Initiated a long-term position in SoFi Technologies.

Online banking is the future, and SoFi is the company best positioned to disrupt the financial services industry.

SoFi Technologies offers a digital-first financial services platform that provides a suite of products aimed at helping streamlining personal finance for its members. Its value proposition centers on empowering users to achieve financial independence through an integrated, mobile-first platform that combines lending, banking, investing, and financial education at lower costs than traditional banks.

It operates through three main segments: Lending, Technology Platform, and Financial Services. SoFi provides personal loans, student loans, home loans, and related services, alongside digital banking options such as SoFi Money for checking and savings accounts, and SoFi Invest, a mobile-first investment platform offering trading and advisory solutions. Additionally, SoFi Credit Card offers cashback rewards, and SoFi Relay helps users manage their finances by tracking spending and credit scores.

SoFi's Technology Platform includes Galileo, a service provider for financial institutions, and Technisys, which offers digital banking solutions. These platforms enable SoFi to offer a vertically integrated suite of products and services. 

SoFi also extends its offerings to enterprises through partnerships and its Loan Platform Business.

A key growth driver for SoFi is its loan platform business, which enables the company to efficiently scale its lending operations. Rather than holding loans on its own balance sheet, SoFi originates them and sells them to third-party investors or institutional partners. This capital-light model allows SoFi to generate consistent revenue through origination and servicing fees while avoiding the long-term risks and capital requirements associated with retaining loans.

SoFi’s business model enables cross-selling and fosters member loyalty, with 40% of users engaging with multiple products; this enhances stickiness and allows SoFi to drive further revenue growth and profitability.

Over time, SoFi's model supports continuous growth in market share and economies of scale.

As membership and loan volume grow—projected at 30% year-over-year through 2027—fixed costs become further diluted, boosting margins. Galileo’s client base of over 100 fintechs continues to expand with minimal additional cost, enhancing scalability. By 2030, SoFi could serve 15–20 million members, potentially reducing per-unit costs by 20%–30%.

SoFi is growing at an unprecedented rate for a "bank"; and the valuation has not yet priced this in.

Initiated a long-term position in Hims & Hers Health.

Hims & Hers Health has the technical platform, distributed provider network, and access to clinical capabilities to lead the migration of routine office visits to a personalized, digital, accessible format.

The Hims & Hers platform includes access to a highly-qualified and technologically-innovative provider network, a clinically-focused electronic medical record system, digital prescriptions, cloud pharmacy fulfillment, and personalization capabilities. Our digital platform enables access to treatments for a broad range of chronic conditions, including those related to sexual health, hair loss, dermatology, mental health, and weight loss. 

Hims & Hers connects patients to licensed healthcare professionals who can prescribe medications when appropriate and prescriptions are fulfilled online through licensed pharmacies on a subscription basis.

In addition, Hims' also offers access to a range of health and wellness products designed to meet individual needs, which can include curated prescription and non-prescription products.

Hims' subscription-based model, with 91% of revenue from memberships, ensures predictable cash flow and high customer retention. Model supports scalability and reinvestment into platform enhancements, driving long-term profitability.

Hims & Hers’ focus on hyper-personalized care like compounded medications, chosen by 30% of subscribers, creates sticky customers, opens up cross-selling opportunities, and increases the value per dollar spent over time.

Novo Nordisk has partnered with Hims & Hers to offer Wegovy through their platform. This collaboration allows access to all dose strengths of Wegovy with a bundled membership, enhancing the company’s weight management offerings.

This speaks volumes on the platform, ecosystem, and customer base that Hims & Hers has built.

What's key is that this partnership sets a precedent for future alliances with pharmaceutical giants or healthcare providers.

Hims & Hers has opportunities to expand into new international markets. Leveraging its digital platform and brand strength, the company can tap into global demand for Telehealth, particularly in regions with limited healthcare access.

