNamee maintains high conviction in portfolio companies like ThredUp, Carvana, and Uber, which demonstrated strong operational progress despite market headwinds. The fund leverages market dislocations as opportunities, positioning for compound value creation over five years in underappreciated growth businesses. |
| Jan 20 2025 | 2024 Q4 | ACVA, BFIT.AS, CRCT, CVNA, DASH, DSV.CO, FIGS, HFG.DE, LATM, MNDY, REVL, TDUP, TDY, UBER, W, XPOF | consumer, E-Commerce, growth, Logistics, mid cap, profitability, technology |
CVNA DASH HFG.DE RVLV POOL W TDUP |
Optimist Fund delivered 67% returns in 2024 led by exceptional e-commerce performance from Carvana and DoorDash. The concentrated mid-cap portfolio focuses on market share gainers with improving profitability. Manager increased positions during volatility and sees significant five-year upside potential across holdings despite near-term headwinds in home goods market. |
| Oct 16 2024 | 2024 Q3 | ACVA, CIGI, CVNA, DASH, FA, HFG.DE, LIDR, MNDY, REVL, UBER, W | Cyclical, E-Commerce, growth, mid cap, value |
CVNA HFG.DE FA POOL |
Optimist Fund posted 28% Q3 returns led by Carvana, HelloFresh, and Revolve. The manager increased HelloFresh exposure and added First Advantage while highlighting Latham Group's cyclical recovery potential. Despite Wayfair delays and Smartsheet's disappointing acquisition, the concentrated portfolio targets 5x returns over five years through undervalued growth companies. |
| Jul 16 2024 | 2024 Q2 | ACVA, CIGI, CVNA, DASH, HFG, MNDY, RVLV, SMAR, TDUP, UBER, W | Concentration, E-Commerce, growth, mid cap, SaaS, technology |
CVNA MNDY |
Optimist Fund targets 18 market leaders with 5x+ appreciation potential over five years. Despite Q2's 2% decline, portfolio companies delivered strong fundamentals with Carvana leading automotive dealers and DoorDash growing 23% revenue. Manager added to positions on weakness and sees clear path to exceptional returns through concentrated growth investing in exceptional businesses. |
| May 1 2024 | 2024 Q1 | ACVA, AHT, BFIT, CIGI, CRCT, CVNA, DASH, FIGS, HFG, MNDY, OPEN, POOL, PTON, REVL, SMAR, UBER, W, XPOF | Concentration, E-Commerce, Fitness, growth, Market Leadership, technology, turnaround |
CVNA DASH XPOF UBER ACVA |
Optimist Fund's concentrated portfolio of market leaders delivered 19% in Q1, led by Carvana's growth inflection and DoorDash's margin expansion. The fund targets companies that emerged dominant from 2022's tech selloff, similar to Amazon post-2000s bubble. New position Xponential Fitness offers 275% upside potential despite short attack concerns. |
| - | 2023 Q4 | - | - | - | |
| Jul 20 2023 | 2023 Q2 | - | - | - | |
| Feb 16 2023 | 2022 Q4 | - | - | - | |
| Nov 17 2022 | 2022 Q3 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
E-commerceThredUp, the largest position, delivered strong growth with active buyers up 25%, orders up 19%, and revenue up 15% year-over-year. The direct listing program expanded from closed to open beta, with direct-listed items selling at more than double the price of clean-out-kit items, representing free upside optionality. Wayfair continued high-single-digit revenue growth with material EBITDA expansion, and the physical retail expansion is tracking ahead of expectations. |
ThredUp Wayfair Marketplaces Retail Growth |
BNPLAffirm is described as the apex predator of Buy-Now-Pay-Later with a superior operating model based on honest lending where every transaction is underwritten individually at point of sale. Over six years including a pandemic and rate shock, credit performance stayed within target range while gross merchandise value compounded above 35% annually. The manager sees BNPL penetration still under 6% of US e-commerce and under 1% including brick and mortar, believing we are in the second inning of industry growth. |
Affirm Consumer Finance Payments FinTech | |
Used AutosCarvana retail units sold continued to grow at approximately 40% year-over-year. The manager visited the Cleveland reconditioning center and noted the quality of leadership below the C-suite and that efficiency opportunity is far from exhausted with meaningful margin left to capture. The stock trades at roughly 13x estimated 2027 EBITDA for a business growing organically 40% year-over-year, which the manager views as a bargain and has been adding to the position. |
Carvana Auto Retail Growth | |
