RiverPark Large Growth

Investor Summary

Conrad van Tienhoven serves as Principal and Portfolio Manager since December 2022, bringing extensive experience from his nine years as Senior Analyst on the Baron iOpportunity Fund at Baron Funds. At Baron, he covered internet media, ecommerce, hardware, software, and online business services, providing direct relevant experience in growth-oriented technology and digital business sectors. He holds a B.A. in Economics from the University of Texas at Austin (1997). His background combines educational foundation in economics with hands-on experience analyzing and investing in growth companies, particularly in technology and digital transformation sectors.

Fund Strategy

RiverPark employs a value orientation toward growth, investing in exciting growth businesses with significant long term growth potential while patiently waiting for opportunities to purchase these companies at attractive prices. The fund seeks companies with latent pricing power, expanding free cash flow and high return on invested capital. The strategy focuses on long-term investing based on deep, fundamental, company-specific research in growing companies with sustainable competitive advantages. RiverPark creates and maintains detailed, proprietary financial models of revenues, earnings and cash flows of each potential investment and establishes price targets. This is a low turnover strategy with securities held on average for 3-5 years.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
12.74%	1.3%	13%

Executive Summary

RiverPark Large Growth Fund returned 1.4% in Q4 2025, underperforming the Russell 1000 Growth index which returned 1.1%, while generating 13.3% for the full year versus 18.6% for the benchmark. The portfolio maintains concentrated exposure to secular growth themes including AI infrastructure, cloud computing, healthcare innovation, and digital platforms. Top contributors included Alphabet, Eli Lilly, Intuitive Surgical, Applied Materials, and Apple, driven by strong earnings, AI monetization progress, and robust demand for their products and services. Key detractors were Netflix, CoreWeave, Uber, Meta, and Microsoft, primarily due to margin pressure concerns from elevated investment spending and competitive dynamics. Market leadership remained concentrated with increased dispersion beneath the surface, as investors favored companies demonstrating earnings durability and clear progress monetizing growth investments. The fund continues to focus on high-quality compounders with multi-year growth runways, durable competitive advantages, and strong cash flow generation potential, positioning for sustained outperformance as secular trends mature and companies demonstrate improved returns on invested capital.

Forward Outlook

The fund believes the portfolio is comprised of an exciting group of companies that are attractively valued, benefiting from strong secular growth trends, and poised to generate substantial and growing excess cash flow in the years to come, which should drive strong absolute and relative returns.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Mar 9 2026	2025 Q4	AAPL, AMAT, AMZN, DIS, GOOGL, ISRG, LLY, META, MSFT, NFLX, NVDA, SHOP, UBER	AI, Cloud, growth, healthcare, large cap, semiconductors, Streaming, technology	-	RiverPark Large Growth Fund focuses on high-quality large-cap companies benefiting from secular growth in AI, cloud computing, and healthcare innovation. Despite Q4 underperformance, the fund maintains conviction in concentrated positions across technology leaders and healthcare innovators, emphasizing businesses with durable competitive advantages and strong cash flow generation potential for long-term compounding returns.
Nov 13 2025	2025 Q3	AAPL, AMZN, DIS, GOOGL, INTU, ISRG, LLY, META, MSFT, NFLX, NOW, NVDA, SHOP, TSM, UBER	AI, Cloud, E-Commerce, growth, large cap, semiconductors, Streaming, technology	-	RiverPark Large Growth Fund returned 4.73% in Q3, underperforming benchmarks as market leadership concentrated in mega-cap tech. Top performers Alphabet, Apple, and NVIDIA benefited from AI momentum and strong fundamentals. Portfolio remains focused on secular growth themes including AI, cloud, and e-commerce, with management confident in companies' ability to generate substantial excess cash flow.
Jul 29 2025	2025 Q2	AAPL, AMZN, GOOGL, LLY, META, MSFT, NFLX, NVDA, PEP, SBUX, SHOP.TO, UBER, UNH	AI, Cloud, growth, healthcare, large cap, Streaming, technology	LLY SBUX PEP NVDA MSFT NFLX META UBER UNH AAPL LLY SBUX PEP	RiverPark Large Growth Fund gained 15.01% in Q2 2025, led by AI infrastructure leader NVIDIA and cloud platform Microsoft. Strong performance from Netflix streaming and Meta advertising offset weakness in healthcare and consumer names. The manager remains confident in portfolio companies positioned for secular growth trends and substantial cash flow generation despite geopolitical headwinds.
Mar 31 2025	2025 Q1	AAPL, AMZN, GOOGL, LLY, META, MSFT, NFLX, NVDA, SCHW, SHOP, UBER, UNH, V	AI, Cloud, growth, large cap, Magnificent 7, tariffs, technology	UBER V SCHW LLY UNH NVDA GOOGL AAPL AMZN MSFT	RiverPark Large Growth Fund fell 7.21% in Q1 2025, outperforming its benchmark despite Magnificent 7 tech stock pullbacks from valuation concerns and Trump tariff announcements. Uber, Visa, and Eli Lilly were top contributors while NVIDIA, Alphabet, and Apple detracted. Manager maintains confidence in portfolio's long-term prospects despite near-term volatility.
Dec 31 2024	2024 Q4	AAPL, ADBE, AMZN, AVGO, GOOGL, LLY, META, MSFT, NFLX, NKE, NVDA, SHOP, TSLA, UBER, UNH	AI, Cloud, E-Commerce, growth, large cap, technology	-	RiverPark Large Growth delivered solid Q4 returns of 5.11% but lagged growth indices for the year at 22.57% versus 33.4% for Russell 1000 Growth. The portfolio remains concentrated in AI, cloud, and e-commerce leaders like Amazon, NVIDIA, and Shopify. Despite some headwinds from rising rates and sector rotation, the manager maintains conviction in secular growth themes.
Sep 30 2024	2024 Q3	AAPL, ADYEY, AMZN, BX, DIS, GOOGL, KKR, LLY, META, MSFT, NVDA, PINS, SCHW, SHOP, SNAP, UBER	AI, Cloud, E-Commerce, growth, large cap, payments, Social Media, technology	-	RiverPark Large Growth delivered 3.73% in Q3, driven by Meta's advertising strength and Shopify's e-commerce dominance. The fund maintains concentrated exposure to AI/cloud computing, social media, and payments modernization themes. Despite near-term volatility from macro concerns, the manager sees balanced risks and attractive valuations across portfolio companies positioned for secular growth and expanding cash flow generation.
Jun 30 2024	2024 Q2	AAPL, ADYEY, AMZN, BKNG, DIS, FIVN, GOOG, META, MSFT, NFLX, NKE, NVDA, PINS, SHOP, SNAP, UBER	AI, Cloud, E-Commerce, growth, large cap, Streaming, technology	-	RiverPark Large Growth returned 2.94% in Q2, underperforming on NVIDIA strength but facing headwinds from Disney and Adyen. The fund maintains concentrated exposure to AI, cloud computing, and digital platforms with strong secular tailwinds. Despite near-term volatility from inflation concerns, the manager remains optimistic about portfolio company growth prospects and valuations for long-term excess cash flow generation.
Apr 15 2024	2024 Q1	AAPL, ADBE, AMAT, AMZN, DELL, DIS, FIVN, GOOGL, KLAC, LRCX, MA, META, MSFT, NFLX, NKE, NVDA, SNAP, UBER	AI, growth, large cap, Social Media, Streaming, technology	NVDA META DIS UBER NFLX	RiverPark Large Growth returned 9.20% in Q1, driven by AI leader NVIDIA's 82% gain and strong performance from Meta, Disney, Uber, and Netflix. The fund maintains concentrated exposure to secular growth themes including artificial intelligence, streaming, social media, and e-commerce platforms positioned to generate substantial cash flow growth.
Jan 31 2024	2023 Q4	AAPL, AMZN, BX, GOOGL, ILMN, MA, META, MSFT, NFLX, SHOP, SNAP, UBER	AI, Cloud, E-Commerce, growth, large cap, Streaming, technology	SHOP UBER AAPL\|MSFT\|NFLX\|NVDA\|UNH SNAP AAPL\|MSFT\|NFLX\|NVDA\|UNH ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	RiverPark Large Growth delivered 19.74% in Q4 and 51.57% annually, significantly outperforming benchmarks through concentrated exposure to technology leaders benefiting from secular growth trends. Strong fundamentals across e-commerce, cloud, and streaming holdings, combined with Fed policy pivot toward rate cuts, position the portfolio for continued outperformance despite macro headwinds.
Sep 30 2023	2023 Q3	AAPL, ADYEY, AMZN, BKNG, BX, EQIX, FIVN, GOOGL, ILMN, INTU, LLY, LMT, MA, MCD, META, MSFT, NFLX, PEP, SBUX, UBER	AI, Cloud, growth, large cap, payments, Streaming, technology, Travel	EQIX ALLY CLMT IMCD NA PEP SBUX	RiverPark Large Growth Fund declined 4.11% in Q3 2023 amid rising rates and inflation concerns, but maintains strong 26.59% year-to-date performance. Portfolio companies showed resilient business momentum as COVID distortions fade. The manager added six new positions across diverse sectors while maintaining exposure to secular growth themes like AI, cloud, and digital payments.
Jun 30 2023	2023 Q2	AAPL, ADSK, AMZN, BX, COST, DIS, GOOGL, ILMN, MA, META, MSFT, NFLX, NKE, NVDA, PYPL, SHOP, UBER, ZTS	AI, Cloud, E-Commerce, growth, large cap, payments, Streaming, technology	COST ZTS	RiverPark Large Growth outperformed in Q2 2023 with strong contributions from AI beneficiary Nvidia and e-commerce leaders Shopify and Amazon. The fund owns attractively valued growth companies benefiting from secular trends in technology and digital commerce, trading at deep discounts to intrinsic values despite already suffering recession-like selloffs last year.
Mar 31 2023	2023 Q1	AAPL, AMZN, DDOG, DIS, GOOGL, ISRG, LULU, MA, META, MSFT, NFLX, NVDA, RNG, SCHW, SHOP, UBER, UNH	growth, innovation, large cap, Market share, secular growth, technology	LULU AAPL\|MSFT\|NFLX\|NVDA\|UNH SCHW GRNG	RiverPark Large Growth outperformed with 16.59% returns as inflation receded and growth multiples recovered. Strong performance from Meta, NVIDIA, and Shopify drove results while new positions in Lululemon and UnitedHealthcare were added at attractive valuations. Portfolio of secular growth businesses positioned to benefit from multiple expansion and continue market share gains through innovation.
Dec 31 2022	2022 Q4	AMZN, GOOG, ISRG, MA, NFLX, NKE, PYPL, SCHW	-	-
Oct 10 2022	2022 Q3	BKNG, FIVN, GOOG, INTU, NFLX, NKE, NOW, PINS, PYPL, RNG, SCHW PR D, SNAP, UBER, V, WDAY	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Mar 9 2026