The company operates in a massive addressable market, and there are a number of other segments they plan to expand into like testosterone, menopause, sleep, and more. The opportunity is huge.

Initiated a long-term position in Aspen Aerogels.

The global EV market, projected to reach 33 million vehicles by 2030, drives demand for Aspen Aerogels’ PyroThin thermal barriers, critical for preventing thermal runaway in lithium-ion batteries, with partnerships like General Motors, Audi, and Volvo Truck fueling revenue growth.

Aspen’s Energy Industrial segment also benefits from growing demand for Pyrogel and Cryogel in refineries, petrochemical facilities, and cryogenic applications, supported by manufacturing expansions.

By halting construction of its second manufacturing facility in Statesboro, Georgia, and leveraging external manufacturing, Aspen’s capital-light model enhances cash flow and operational efficiency, enabling cost-effective production scaling.

Aspen’s carbon aerogel initiative, aimed at improving lithium-ion battery performance, could extend EV driving range and reduce costs, opening a significant new revenue stream upon successful commercialization.

Aspen’s 90% year-over-year revenue increase to $452.7 million in 2024, with 40% gross margins, reflects strong market acceptance and scalability, providing a foundation for sustained future performance.

Despite supply chain challenges, Aspen’s proprietary aerogel technology and established industry relationships provide a competitive moat, supporting high margins and long-term growth resilience.

Initiated a long-term position in TransMedics Group.

TransMedics Group (TMDX) offers a unique and revolutionary approach to organ transplantation through its Organ Care System (OCS) technology.

TransMedics' OCS technology is the only FDA-approved, portable, multi-organ, warm perfusion platform designed for the transplantation of heart, lung, and liver organs. 

This system maintains maintains organs in near-physiologic conditions, significantly reducing ischemic incidents and increasing the usability of donor organs to over 90%, compared to traditional cold storage, which could drive demand as transplant programs prioritize better clinical outcomes; this is particularly impactful for donation-after-circulatory-death (DCD) organs, where OCS achieves 90% utilization versus 0% for cold storage, potentially increasing the pool of viable organs.

TransMedics is targeting three primary segments of the organ transplant market: heart, lung, and liver. With plans to enter the dynamic cold perfusion market in 2025, the company is poised to address a broader range of transplant needs and capture additional market share.

TransMedics also operates the "National OCS Program (NOP)," its solution for organ procurement and logistics, utilizing the Organ Care System (OCS) to provide outsourced organ retrieval, perfusion management, and aviation logistics services to U.S. transplant centers. The program streamlines the transplant process by managing donor organ assessment, preservation, and transportation—aiming to increase efficiency, improve organ utilization rates, and drive revenue growth for TransMedics. This integrated approach creates a significant competitive moat for the company.

The potential for international expansion remains a significant tailwind, as global transplant programs express interest in OCS technology. Positive clinical data and NOP scalability could accelerate adoption in markets outside the U.S., where cold storage limitations persist. While currently focused on the U.S., TransMedics’ long-term strategy includes leveraging its FDA-approved technology for lung, heart, and liver transplants to capture international market share.

Initiated a long-term position in Grab Holdings Limited.

Grab is a leading super-app in Southeast Asia, offering a diverse range of services including transportation, food delivery, digital payments, and financial services. Its unique selling point lies in its ability to integrate these services into a single platform, providing users with a comprehensive solution for their daily needs. This integration not only enhances user convenience but also positions Grab as a dominant player in the Southeast Asian market.

Grab Holdings is poised to benefit from the growing digital economy in Southeast Asia, as the region's population boom and rising middle-class economic health drive demand for its ride-hailing, delivery, and financial services. With two-thirds of Southeast Asia's population lacking access to banking services, Grab's superapp ecosystem is well-positioned to capture this underbanked market, leveraging its extensive consumer data to offer tailored financial products like lending, insurance, and wealth management, which could significantly boost its financial services segment revenue.