RestaurantsDoorDash is listed as a top 10 holding comprising part of the approximately 90% of the portfolio in the top 10 positions. No specific operational commentary is provided in the letter. |
DoorDash Foodservice Delivery | |
| 2026 Q1 |
AIMarket fears of AI disruption drove indiscriminate selling in growth companies, but the manager sees AI as a tailwind for their portfolio companies. Their high-growth, innovative businesses are leaning aggressively into AI to enhance customer propositions. The manager views current AI fears as creating buying opportunities rather than fundamental threats. |
Disruption Innovation Technology |
E-commerceThe fund holds significant positions in e-commerce companies like Wayfair, ThredUp, and Carvana that continue to show strong fundamental performance despite market weakness. These companies are demonstrating revenue growth, margin expansion, and market share gains in their respective verticals. |
Online Digital Retail | |
GrowthThe fund is exclusively focused on growth-oriented companies and sees the current dislocation as creating the most compelling opportunity set since 2022. The manager believes high-growth, innovative businesses will emerge stronger and compound returns over time despite near-term volatility. |
Innovation Compounding Quality | |
| 2025 Q4 |
Small CapsSmall-cap equities ended 2025 on a positive but volatile note with the Russell 2000 returning 2.2% in Q4. The manager expects a constructive outlook for small-cap equities entering 2026, particularly within value-oriented segments, driven by Federal Reserve monetary easing and improving earnings momentum. |
Russell 2000 Value Earnings Volatility |
ValueValue-oriented stocks remain attractively positioned with growth stocks continuing to trade at a meaningful premium. The manager believes periods of accelerating profits have historically favored value leadership, particularly within smaller-cap universes, creating compelling opportunities for disciplined value investing. |
Growth Premium Valuation Leadership Fundamentals | |
RatesThe Federal Reserve's shift toward monetary easing represents an important inflection point for smaller companies, which tend to be more sensitive to changes in interest rates and credit conditions. Lower borrowing costs should support refinancing activity, capital investment, and margin recovery. |
Federal Reserve Credit Borrowing Costs Refinancing | |
EarningsConsensus expectations point to meaningful acceleration in small-cap earnings in 2026, with growth projected in the low-to-mid teens and exceeding that of large-cap companies. This anticipated rebound reflects easier year-over-year comparisons, improving operating leverage, and broadening demand across cyclical sectors. |
Growth Operating Leverage Cyclical Consensus | |
UtilitiesStrong stock selection and favorable allocation made Utilities the largest contributor to relative performance for the quarter. Portland General Electric led gains, supported by regulatory clarity, steady rate base growth, and defensive characteristics that were rewarded as market volatility increased. |
Defensive Regulatory Rate Base Volatility | |
EnergyStrong stock selection and favorable allocation within Energy made the sector the second-largest contributor to relative performance. Helmerich & Payne and Coterra Energy led gains, benefiting from improving drilling activity, disciplined capital allocation, and favorable commodity pricing dynamics. |
Drilling Capital Allocation Commodity Pricing | |
| 2025 Q3 |
E-commerceThe fund sees acceleration in cyclical e-commerce holdings like Wayfair and ThredUp that have been in multi-year downswings. Wayfair delivered strong growth with revenue up 5-6% and expanding margins, while ThredUp posted 16% revenue growth with strong operating leverage. |
Online retail Digital commerce Consumer discretionary Cyclical recovery Operating leverage |
Used AutosCarvana continues delivering record performance with 41% growth in retail units sold and strong profitability. The company maintains only 1.5% US market share, indicating substantial expansion runway with structural advantages in the business model. |
Auto retail Digital disruption Market share expansion Operational efficiency | |
CRO & CDMOMedpace represents a market-leading contract research organization focused on small and mid-sized biotech companies. The founder-led business has compounded at 20% annually for three decades while maintaining best-in-class margins and exceptional cash flow conversion. |