2025 Q4

AAPL, AMAT, AMZN, DIS, GOOGL, ISRG, LLY, META, MSFT, NFLX, NVDA, SHOP, UBER

AI, Cloud, growth, healthcare, large cap, semiconductors, Streaming, technology

RiverPark Large Growth Fund focuses on high-quality large-cap companies benefiting from secular growth in AI, cloud computing, and healthcare innovation. Despite Q4 underperformance, the fund maintains conviction in concentrated positions across technology leaders and healthcare innovators, emphasizing businesses with durable competitive advantages and strong cash flow generation potential for long-term compounding returns.

Nov 13 2025

2025 Q3

AAPL, AMZN, DIS, GOOGL, INTU, ISRG, LLY, META, MSFT, NFLX, NOW, NVDA, SHOP, TSM, UBER

AI, Cloud, E-Commerce, growth, large cap, semiconductors, Streaming, technology

RiverPark Large Growth Fund returned 4.73% in Q3, underperforming benchmarks as market leadership concentrated in mega-cap tech. Top performers Alphabet, Apple, and NVIDIA benefited from AI momentum and strong fundamentals. Portfolio remains focused on secular growth themes including AI, cloud, and e-commerce, with management confident in companies' ability to generate substantial excess cash flow.

Jul 29 2025

2025 Q2

AAPL, AMZN, GOOGL, LLY, META, MSFT, NFLX, NVDA, PEP, SBUX, SHOP.TO, UBER, UNH

AI, Cloud, growth, healthcare, large cap, Streaming, technology

LLY
SBUX
PEP
NVDA
MSFT
NFLX
META
UBER
UNH
AAPL
LLY
SBUX
PEP

RiverPark Large Growth Fund gained 15.01% in Q2 2025, led by AI infrastructure leader NVIDIA and cloud platform Microsoft. Strong performance from Netflix streaming and Meta advertising offset weakness in healthcare and consumer names. The manager remains confident in portfolio companies positioned for secular growth trends and substantial cash flow generation despite geopolitical headwinds.

Mar 31 2025

2025 Q1

AAPL, AMZN, GOOGL, LLY, META, MSFT, NFLX, NVDA, SCHW, SHOP, UBER, UNH, V

AI, Cloud, growth, large cap, Magnificent 7, tariffs, technology

UBER
V
SCHW
LLY
UNH
NVDA
GOOGL
AAPL
AMZN
MSFT

RiverPark Large Growth Fund fell 7.21% in Q1 2025, outperforming its benchmark despite Magnificent 7 tech stock pullbacks from valuation concerns and Trump tariff announcements. Uber, Visa, and Eli Lilly were top contributors while NVIDIA, Alphabet, and Apple detracted. Manager maintains confidence in portfolio's long-term prospects despite near-term volatility.

Dec 31 2024

2024 Q4

AAPL, ADBE, AMZN, AVGO, GOOGL, LLY, META, MSFT, NFLX, NKE, NVDA, SHOP, TSLA, UBER, UNH

AI, Cloud, E-Commerce, growth, large cap, technology

RiverPark Large Growth delivered solid Q4 returns of 5.11% but lagged growth indices for the year at 22.57% versus 33.4% for Russell 1000 Growth. The portfolio remains concentrated in AI, cloud, and e-commerce leaders like Amazon, NVIDIA, and Shopify. Despite some headwinds from rising rates and sector rotation, the manager maintains conviction in secular growth themes.

Sep 30 2024

2024 Q3

AAPL, ADYEY, AMZN, BX, DIS, GOOGL, KKR, LLY, META, MSFT, NVDA, PINS, SCHW, SHOP, SNAP, UBER

AI, Cloud, E-Commerce, growth, large cap, payments, Social Media, technology

RiverPark Large Growth delivered 3.73% in Q3, driven by Meta's advertising strength and Shopify's e-commerce dominance. The fund maintains concentrated exposure to AI/cloud computing, social media, and payments modernization themes. Despite near-term volatility from macro concerns, the manager sees balanced risks and attractive valuations across portfolio companies positioned for secular growth and expanding cash flow generation.

Jun 30 2024

2024 Q2

AAPL, ADYEY, AMZN, BKNG, DIS, FIVN, GOOG, META, MSFT, NFLX, NKE, NVDA, PINS, SHOP, SNAP, UBER

AI, Cloud, E-Commerce, growth, large cap, Streaming, technology

RiverPark Large Growth returned 2.94% in Q2, underperforming on NVIDIA strength but facing headwinds from Disney and Adyen. The fund maintains concentrated exposure to AI, cloud computing, and digital platforms with strong secular tailwinds. Despite near-term volatility from inflation concerns, the manager remains optimistic about portfolio company growth prospects and valuations for long-term excess cash flow generation.

Apr 15 2024

2024 Q1

AAPL, ADBE, AMAT, AMZN, DELL, DIS, FIVN, GOOGL, KLAC, LRCX, MA, META, MSFT, NFLX, NKE, NVDA, SNAP, UBER

AI, growth, large cap, Social Media, Streaming, technology

NVDA
META
DIS
UBER
NFLX

RiverPark Large Growth returned 9.20% in Q1, driven by AI leader NVIDIA's 82% gain and strong performance from Meta, Disney, Uber, and Netflix. The fund maintains concentrated exposure to secular growth themes including artificial intelligence, streaming, social media, and e-commerce platforms positioned to generate substantial cash flow growth.

Jan 31 2024

2023 Q4

AAPL, AMZN, BX, GOOGL, ILMN, MA, META, MSFT, NFLX, SHOP, SNAP, UBER

AI, Cloud, E-Commerce, growth, large cap, Streaming, technology

RiverPark Large Growth delivered 19.74% in Q4 and 51.57% annually, significantly outperforming benchmarks through concentrated exposure to technology leaders benefiting from secular growth trends. Strong fundamentals across e-commerce, cloud, and streaming holdings, combined with Fed policy pivot toward rate cuts, position the portfolio for continued outperformance despite macro headwinds.

Sep 30 2023

2023 Q3

AAPL, ADYEY, AMZN, BKNG, BX, EQIX, FIVN, GOOGL, ILMN, INTU, LLY, LMT, MA, MCD, META, MSFT, NFLX, PEP, SBUX, UBER

AI, Cloud, growth, large cap, payments, Streaming, technology, Travel

EQIX
ALLY
CLMT
IMCD NA
PEP
SBUX

RiverPark Large Growth Fund declined 4.11% in Q3 2023 amid rising rates and inflation concerns, but maintains strong 26.59% year-to-date performance. Portfolio companies showed resilient business momentum as COVID distortions fade. The manager added six new positions across diverse sectors while maintaining exposure to secular growth themes like AI, cloud, and digital payments.

Jun 30 2023

2023 Q2

AAPL, ADSK, AMZN, BX, COST, DIS, GOOGL, ILMN, MA, META, MSFT, NFLX, NKE, NVDA, PYPL, SHOP, UBER, ZTS

AI, Cloud, E-Commerce, growth, large cap, payments, Streaming, technology

COST
ZTS

RiverPark Large Growth outperformed in Q2 2023 with strong contributions from AI beneficiary Nvidia and e-commerce leaders Shopify and Amazon. The fund owns attractively valued growth companies benefiting from secular trends in technology and digital commerce, trading at deep discounts to intrinsic values despite already suffering recession-like selloffs last year.

Mar 31 2023

2023 Q1

AAPL, AMZN, DDOG, DIS, GOOGL, ISRG, LULU, MA, META, MSFT, NFLX, NVDA, RNG, SCHW, SHOP, UBER, UNH

growth, innovation, large cap, Market share, secular growth, technology

LULU
AAPL|MSFT|NFLX|NVDA|UNH
SCHW
GRNG

RiverPark Large Growth outperformed with 16.59% returns as inflation receded and growth multiples recovered. Strong performance from Meta, NVIDIA, and Shopify drove results while new positions in Lululemon and UnitedHealthcare were added at attractive valuations. Portfolio of secular growth businesses positioned to benefit from multiple expansion and continue market share gains through innovation.

