DASH

DASH

DASH

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Octahedron Capital	-	-	AAPL, AMZN, CART, CPNG, DASH, DIS, GOOGL, GRAB, LYFT, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, SPOT, UBER, WBD, WMT, YELP	AI, Cloud, Digital, E-Commerce, growth, Internet, semiconductors, technology	Generative AI is driving significant productivity improvements across software development and enterprise applications. Companies are seeing measurable ROI from AI investments, with GitHub Copilot accounting for over 40% of GitHub revenue growth and Microsoft reporting billions in AI infrastructure revenue. AI is accelerating cloud migrations and enabling new usage-based pricing models.		View
2025 Q2	Jul 21, 2025	Sands Capital Global Growth Fund	21.7%	14.4%	ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, DASH, DOL.TO, DXCM, FLUT, GOOGL, HDFCBANK.NS, ICE, MELI, NFLX, NVDA, ONON, PNDORA.CO, SPOT, SQ, TITAN.NS, V	AI, E-Commerce, global, growth, semiconductors, software, Streaming, technology	Rapid progress in large language model capabilities remains the most important driver for AI businesses like NVIDIA. LLM performance has improved more than sevenfold over the past year, with key enablers including reasoning models, reinforcement learning without human feedback, and advances in pre-training. Microsoft reported a fivefold year-over-year increase in AI token processing, suggesting broader adoption across applications and users.	NET MELI AXON NFLX NVDA	View
2025 Q2	Jul 21, 2025	Sands Capital Select Growth Fund	27.7%	14.8%	AJG, AMZN, AVGO, CVNA, DASH, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V	AI, Cloud, gaming, growth, semiconductors, Streaming, technology	AI infrastructure spending continues to drive demand with advances in computing power unlocking new capabilities and lower cost models. The portfolio benefits from businesses directly exposed to AI demand, those leveraging AI for efficiency gains, and companies using AI to improve products through personalization and cost reduction.		View
2025 Q2	Jul 21, 2025	Sands Capital Technology Innovators Fund	26.0%	12.9%	AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V	AI, Cloud, growth, innovation, semiconductors, software, technology	Artificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions.	GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA	View
2025 Q2	Jul 18, 2025	Optimist Fund	39.2%	32.4%	CVNA, DASH, FA, FVRR, HFG, MNDY, RVLV, TDUP, UBER, W	Compounding, E-Commerce, growth, Long/Short, mid cap, value	The 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.	RVLV W CVNA TDUP W CVNA TDUP	View
2025 Q2	Jul 11, 2025	Baillie Gifford – US Equity Growth	24.8%	12.9%	AFRM, ALNY, AMZN, CSGP, DASH, DDOG, DKNG, DUOL, META, NET, NFLX, NVDA, PINS, RBLX, SHOP.TO, SNOW, TSLA, TTD, WDAY, WSO	Concentration, growth, innovation, long-term, technology, US	The fund is positioned in companies leveraging AI for competitive advantages, including Cloudflare's Workers AI platform growth and AppLovin's advanced AI models for ad optimization. These AI-driven platforms are creating self-reinforcing advantages and significant operating leverage.	SPT ROKU CRCL APP 6857 JP MDLN	View
2025 Q2	Jun 30, 2025	Artisan Mid Cap Fund	14.4%	5.9%	ARGX, ASND, BKR, BWXT, DASH, DUOL, DXCM, HOOD, INSM, IOT, IRTC, LSCC, RBC, RBLX, SHOP, SNOW, SPOT, TEAM, TW, TYL	AI, Biotech, Cloud, growth, mid cap, Streaming, tariffs, technology	Portfolio positioned to benefit from AI adoption with holdings like Snowflake, Tyler Technologies, and Guidewire that help businesses and government implement AI tools. Infrastructure leaders like Pure Storage, Synopsys, and Monolithic Power help make data centers powering AI tools faster and more power-efficient.		View
2025 Q2	Jun 30, 2025	Octahedron Capital	-	-	ABNB, AMZN, APP, BKNG, CART, CPNG, CVNA, DASH, GOOGL, GRAB, MELI, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, UBER, W	Advertising, AI, Cloud, E-Commerce, payments, semiconductors, tariffs, Trade Policy	AI infrastructure demand remains insatiable with companies processing 480 trillion tokens monthly, up 50x year-over-year. ServiceNow expects AI products to reach $1 billion ACV by end of 2026, while companies are transitioning from seat-based to usage-based AI pricing models. AI agents are creating 4x more databases than humans, fundamentally changing software development workflows.		View