Grab's extensive market share and presence across Southeast Asia create a strong competitive advantage. Its leadership in mobility and delivery services positions it well to capitalise on the region's growing digital economy.

The company's strategic investments in autonomous vehicle (AV) technology are also expected to reduce operational costs and enhance long-term earnings growth. Grab's focus on AVs aligns with its goal of improving efficiency in its mobility and delivery segments, potentially leading to higher margins as it scales these technologies across its eight operating countries.

Grab's recent acquisitions, such as the purchase of Trans-cab Holdings and Everrise supermarkets in Malaysia, are set to expand its driver base and strengthen its delivery capabilities. These moves enhance Grab's market dominance by improving service reliability and diversifying its ecosystem, which could drive higher user engagement and transaction volumes.

As Grab expands its financial offerings, including digital banking and insurance, it taps into the underbanked population of Southeast Asia. This segment presents significant growth opportunities with potentially higher margins than traditional mobility services.

Its super-app model enables cross-selling opportunities and synergies across different service lines, benefiting from economies of scale that can improve profit margins.

Initiated a long-term position in Shift4 Payments.

Shift4 Payments is a leading provider of integrated payment processing and technology solutions, serving businesses across a wide range of industries, including hospitality, retail, food and beverage, eCommerce, and non-profit organizations.

The company offers a comprehensive, end-to-end commerce ecosystem that includes point-of-sale (POS) software, secure payment processing, mobile payment solutions, hardware, reporting and analytics tools, and value-added services, enabling merchants to manage all aspects of their operations from a single platform.

Through its proprietary gateway and merchant acquiring capabilities, Shift4 delivers a vertically integrated model that eliminates the need for third-party processors, allowing for more efficient operations, improved margins, and enhanced control over the customer experience.

Shift4 is particularly well-known for its strong presence in the hospitality and restaurant industries, where it provides POS integration and payment processing services to major hotel chains, independent hotels, and foodservice establishments, including large franchises.

The company’s SkyTab platform is a significant innovation in its product suite, offering modern, cloud-based POS systems with advanced features such as tableside ordering, contactless payments, real-time reporting, and loyalty program integration.

Shift4’s expansion into eCommerce has been accelerated through strategic acquisitions and partnerships, including the purchase of 3dcart (now Shift4Shop), which powers its robust online store platform for merchants looking to build or scale their digital presence.

A key competitive advantage for Shift4 is its unified commerce strategy, which seamlessly connects in-store and online transactions to provide merchants with a cohesive view of customer behavior, sales data, and operational metrics.

Shift4 also provides merchant lending services, gift card solutions, fraud prevention tools, and subscription billing support, offering businesses a wide range of financial technology solutions under one umbrella.

Shift4 Payments is expanding internationally, particularly in Europe, which is expected to drive revenue growth by tapping into new markets with high demand for integrated payment solutions; acquisitions like Finaro and Global Blue enhance cross-border e-commerce capabilities, while partnerships with European software providers strengthen distribution channels, potentially increasing market share in a $12 trillion global electronic payments market.

The company’s SkyTab POS system is gaining traction in enterprise hospitality and table-service restaurants, positioning it to capture market share from competitors like Toast. Recent advancements like SkyTab AIR and mobile POS solutions improve user engagement and operational efficiency, with promotional offers such as $1 per order for new SkyTab users driving adoption.

Strategic acquisitions such as Givex and Vectron are also expanding Shift4’s presence in new verticals like stadiums, hotels, and entertainment venues, creating cross-selling opportunities. These deals add monetizable payment volumes and enhance Shift4’s vertically integrated offerings, such as ticketing and concessions, giving it a competitive edge in niche markets.

Shift4’s diversified customer base across hospitality, retail, gaming, and non-profits reduces reliance on any single industry, making it resilient to sector-specific downturns. This broad exposure supports stable growth even in challenging economic conditions.