Dec 31 2022

2022 Q4

AMZN, GOOG, ISRG, MA, NFLX, NKE, PYPL, SCHW

Oct 10 2022

2022 Q3

BKNG, FIVN, GOOG, INTU, NFLX, NKE, NOW, PINS, PYPL, RNG, SCHW PR D, SNAP, UBER, V, WDAY

QUARTER	THEMES	TAGS
2025 Q4	AI Manager sees AI as driving significant growth across portfolio companies, with Alphabet benefiting from AI monetization in search and cloud, Applied Materials positioned for AI infrastructure buildout, and Microsoft maintaining leadership in AI applications despite elevated capital expenditures.	Artificial Intelligence Cloud Computing Infrastructure Monetization
	Cloud Cloud infrastructure remains a key growth driver with Google Cloud growing over 30% year-over-year and Microsoft Azure showing strong momentum despite some deceleration, supported by robust enterprise demand and AI workload adoption.	Cloud Infrastructure Enterprise Software Data Centers Computing
	Pharmaceuticals Eli Lilly represents one of the highest-quality growth franchises in healthcare, with GLP-1 treatments driving exceptional growth as demand continues to outpace supply, providing a robust pipeline for sustained revenue growth over the coming decade.	GLP1 Diabetes Obesity Healthcare
	Semiconductors Applied Materials benefits from structural increases in semiconductor intensity and AI infrastructure buildout, with improving wafer-fab spending visibility and strong positioning in the semiconductor capital equipment ecosystem for leading-edge nodes.	Semiconductor Equipment AI Infrastructure Capital Equipment
	Streaming Netflix faces near-term headwinds from subscriber growth concerns and rising content spending, with margin pressure from live sports investment and potential acquisition complexity, though the manager maintains confidence in its long-term dominant position.	Content Subscribers Media Entertainment
2025 Q3	AI AI remains a dominant theme driving market leadership and portfolio performance. Companies like Alphabet, NVIDIA, and Apple are benefiting from AI integration across search, cloud services, and device capabilities. NVIDIA continues to see record data center sales driven by broad adoption of AI accelerators, while Alphabet integrates generative AI tools into Search, YouTube, and Cloud to improve engagement and monetization.	Artificial Intelligence Machine Learning Data Centers Cloud Computing Generative AI
	Cloud Cloud computing continues as a key growth driver with companies like Alphabet showing accelerating momentum in cloud services with double-digit growth. The integration of AI capabilities into cloud platforms is enhancing competitive positioning and driving revenue expansion across major technology platforms.	Cloud Services Infrastructure Platform Computing Software
	E-commerce E-commerce platforms like Shopify demonstrate strong momentum with 31% revenue growth and expanding market share gains. The secular growth of e-commerce continues to benefit platforms that serve global entrepreneurs, with AI-powered commerce tools driving increased adoption of merchant solutions and payment services.	Online Commerce Digital Retail Merchant Platform Payments Marketplace
	Semiconductors Semiconductor companies, particularly Taiwan Semiconductor, continue to benefit from robust demand for advanced process technologies. TSM reported strong results driven by 3-nanometer and 2-nanometer demand, with AI-related semiconductor demand offsetting weakness in legacy nodes, supported by unrivaled manufacturing efficiency and scale.	Chip Manufacturing Advanced Nodes Process Technology Foundries Fabrication
	Streaming Streaming entertainment remains a focus with Netflix maintaining its position as the global leader despite some near-term headwinds. The company continues to benefit from unmatched scale, brand strength, and growing diversification into ad-supported tiers and interactive content, with potential for sustained double-digit earnings growth.	Video Streaming Content Subscription Entertainment Media
2025 Q2	AI AI remains a dominant theme with NVIDIA leading through strong demand for Hopper architecture and upcoming Blackwell platform. Microsoft shows growing investor confidence in enterprise AI strategy with Azure growth and Copilot monetization. Meta demonstrates improving AI monetization prospects with Llama 3 model integration across platforms.	NVIDIA Microsoft Enterprise Infrastructure Monetization
	Cloud Cloud infrastructure continues showing strength with Microsoft Azure delivering 31% year-over-year growth, its highest rate in over 18 months. The enterprise cloud adoption is accelerating with broad recovery in IT spending and increasing adoption of end-to-end AI stack across enterprise verticals.	Azure Enterprise Infrastructure Growth Adoption
	Streaming Netflix posted strong gains driven by healthy subscriber growth and accelerating contributions from ad-supported tier. The company added 32 million gross subscribers globally in first half of year with ad-tier reaching over 90 million users. Live programming and sports helped expand engagement across markets.	Netflix Subscribers Advertising Content Engagement
	E-commerce E-commerce platforms show mixed performance with Amazon maintaining strong positioning in top holdings while facing competitive pressures. Shopify remains a significant holding representing platform-based commerce growth opportunities.	Amazon Shopify Platform Commerce Growth
2025 Q1	AI The fund maintains significant exposure to AI-driven companies including NVIDIA, Microsoft, and Alphabet. Despite near-term concerns about AI demand plateauing and monetization timelines, the manager believes the long-term secular trend toward accelerated computing remains intact.	AI GPUs Computing Software Cloud
	E-commerce Amazon remains a core holding despite concerns about AWS growth pace. The company continues to show improved margins across retail and cloud segments, with advertising emerging as a powerful growth driver in the early stages of a multi-year margin expansion cycle.	E-commerce AWS Advertising Margins Digital
	Payments Visa performed well benefiting from steady global consumer spending and cross-border travel uptick. The company delivers high-margin growth supported by network scale, brand strength, and secular shift toward electronic payments with strong pricing power.	Payments Electronic Network Cross-border Digital
	GLP1 Eli Lilly was a top contributor with continued investor enthusiasm around weight-loss and diabetes drugs Zepbound and Mounjaro. Despite capacity constraints, the company demonstrates robust demand trends and progress in expanding manufacturing to meet future needs.	GLP1 Diabetes Weight-loss Manufacturing Demand
	Streaming Netflix maintains a 3.4% portfolio weighting as part of the content streaming theme allocation of 6.3%. The company benefits from the secular shift toward digital entertainment consumption and global content expansion.	Streaming Content Digital Entertainment Global
2024 Q4	AI Artificial intelligence drives significant demand for NVIDIA's graphics processors as companies race to apply generative AI into products and services. The AI arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for next generation graphic processors. AI advances helped improve targeting and measurement in Google's advertising businesses.	GPUs Data Centers Cloud Generative AI Machine Learning
	E-commerce Amazon reported acceleration in e-commerce demand both domestically and internationally with continued market share gains. Shopify enjoys significant tailwinds as retail merchants adopt their software tools to sell across multiple channels, with 10% of US retail e-commerce sales flowing through their platform. Overall growth of e-commerce combined with new product development should drive continued revenue growth.	Online Retail Digital Commerce Marketplaces Omnichannel GMV
	Cloud AWS delivered strong performance with gross margins of 38%, up from 30%, driving Amazon's operating income beat. Google Cloud business showed continued growth acceleration with revenue 5% better than expected. The transition from general purpose to accelerated computing represents a trillion dollar opportunity in global data center infrastructure.	AWS Data Centers SaaS Infrastructure Computing
	Streaming Netflix delivered stronger-than-expected revenue and operating income with solid subscriber additions. Anti-password sharing and ad tier initiatives continue driving subscriber growth while price increases improve revenue per user trends and margin expansion. The company expects low double digit annual revenue growth with operating margins exceeding 25%.	Content Subscriptions Ad Tier Revenue Per User Margins
	GLP1 Eli Lilly experienced a revenue miss in the tirzepatide complex (Mounjaro/Zepbound) due to supply chain constraints and wholesaler stocking patterns. The diabetes/obesity/weight-loss market is enormous with current GLP-1 drugs in great demand despite no longer being supply constrained. The company's tirzepatide franchise growth is expected to reaccelerate.	Diabetes Obesity Weight Loss Pharmaceuticals Supply Chain
2024 Q3	AI The fund has significant exposure to AI infrastructure and applications through companies like NVIDIA, Microsoft Azure, and Google Cloud. Microsoft's Azure platform alone has potential to grow to more than $200 billion in annual revenue over the next decade. Infrastructure constraints are currently limiting growth but capacity expansion is expected to drive reacceleration.	Cloud Infrastructure Azure Computing Growth
	E-commerce Strong positioning in e-commerce platforms and enablement tools, particularly Shopify which processed 10% of US retail e-commerce sales. The overall growth of e-commerce combined with development of new products like Shop Pay should drive revenue growth of more than 20% per year. Amazon remains a core holding representing the dominant marketplace.	Platforms Retail Digital Payments Growth
	Social Media Significant exposure to social media platforms including Meta, Pinterest, and Snap. Meta owns multiple platforms with over 1 billion users each and generated $44 billion of FCF in 2023. Pinterest's 522 million MAUs are increasingly coming for purchase inspiration, positioning it well for advertising share gains.	Advertising Users Engagement Revenue Growth
	Payments Investment in next-generation payment processing through Adyen, which operates a global payments platform with a single integrated end-to-end network. The transition to single-provider, omni-channel payment processing is in its infancy, providing market share opportunity against legacy competitors with separate platforms.	Processing Global Technology Integration Growth
	Alternative Asset Managers Holdings in Blackstone and KKR benefit from consistent double-digit AUM growth driving recurring fee revenue. Most capital is long-dated or permanent, fees are high-margin and not sensitive to market fluctuations. Both companies have billions in uninvested capital available for deployment.	AUM Fees Capital Growth Recurring
2024 Q2	AI The artificial intelligence arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. AI advances helped improve targeting and measurement in Alphabet's advertising businesses, including in YouTube's fast growing Shorts segment. Apple stock got a boost from research reports suggesting iPhone sales may see a boost from an upgrade cycle driven by the upcoming rollout of Apple's AI assistant.	GPUs Data Centers Machine Learning Neural Networks Generative AI