2025 Q2	Jun 30, 2025	SoftBank Group	-	-	1548.HK, 2228.HK, 9434.T, 9984.T, ARM, ASTO.OL, BABA, CPNG, DASH, DIDI, DTE.DE, GOOGL, KLAC, META, MOMS.NS, MSFT, OLECTRA.NS, SWGY.NS, SYM, TMUS	AI, growth, innovation, Investment, Platform, semiconductors, technology, Vision Funds	SoftBank is positioning itself as the world's No. 1 ASI (Artificial Super Intelligence) platform provider, with major investments in OpenAI, Arm's AI chip designs, and AI infrastructure through the Stargate Project. The company sees AI as completely redefining every industry and believes the next few decades of AI innovation will surpass all technological progress of the last three centuries.		View
2024 Q2	Jun 30, 2024	Octahedron Capital	-	-	AMD, AMZN, AVGO, CART, CVNA, DASH, DIS, GOOGL, LYFT, MA, MELI, NFLX, NU, NVDA, SNOW, SPOT, TSLA, UBER, V, W	AI, Cloud, consumer, E-Commerce, growth, payments, semiconductors, technology	AI infrastructure spending is driving hyperscaler reacceleration with training and GPU demand leading growth. Enterprise AI applications remain mostly experimental with ROI questions emerging. Compound AI systems are becoming necessary for production-quality applications.		View
2026 Q1	May 12, 2026	Optimist Fund	-27.3%	-27.3%	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		TOST CVNA W TDUP	View
2024 Q1	May 1, 2024	Optimist Fund	27.8%	49.2%	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	The 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.	ACVA UBER XPOF DASH CVNA	View
2026 Q1	Apr 25, 2026	Sands Capital Technology Innovators Fund	-15.0%	-15.0%	000660 KS, 005930 KS, APP, ASML, DASH, META, MSFT, NET, NFLX, NU, NVDA, SHOP.TO, STX, TSM	AI, Cloud, growth, infrastructure, innovation, semiconductors, software, technology			View
2026 Q1	Apr 25, 2026	Sands Capital Global Growth Fund	-14.9%	-14.9%	000660 KS, APP, ASML, AXON, BE, DASH, FLUT, NET, NFLX, TSM	AI, energy, global, growth, semiconductors, software, technology			View
2025 Q1	Apr 22, 2025	Optimist Fund	-4.9%	-4.9%	CVNA, DASH, FA, FVRR, HFG.DE, LIDR, MNDY, RVLV, TDUP, UBER, W	consumer, E-Commerce, growth, long-term, profitability, Recovery, technology	Multiple 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.	FA W REVL HFG UBER CVNA TDUP	View
2026 Q1	Apr 20, 2026	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	-7.7%	-7.7%	BJ, CASY, CCO, CRS, CW, DASH, EME, HOOD, IBKR, INSM, IONS, LNG, PINS, PR, RGEN, ROST, RRX, STVN, TPG, TRGP, TTWO	AI, Data centers, energy, Geopolitical, growth, healthcare, mid cap, technology			View
2026 Q1	Apr 18, 2026	Baillie Gifford – US Equity Growth	-15.1%	-15.1%	AXON, CSGP, DASH, DUOL, ENSG, GH, GLOB, IOT, MSFT, NET, PEN, SHOP.TO	AI, growth, long-term, software, Systems, technology, valuation		RBC AXON	View
2026 Q1	Apr 18, 2026	Artisan Mid Cap Fund	-5.9%	-5.9%	AJG, ALAB, ARES, CCCS, COHR, DASH, EW, MDB, PRS, RBLX, SITM, SMTC, TW, WAT, WING	aerospace, AI, Biotechnology, Data centers, defense, energy, growth, mid cap			View
2024 Q1	Apr 15, 2024	Artisan Mid Cap Fund	2.4%	6.6%	BJ, CMG, DASH, EFX, EXAS, GDDY, LULU, NVR, ON, POOL, RGEN, SPOT, SWAV, TEAM, VRT, WCC, XYL	-			View
2023 Q1	Apr 15, 2023	Contrarius Global Equity Fund	7.3%	7.3%	DASH, DHER.DE, GRAB, TKWY.AS, UBER	E-Commerce, global, growth, technology, value	The fund holds several online mobility and delivery companies including DoorDash, Grab Holdings, Just Eat Takeaway.com, Uber Technologies and Delivery Hero. These companies compete in large and growing markets with smartphone-based platforms that have become part of everyday life. The pandemic created opportunities to gain new customers, and these companies now have substantially larger customer bases with improving competitive environments and emerging profit pools.	DHER.DE UBER JTKWY GRAB DASH	View
2025 Q1	Mar 31, 2025	Sands Capital Global Growth Fund	-6.0%	-6.0%	ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, BLDR, DASH, EVD.DE, GOOGL, IOT, IRTC, ISRG, MELI, NFLX, NOW, NVDA, SHOP.TO, SPOT, SQ, TSM, V	AI, E-Commerce, global, growth, payments, semiconductors, technology	AI remains a foundational driver of long-term growth despite first quarter volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are emerging across portfolio holdings in fraud detection, content creation, and workflow automation.		View