Clinical trials Biotech services Founder-led Operational excellence Capital allocation | |
SaaSSoftware holdings like Monday.com face near-term headwinds from AI-related search changes but are positioned to benefit from AI adoption long-term. The fund believes innovative SaaS platforms will harness AI to drive growth reacceleration over coming years. |
Enterprise software AI integration Growth reacceleration Innovation | |
| 2025 Q2 |
E-commerceThe fund holds multiple e-commerce companies including ThredUp, Carvana, Wayfair, and Revolve. ThredUp is undergoing a significant inflection point with strong Q1 results and raised guidance. Wayfair appears to be finally seeing revenue growth inflect after more than two years of waiting, with strong demand trends cited at recent investor conferences. |
Online retail Digital commerce Growth Inflection Revenue |
Used AutosCarvana posted exceptional quarterly results with 46% growth in retail units, 38% revenue growth, and an all-time high adjusted EBITDA margin of 11.5%. Management introduced a bold new long-term target of 3 million annual retail units at a 13.5% EBITDA margin within 5-10 years, implying over 40% annualized unit growth. |
Auto retail Unit growth EBITDA margin Scale Digital | |
GrowthThe fund focuses on investing in underappreciated, market-leading businesses with long runways for growth led by ambitious CEOs. The manager emphasizes companies in the early innings of their growth journey, seeking businesses that can deliver exceptional five-year returns through both organic growth and strategic acquisitions. |
Long-term Compounding Market leaders Early innings Returns | |
| 2025 Q1 |
E-commerceMultiple e-commerce companies featured prominently including ThredUp (secondhand fashion marketplace), Revolve (fashion e-commerce), and Wayfair (home goods e-commerce). Manager views short-term pressure on consumer discretionary as noise and remains focused on long-term fundamentals. |
Marketplace Consumer Digital Retail Growth |
Used AutosCarvana highlighted as top contributor with outstanding Q4 results showing 50% growth in retail cars sold and record profitability. Manager believes concerns about leveraged balance sheet will diminish as profitability continues to scale. |
Automotive Digital Marketplace Recovery Profitability | |
TravelUber featured as top contributor with strongest quarter yet, showing 18% growth in gross bookings and emerging upside from autonomous vehicles. DoorDash also held as top 10 position in mobility/delivery space. |
Mobility Delivery Platform Technology Growth | |
| 2024 Q4 |
E-commerceMultiple e-commerce holdings including Carvana (used car retail), DoorDash (food delivery), Revolve (fashion), and Wayfair (home goods) represent core portfolio positions. The manager sees significant growth potential as these companies gain market share and improve profitability despite challenging market conditions. |
Marketplaces Digital Retail Online Commerce Platform Business Market Share |
Used AutosCarvana is the largest holding, representing the fastest growing and most profitable used car retailer with only 1% market share. The manager highlights exceptional operating performance with 20%+ revenue growth and 11%+ EBITDA margins, seeing material growth potential ahead. |
Auto Retail Digital Transformation Market Leadership Profitability Growth | |
LogisticsDoorDash continues demonstrating exceptional balance of growth and profitability with 20%+ revenue growth and profits expanding at double that pace. New position in DSV A/S, a Danish freight forwarding company undergoing transformational acquisition, adds to logistics exposure. |
Food Delivery Freight Forwarding Revenue Growth Margin Expansion Operational Excellence | |
| 2024 Q3 |
E-commerceThe fund holds multiple e-commerce positions including Carvana (online used car sales), Revolve (fashion e-commerce), and Wayfair (home goods). Carvana continues strong performance with 30%+ unit growth and superior margins. Revolve showed accelerating revenue growth and expanding margins. |
Online retail Digital commerce Direct-to-consumer Marketplace Digital transformation |
GrowthThe portfolio focuses on companies with strong growth potential, targeting businesses that can achieve 15-20% earnings growth. First Advantage is expected to grow earnings over 20% annually, while Latham Group is positioned for material earnings improvement as the pool market normalizes. |