	Cloud Alphabet reported a reacceleration in the company's Cloud business with Cloud revenue of $10 billion, 2% better than expected. The company continues to see growth and expanding profitability in its still relatively small Cloud business. Five9 is well-positioned as contact centers transition to the cloud and has high customer retention.	Cloud Infrastructure SaaS Data Centers Enterprise Software Digital Transformation
	E-commerce Last year, 10% of US retail e-commerce sales flowed through Shopify, second only to Amazon. The company is still enjoying significant tailwinds as retail merchants of all sizes adopt Shopify's software tools to display, manage and sell their products across a dozen different sales channels. The overall growth of e-commerce, combined with the development of new products and services, should continue to drive revenue growth of more than 20% per year.	Online Retail Digital Commerce Marketplaces Omnichannel Merchant Services
	Payments Adyen operates a global payments platform, integrating the full payments stack to serve modern global merchants. The company's platform was fully built in-house on a single code base and operates as a single, integrated end-to-end network, giving it an advantage over competitors. The transition to next-generation, single-provider, omni-channel payment processing is in its infancy.	Payment Processing FinTech Digital Payments Merchant Acquiring Financial Technology
	Streaming Disney's Direct-to-Consumer business grew, with Disney+ Core adding more subscribers than expected and generated $47 million of operating income versus expectations of breakeven. Netflix remains a top holding representing 3.5% of net assets. The company is positioned among the best-positioned media companies to combine multi-channel and DTC distribution.	Video Streaming Content Distribution Subscription Services Digital Media Entertainment
	Social Media Snap reported strong Daily Active User growth and accelerating revenue growth driven by a recovery in direct response advertising following improvements to the company's ad platform. Pinterest saw Monthly Active Users of 518 million, up 12% year-over-year, with users increasingly coming to Pinterest to get inspiration for their home, style, or upcoming travel, positioning the company well to take share of future ad dollar allocations.	Social Platforms Digital Advertising User Engagement Ad Tech Creator Economy
2024 Q1	AI AI hardware companies drove Q1 performance with NVIDIA gaining 82% after adding over $1 trillion in market value. The AI arms race from ChatGPT and Bard generated tremendous demand for next-generation graphics processors. Portfolio companies implementing AI solutions like Adobe, Five9, and Alphabet underperformed despite revenue generation from AI.	NVIDIA Hardware GPUs Data Centers ChatGPT
	Streaming Netflix was a top contributor following strong Q4 earnings with subscriber growth accelerating from password sharing crackdown and ad-tier rollout. The company added 13.1 million subscribers versus 8.9 million estimates and guided to 24% operating margins for 2024.	Netflix Subscribers Ad-tier Content ARPU
	Social Media Meta Platforms contributed strongly with accelerating revenue growth and expanding margins from online advertising rebound. The company reported 25% revenue growth with strong user engagement in Reels and Threads, while Snap faced margin pressure despite meeting revenue expectations.	Meta Advertising Reels Threads DAU
	E-commerce Uber Technologies delivered strong performance with 22% gross bookings growth and improved profitability. The company generated $768 million free cash flow versus prior year loss and guided to mid-to-high single digit growth with 30-40% EBITDA growth over three years.	Uber Mobility Delivery Bookings Platform
2023 Q4	E-commerce Shopify continues to benefit from e-commerce growth with 25% revenue growth and 16% operating margins. The company processed 10% of US retail e-commerce sales, second only to Amazon. Management expects continued revenue growth of more than 20% per year driven by new merchants, increased adoption, and market share gains.	Shopify Retail Digital Merchants Platform
	Cloud Microsoft's Azure platform showed 28% constant currency growth, marking the first quarter-over-quarter acceleration in six quarters. Azure alone has potential to grow to more than $100 billion in annual revenue over the next decade as cloud-based services become the company's largest revenue producer.	Azure Microsoft Infrastructure Enterprise SaaS
	AI The fund's AI/Cloud Computing theme represents 12.0% of the portfolio. Microsoft's strong performance was driven by better-than-expected cloud growth, with Azure acceleration highlighting the continued adoption of AI-powered cloud services across enterprises.	Microsoft Azure Machine Learning Enterprise Computing
	Streaming Netflix delivered strong subscriber growth of 8.8 million versus estimates of 6.1 million, driven by password sharing crackdown and advertising-supported tier rollout. The company guided 2024 operating margins to 22-23% with stabilized content investments positioning for low double-digit revenue growth.	Netflix Subscribers Content Advertising ARPU
	Payments The payments theme represents 7.4% of the portfolio. Companies in this space benefit from the continued digitization of commerce and the growth of e-commerce platforms that require sophisticated payment processing capabilities.	Digital Processing Commerce Fintech Transactions
2023 Q3	AI AI tools are driving advertising growth at Alphabet, with 80% of advertisers using at least one of the company's advertising AI tools. The company highlighted AI tools as a key driver of re-acceleration in advertising growth during the quarter.	Advertising Tools Growth Alphabet Revenue
	Cloud Google Cloud continued strong growth with 28% year-over-year revenue growth and impressive operating margin gains of +14 points year-over-year. The cloud business is showing emerging strength and profitability as a still relatively small but growing segment.	Google Revenue Growth Margins Profitability
	Streaming YouTube benefited from mass user adoption of YouTube Shorts with 2+ billion monthly users and growing advertiser adoption of Connected TV offerings. Netflix showed subscriber growth re-acceleration following password sharing crackdown and ad-tier rollout.	YouTube Netflix Subscribers Advertising Growth
	E-commerce The portfolio includes significant exposure to e-commerce platforms and enablers. Companies are benefiting from normalized growth trajectories as COVID-era distortions fade and digital commerce continues expanding.	Digital Platforms Growth Commerce Technology
	Payments Adyen operates a global payments platform with single-provider, omni-channel payment processing capabilities. Despite revenue shortfalls, the company continues taking market share and the transition to next-generation payment processing remains in its infancy.	Processing Platform Global Technology Growth
	Travel Booking Holdings reported strong summer travel demand with $40 billion of bookings and continued strength in leisure travel. The company raised travel booking guidance for the remainder of the year and showed improvement in marketing efficiency.	Leisure Demand Bookings Recovery Growth
2023 Q2	AI The artificial intelligence arms race kicked off by generative AI applications ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. NVDA is the leading designer of graphics processing units required for powerful computer processing and has evolved from gaming-focused to one of the largest semiconductor/software vendors globally.	Generative AI GPUs ChatGPT Data Centers Computing
	E-commerce E-commerce sales broadly rebounded with Shopify continuing to take market share. 10% of US retail e-commerce sales flowed through SHOP, second only to Amazon. The overall growth of e-commerce combined with new products like Shop Pay should drive revenue growth of more than 20% per year over the next several years.	Digital Commerce Online Retail Marketplaces Shop Pay GMV
	Payments PayPal is the most accepted digital wallet with almost triple the acceptance of Apple Pay, providing pure exposure to secular growth in ecommerce-driven digital payments. The company is also a key beneficiary of consumer-to-consumer payment trends through Venmo. The secular growth of eCommerce and P2P payments should fuel high teens earnings growth.	Digital Wallets P2P Payments Venmo Digital Payments FinTech
	Cloud Amazon's AWS revenue growth slowed during the quarter, which management believes will rebound later in the year. The company continues to benefit from market share gains in web services as one of three leading businesses alongside e-commerce and online advertising.	AWS Web Services Cloud Infrastructure Enterprise SaaS
	Streaming Disney's direct-to-consumer business showed better subscriber numbers than anticipated despite price increases, though losses at the DTC business are growing. The company has a wealth of upcoming content with plans to release over 100 original titles per year on a $30 billion annual content production budget.	Disney Plus Content Streaming Services DTC Subscriptions
2023 Q1	AI NVIDIA benefited from positive momentum around Artificial Intelligence and the chips that drive it. NVDA chips and software are critical to core technologies being adopted globally, including artificial intelligence. The company has evolved from gaming-focused to one of the largest semiconductor/software vendors through innovation.	Artificial Intelligence NVIDIA Chips Software Technology
	E-commerce Shopify gained market share in e-commerce gross merchandise volumes, with 10% of US retail e-commerce sales flowing through SHOP. The company is enjoying significant tailwinds as retail merchants adopt SHOP's software tools across multiple sales channels, with expected 20% annual revenue growth.	Shopify E-commerce GMV Retail Software
	Cloud Cloud computing mentioned as a critical technology where NVDA chips and software play an important role. Datadog provides monitoring for cloud software infrastructure as businesses transition to cloud, though macroeconomic headwinds have caused clients to slow workload transitions and optimize current capacity.	Cloud Computing Infrastructure Datadog Software Monitoring
	Streaming Netflix represents 3.6% of portfolio in the Content Streaming theme allocation. The company is positioned as part of the portfolio's secular growth businesses trading at discounts to future growth prospects.	Netflix Content Streaming Media
	Payments Payments represents 11.4% of portfolio allocation, with Mastercard as a top holding at 3.4% of net assets. The theme is positioned as part of secular growth businesses expected to continue innovating and taking market share.	Payments Mastercard Financial Services

QUARTER

THEMES

AI

Manager sees AI as driving significant growth across portfolio companies, with Alphabet benefiting from AI monetization in search and cloud, Applied Materials positioned for AI infrastructure buildout, and Microsoft maintaining leadership in AI applications despite elevated capital expenditures.