2025 Q1	Mar 31, 2025	Sands Capital Technology Innovators Fund	-10.4%	-10.4%	AAPL, AMZN, CPNG, CVNA, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V	AI, global, growth, semiconductors, software, technology	AI remains a foundational driver of long-term growth despite market volatility. Hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Innovations like DeepSeek are likely to expand demand by enabling more domain-specific model development. Evidence shows scaling laws remain intact and better performance is leading to real-world applications across fraud detection, content creation, and workflow automation.		View
2022 Q4	Mar 28, 2023	Adestella Investment Management	11.4%	-14.7%	DASH, DKNG, FC, OTLY, SNOW	-			View
2025 Q4	Feb 24, 2026	Hayden Capital	-12.9%	22.3%	1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER	AI, competition, E-Commerce, gaming, international, software, technology, valuation	The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them.	SE EDU	View
2025 Q4	Feb 12, 2026	Optimist Fund	-8.5%	32.2%	AFRM, CVNA, DASH, DICEY.L, FVRR, HFG, LTHM, META, MNDY, NFLX, PTON, ROOT, TDUP, UBER, W	Compounding, E-Commerce, growth, long-term, technology, value	The fund holds significant positions in e-commerce companies including Wayfair, Carvana, ThredUp, and DoorDash. These businesses are showing strong fundamental performance with revenue growth acceleration and improving profitability metrics. The manager views current valuations as materially underappreciating future earnings potential. The fund focuses on identifying businesses where deep research can uncover gaps between market expectations and long-term reality. The strategy targets companies with potential for mid-teens or better compound returns over decades, emphasizing businesses with accelerating sales and earnings growth. The manager emphasizes finding businesses trading at significant discounts to intrinsic value, where market expectations are materially below long-term reality. Current valuations are viewed as underappreciating the earnings and cash flow core holdings will generate over the next five years.	MNDY TDUP CVNA W DSCV LN LUCE LN SWIM MNDY TDUP CVNA W	View
2024 Q4	Dec 31, 2024	Parnassus Growth Equity Fund	4.9%	26.9%	AKAM, AMAT, AMD, AVGO, BSX, CRM, DASH, DDOG, EFX, FERG, INTU, LVMUY, MELI, MSFT, NET, NTRA, NVDA, PCOR, TMO, TSM	AI, growth, healthcare, large cap, semiconductors, technology	AI remained a dominant theme throughout 2024, with companies positioned to capitalize on artificial intelligence driving significant returns. The fund benefits from investments in companies like Broadcom designing AI server processors and NVIDIA leading the market for AI-required chips. AI integration across customer relationship management and cloud computing platforms continues to drive robust growth.	VRTX EXAS TEAM DASH DDOG	View
2024 Q4	Dec 31, 2024	SoftBank Group	-	-	AAPL, AMZN, ARM, AURO, AUTO, BABA, CPNG, DASH, DIDI, DTEGY, GKBW, GOOG, GOTO.JK, MSFT, NVDA, SYM, TMUS, UBER, WE, ZOMATO.NS	AI, Arm, growth, innovation, Investment, semiconductors, technology, Vision Funds	SoftBank positions AI as the core of the Information Revolution and their investment strategy. The company believes AI will redefine all industries and is investing heavily in AI-powered companies across their portfolio. They anticipate the realization of artificial super intelligence (ASI) within ten years, which they view as a turning point in human history.		View
2024 Q4	Dec 31, 2024	Sands Capital Select Growth Fund	8.8%	24.3%	AAPL, AMZN, DASH, DDOG, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, V	AI, growth, innovation, long-term, software, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries since ChatGPT's launch in late 2022. Portfolio companies like AppLovin, ServiceNow, and Axon Enterprise are leveraging AI to enhance their core offerings and create value for customers. The firm owns many businesses that enable AI at the infrastructure layer, such as NVIDIA, which remains the architectural leader.		View