The global payment processing market is projected to grow at a 13.7% CAGR to $146.5 billion by 2030, providing a strong secular tailwind. Shift4’s best-in-class technology and omnichannel solutions position it to capture a growing share of this expanding market, particularly in digital and contactless payments.

Currently trading at much lower multiples compared to peers despite strong growth prospects.

Initiated a long-term position in Mobileye Global.

Mobileye is a leader in autonomous driving and Advanced Driver Assistance Systems (ADAS).

Mobileye aims to achieve a self-driving solution 10-50x safer than human drivers, targeting millions of hours between failures. This ambitious goal aligns with the increasing demand for autonomous solutions.

Mobileye’s partnerships with major automakers like Volkswagen, which will integrate Mobileye’s Surround ADAS into its MQB platform, are expected to drive significant revenue growth as high-volume vehicle production ramps up in the coming years. The collaboration, announced in April 2025, enhances safety and driving comfort, positioning Mobileye as a key supplier for the world’s second-largest automaker, with potential to expand similar deals across other OEMs.

The company’s robotaxi initiatives, particularly through partnerships with Uber and Lyft, are set to accelerate with deployments planned for 2026, starting in Texas. Lyft’s plan to scale thousands of Mobileye-equipped autonomous vehicles across multiple cities, supported by Marubeni’s fleet management, could establish Mobileye as a leader in the mobility-as-a-service (MaaS) market, driving high-margin revenue.

Mobileye’s EyeQ6 and Brain6 AI technologies are anticipated to enhance performance and efficiency, enabling advanced ADAS and autonomous driving features that could attract new contracts. These next-generation chips are designed to improve margins and solidify Mobileye’s technological edge in the competitive ADAS market.

Mobileye’s cloud-enhanced driver assist and SuperVision systems are gaining traction, with contracts for 18 Volkswagen Group models across brands like Audi and Porsche. These advanced systems, which offer eyes-on/hands-off functionality, are likely to drive premium revenue streams as automakers prioritize AI-powered features.

Mobileye Global is well-positioned to capitalize on the accelerating growth of the autonomous driving and advanced driver-assistance systems (ADAS) markets.

Initiated a long-term position in Nu Holdings.

Nu’s digital-first model aligns with the increasing demand for financial inclusion and digital banking in Latin America, where 60 million adults remain unbanked in Brazil alone. Macroeconomic trends favoring digital adoption and a young, tech-savvy population provide structural tailwinds, amplifying Nu’s ability to capture market share from traditional banks.

Nu Holdings is expanding rapidly in Mexico and Colombia, indicating significant growth potential in these underbanked markets. The company’s ability to replicate its Brazilian success, where it serves 91.8 million customers, could drive substantial revenue growth as these newer markets mature, supported by low customer acquisition costs and high Net Promoter Scores.

The company’s revenue per active customer (ARPAC) increased to $10.7, with mature cohorts reaching $25, suggesting room for further monetization as customers adopt more high-margin products. Cross-selling opportunities across credit cards, personal loans, and insurance products are expected to boost ARPAC, especially as Nu leverages its AI-driven platform to personalize offerings.

Nu’s proprietary data analytics and AI capabilities, enhanced by acquisitions like Hyperplane, enable superior credit underwriting and customer personalization, reducing default rates and improving asset quality. The 15-90 day non-performing loan ratio has declined consistently over time, signaling effective risk management that supports sustainable growth in lending.

Nu’s efficiency ratio improved to 32% , positioning it as one of the most cost-efficient financial services companies globally. Continued investment in technology, such as the acquisition of Hyperplane to enhance AI capabilities, is expected to further reduce operating costs while scaling customer acquisition, driving margin expansion.

The approval of a banking license in Mexico in April 2025 is expected to enable Nu to expand its product portfolio, including new savings and lending solutions, further accelerating customer growth and revenue diversification. This regulatory milestone reduces barriers to scaling operations in Mexico, a market with significant untapped potential.