Artificial Intelligence Cloud Computing Infrastructure Monetization

Cloud

Cloud infrastructure remains a key growth driver with Google Cloud growing over 30% year-over-year and Microsoft Azure showing strong momentum despite some deceleration, supported by robust enterprise demand and AI workload adoption.

Cloud Infrastructure Enterprise Software Data Centers Computing

Pharmaceuticals

Eli Lilly represents one of the highest-quality growth franchises in healthcare, with GLP-1 treatments driving exceptional growth as demand continues to outpace supply, providing a robust pipeline for sustained revenue growth over the coming decade.

GLP1 Diabetes Obesity Healthcare

Semiconductors

Applied Materials benefits from structural increases in semiconductor intensity and AI infrastructure buildout, with improving wafer-fab spending visibility and strong positioning in the semiconductor capital equipment ecosystem for leading-edge nodes.

Semiconductor Equipment AI Infrastructure Capital Equipment

Streaming

Netflix faces near-term headwinds from subscriber growth concerns and rising content spending, with margin pressure from live sports investment and potential acquisition complexity, though the manager maintains confidence in its long-term dominant position.

Content Subscribers Media Entertainment

2025 Q3

AI

AI remains a dominant theme driving market leadership and portfolio performance. Companies like Alphabet, NVIDIA, and Apple are benefiting from AI integration across search, cloud services, and device capabilities. NVIDIA continues to see record data center sales driven by broad adoption of AI accelerators, while Alphabet integrates generative AI tools into Search, YouTube, and Cloud to improve engagement and monetization.

Artificial Intelligence Machine Learning Data Centers Cloud Computing Generative AI

Cloud

Cloud computing continues as a key growth driver with companies like Alphabet showing accelerating momentum in cloud services with double-digit growth. The integration of AI capabilities into cloud platforms is enhancing competitive positioning and driving revenue expansion across major technology platforms.

Cloud Services Infrastructure Platform Computing Software

E-commerce

E-commerce platforms like Shopify demonstrate strong momentum with 31% revenue growth and expanding market share gains. The secular growth of e-commerce continues to benefit platforms that serve global entrepreneurs, with AI-powered commerce tools driving increased adoption of merchant solutions and payment services.

Online Commerce Digital Retail Merchant Platform Payments Marketplace

Semiconductors

Semiconductor companies, particularly Taiwan Semiconductor, continue to benefit from robust demand for advanced process technologies. TSM reported strong results driven by 3-nanometer and 2-nanometer demand, with AI-related semiconductor demand offsetting weakness in legacy nodes, supported by unrivaled manufacturing efficiency and scale.

Chip Manufacturing Advanced Nodes Process Technology Foundries Fabrication

Streaming

Streaming entertainment remains a focus with Netflix maintaining its position as the global leader despite some near-term headwinds. The company continues to benefit from unmatched scale, brand strength, and growing diversification into ad-supported tiers and interactive content, with potential for sustained double-digit earnings growth.

Video Streaming Content Subscription Entertainment Media

2025 Q2

AI

AI remains a dominant theme with NVIDIA leading through strong demand for Hopper architecture and upcoming Blackwell platform. Microsoft shows growing investor confidence in enterprise AI strategy with Azure growth and Copilot monetization. Meta demonstrates improving AI monetization prospects with Llama 3 model integration across platforms.

NVIDIA Microsoft Enterprise Infrastructure Monetization

Cloud

Cloud infrastructure continues showing strength with Microsoft Azure delivering 31% year-over-year growth, its highest rate in over 18 months. The enterprise cloud adoption is accelerating with broad recovery in IT spending and increasing adoption of end-to-end AI stack across enterprise verticals.

Azure Enterprise Infrastructure Growth Adoption

Streaming

Netflix posted strong gains driven by healthy subscriber growth and accelerating contributions from ad-supported tier. The company added 32 million gross subscribers globally in first half of year with ad-tier reaching over 90 million users. Live programming and sports helped expand engagement across markets.

Netflix Subscribers Advertising Content Engagement

E-commerce

E-commerce platforms show mixed performance with Amazon maintaining strong positioning in top holdings while facing competitive pressures. Shopify remains a significant holding representing platform-based commerce growth opportunities.

Amazon Shopify Platform Commerce Growth

2025 Q1

AI

The fund maintains significant exposure to AI-driven companies including NVIDIA, Microsoft, and Alphabet. Despite near-term concerns about AI demand plateauing and monetization timelines, the manager believes the long-term secular trend toward accelerated computing remains intact.

AI GPUs Computing Software Cloud

E-commerce

Amazon remains a core holding despite concerns about AWS growth pace. The company continues to show improved margins across retail and cloud segments, with advertising emerging as a powerful growth driver in the early stages of a multi-year margin expansion cycle.

E-commerce AWS Advertising Margins Digital

Payments

Visa performed well benefiting from steady global consumer spending and cross-border travel uptick. The company delivers high-margin growth supported by network scale, brand strength, and secular shift toward electronic payments with strong pricing power.

Payments Electronic Network Cross-border Digital

GLP1

Eli Lilly was a top contributor with continued investor enthusiasm around weight-loss and diabetes drugs Zepbound and Mounjaro. Despite capacity constraints, the company demonstrates robust demand trends and progress in expanding manufacturing to meet future needs.

GLP1 Diabetes Weight-loss Manufacturing Demand

Streaming

Netflix maintains a 3.4% portfolio weighting as part of the content streaming theme allocation of 6.3%. The company benefits from the secular shift toward digital entertainment consumption and global content expansion.

Streaming Content Digital Entertainment Global

2024 Q4

AI

Artificial intelligence drives significant demand for NVIDIA's graphics processors as companies race to apply generative AI into products and services. The AI arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for next generation graphic processors. AI advances helped improve targeting and measurement in Google's advertising businesses.

GPUs Data Centers Cloud Generative AI Machine Learning

E-commerce

Amazon reported acceleration in e-commerce demand both domestically and internationally with continued market share gains. Shopify enjoys significant tailwinds as retail merchants adopt their software tools to sell across multiple channels, with 10% of US retail e-commerce sales flowing through their platform. Overall growth of e-commerce combined with new product development should drive continued revenue growth.

Online Retail Digital Commerce Marketplaces Omnichannel GMV

Cloud

AWS delivered strong performance with gross margins of 38%, up from 30%, driving Amazon's operating income beat. Google Cloud business showed continued growth acceleration with revenue 5% better than expected. The transition from general purpose to accelerated computing represents a trillion dollar opportunity in global data center infrastructure.

AWS Data Centers SaaS Infrastructure Computing

Streaming

Netflix delivered stronger-than-expected revenue and operating income with solid subscriber additions. Anti-password sharing and ad tier initiatives continue driving subscriber growth while price increases improve revenue per user trends and margin expansion. The company expects low double digit annual revenue growth with operating margins exceeding 25%.

Content Subscriptions Ad Tier Revenue Per User Margins

GLP1

Eli Lilly experienced a revenue miss in the tirzepatide complex (Mounjaro/Zepbound) due to supply chain constraints and wholesaler stocking patterns. The diabetes/obesity/weight-loss market is enormous with current GLP-1 drugs in great demand despite no longer being supply constrained. The company's tirzepatide franchise growth is expected to reaccelerate.

Diabetes Obesity Weight Loss Pharmaceuticals Supply Chain

2024 Q3

AI

The fund has significant exposure to AI infrastructure and applications through companies like NVIDIA, Microsoft Azure, and Google Cloud. Microsoft's Azure platform alone has potential to grow to more than $200 billion in annual revenue over the next decade. Infrastructure constraints are currently limiting growth but capacity expansion is expected to drive reacceleration.

Cloud Infrastructure Azure Computing Growth

E-commerce

Strong positioning in e-commerce platforms and enablement tools, particularly Shopify which processed 10% of US retail e-commerce sales. The overall growth of e-commerce combined with development of new products like Shop Pay should drive revenue growth of more than 20% per year. Amazon remains a core holding representing the dominant marketplace.

Platforms Retail Digital Payments Growth

Social Media

Significant exposure to social media platforms including Meta, Pinterest, and Snap. Meta owns multiple platforms with over 1 billion users each and generated $44 billion of FCF in 2023. Pinterest's 522 million MAUs are increasingly coming for purchase inspiration, positioning it well for advertising share gains.