Revenue growth Earnings expansion Market share gains Secular trends Compounding | |
| 2024 Q2 |
E-commerceThe fund holds multiple e-commerce leaders including Carvana (fastest growing automotive dealer in North America), Wayfair (waiting for home goods market stabilization), and ThredUp (second-hand consignment marketplace). These companies are positioned to benefit from continued digital transformation and market share gains. |
Online retail Digital transformation Market share Automotive Home goods |
SaaSThe portfolio includes enterprise software leaders Smartsheet and Monday.com, both in collaborative work management. Monday.com is highlighted as having exceptional unit economics with under 2-year payback periods and expanding into CRM and service management markets. The manager sees significant runway as less than 50 million of 1 billion knowledge workers globally use collaborative work management solutions. |
Enterprise software Collaboration Work management CRM Unit economics | |
GrowthThe fund targets 18 market leading companies with potential to appreciate 5x+ over the next 5 years. Portfolio companies like DoorDash delivered 23% revenue growth and 82% adjusted EBITDA growth, while Uber grew bookings and EBITDA over 20% and 80% respectively. The manager focuses on companies with strong growth trajectories and margin expansion potential. |
Revenue growth EBITDA expansion Market leaders Margin expansion Compounding | |
| 2024 Q1 |
E-commerceThe fund believes market leaders like Carvana, Wayfair, and DoorDash have won their respective online markets after competitors died or shrank dramatically during 2022. The manager sees this as similar to Amazon's dominance after the early 2000s tech bubble collapse. |
Online retail Market consolidation Digital platforms Competitive moats Market leadership |
FitnessXponential Fitness is highlighted as a new position - a founder-led boutique fitness franchisor with ten brands including Club Pilates. The company faced a short attack but the manager believes it's a high-quality business trading at attractive valuations with significant growth potential. |
Franchising Boutique fitness Club Pilates Founder-led Short squeeze | |
Used AutosCarvana is positioned as having won the online used car market and is experiencing a growth inflection with 15% year-over-year unit growth in Q1. The company is generating over $100 million of adjusted EBITDA while growing retail units sold. |
Online auto sales Market leadership Unit growth EBITDA generation Growth inflection |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 28, 2026 | Fund Letters | Optimist Fund | TDUP | ThredUp | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | Consumer Discretionary, Direct Listing Program, e-commerce, growth, marketplace, Online Resale, Secondhand Apparel | Login |
| Jul 28, 2026 | Fund Letters | Optimist Fund | FA | First Advantage | Specialty Business Services | Human Resource & Employment Services | Bull | NASDAQ | Background Screening, EBITDA Expansion, employment services, growth, Human Capital, Industrials, SaaS | Login |
| Jul 28, 2026 | Fund Letters | Optimist Fund | AFRM | Affirm | Credit Services | Consumer Finance | Bull | NASDAQ | BNPL, buy now pay later, consumer finance, e-commerce, Fintech, founder-led, growth, Payment Solutions, Point-of-Sale Financing, underwriting | Login |
| Jul 28, 2026 | Fund Letters | Optimist Fund | W | Wayfair | Internet Retail | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | Consumer Discretionary, e-commerce, EBITDA Expansion, growth inflection, home furnishings, Omnichannel, Physical Retail Expansion | Login |
| Jul 28, 2026 | Fund Letters | Optimist Fund | CVNA | Carvana | Auto & Truck Dealerships | Specialty Retail | Bull | New York Stock Exchange | Consumer Discretionary, EBITDA Expansion, High Growth, Online Auto Retail, operational efficiency, Reconditioning, Used Car E-commerce, Value | Login |
| May 12, 2026 | Fund Letters | Optimist Fund | TDUP | ThredUp | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | Consumer Discretionary, e-commerce, EBITDA Expansion, growth, Multi-year Inflection, Resale | Login |
| May 12, 2026 | Fund Letters | Optimist Fund | W | Wayfair | Internet Retail | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | Consumer Discretionary, e-commerce, EBITDA Expansion, Home goods, organic growth, recovery | Login |