2024 Q4	Dec 31, 2024	Sands Capital Global Growth Fund	5.3%	15.7%	6861.T, ABNB, ADYEN.AS, AMZN, ASML, AXON, DASH, DOL.TO, DXCM, FLUT, GOOGL, MELI, NFLX, NKE, NVDA, PNDORA.CO, SHOP.TO, SPOT, SQ, V	AI, global, growth, innovation, long-term, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries. Sands Capital owns businesses that enable AI at the infrastructure layer like NVIDIA and those finding specific use cases like Axon Enterprise and ServiceNow. AppLovin built an AI advertising placement platform that reaccelerated its video game ad business.		View
2024 Q4	Dec 31, 2024	Sands Capital Technology Innovators Fund	9.0%	37.7%	AAPL, AMZN, CPNG, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V	AI, Cloud, global, growth, innovation, semiconductors, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like NVIDIA remain architectural leaders in AI infrastructure, while others like AppLovin, ServiceNow, and Axon Enterprise are finding specific use cases to create value for customers through AI-enabled products and services.		View
2025 Q3	Nov 7, 2025	Montaka Global Investments	-	-	0700.HK, AMD, AMZN, BX, CRM, DASH, FLUT.L, FND, GOOGL, KKR, MC.PA, MDB, META, MSFT, NOW, NVDA, ORCL, RIGD.NS, SPOT, U	AI, First Principles, Flywheel, growth, long duration, Structural Change, technology, value	AI is accelerating change across the economy with both prudent and risky capital allocations. Companies like Meta, Alphabet, and Tencent are investing enormous sums and earning significant returns due to AI's complementarity with their core businesses. However, OpenAI's massive spending commitments raise questions about revenue generation and customer validation.		View
2025 Q3	Oct 23, 2025	Semper Augustus	3.3%	19.7%	AHT.L, BF-A, BRK-A, CFR.SW, CMCSA, DASH, GOOGL, HEIA.AS, JPM, MA, MLM, NFLX, NSRGY, NVDA, PM, RI.PA, UBER	AI, Brand Loyalty, Concentration, Consensus, global, long-term, Value Investing	AI represents a transformative investment opportunity requiring massive capital deployment in semiconductors, data centers, and infrastructure. The manager discusses NVIDIA's central role in AI development through GPU technology, Google's AI capabilities, and the broader ecosystem of companies benefiting from AI infrastructure buildout including construction materials and equipment providers.	NESN SW PM GOOG	View
2025 Q3	Oct 22, 2025	Optimist Fund	9.1%	44.5%	CVNA, DASH, FADU, FVRR, HFG.DE, MEDP, MNDY, RVLV, SWIM, TDUP, UBER, W	Biotech, Cyclical, E-Commerce, growth, mid cap, Recovery, technology	The 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.	MEDP CVNA TDUP W MEDP CVNA TDUP W	View
2025 Q3	Oct 20, 2025	Antero Peak Group	2.7%	20.5%	AXON, CEG, COF, DASH, EVR, GE, GS, HWM, ISRG, JPM, MSFT, NDAQ, NFLX, NVDA, RHM.DE, RYCEY, SIEGY, TSM, VST, WELL	aerospace, AI, energy, financials, growth, large cap, semiconductors, technology	AI infrastructure buildout driving massive capital deployment across data centers, power generation, and semiconductor supply chains. Current data center power draw of 17 GW projected to reach 50 GW by 2028, equivalent to California's entire power grid. Oracle's backlog up $400B entirely from GPU demand, while hyperscale data centers require 100-200 MW each.	TSM RR GE NVDA MSFT TSM RR GE NVDA MSFT	View
2025 Q3	Oct 20, 2025	Sands Capital Global Growth Fund	-2.0%	12.2%	ADYEY, AMZN, ASML, AXON, DASH, DXCM, GOOGL, HDB, ICE, ISRG, MELI, NET, NFLX, NVDA, SHOP, SPOT, SQ, TEAM, TSM, V	AI, E-Commerce, global, growth, semiconductors, Streaming, technology	Artificial intelligence remained a key market theme, bolstered by strong business results and continued innovation. The portfolio benefits from AI-related demand through holdings like NVIDIA, which delivered strong datacenter growth, and Taiwan Semiconductor, which continues to benefit from AI infrastructure buildout. Google has moved quickly to develop high-quality AI products to counter competitive threats.	TEAM DEXCOM INTU NFLX AXON GALD SHOP GOOGL NVDA	View
2025 Q3	Oct 20, 2025	Sands Capital Select Growth Fund	6.3%	22.1%	AMZN, APP, AVGO, CVNA, DASH, DXCM, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V	AI, Cloud, growth, large cap, semiconductors, software, technology	AI investment cycle remained dominant with hyperscalers raising 2026 capex forecasts by over $80 billion to above $430 billion industry-wide. Evidence of improving monetization emerged, particularly at Meta Platforms where AI-powered tools drove stronger engagement and advertising returns. Oracle announced contracts to deliver over $500 billion in computing power over the next five years.		View