Advertising Users Engagement Revenue Growth

Payments

Investment in next-generation payment processing through Adyen, which operates a global payments platform with a single integrated end-to-end network. The transition to single-provider, omni-channel payment processing is in its infancy, providing market share opportunity against legacy competitors with separate platforms.

Processing Global Technology Integration Growth

Alternative Asset Managers

Holdings in Blackstone and KKR benefit from consistent double-digit AUM growth driving recurring fee revenue. Most capital is long-dated or permanent, fees are high-margin and not sensitive to market fluctuations. Both companies have billions in uninvested capital available for deployment.

AUM Fees Capital Growth Recurring

2024 Q2

AI

The artificial intelligence arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. AI advances helped improve targeting and measurement in Alphabet's advertising businesses, including in YouTube's fast growing Shorts segment. Apple stock got a boost from research reports suggesting iPhone sales may see a boost from an upgrade cycle driven by the upcoming rollout of Apple's AI assistant.

GPUs Data Centers Machine Learning Neural Networks Generative AI

Cloud

Alphabet reported a reacceleration in the company's Cloud business with Cloud revenue of $10 billion, 2% better than expected. The company continues to see growth and expanding profitability in its still relatively small Cloud business. Five9 is well-positioned as contact centers transition to the cloud and has high customer retention.

Cloud Infrastructure SaaS Data Centers Enterprise Software Digital Transformation

E-commerce

Last year, 10% of US retail e-commerce sales flowed through Shopify, second only to Amazon. The company is still enjoying significant tailwinds as retail merchants of all sizes adopt Shopify's software tools to display, manage and sell their products across a dozen different sales channels. The overall growth of e-commerce, combined with the development of new products and services, should continue to drive revenue growth of more than 20% per year.

Online Retail Digital Commerce Marketplaces Omnichannel Merchant Services

Payments

Adyen operates a global payments platform, integrating the full payments stack to serve modern global merchants. The company's platform was fully built in-house on a single code base and operates as a single, integrated end-to-end network, giving it an advantage over competitors. The transition to next-generation, single-provider, omni-channel payment processing is in its infancy.

Payment Processing FinTech Digital Payments Merchant Acquiring Financial Technology

Streaming

Disney's Direct-to-Consumer business grew, with Disney+ Core adding more subscribers than expected and generated $47 million of operating income versus expectations of breakeven. Netflix remains a top holding representing 3.5% of net assets. The company is positioned among the best-positioned media companies to combine multi-channel and DTC distribution.

Video Streaming Content Distribution Subscription Services Digital Media Entertainment

Social Media

Snap reported strong Daily Active User growth and accelerating revenue growth driven by a recovery in direct response advertising following improvements to the company's ad platform. Pinterest saw Monthly Active Users of 518 million, up 12% year-over-year, with users increasingly coming to Pinterest to get inspiration for their home, style, or upcoming travel, positioning the company well to take share of future ad dollar allocations.

Social Platforms Digital Advertising User Engagement Ad Tech Creator Economy

2024 Q1

AI

AI hardware companies drove Q1 performance with NVIDIA gaining 82% after adding over $1 trillion in market value. The AI arms race from ChatGPT and Bard generated tremendous demand for next-generation graphics processors. Portfolio companies implementing AI solutions like Adobe, Five9, and Alphabet underperformed despite revenue generation from AI.

NVIDIA Hardware GPUs Data Centers ChatGPT

Streaming

Netflix was a top contributor following strong Q4 earnings with subscriber growth accelerating from password sharing crackdown and ad-tier rollout. The company added 13.1 million subscribers versus 8.9 million estimates and guided to 24% operating margins for 2024.

Netflix Subscribers Ad-tier Content ARPU

Social Media

Meta Platforms contributed strongly with accelerating revenue growth and expanding margins from online advertising rebound. The company reported 25% revenue growth with strong user engagement in Reels and Threads, while Snap faced margin pressure despite meeting revenue expectations.

Meta Advertising Reels Threads DAU

E-commerce

Uber Technologies delivered strong performance with 22% gross bookings growth and improved profitability. The company generated $768 million free cash flow versus prior year loss and guided to mid-to-high single digit growth with 30-40% EBITDA growth over three years.

Uber Mobility Delivery Bookings Platform

2023 Q4

E-commerce

Shopify continues to benefit from e-commerce growth with 25% revenue growth and 16% operating margins. The company processed 10% of US retail e-commerce sales, second only to Amazon. Management expects continued revenue growth of more than 20% per year driven by new merchants, increased adoption, and market share gains.

Shopify Retail Digital Merchants Platform

Cloud

Microsoft's Azure platform showed 28% constant currency growth, marking the first quarter-over-quarter acceleration in six quarters. Azure alone has potential to grow to more than $100 billion in annual revenue over the next decade as cloud-based services become the company's largest revenue producer.

Azure Microsoft Infrastructure Enterprise SaaS

AI

The fund's AI/Cloud Computing theme represents 12.0% of the portfolio. Microsoft's strong performance was driven by better-than-expected cloud growth, with Azure acceleration highlighting the continued adoption of AI-powered cloud services across enterprises.

Microsoft Azure Machine Learning Enterprise Computing

Streaming

Netflix delivered strong subscriber growth of 8.8 million versus estimates of 6.1 million, driven by password sharing crackdown and advertising-supported tier rollout. The company guided 2024 operating margins to 22-23% with stabilized content investments positioning for low double-digit revenue growth.

Netflix Subscribers Content Advertising ARPU

Payments

The payments theme represents 7.4% of the portfolio. Companies in this space benefit from the continued digitization of commerce and the growth of e-commerce platforms that require sophisticated payment processing capabilities.

Digital Processing Commerce Fintech Transactions

2023 Q3

AI

AI tools are driving advertising growth at Alphabet, with 80% of advertisers using at least one of the company's advertising AI tools. The company highlighted AI tools as a key driver of re-acceleration in advertising growth during the quarter.

Advertising Tools Growth Alphabet Revenue

Cloud

Google Cloud continued strong growth with 28% year-over-year revenue growth and impressive operating margin gains of +14 points year-over-year. The cloud business is showing emerging strength and profitability as a still relatively small but growing segment.

Google Revenue Growth Margins Profitability

Streaming

YouTube benefited from mass user adoption of YouTube Shorts with 2+ billion monthly users and growing advertiser adoption of Connected TV offerings. Netflix showed subscriber growth re-acceleration following password sharing crackdown and ad-tier rollout.

YouTube Netflix Subscribers Advertising Growth

E-commerce

The portfolio includes significant exposure to e-commerce platforms and enablers. Companies are benefiting from normalized growth trajectories as COVID-era distortions fade and digital commerce continues expanding.

Digital Platforms Growth Commerce Technology

Payments

Adyen operates a global payments platform with single-provider, omni-channel payment processing capabilities. Despite revenue shortfalls, the company continues taking market share and the transition to next-generation payment processing remains in its infancy.

Processing Platform Global Technology Growth

Travel

Booking Holdings reported strong summer travel demand with $40 billion of bookings and continued strength in leisure travel. The company raised travel booking guidance for the remainder of the year and showed improvement in marketing efficiency.

Leisure Demand Bookings Recovery Growth

2023 Q2

AI

The artificial intelligence arms race kicked off by generative AI applications ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. NVDA is the leading designer of graphics processing units required for powerful computer processing and has evolved from gaming-focused to one of the largest semiconductor/software vendors globally.

Generative AI GPUs ChatGPT Data Centers Computing

E-commerce

E-commerce sales broadly rebounded with Shopify continuing to take market share. 10% of US retail e-commerce sales flowed through SHOP, second only to Amazon. The overall growth of e-commerce combined with new products like Shop Pay should drive revenue growth of more than 20% per year over the next several years.

Digital Commerce Online Retail Marketplaces Shop Pay GMV

Payments

PayPal is the most accepted digital wallet with almost triple the acceptance of Apple Pay, providing pure exposure to secular growth in ecommerce-driven digital payments. The company is also a key beneficiary of consumer-to-consumer payment trends through Venmo. The secular growth of eCommerce and P2P payments should fuel high teens earnings growth.

Digital Wallets P2P Payments Venmo Digital Payments FinTech

Cloud

Amazon's AWS revenue growth slowed during the quarter, which management believes will rebound later in the year. The company continues to benefit from market share gains in web services as one of three leading businesses alongside e-commerce and online advertising.

AWS Web Services Cloud Infrastructure Enterprise SaaS

Streaming

Disney's direct-to-consumer business showed better subscriber numbers than anticipated despite price increases, though losses at the DTC business are growing. The company has a wealth of upcoming content with plans to release over 100 original titles per year on a $30 billion annual content production budget.

Disney Plus Content Streaming Services DTC Subscriptions

2023 Q1

AI

NVIDIA benefited from positive momentum around Artificial Intelligence and the chips that drive it. NVDA chips and software are critical to core technologies being adopted globally, including artificial intelligence. The company has evolved from gaming-focused to one of the largest semiconductor/software vendors through innovation.

Artificial Intelligence NVIDIA Chips Software Technology

E-commerce

Shopify gained market share in e-commerce gross merchandise volumes, with 10% of US retail e-commerce sales flowing through SHOP. The company is enjoying significant tailwinds as retail merchants adopt SHOP's software tools across multiple sales channels, with expected 20% annual revenue growth.