Nu’s investment in non-financial services, such as NuTravel and NuCel, could create new revenue streams by integrating lifestyle services into its app, enhancing customer engagement. These initiatives, still in early stages, leverage Nu’s young customer base and could mirror Amazon’s ecosystem approach, fostering long-term loyalty and higher lifetime value.

The company’s strong capital position supports aggressive investment in product development and geographic expansion without compromising financial stability. This financial flexibility allows Nu to navigate macroeconomic challenges, such as currency volatility, while continuing to scale operations.

Nubank is deeply undervalued given its growth potential.

Initiated a long-term position in Nebius Group N.V..

Nebius provides a full-stack AI infrastructure solution encompassing advanced cloud platforms, energy-efficient data centers, and powerful AI tools that enable enterprises, developers, and researchers to scale their AI operations efficiently and effectively.

The total addressable market (TAM) for AI infrastructure is projected to grow from $33 billion in 2023 to over $260 billion by 2030, representing a compound annual growth rate (CAGR) of 35%.

Nebius is able to deliver its services at 20–25% lower costs than competitors by leveraging its vertically integrated value chain, including in-house server design, optimized cooling systems, and energy-efficient data centers that enhance performance while reducing operational expenses.

Nebius has formed a strategic partnership with NVIDIA, enabling it to integrate state-of-the-art GPU technology into its AI infrastructure, including access to NVIDIA’s upcoming Blackwell GPUs, which will further enhance Nebius’ ability to deliver high-performance AI solutions at scale.

Nebius has over $2 billion in cash reserves and no debt, providing a strong foundation to support its aggressive expansion plans, including its commitment to investing over $1 billion in European AI infrastructure by mid-2025.

Nebius is executing an ambitious expansion strategy to scale its data center capacity to 240,000 GPUs by 2028, with projects like its Kansas City GPU cluster and flagship Mäntsälä data center in Finland, which alone is expected to generate over $1 billion in annual revenue at full capacity.

Nebius is a 4-in-1 business. In addition to its core AI infrastructure business, Nebius operates three high-growth divisions: Toloka, Avride, and TripleTen.

Toloka, trusted by major companies like Microsoft and ServiceNow, provides human-powered data labeling solutions essential for AI training and development.

Avride, a pioneer in autonomous mobility solutions, operates self-driving cars and delivery robots.

TripleTen, a top-rated EdTech platform in the U.S., is expanding into LATAM and the B2B market, with AI-powered reskilling programs designed to meet emerging job market demands.

Nebius also holds a minority stake (~28%) in ClickHouse, a high-performance open-source database company.

Initiated a long-term position in Lemonade.

Lemonade is a digital insurance provider offering a range of insurance products including renters, homeowners, car, pet and life insurance across the United States and Europe.

Lemonade is a technology-driven insurance company that differentiates itself from traditional insurers by operating on a fully digital, AI-powered platform, optimizing for automation, efficiency, and scalability.

The fully digital platform allows Lemonade to handle all insurance-related tasks within a single app, eliminating the need for paperwork, brokers, and other administrative burdens that slow down legacy insurers, making the process seamless for customers.

Advanced chatbots and AI-driven interfaces streamline the customer experience, allowing users to purchase policies, submit claims, and manage their accounts with minimal human intervention, significantly reducing operational costs.

Claims processing is simplified through digital video recordings, allowing customers to submit claims in minutes without needing in-person assessments, with nearly 50% of claims currently being processed automatically without human involvement.

Expansion into new countries and regions is significantly faster and less capital-intensive since Lemonade can scale its operations without needing a physical presence, meaning they can enter markets with little to no employees on the ground.

Lemonade’s long-term strategy to offer products globally helps reduce the concentration risk of catastrophic (CAT) events, as diversification across different regions lowers exposure to localized disasters that could significantly impact legacy insurers.