2025 Q3	Oct 20, 2025	Sands Capital Technology Innovators Fund	8.4%	22.4%	AMZN, APP, CPNG, CVNA, DASH, DUOL, IOT, MELI, META, MSFT, NFLX, NU, NVDA, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V	AI, global, growth, innovation, semiconductors, software, technology	AI represents a paradigm shift bringing disruption, with the market overstating risks for software while creating meaningful opportunities for incumbents to use AI as a business accelerant. The AI investment cycle continues to gather momentum with demand for AI infrastructure and services exceeding supply.	SNOW MNDY DUOL RBLX APP TSM NVDA MNDY DUOL RBLX APP TSM NVDA	View
2025 Q3	Oct 19, 2025	Artisan Mid Cap Fund	8.8%	15.3%	ANET, ARGX, ASND, BKR, DASH, DXCM, INSM, IRTC, LPLA, LSCC, LYV, PSTG, RBC, RDDT, SHOP, SNOW, SPOT, TDY, TEAM, TYL, VCYT, WING, WST, WWD	AI, Biotechnology, Cloud, defense, growth, healthcare, mid cap, semiconductors	Healthcare sector holdings, particularly biotech, led outperformance with strong company-specific results. Argenx's VYVGART therapy showed strong growth with new subcutaneous formulation launch. Insmed received FDA approval for Brinsupri, the first once-daily oral treatment for non-cystic fibrosis bronchiectasis addressing over one million diagnosed patients.	SPOT WING LSCC INSM ARGX	View
2024 Q3	Oct 16, 2024	Optimist Fund	27.8%	49.2%	ACVA, CIGI, CVNA, DASH, FA, HFG.DE, LIDR, MNDY, REVL, UBER, W	Cyclical, E-Commerce, growth, mid cap, value	The 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.	POOL FA HFG.DE CVNA	View
2025 Q3	Oct 14, 2025	Octahedron Capital	-	-	AAPL, AMZN, AVGO, DASH, GOOGL, HUBS, INTC, MDB, META, MSFT, NFLX, NU, NVDA, ORCL, SHOP, TEAM, TSLA, TSM, UBER, WDAY	AI, Cloud, E-Commerce, growth, payments, semiconductors, software, technology	AI is driving unprecedented demand across infrastructure, software, and applications. Enterprise AI adoption is accelerating with board-level priority, though moving from proof-of-concept to production remains challenging. AI agents and inference workloads represent massive emerging opportunities.		View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	5.3%	-	ARGX, AXON, BJ, BRO, CW, DASH, EHC, EME, HOOD, IBKR, IDXX, INSM, INSP, NCLH, ORLY, PINS, RNR, ROST, SAIA, TTWO	AI, Capital markets, Data centers, earnings, Fed policy, growth, mid cap, semiconductors	AI remains a dominant theme though some cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and how sustainable that would be. With debt levels increasing for the biggest AI spenders, measures of capital spending-to-sales are approaching dot-com peak levels.		View
2025 Q4	Jan 22, 2026	Sands Capital Select Growth Fund	-5.4%	15.5%	AMZN, APP, AVGO, CVNA, DASH, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V	AI, defense, energy, growth, infrastructure, Robotics, Space, technology	AI continues to reshape business models and drive market leadership, with infrastructure spending extending into 2027. The firm maintains meaningful exposure to AI enablers while monitoring bubble risks and debt-financed expansion. Demand for compute outpaces supply with scaling laws remaining intact. Defense technology entering structural growth phase driven by geopolitical risks and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications with companies playing mission-critical roles from modest revenue bases. Advances in AI compute power pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people as hardware costs fall and software improves. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive infrastructure investment. Multiyear investment cycle expected across entire power value chain with opportunities in companies combining scale, speed, and technology. Cyberattacks becoming more frequent and sophisticated as attack surfaces grow with cloud migration and AI tool proliferation. Security now a core operating requirement and foundation for trust, with portfolio companies evolving to broader cloud-delivered platforms. Space becoming part of everyday life with satellites supporting internet, defense, and climate monitoring. Launch costs fallen 95% from Space Shuttle levels, making supply cheaper and expanding viable missions. Industry showing early signs of manufacturing scale and profitability.	PWR CRS DXCM VG AJG ORCL TEAM NOW MSFT SPOT NFLX SE RBLX AVGO AMZN TSM CVNA GOOGL	View
2025 Q4	Jan 22, 2026	Sands Capital Technology Innovators Fund	6.2%	14.7%	AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V	AI, defense, global, growth, innovation, Robotics, semiconductors, technology	AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential.	PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM	View
2025 Q4	Jan 21, 2026	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	-4.7%	9.4%	ALL, AME, ARGX, AXON, CASY, COR, CRS, CSL, DASH, EME, HOOD, INSM, ORLY, PINS, POOL, RGEN, ROST, TPG, TTWO, VEEV	AI, consumer, financials, growth, healthcare, industrials, mid cap, technology	Take-Two Interactive delivered solid fiscal second-quarter results with 20% year-over-year growth in recurring consumer spending. The delay of Grand Theft Auto 6 launch from May to November 2026 caused shares to fall sharply, presenting an opportunity to add to the position on weakness. JFrog saw significant pipeline growth in its security add-on following the NPM supply chain attack, driving a 32% rally. The manager anticipates significant acceleration in AI adoption as 2026 unfolds, with Bentley Systems positioned to benefit from increased application usage driven by AI adoption in civil engineering. argenx showed strong progress in its Vyvgart franchise with multiple catalysts over the next 12 months. Insmed advanced 21% with positive reception for Brensocatib launch. Repligen delivered double-digit growth across business and geographies with healthy consumable demand and outperforming equipment sales. Demand for security increased following the recent NPM supply chain attack. JFrog's security add-on which secures open-source packages before organizations onboard them has seen significant pipeline growth, highlighting the critical need for software supply chain security. Carpenter Technology serves as a key supplier to aerospace and defense markets, with strong fiscal first quarter results and higher forward guidance lifting the stock 28%. Defense was highlighted as showing solid sales for Amphenol's electrical connectors business. Bentley Systems is positioned to benefit from global investment in mining and electric grids, and large regional infrastructure projects. The implementation of the One Big Beautiful Bill is projected to catalyze corporate capital spending according to the manager's outlook.	AMAT AXON PINS TTWO	View
2025 Q4	Jan 19, 2026	Artisan Mid Cap Fund	-0.4%	14.8%	ALAB, APG, ARGX, ASND, BKR, COHR, CVNA, DASH, INSM, LHX, MACOM, MDB, RBC, RBLX, SHOP, SPOT, TTAN, VEEV, WAT, WST	AI, Biotechnology, defense, growth, healthcare, industrials, mid cap, technology	AI-related capital spending remains an area of active debate entering 2026. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength with the team maintaining relatively high exposure despite several years of industry headwinds. The positioning is grounded in conviction in profit cycle opportunities for biotech companies with compelling product launches. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes companies are well positioned to benefit from growing investment in next-generation missile defense and national security programs requiring advanced capabilities. Holdings exposed to datacenter and AI infrastructure spending contributed to returns. Companies benefit from continued cloud growth and rising AI demand driving rapid datacenter expansion with strong long-term growth opportunities.	IRTC FERG SNOW WAT TTAN CVNA ALAB LHX SPOT VEEV MDB RBLX INSM COHR	View
2025 Q4	Jan 18, 2026	Parnassus Mid Cap Growth Fund	-0.8%	9.2%	ALC, APP, BILL, BLDR, DASH, GWW, HLT, HUBB, INSM, MORN, MPWR, ODFL, PWR, ROK, SN, SQ, TEAM, TER, WCN, WDAY	AI, growth, industrials, mid cap, portfolio, semiconductors, technology	The ongoing AI megatrend boosted demand for memory and storage while industry supply growth remained constrained. Holdings in Information Technology sector were dominant contributors through exposure to AI, primarily through semiconductor companies. The fund continues to see accelerating demand for AI models and cloud computing with no signs of slowdown. Semiconductor companies were primary beneficiaries of AI demand. Teradyne is starting to win new sockets and gain market share after investing in AI-semiconductor testers. KLA benefited from AI infrastructure build-out with strong earnings growth. The fund increased exposure to high-quality industrial businesses with potential for cyclical upturn. Added Quanta Services for AI data center build-out, Hubbell for electrical grid upgrades, Old Dominion for freight cycle recovery, and Waste Connections for secondary market focus.	MTD ROK KLA TER SNDK	View
2025 Q4	Jan 18, 2026	Octahedron Capital	0.0%	0.0%	ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W	AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology	AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications.		View
2025 Q4	Jan 15, 2026	Baillie Gifford – US Equity Growth	2.7%	28.0%	AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY	AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US	The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement.	TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX	View
2025 Q4	Jan 15, 2026	Baillie Gifford – International Alpha	-1.7%	17.5%	ADYEY, AMZN, APP, CRH, DASH, ELV, ENSG, FTAI, GOOGL, MA, META, MLM, MSCI, MSFT, NFLX, NVDA, RPRX, RYAAY, SCI, TSM	AI, global, growth, long-term, Quality, technology	AI spending and capabilities remain central to investment thesis across multiple holdings. Meta's elevated AI expenditure in 2026 creates execution risk but unlocks growth levers across its user base. Tencent's AI talent and research investments position it uniquely to leverage AI across gaming, advertising, and payments platforms. TSMC maintains dominant position capturing 70% of global foundry revenues with supply agreements across all key chip designers. Kokusai Electric benefits from recovery in memory markets and growing importance of batch ALD machines in AI memory chip manufacturing. Semiconductor cycle showing strength from Chinese and Korean manufacturers. Factory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. Sea's Shopee marketplace investing in service quality and faster shipping while expanding in Malaysia and Thailand to capture market share. Auto1 consolidating position as Europe's leading used car marketplace with 3% market share and growing direct-to-consumer Autohero brand providing margin expansion opportunity.	IOT QXO GAW AG1 GR AUTO LN TSM 6525 JP DG META SE	View
2024 Q3	Sep 30, 2024	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	ALL, ARGX, BJ, COR, CTAS, DASH, EME, FND, IAC, ICLR, LNG, ORLY, PINS, PR, RGEN, RNR, ROST, TPG, TSCO, VEEV	consumer, energy, financials, growth, healthcare, industrials, mid cap, technology	AI investments by large public cloud providers continue unabated as they see greater risks of underspending and being left behind by rivals. This dynamic affects Information Technology budget setting cycles as companies approach year end.		View
2024 Q3	Sep 30, 2024	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AAPL, AMZN, BX, DASH, DIS, GOOGL, META, MSFT, NFLX, NVDA, PINS, SHOP, UBER, XHB	AI, E-Commerce, growth, Long/Short, secular themes, Social Media, technology	The fund maintains significant exposure to AI/Cloud Computing at 16.8% of the long portfolio. This includes positions in companies benefiting from AI infrastructure investment and development, with particular focus on companies like NVIDIA and Microsoft that are central to the AI ecosystem.	PINS GOOGL BX META SHOP	View
2023 Q3	Sep 30, 2023	Octahedron Capital	0.0%	0.0%	AAPL, ABNB, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, BKNG, CPNG, CRWD, CVNA, DASH, DBRX, DIS, ETSY, GOOGL, INTC, KVYO, LRCX, MA, MELI, MSFT, NFLX, NU, NVDA, PTON, SNOW, SPOT, TSM, UBER, V, W	AI, Cloud, E-Commerce, payments, semiconductors, Streaming, technology, Travel	Generative AI is driving a platform shift in software and enabling new applications. The industry is transitioning to accelerated computing with data centers making a platform shift from general purpose to accelerated computing. AI investments are capex-heavy but expand software TAM through LLMs enabling software to eat OpEx.		View