| May 12, 2026 | Fund Letters | Optimist Fund | CVNA | Carvana | Auto & Truck Dealerships | Specialty Retail | Bull | New York Stock Exchange | Consumer Discretionary, e-commerce, market share, Reconditioning, Unit growth, Used cars | Login |
| May 12, 2026 | Fund Letters | Optimist Fund | TOST | Toast | Software - Infrastructure | Application Software | Bull | New York Stock Exchange | ARR growth, Cloud software, Free Cash Flow, market leader, Restaurant POS, SaaS | Login |
| Feb 12, 2026 | Fund Letters | Jordan McNamee | W | Wayfair Inc. | Consumer Discretionary | Broadline Retail | Bull | New York Stock Exchange | Cyclical, EBITDA, ecommerce, growth, Housing, Margins, Operatingleverage, Rebound, recovery | Login |
| Feb 12, 2026 | Fund Letters | Jordan McNamee | CVNA | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | automotive, EBITDA, ecommerce, growth, Margins, profitability, scale, turnaround, Uniteconomics | Login |
| Feb 12, 2026 | Fund Letters | Jordan McNamee | TDUP | ThredUp Inc. | Consumer Discretionary | Other Specialty Retail | Bull | NASDAQ | ecommerce, growth, guidance, Margins, marketplace, Reacceleration, Resale, Useracquisition, Volatility | Login |
| Feb 12, 2026 | Fund Letters | Jordan McNamee | MNDY | Monday.com Ltd. | Information Technology | Application Software | Bear | NASDAQ | Confidence, enterprise, Execution, exit, growth, guidance, management, SaaS, visibility | Login |
| Feb 12, 2026 | Fund Letters | Jordan McNamee | SWIM | Latham Group, Inc. | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Cyclical, Execution, guidance, Housing, leadership, Leisure, Margins, Revenue, Transition | Login |
| Feb 12, 2026 | Fund Letters | Jordan McNamee | LUCE LN | Luceco plc | Industrials | Electrical Components & Equipment | Bull | New York Stock Exchange | acquisition, Components, compounder, Cyclical, DesignWins, Industrial, Margins, recovery, valuation | Login |
| Feb 12, 2026 | Fund Letters | Jordan McNamee | DSCV LN | DiscoverIE Group plc | Information Technology | Electronic Components | Bull | New York Stock Exchange | Acquisitions, compounder, Connectivity, Design, Inflection, Magnetics, recovery, Sensors, valuation | Login |
| Dec 31, 2025 | Fund Letters | Optimist Fund | W | Wayfair Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bear | NYSE | Consumer Discretionary, e-commerce, EBITDA Expansion, home furnishings, retail, Revenue Growth, turnaround | Login |
| Dec 31, 2025 | Fund Letters | Optimist Fund | CVNA | Carvana Co. | Consumer Discretionary | Specialty Retail | Bear | NYSE | automotive, e-commerce, EBITDA margin, Online Sales, Record Results, turnaround, used car retail | Login |
| Dec 31, 2025 | Fund Letters | Optimist Fund | TDUP | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bear | NASDAQ | Customer Acquisition, e-commerce, EBITDA Positive, growth acceleration, marketplace, Rebrand, Secondhand Apparel | Login |
| Dec 31, 2025 | Fund Letters | Optimist Fund | MNDY | Monday.com Ltd. | Information Technology | Application Software | Bear | NASDAQ | Communication Issues, Enterprise software, Management Exit, Mixed Results, Project Management, SaaS | Login |
| Oct 22, 2025 | Fund Letters | Jordan McNamee | W | Wayfair Inc. | Consumer Discretionary | E-Commerce | Bull | NYSE | cash flow, e-commerce, Home goods, Housing recovery, margin expansion, profitability, Scalability | Login |
| Oct 22, 2025 | Fund Letters | Jordan McNamee | TDUP | ThredUp Inc. | Consumer Discretionary | Online Retail | Bull | NASDAQ | Circular economy, Customer Acquisition, e-commerce, growth, Margins, Resale, Sustainability | Login |
| Oct 22, 2025 | Fund Letters | Jordan McNamee | CVNA | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | NYSE | Auto retail, e-commerce, FCF, growth, leverage, Margins, scale | Login |
| Oct 22, 2025 | Fund Letters | Jordan McNamee | MEDP | Medpace Holdings Inc. | Health Care | Contract Research Organization | Bull | NASDAQ | Biotech, capital allocation, Cro, FCF, founder-led, growth, Margins, share repurchase | Login |
| Oct 22, 2025 | Fund Letters | Jordan McNamee | W | Mattress Firm Group Inc. | Consumer Discretionary | E-Commerce | Bull | NYSE | cash flow, e-commerce, Home goods, Housing recovery, margin expansion, profitability, Scalability | Login |