Shopify E-commerce GMV Retail Software

Cloud

Cloud computing mentioned as a critical technology where NVDA chips and software play an important role. Datadog provides monitoring for cloud software infrastructure as businesses transition to cloud, though macroeconomic headwinds have caused clients to slow workload transitions and optimize current capacity.

Cloud Computing Infrastructure Datadog Software Monitoring

Streaming

Netflix represents 3.6% of portfolio in the Content Streaming theme allocation. The company is positioned as part of the portfolio's secular growth businesses trading at discounts to future growth prospects.

Netflix Content Streaming Media

Payments

Payments represents 11.4% of portfolio allocation, with Mastercard as a top holding at 3.4% of net assets. The theme is positioned as part of secular growth businesses expected to continue innovating and taking market share.

Payments Mastercard Financial Services

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 29, 2025	Fund Letters	Conrad van Tienhoven	LLY	Eli Lilly and Company	Health Care	Pharmaceuticals	Bull	New York Stock Exchange	Diabetes, Glp1, Obesity, pharmaceuticals, pipeline, Pricing, Reimbursement	Login
Jul 29, 2025	Fund Letters	Conrad van Tienhoven	SBUX	Starbucks Corporation	Consumer Discretionary	Restaurants	Bull	NASDAQ	Brand, Coffee, consumer, Loyalty, Margins, Restaurants, turnaround	Login
Jul 29, 2025	Fund Letters	Conrad van Tienhoven	PEP	PepsiCo, Inc.	Consumer Staples	Soft Drinks	Bull	NASDAQ	Beverages, consumer, Defensives, dividend, inflation, Margins, Snacks	Login
Jun 30, 2025	Fund Letters	RiverPark Large Growth	NVDA	NVIDIA Corp.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	Accelerated Computing, AI infrastructure, automotive, Blackwell Platform, CUDA, data center, Enterprise Inference, Gpu, growth, Hopper Architecture, semiconductors, Sovereign AI	Login
Jun 30, 2025	Fund Letters	RiverPark Large Growth	MSFT	Microsoft Corp.	Information Technology	Systems Software	Bull	NASDAQ	Azure, cloud infrastructure, Copilot, Enterprise AI, Enterprise software, generative AI, Microsoft 365, Platform business, productivity software, recurring revenue, SaaS	Login
Jun 30, 2025	Fund Letters	RiverPark Large Growth	NFLX	Netflix, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Ad-supported tier, advertising revenue, Content Efficiency, digital media, Global Platform, Live Programming, operating leverage, Sports Content, Streaming, Subscriber Growth	Login
Jun 30, 2025	Fund Letters	RiverPark Large Growth	META	Meta Platforms Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI monetization, digital advertising, Instagram, Llama 3, messaging commerce, Mobile Platforms, operational efficiency, Reels, social media, WhatsApp	Login
Jun 30, 2025	Fund Letters	RiverPark Large Growth	UBER	Uber Technologies, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	Advertising Business, delivery, Freight, Gig Economy, Logistics, mobility, operating leverage, Platform business, Ride Sharing, Unit economics	Login
Jun 30, 2025	Fund Letters	RiverPark Large Growth	UNH	UnitedHealth Group Inc.	Health Care	Health Care Services	Bull	NYSE	Care Delivery, Healthcare Insurance, Healthcare services, Integrated Model, Medicaid, Medical Cost Ratio, Medicare Advantage, Pharmacy Benefits, Utilization Trends, value-based care	Login
Jun 30, 2025	Fund Letters	RiverPark Large Growth	AAPL	Apple Inc.	Information Technology	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	Apple Intelligence, China market, consumer electronics, Device Performance, Installed base, iPhone, On-device AI, Platform Monetization, Security, services	Login
Jun 30, 2025	Fund Letters	RiverPark Large Growth	LLY	Eli Lilly and Co.	Health Care	Pharmaceuticals	Bull	NYSE	Alzheimer’s, Diabetes, GLP-1, Immunology, Mounjaro, obesity treatment, Oncology, pharmaceuticals, pipeline, Zepbound	Login
Jun 30, 2025	Fund Letters	RiverPark Large Growth	SBUX	Starbucks Corp.	Consumer Discretionary	Restaurants	Bull	NASDAQ	Brand Equity, Coffee, Consumer Franchise, Digital Investment, global scale, loyalty program, Quick Service Restaurant, Real Estate, same-store sales, Traffic Trends	Login
Jun 30, 2025	Fund Letters	RiverPark Large Growth	PEP	PepsiCo, Inc.	Consumer Staples	Soft Drinks	Bull	NASDAQ	Beverages, brand portfolio, cash generation, consumer staples, defensive, Dividend Growth, food and beverage, Geographic Diversification, Global Brands, Input Cost Inflation	Login
Mar 31, 2025	Fund Letters	RiverPark Large Growth	UBER	Uber Technologies, Inc.	Communication Services	Interactive Media & Services	Bull	NYSE	delivery, Free Cash Flow, growth, mobility, network effects, operational efficiency, user monetization	Login
Mar 31, 2025	Fund Letters	RiverPark Large Growth	V	Visa Inc.	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	Cross-border Travel, Digitization, Electronic Payments, high-margin, Network Scale, Payments, Pricing power	Login
Mar 31, 2025	Fund Letters	RiverPark Large Growth	SCHW	Charles Schwab Corp.	Financials	Investment Banking & Brokerage	Bull	NYSE	advisory services, asset growth, Brokerage, Interest rates, low-cost structure, scale, wealth management	Login
Mar 31, 2025	Fund Letters	RiverPark Large Growth	LLY	Eli Lilly and Co.	Health Care	Pharmaceuticals	Bull	NYSE	Alzheimer’s, Diabetes, Free Cash Flow, manufacturing, Oncology, pharmaceuticals, pipeline, Weight loss	Login
Mar 31, 2025	Fund Letters	RiverPark Large Growth	UNH	UnitedHealth Group Inc.	Health Care	Health Care Services	Bull	NYSE	Diversified Model, Healthcare services, Insurance, Medical Cost Ratio, operating leverage, Optum, scale	Login
Mar 31, 2025	Fund Letters	RiverPark Large Growth	NVDA	NVIDIA Corporation	Information Technology	Semiconductors	Bull	NASDAQ	Accelerated Computing, AI, Edge AI, GPUs, hyperscalers, inference, semiconductors, Software Ecosystem	Login
Mar 31, 2025	Fund Letters	RiverPark Large Growth	GOOGL	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, cash flow, cloud, monetization, Search, valuation discount, YouTube	Login
Mar 31, 2025	Fund Letters	RiverPark Large Growth	AAPL	Apple Inc.	Information Technology	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	Brand, China, Customer loyalty, Ecosystem, Free Cash Flow, Hardware, recurring revenue, services	Login
Mar 31, 2025	Fund Letters	RiverPark Large Growth	AMZN	Amazon.com, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	advertising, AWS, cloud, cost cuts, digital advertising, e-commerce, margin expansion	Login
Mar 31, 2025	Fund Letters	RiverPark Large Growth	MSFT	Microsoft Corp.	Information Technology	Systems Software	Bull	NASDAQ	AI services, cloud infrastructure, Digital transformation, enterprise, operating leverage, productivity software	Login
Mar 31, 2024	Fund Letters	RiverPark Large Growth	NVDA	NVIDIA Corp.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	Artificial Intelligence, asset-light, data center, Free Cash Flow, Gaming, Gpu, semiconductors	Login
Mar 31, 2024	Fund Letters	RiverPark Large Growth	META	Meta Platforms, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI Targeting, digital advertising, Free Cash Flow, Reels, social media, Threads, user engagement	Login
Mar 31, 2024	Fund Letters	RiverPark Large Growth	DIS	The Walt Disney Co.	Communication Services	Entertainment	Bull	NYSE	content library, direct-to-consumer, entertainment, Free Cash Flow, Streaming, theme parks, turnaround	Login
Mar 31, 2024	Fund Letters	RiverPark Large Growth	UBER	Uber Technologies, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	food delivery, Free Cash Flow, Global, market share, Mobility Platform, on-demand services, Ride Sharing	Login
Mar 31, 2024	Fund Letters	RiverPark Large Growth	NFLX	Netflix, Inc.	Communication Services	Entertainment	Bull	NASDAQ	Ad-supported tier, content investment, Free Cash Flow, operating margin, Pricing power, Streaming, Subscriber Growth	Login
Dec 31, 2023	Fund Letters	RiverPark Large Growth	SHOP	Shopify Inc.	Information Technology	Application Software	Bull	NYSE	digital payments, e-commerce, growth, margin expansion, platform, retail technology, SaaS	Login
Dec 31, 2023	Fund Letters	RiverPark Large Growth	UBER	Uber Technologies, Inc.	Communication Services	Interactive Media & Services	Bull	NYSE	food delivery, Free Cash Flow, Global, Mobility Platform, on-demand services, profitability inflection, Ride Sharing	Login
Dec 31, 2023	Fund Letters	RiverPark Large Growth	AAPL\|MSFT\|NFLX\|NVDA\|UNH	Microsoft Corp.	Information Technology	Systems Software	Bull	NASDAQ	Azure, Cloud computing, Digital transformation, Enterprise software, Free Cash Flow, market leader, operating leverage	Login
Dec 31, 2023	Fund Letters	RiverPark Large Growth	SNAP	Snap Inc.	Communication Services	Interactive Media & Services	Bull	NYSE	digital advertising, monetization, Platform Innovation, profitability inflection, social media, turnaround, User growth	Login
Dec 31, 2023	Fund Letters	RiverPark Large Growth	AAPL\|MSFT\|NFLX\|NVDA\|UNH	Netflix, Inc.	Communication Services	Entertainment	Bull	NASDAQ	Ad-supported tier, Content, Free Cash Flow, operating leverage, Pricing power, Streaming, Subscription	Login
Dec 31, 2023	Fund Letters	RiverPark Large Growth	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	Illumina, Inc.	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	biotechnology, DNA Sequencing, Genomics, Healthcare Technology, Innovation Leader, life sciences, market leader	Login
Sep 30, 2023	Fund Letters	RiverPark Large Growth	EQIX	Equinix Inc	Real Estate	Specialized REITs	Bull	NASDAQ	cloud, Colocation, data centers, digital infrastructure, Global, Interconnection, network infrastructure, REIT	Login
Sep 30, 2023	Fund Letters	RiverPark Large Growth	ALLY	Eli Lilly and Company	Health Care	Pharmaceuticals	Bull	NYSE	Alzheimer’s, Biotech, Diabetes, Franchise Products, Global, Obesity, Oncology, pharmaceuticals, pipeline	Login
Sep 30, 2023	Fund Letters	RiverPark Large Growth	CLMT	Lockheed Martin Corporation	Industrials	Aerospace & Defense	Bull	NYSE	Aerospace, backlog, Defense, dividend, F-35, government contracts, Military, Share Buybacks	Login
Sep 30, 2023	Fund Letters	RiverPark Large Growth	IMCD NA	McDonald's Corporation	Consumer Discretionary	Restaurants	Bull	NYSE	cash generation, defensive, dividend, franchise, Global, Restaurants, same-store sales, Value	Login
Sep 30, 2023	Fund Letters	RiverPark Large Growth	PEP	PepsiCo Inc	Consumer Staples	Soft Drinks	Bull	NASDAQ	Beverages, cash flow growth, consumer staples, defensive, dividend, Global Brands, margin expansion, Snacks	Login
Sep 30, 2023	Fund Letters	RiverPark Large Growth	SBUX	Starbucks Corporation	Consumer Discretionary	Restaurants	Bull	NASDAQ	brand portfolio, Coffee, delivery, Food Attachment, Global, Restaurants, Specialty retail, supply chain	Login
Jun 30, 2023	Fund Letters	RiverPark Large Growth	COST	Costco Wholesale Corporation	Consumer Staples	Hypermarkets & Super Centers	Bull	NASDAQ	consumer staples, Customer loyalty, global expansion, market share, Membership, Omnichannel, Private-label, retailer	Login
Jun 30, 2023	Fund Letters	RiverPark Large Growth	ZTS	Zoetis Inc.	Health Care	Pharmaceuticals	Bull	NYSE	Animal Health, Blockbuster Drugs, diagnostics, Global Population, high margins, Pet Spending, pharmaceuticals, secular growth, vaccines	Login
Mar 31, 2023	Fund Letters	RiverPark Large Growth	LULU	Lululemon Athletica Inc.	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Bull	NASDAQ	athletic apparel, e-commerce, growth, international expansion, Premium Brand, retail, vertical integration, Wellness	Login
Mar 31, 2023	Fund Letters	RiverPark Large Growth	AAPL\|MSFT\|NFLX\|NVDA\|UNH	UnitedHealth Group Incorporated	Health Care	Health Care Providers & Services	Bull	NYSE	healthcare, Healthcare Technology, Insurance, managed care, Medicaid, Medicare, Optum, Pharmacy Benefits	Login
Mar 31, 2023	Fund Letters	RiverPark Large Growth	SCHW	The Charles Schwab Corporation	Financials	Capital Markets	Bull	NYSE	asset management, Brokerage, Cash Sorting, Discount Brokerage, Integration, net interest income, TD Ameritrade, wealth management	Login
Mar 31, 2023	Fund Letters	RiverPark Large Growth	GRNG	RingCentral, Inc.	Information Technology	Software	Bull	NYSE	Channel Partnerships, cloud communications, Enterprise software, PBX, recurring revenue, SaaS, UCaaS, Unified Communications	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 29, 2025