2024 Q2	Jul 26, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALNY, BKR, CELH, COR, CRWD, DASH, DXCM, ENTG, FIVE, GEV, MPWR, RBA, ROST, SNPS, TYL, ULTA, WAB, WCN	AI, energy, growth, healthcare, industrials, mid cap, technology	The fund continues to see strong momentum within the AI data center buildout megatrend. The enormous power requirements of AI data centers have positive implications for a broader group of stocks extending across energy, industrials and utilities. The portfolio is well positioned to benefit from this theme as the surge in capital spending plans from mega-cap tech companies holds significant positive implications for several holdings within the electrical equipment and power generation industries.		View
2024 Q2	Jul 16, 2024	Optimist Fund	27.8%	49.2%	ACVA, CIGI, CVNA, DASH, HFG, MNDY, RVLV, SMAR, TDUP, UBER, W	Concentration, E-Commerce, growth, mid cap, SaaS, technology	The 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.	MNDY CVNA	View
2024 Q2	Jun 30, 2024	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	ARGX, BJ, CHE, DASH, FIVE, GFL, GPN, HCP, IBKR, MPWR, NICE, RRX, STVN, TER, TSM, VRSK, WEX	consumer, financials, growth, healthcare, industrials, mid cap, semiconductors, technology	The narrative for Technology and related services continues with its GenAI headlines. Enterprises remain in the early stages of determining what their GenAI uses might be, and how to implement them. Corporate IT spending on software has been muted thus far in 2024 compared with the same period in 2023.		View
2025 Q1	Mar 31, 2025	Artisan Mid Cap Fund	-7.4%	-7.4%	ANET, AZO, BBY, BFAM, BKR, CCCS, COHR, DASH, DDOG, DECK, GWRE, ILMN, MRVL, ONTO, PLTR, PSTG, SAIA, SNOW, SPOT, TYL, VEEV, VHI, WEST	AI, Cloud, energy, growth, healthcare, mid cap, tariffs, technology	The fund experienced significant challenges from AI-related holdings as China's DeepSeek AI model disrupted assumptions about data center spending durability. Companies leveraged to data center spending like Arista Networks, Pure Storage, Coherent and Onto Innovation declined, while Marvell was punished despite strong earnings due to high AI expectations.		View
2024 Q4	Jan 20, 2025	Optimist Fund	11.6%	66.5%	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	Multiple 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.	TDUP W POOL RVLV HFG.DE DASH CVNA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 27, 2026	Fund Letters	Contrarius Global Equity Fund	DoorDash	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Convenience Delivery, food delivery, Free Cash Flow, Geographic Expansion, grocery delivery, market leader, strong balance sheet, Value	View Pitch
Apr 13, 2026	Fund Letters	Optimist Fund	DoorDash, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	food delivery, margin expansion, market leader, operating leverage, Platform business, Revenue Growth	View Pitch
Apr 13, 2026	Fund Letters	Optimist Fund	DoorDash, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	food delivery, Logistics Platform, margin expansion, on-demand services, profitability, Revenue Growth	View Pitch
Apr 13, 2026	Fund Letters	Parnassus Growth Equity Fund	DoorDash Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Consumer services, e-commerce, food delivery, Gig Economy, Logistics Platform, network effects	View Pitch
Jan 24, 2026	Fund Letters	Brian A. Christiansen	DoorDash, Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	advertising, delivery, Logistics, Margins, scale	View Pitch
Jan 9, 2026	Fund Letters	Andrew Macken	DoorDash Inc	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	New York Stock Exchange	Flywheels, growth, Marketplaces, Networkeffects, Operatingleverage	View Pitch
Nov 24, 2025	Short Thesis	Culper Research	DoorDash Inc	Consumer Discretionary	Internet & Direct Marketing Retail (GICS)	Bear	NYSE	food delivery, gig economy, regulatory risk, EBITDA pressure, labor compliance, DoorDash	View Pitch
Aug 8, 2025	Seeking Alpha	Michael Duke	DoorDash, Inc.	Consumer Discretionary	Internet Retail	Bull	NASDAQ	—	View Pitch

BSD Shareholders of DASH

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
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