| Oct 22, 2025 | Fund Letters | Jordan McNamee | TDUP | ThredUp Inc. | Consumer Discretionary | Online Retail | Bull | NASDAQ | Circular economy, Customer Acquisition, e-commerce, growth, Margins, Resale, Sustainability | Login |
| Oct 22, 2025 | Fund Letters | Jordan McNamee | CVNA | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | NYSE | Auto retail, e-commerce, FCF, growth, leverage, Margins, scale | Login |
| Oct 22, 2025 | Fund Letters | Jordan McNamee | MEDP | Medpace Holdings Inc. | Health Care | Contract Research Organization | Bull | NASDAQ | Biotech, capital allocation, Cro, FCF, founder-led, growth, Margins, share repurchase | Login |
| Jul 18, 2025 | Fund Letters | Jordan McNamee | TDUP | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | ecommerce, Fulfillment, Inflection, margin expansion, Resale | Login |
| Jul 18, 2025 | Fund Letters | Jordan McNamee | CVNA | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | Autos, ecommerce, growth, Margins, scale, turnaround | Login |
| Jul 18, 2025 | Fund Letters | Jordan McNamee | W | Wayfair Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | Competition, Demand, ecommerce, Home goods, Inflection, Margins | Login |
| Jul 18, 2025 | Fund Letters | Optimist Fund | TDUP | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | e-commerce, Fulfillment, Guidance Raise, Inflection, Resale, scaling | Login |
| Jul 18, 2025 | Fund Letters | Optimist Fund | CVNA | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | e-commerce, EBITDA margin, Long-term Target, scaling, Unit growth, Used cars | Login |
| Jul 18, 2025 | Fund Letters | Optimist Fund | W | Wayfair Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Chinese Competition, De Minimis, e-commerce, Home goods, market share, Revenue Inflection | Login |
| Jul 18, 2025 | Fund Letters | Optimist Fund | RVLV | Revolve Group Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Adding Position, e-commerce, Fashion retail, Revenue Growth, tariffs, valuation | Login |
| Apr 22, 2025 | Fund Letters | Optimist Fund | TDUP | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Consumer Discretionary, e-commerce, growth, margin expansion, Online Resale, revenue acceleration, small-cap | Login |
| Apr 22, 2025 | Fund Letters | Optimist Fund | CVNA | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Balance Sheet Recovery, Consumer Discretionary, e-commerce, EBITDA margin, profitability inflection, turnaround, used car retail | Login |
| Apr 22, 2025 | Fund Letters | Optimist Fund | UBER | Uber Technologies, Inc. | Communication Services | Interactive Media & Services | Bull | NYSE | autonomous vehicles, EBITDA growth, food delivery, Free Cash Flow, mobility, Platform business, Ride Sharing | Login |
| Apr 22, 2025 | Fund Letters | Optimist Fund | HFG | HelloFresh SE | Consumer Staples | Food & Staples Retailing | Bull | XETRA | consumer staples, Customer Quality, EBIT growth, Europe, margin expansion, Meal Kit Delivery, Profitability Focus | Login |
| Apr 22, 2025 | Fund Letters | Optimist Fund | REVL | Revolve Group, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Consumer Discretionary, e-commerce, gross margin expansion, Marketing efficiency, Online Fashion Retail, Return Rate Improvement | Login |
| Apr 22, 2025 | Fund Letters | Optimist Fund | W | Wayfair Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Category Normalization, Consumer Discretionary, Cyclical Recovery, e-commerce, Home Goods Retail, market leader | Login |
| Apr 22, 2025 | Fund Letters | Optimist Fund | FA | First Advantage Corporation | Industrials | Human Resource & Employment Services | Bull | NASDAQ | Background Checks, Cost synergies, Cyclical Recovery, deleveraging, employment services, EPS growth, M&A Integration, market leader | Login |
| Jan 20, 2025 | Fund Letters | Optimist Fund | CVNA | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | automotive, e-commerce, EBITDA margins, market share expansion, Revenue Growth, used car retail | Login |
| Jan 20, 2025 | Fund Letters | Optimist Fund | DASH | DoorDash, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | food delivery, Logistics Platform, margin expansion, on-demand services, profitability, Revenue Growth | Login |
| Jan 20, 2025 | Fund Letters | Optimist Fund | HFG.DE | HelloFresh SE | Consumer Staples | Food & Staples Retailing | Bull | XETRA | business model validation, Contrarian Investment, European Consumer, Free Cash Flow, Meal Kit Delivery, Subscription Commerce | Login |