Fund Letters

Conrad van Tienhoven

LLY

Eli Lilly and Company

Health Care

Pharmaceuticals

Bull

New York Stock Exchange

Diabetes, Glp1, Obesity, pharmaceuticals, pipeline, Pricing, Reimbursement

Jul 29, 2025

Fund Letters

Conrad van Tienhoven

SBUX

Starbucks Corporation

Consumer Discretionary

Restaurants

Bull

NASDAQ

Brand, Coffee, consumer, Loyalty, Margins, Restaurants, turnaround

Jul 29, 2025

Fund Letters

Conrad van Tienhoven

PEP

PepsiCo, Inc.

Consumer Staples

Soft Drinks

Bull

NASDAQ

Beverages, consumer, Defensives, dividend, inflation, Margins, Snacks

Jun 30, 2025

Fund Letters

RiverPark Large Growth

NVDA

NVIDIA Corp.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

Accelerated Computing, AI infrastructure, automotive, Blackwell Platform, CUDA, data center, Enterprise Inference, Gpu, growth, Hopper Architecture, semiconductors, Sovereign AI

Jun 30, 2025

Fund Letters

RiverPark Large Growth

MSFT

Microsoft Corp.

Information Technology

Systems Software

Bull

NASDAQ

Azure, cloud infrastructure, Copilot, Enterprise AI, Enterprise software, generative AI, Microsoft 365, Platform business, productivity software, recurring revenue, SaaS

Jun 30, 2025

Fund Letters

RiverPark Large Growth

NFLX

Netflix, Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

Ad-supported tier, advertising revenue, Content Efficiency, digital media, Global Platform, Live Programming, operating leverage, Sports Content, Streaming, Subscriber Growth

Jun 30, 2025

Fund Letters

RiverPark Large Growth

TICKER	COMMENTARY
AAPL	Apple Inc. represents 1.6% of company owned with cost basis of $6,255 million and market value of $61,962 million, providing $280 million in 2025 dividends.
AMAT	Top gainers in the Fund this quarter included Applied Materials (+26%). During the quarter, we trimmed the Fund's holding in Applied Materials as it rallied
AMZN	One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network.
DIS	We sold our long-term holding in Disney, reflecting our view that consumer discretionary spending could remain under pressure if cost-of-living conditions stay tight, especially at a time when the company is spending significantly on Parks and Resorts.
GOOGL	In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center.
ISRG	ISRG shares appreciated in the fourth quarter after the company delivered strong Q3 results highlighting continued procedure growth and accelerating system placements. Procedure volumes rose in the mid-teens globally, with notable strength in general surgery and urology, while recurring instrument and accessory revenue grew faster than expectations. Management also reported that the early rollout of its next-generation robotic platform was tracking ahead of schedule, with utilization metrics trending positively across beta sites.
LLY	Eli Lilly shares were a top performer in 4Q25 after delivering strong Q3 2025 earnings in October. Revenue rose 54% year-over-year to $17.6 billion, and adjusted EPS of $7.02 beat consensus of $6.02. Growth was driven by its GLP-1 franchises, Mounjaro and Zepbound, where sales more than doubled year-over-year, alongside strength in other therapeutic areas. Management raised full-year guidance for both revenue and earnings, reinforcing investor confidence in the company's growth outlook.
META	On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States.
MSFT	MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand.
NFLX	NFLX was the portfolio's largest detractor in 4Q25 following investor concerns around near-term subscriber growth and rising content spending. While revenue grew approximately 10% year-over-year, management guided to slower net subscriber additions in North America and Europe after recent price increases, and margins were pressured by elevated investment in live sports and international content.
NVDA	AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results.
SHOP	Shopify Inc. is a cloud-based software provider for multi-channel commerce. Shares rose 8.3% in the fourth quarter, finishing 2025 up 51.1% on strong financial results that outperformed Street expectations. The company is demonstrating rapid growth at scale with gross merchandise value (GMV) and revenues each growing over 30% year-on-year.
UBER	UBER was a detractor in the fourth quarter following its third-quarter 2025 earnings report, which delivered strong operating performance but was met with a muted market reaction. Gross Bookings and adjusted EBITDA both came in near the high end of management's guidance, driven by accelerating demand across both Mobility and Delivery. However, investor focus shifted to commentary around reduced margin expansion as the company steps up investment in growth initiatives, including autonomous vehicle partnerships, platform innovation, and commerce expansion.

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st December 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Cloud

Pharmaceuticals

Semiconductors

Streaming

AI

Cloud

E-commerce

Semiconductors

Streaming

AI

Cloud

Streaming

E-commerce

AI

E-commerce

Payments

GLP1

Streaming

AI

E-commerce

Cloud

Streaming

GLP1

AI

E-commerce

Social Media

Payments

Alternative Asset Managers

AI

Cloud

E-commerce

Payments

Streaming

Social Media

AI

Streaming

Social Media

E-commerce

E-commerce

Cloud

AI

Streaming

Payments

AI

Cloud

Streaming

E-commerce

Payments

Travel

AI

E-commerce

Payments

Cloud

Streaming

AI

E-commerce

Cloud

Streaming

Payments

Investor Pitches

Current Portfolio as of ( 31st December 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Conrad van Tienhoven Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary