UPST Archives

UPST

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 15, 2025	Unconventional Value	-	31.6%	PGY, PL, RELY, SPIR, THRY, UPST, XMTR	AI, Concentration, Fintech, growth, SaaS, small caps, technology	AI is viewed as an accelerant to value unlock across multiple portfolio companies. Planet Labs benefits from AI in moving up the value chain to deliver solutions rather than raw data. Consumer credit companies like Pagaya and Upstart use AI as a perfectly matched solution for the massive opportunity in consumer credit. Xometry's business is enabled by an AI instant quoting engine that allows for a new business model category.	RELY XMTR SPIR THRY UPST PGY PL RELY XMTR THRYV PGY PL	View
2023 Q2	Jul 7, 2023	Ennismore Global Equity Fund	0.8%	2.4%	5122.T, 7974.T, ADM.L, ATLC, BZU.MI, DIE.BR, MONY.L, MRO.L, OCDO.L, ROO.L, RR.L, SBB-B.ST, SCHE.OL, SPR, TKA.DE, UPST	aerospace, AI, Japan, Long/Short, Spin-Offs, value	Detailed analysis of Melrose Industries and GKN aerospace business model, focusing on engine components with long-term revenue sharing partnerships. The aerospace engine business offers captive aftermarket revenues over 40-year cycles, with GKN positioned across multiple engine programs including CFM56, GTF, and next-generation RISE programs.	MRO.L	View
2025 Q2	Jul 4, 2025	Maple Tree Capital – Jonagold	42.3%	-	DNUT, GRND, HIMS, LMND, NBIS, UPST	AI, Concentration, Fintech, growth, small caps, technology, volatility	Upstart's AI underwriting capabilities are central to the investment thesis, with the manager attending AI Day and emphasizing how AI improvements drive better credit decisions and expanding product offerings. The AI models are becoming more accurate and comprehensive while reducing business volatility.	GRDR HIMS LMND UPST GRND LMND	View
2025 Q2	Jul 4, 2025	Maple Tree Capital – Heartwood	26.3%	-	DNUT, GRND, HIMS, LMND, MCD, UPST	AI, Concentration, conviction, Fintech, growth, small caps, technology, volatility	Upstart's AI underwriting capabilities are central to the investment thesis, with the manager attending AI Day and emphasizing how AI models improve with more data collection. The company's AI has grown more accurate, comprehensive and adaptive, reducing business volatility through better credit assessment.	GRDR LMND UPST	View
2025 Q1	Apr 9, 2025	Maple Tree Capital – Heartwood	-18.0%	-18.0%	ASO, CRWD, DNUT, EA, GRND, HIMS, LMND, LYFT, RDDT, UEC, UPST	AI, growth, nuclear, small caps, tariffs, technology, volatility	President Trump launched sweeping tariffs on countries worldwide, catching markets off guard and sparking panic. These tariffs pose serious inflationary threats and have created a lose-lose scenario for the Fed. The manager views these extreme tariffs as partly a negotiating tactic but acknowledges justified market fear.	RDDT LYFT CRWD EA UEC ASO DNUT UPST	View
2025 Q1	Apr 9, 2025	Maple Tree Capital – Jonagold	-13.6%	-13.6%	ASO, CRWD, DNUT, EA, GRDR, HIMS, LMND, LYFT, RDDT, UEC, UPST	AI, Concentration, cybersecurity, growth, nuclear, tariffs, technology, volatility	Upstart's latest AI model enhancements, including m18 and m19, set the company up well to execute in the newly unfavorable environment. Electronic Arts has consistently invested more in R&D than its peers, positioning itself to lead in the AI-driven future of gaming. Reddit holds incredibly unique and structured user-generated data, which will be extremely valuable in the AI era.	RDDT LYFT CRWD EA UEC ASO DNUT UPST	View
2025 Q4	Feb 22, 2026	Unconventional Value	0.0%	0.0%	AMZN, HIMS, PGY, PL, RELY, SPIR, THRY, UPST, WISE.L, WU, XMTR	AI, Fintech, growth, SaaS, Satellites, small cap, technology, value	AI is viewed as a technology enabler that will accelerate product development and create tailwinds for existing businesses rather than replace human judgment. The manager believes AI will never replace human judgment and sees it as enhancing rather than disrupting core investment strategies. Planet's satellite constellation and daily Earth imaging capability represents a unique infrastructure play. The manager believes Planet is building the default system of record for monitoring Earth, with the daily scan providing infinitely scalable data distribution at zero marginal cost. Remitly's digital remittance platform is taking market share from legacy players like Western Union. The business model relies on acquiring customers via digital channels and earning fees on repeat transactions, with scale benefits improving economics over time. Thryv represents a business model transition from legacy marketing services to SaaS, targeting small businesses moving up-market. The strategy focuses on converting legacy customers to the SaaS platform and expanding functionality for larger businesses with more complex needs.	RELY THRY PL	View
2024 Q4	Dec 31, 2024	Alger Weatherbie Specialized Growth Fund	-1.6%	7.8%	MEG, NEOG, NTRA, SMTC, TNDM, UPST	AI, Genomics, growth, healthcare, semiconductors, small caps, technology	AI is at an inflection point, potentially enabling significant increases in productivity. Upstart leverages AI-powered lending platform with machine learning algorithms to evaluate non-traditional risk factors for more accurate credit assessments. Corporate AI spending faced increased scrutiny in October but remains a secular theme creating attractive investment opportunities.	TNDM MEG NEOG SMTC NTRA UPST	View
2025 Q3	Oct 8, 2025	Maple Tree Capital – Jonagold	-13.1%	-	ASO, CRWV, DNUT, GOOGL, GRND, HIMS, LMND, NBIS, PGR, SN, TSLA, UEC, UPST	AI, Concentration, conviction, growth, small caps, technology, volatility	The manager believes this AI-driven bull market remains in its long-term infancy, with deep capex spend by Big Tech companies signaling increased momentum. They see AI applications like Upstart and Lemonade becoming the next investment wave to build on top of infrastructure over the next 5 years.	GRND UPST	View
2025 Q3	Oct 8, 2025	Maple Tree Capital – Heartwood	40.0%	-	ASO, CRWV, DNUT, GOOGL, GRND, HIMS, LMND, NBIS, PGR, SN, TSLA, UEC, UPST	AI, Concentration, Fintech, small caps, uranium, volatility	The manager believes this AI-driven bull market remains in its long-term infancy with deep capex spend by Big Tech companies signaling increased momentum. They see AI applications like Upstart and Lemonade becoming the next investment wave to build on top of infrastructure over the next 5 years.	UPST CRWV NBIS UEC	View
2024 Q3	Oct 1, 2024	Maple Tree Capital – Heartwood	2.4%	0.0%	ADBE, ASO, CHGG, CRWD, DIS, GOOGL, GRND, HIMS, KKD, LMND, LYFT, RKLB, SMCI, SOUN, TSLA, UEC, UPST	AI, cybersecurity, growth, nuclear, Rideshare, small caps, turnaround, value	Initiated Crowdstrike after it fell ~40% following the July 19, 2024 tech outage. The manager viewed the outage as demonstrating Crowdstrike's power and moat, as the entire tech sector practically shut down. Despite fears of lawsuits and market share loss, analysts did not significantly revise earnings estimates, suggesting the impact was primarily multiple contraction.		View
2024 Q3	Oct 1, 2024	Maple Tree Capital – Jonagold	32.7%	0.0%	ADBE, ASO, CHGG, CRWD, DIS, DNUT, GOOGL, GRND, HIMS, LMND, LYFT, RKLB, SMCI, SOUN, TSLA, UEC, UPST	Fintech, growth, Rate Cuts, small caps, technology, turnaround	Jonagold strategically focuses on small-cap investments with substantial growth prospects that are temporarily out of favor due to cyclical trends or significantly misunderstood. The fund expects small caps to continue performing well as the Federal Reserve further reduces rates, with rate-sensitive securities front-loading near the end of Q3.		View
2025 Q4	Jan 8, 2026	Diameter Capital Partners	0.3%	8.0%	AEP, AFRM, AMZN, DIGI, GOOGL, META, MSFT, NFLX, NI, NVDA, ORCL, PARA, PGY, PPL, SATS, SOFI, T, TALEN, UPST, WBD	AI, credit, distressed, energy, Fraud, healthcare, technology	The fund made significant investments in AI-related debt including Beignet Investor LLC (Meta's AI data center financing) and xAI corporate debt. The quarter saw massive AI-related IG issuance of $90 billion with expectations of $50 billion more in Q1. The fund expects AI to drive continued massive capital needs with OpenAI alone requiring ~$600 billion through 2029. The fund had significant losses in distressed investments, particularly First Brands (a fraudulent auto parts company) and Eye Care Partners. The manager acknowledges mistakes in underwriting management quality and position sizing. Despite setbacks, they see future opportunities in sectors facing productivity-driven disruption. The fund expects increased capital solutions opportunities as PE-backed companies face refinancing challenges from higher rates. They participated in several rescue financings and expect more zombified PE companies to need capital solutions in various structures from prefs to hybrid equity. The fund invested in EchoStar's spectrum assets which became valuable for AI inference and wireless carriers. They also have exposure to LNG through Delfin, positioning for the coming oversupply period. Power demand from AI datacenters is driving infrastructure investment opportunities. The fund analyzed the growth in asset-backed finance driven by insurers seeking yield on annuity proceeds. They're cautious about residual risks in BNPL and FinTech lending, noting credit box expansion and potential fraud risks as the market grows rapidly.	NVDA SATS ORCL	View
2024 Q4	Jan 19, 2025	Unconventional Value	-	73.2%	PGY, PL, QQQ, SPIR, SPY, UPST, XMTR	Data, growth, small caps, SPACs, technology, value	Manager has decent concentration in busted SPACs - companies that went public at too high valuations and have been left for dead. Some entities might possess solid business models, good leadership, and promising prospects; it will just take longer than expected to justify exorbitant valuations.		View
2025 Q1	Mar 31, 2025	Alger Weatherbie Specialized Growth Fund	-19.5%	-19.5%	AGYS, PGNY, PLMR, SMTC, UPST, VSEC	AI, financials, growth, healthcare, industrials, small cap, technology	The emergence of advanced AI models from China demonstrated capabilities comparable to leading U.S. models but at significantly lower development costs, prompting investors to reassess substantial capital expenditures of U.S. large-cap technology companies and resulting in a sell-off in AI-related stocks. The fund continues to observe AI as being at an inflection point, potentially enabling significant increases in productivity.	AGYS UPST SMTC PGNY PLMR VSE	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Alger Weatherbie Specialized Growth Fund	Upstart Holdings, Inc.	Information Technology	Financial Technology	Neutral	NASDAQ	AI-powered lending, Consumer credit, Credit assessment, financial technology, Fintech, machine learning, risk management	View Pitch
Apr 13, 2026	Fund Letters	Unconventional Value	Upstart Holdings, Inc.	Financials	Consumer Finance	Bull	NASDAQ	AI Credit, Alternative Lending, Bank Partnerships, consumer finance, Credit Underwriting, Fintech, machine learning	View Pitch
Apr 13, 2026	Fund Letters	Maple Tree Capital - Heartwood	Upstart Holdings	Information Technology	Application Software	Bull	NASDAQ	AI, Consumer loans, Credit Underwriting, Fintech, high-beta, lending platform, machine learning, Non-prime Lending, SaaS, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Maple Tree Capital - Heartwood	Upstart Holdings	Technology	Financial Technology	Bull	NASDAQ	AI lending, auto loans, Consumer credit, Fintech, growth, HELOC, machine learning, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Maple Tree Capital - Jonagold	Upstart Holdings	Information Technology	Application Software	Bull	NASDAQ	AI lending, Auto lending, Credit Platform, Fintech, growth, HELOC, Misunderstood, operating leverage, Revenue Growth	View Pitch
Apr 13, 2026	Fund Letters	Maple Tree Capital - Jonagold	Upstart Holdings	Information Technology	Application Software	Bull	NASDAQ	AI, Credit Underwriting, Fintech, high-beta, lending platform, machine learning, Short squeeze, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Alger Weatherbie Specialized Growth Fund	Upstart Holdings, Inc.	Financials	Consumer Finance	Bull	NASDAQ	AI-powered lending, Asset-backed securities, Credit assessment, EBITDA recovery, Fintech, machine learning, Origination volumes, Underwriting models	View Pitch
Dec 3, 2025	Fund Letters	H. George Dai	Upstart Holdings, Inc.	Financials	Consumer Finance	Bull	NASDAQ	AI, Credit, Fintech, growth, Lending	View Pitch
Nov 29, 2025	Fund Letters	HenryInvests	Upstart Holdings, Inc.	Financials	Consumer Finance	Bull	NASDAQ	AI underwriting, Funding, growth, operating leverage, Partnerships, Product Diversification, Securitization	View Pitch
Nov 29, 2025	Fund Letters	HenryInvests	Upstart Holdings Inc.	Financials	Consumer Finance	Bull	NASDAQ	AI, Credit, diversification, Fintech, Lending, profitability, underwriting	View Pitch
Sep 16, 2025	Short Thesis	Bleecker Street	Upstart Holdings Inc	Financials	Consumer Finance (AI Lending Platform)	Bear	NASDAQ	AI lending, Credit risk, Cyclical, Delinquencies, Funding	View Pitch
Sep 16, 2025	Short Thesis	John Hempton	Upstart Holdings Inc	Financials	Consumer Finance	Bear	NASDAQ	AI lending, Capital markets, Consumer loans, Credit risk, Macro sensitivity	View Pitch
Aug 13, 2025	Seeking Alpha	Juxtaposed Ideas	Upstart Holdings, Inc.	Other	-	Bull	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Julian Lin	Upstart Holdings, Inc.	Financials	Credit Services	Neutral	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Bay Area Ideas	Upstart Holdings, Inc.	Financials	Credit Services	Bull	NASDAQ	—	View Pitch

BSD Shareholders of UPST

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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