| Jan 20, 2025 | Fund Letters | Optimist Fund | RVLV | Revolve Group, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Consumer Discretionary, digital platform, e-commerce, margin expansion, Online Fashion Retail, Revenue Growth Acceleration | Login |
| Jan 20, 2025 | Fund Letters | Optimist Fund | POOL | Pool Corporation | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Cyclical Recovery, earnings growth, Free Cash Flow, Industry Trough, Market normalization, Pool Installation | Login |
| Jan 20, 2025 | Fund Letters | Optimist Fund | W | Wayfair Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | double-digit growth, Free Cash Flow Generation, Home Goods E-commerce, Margin Improvement, market recovery, market share gains | Login |
| Jan 20, 2025 | Fund Letters | Optimist Fund | TDUP | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Circular economy, competitive moat, E-commerce Platform, Free cash flow inflection, Managed Marketplace, Second-hand Marketplace, turnaround story | Login |
| Oct 16, 2024 | Fund Letters | Optimist Fund | CVNA | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Automotive Retail, e-commerce, EBITDA margins, market share, Unit growth, Used cars | Login |
| Oct 16, 2024 | Fund Letters | Optimist Fund | HFG.DE | HelloFresh SE | Consumer Staples | Food Retail | Bull | XETRA | EBITDA multiple, Europe, food delivery, Free Cash Flow, insider buying, Meal-Kit, turnaround | Login |
| Oct 16, 2024 | Fund Letters | Optimist Fund | FA | First Advantage Corporation | Industrials | Human Resource & Employment Services | Bull | NASDAQ | acquisition, Background Checks, earnings growth, Human Resources, market consolidation, Screening Services | Login |
| Oct 16, 2024 | Fund Letters | Optimist Fund | POOL | Latham Group Inc | Industrials | Building Products | Bull | NASDAQ | construction, Cyclical Recovery, Fiberglass Pools, Interest rates, manufacturing, market share, operating leverage | Login |
| Jul 16, 2024 | Fund Letters | Optimist Fund | CVNA | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | automotive, e-commerce, EBITDA margins, market leader, Revenue Growth, Used Car Dealer | Login |
| Jul 16, 2024 | Fund Letters | Optimist Fund | MNDY | Monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | Collaborative Software, CRM, founder-led, Free Cash Flow, Knowledge Workers, SaaS, Unit economics, Work management | Login |
| Apr 16, 2024 | Fund Letters | Optimist Fund | CVNA | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Automotive Retail, e-commerce, EBITDA growth, market leader, turnaround, Unit growth, Used cars | Login |
| Apr 16, 2024 | Fund Letters | Optimist Fund | DASH | DoorDash, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | food delivery, margin expansion, market leader, operating leverage, Platform business, Revenue Growth | Login |
| Apr 16, 2024 | Fund Letters | Optimist Fund | XPOF | Xponential Fitness, Inc. | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | Boutique Fitness, contrarian, founder-led, franchise business, Free Cash Flow, multiple expansion, Short squeeze, turnaround | Login |
| Apr 16, 2024 | Fund Letters | Optimist Fund | UBER | Uber Technologies, Inc. | Communication Services | Interactive Media & Services | Bull | NYSE | bookings growth, Free Cash Flow, market leader, operating leverage, Platform business, Ride Sharing, Share Buyback | Login |
| Apr 16, 2024 | Fund Letters | Optimist Fund | ACVA | ACV Auctions Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Auto dealers, Automotive Wholesale, Digital Marketplace, EBITDA Profitability, market recovery, Revenue Growth | Login |
| TICKER | COMMENTARY |
|---|---|
| TDUP | Active buyers, orders, and revenue all beat expectations, growing 25%, 19%, and 15% year-over-year, and management guided Q2 to an acceleration across every trend. The Q1 beat was flowed through to full-year guidance, which we continue to view as conservative. The quieter but potentially bigger development: the direct listing program, where sellers list their own items on ThredUp, expanded from closed to open beta. The average direct-listed item has sold at more than double the price of the average clean-out-kit item, evidence that the program is capturing supply ThredUp wasn't seeing before. We've baked nothing material from direct listings into our five-year estimates meaning the program is free upside optionality. |
| FA | Organic revenue grew 9%, EBITDA (earnings before interest, taxes, depreciation and amortization) grew 14%, and adjusted EPS grew 52% year-over-year, all beating expectations. Full-year guidance was reiterated. The stock has rebounded materially from its lows, but our view hasn't changed with the price: we believe this is an $80+ stock in five years. |
| AFRM | A newer position we added to significantly during the Q1 correction. Before I really dug into Affirm, I thought Buy Now Pay Later (BNPL) shouldn't exist. If you need financing to buy a burrito, you probably shouldn't be borrowing money. That was my uninformed take. Then I learned that roughly half of Americans carry a revolving credit card balance, often at ~20% interest. That changed how I thought about consumer finance. Every transaction is underwritten individually, at the point of sale, with the merchant, the basket, and the repayment term all known. You might be approved for a TV but rejected for a bike. Terms are fixed upfront and there's no compounding interest or late fees. If you don't pay, Affirm loses. Their only way to win is you repaying exactly what you agreed to on day one. They call it honest lending. The incentives point the right way. Over the last six years which included a global pandemic and a historic rate shock, credit performance stayed within management's target range while gross merchandise value compounded above 35% annually. Importantly, Affirm's model is harder to replicate than its rivals'. Klarna and Afterpay mostly offer ~30-day or shorter installments; Affirm's portfolio loan duration runs ~5.5 months. Longer duration demands real underwriting expertise. Due to this, if you are good at it, you earn much higher fees. The result is the trifecta we look for and rarely find: they are the US category leader, the fastest grower, and the most profitable operator. Those three traits usually fight each other. When one business holds all three, it's exceptionally difficult to compete with. Affirm was founded and is still run by Max Levchin who owns over $2B in stock. This is not Max's first success as he was a co-founder of PayPal alongside Peter Thiel and Elon Musk. We believe he is an exceptional operator. We are invested alongside an owner, not a hired manager. BNPL is still under 6% of US e-commerce spend, Sweden is 20%+, Australia is 10%+. If you include brick and mortar retail, BNPL is under 1% penetrated. Affirm is expanding categories rapidly. What has historically been peloton bikes, TV's, clothing, and goods people buy online, is expanding into law firms, accounting firms, mechanic shops, and the service economy. We believe we are in the second inning of growth for the BNPL industry. Our five-year price target is $310, roughly 310% upside, a ~33% compounded annual return. The building blocks: ~30% annual gross merchandise volume growth, operating margins scaling from high single digits to 30%+, and a 35x EPS multiple supported by durable advantages and years of 30% EPS growth ahead. Affirm has been profitable (on a GAAP basis) for only eighteen months which is too brief to be seen as a blue-chip payments franchise like Visa or Mastercard. We believe continued scaling margins will change that, moving Affirm into the consideration set of large-cap quality investors. We are early. |
| W | Another strong quarter: high-single-digit revenue growth and material EBITDA expansion. We visited the new Columbus store during the quarter and came away increasingly convinced the physical retail opportunity is a material future growth driver. The company continues to announce new locations, and notably, Atlanta, their second store, is tracking well ahead of the first, which was already exceeding expectations. We are excited about a continued growth inflection on the horizon. |
| CVNA | Retail units sold continued to grow at a blistering ~40% year-over-year rate. We visited the Cleveland reconditioning center during the quarter and came away with two impressions. First, the quality of leadership below the C-suite, the ambition and energy of that group really stands out. Second, the efficiency opportunity is far from exhausted; there is still meaningful margin left to capture in operations. The stock is down ~20% this year and is trading at roughly 13x our estimate of 2027 EBITDA for a business growing organically 40% y/y which we view as a bargain. We have been adding to the position. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