Digital record-keeping enhances fraud prevention by systematically detecting suspicious behavior, reducing fraudulent claims, and ensuring greater transparency compared to traditional insurers, which rely heavily on manual reviews.

Every customer interaction is measurable and trackable, providing data-driven insights into user behavior, risk assessment, and operational efficiency, which legacy insurers struggle to replicate due to outdated systems.

Lemonade can utilize thousands of small behavioral signals to improve underwriting accuracy, such as the time of day a customer interacts, whether they read the fine print, the location where they signed up, their Google search keywords, and the types of items they register for insurance.

The ability to aggregate and analyze these behavioral signals allows Lemonade to create more precise risk profiles for customers, improving pricing accuracy and loss ratios over time.

The digital-first approach allows Lemonade to efficiently offer niche insurance products that legacy insurers cannot profitably provide due to high administrative costs, such as renters insurance and e-bike insurance, which attract younger and first-time insurance buyers.

Legacy insurers typically overlook smaller insurance products due to bloated cost structures, whereas Lemonade’s lean and automated model makes it viable to introduce and manage specialized coverage options without excessive overhead.

Since 90% of Lemonade’s customers are first-time insurance buyers, the company has a unique opportunity to acquire and assess customer risk profiles early in their financial lives, allowing them to filter out high-risk clients before they purchase more expensive coverage.

Acquiring customers when they are young, such as when they buy renters insurance, enables Lemonade to retain and grow with them over time as they transition into homeowners and car owners, significantly increasing their premiums from $100 per year to thousands annually.

Customer satisfaction is significantly higher due to faster claims processing, easier sign-ups, and more transparent policy terms, leading to a reported Net Promoter Score (NPS) of 70 and a 4.9-star rating from over 70,000 reviews on the iOS App Store.

Over time, Lemonade’s ability to leverage automation, behavioral data, and global diversification is expected to widen its competitive advantage over traditional insurers, leading to improved profitability and market penetration. 

This is the ultimate formula for long-term exponential growth. Time is Lemonade's greatest ally. As time passes, Lemonade will continuously strengthen its competitive advantage and customer retention, creating increasingly higher barriers to entry and solidifying its market dominance.

This is a mega insurance company in the making and a once in a lifetime opportunity.

Initiated a long-term position in Archer Aviation.

Archer Aviation is a leading company in the eVTOL (electric Vertical Take-Off and Landing) industry, which is projected to grow into a $174 billion market by 2034 and a $1.5 trillion market by 2040. This rapid expansion highlights the significant potential for early movers in the space.

Archer’s flagship aircraft, the Midnight, is designed to revolutionize urban air mobility and logistics, offering a payload capacity of over 1,000 pounds, a maximum speed of 150 mph, and ultra-fast recharge times ranging from 10 to 50 minutes. These specifications make Midnight well-suited for rapid, high-frequency operations in densely populated areas.

The operational cost of the Midnight aircraft is projected to be approximately $500 per flight hour, which is drastically lower than the $10,000 per hour typically required to operate traditional helicopters. This significant cost advantage enhances the feasibility of widespread commercial adoption, making aerial transport more affordable for businesses and consumers.

Midnight utilizes Distributed Electric Propulsion (DEP) technology, featuring 12 independent motors and propellers to provide redundancy and eliminate any single point of failure. This design enhances safety and reliability.

With noise levels around 45 dBA, the Midnight aircraft is considerably quieter than conventional helicopters, reducing urban noise pollution and making it more acceptable for citywide deployment.

Archer has also recently announced a partnership with Anduril, a private defense technology company specializing in AI-driven autonomous systems, surveillance, and military-grade software solutions. This partnership marks a major step in Archer’s expansion beyond commercial aviation into military applications, strengthening its position in the defense sector with access to government contracts.

The joint development of a hybrid VTOL aircraft for critical defense applications enhances Archer’s product portfolio by introducing military-grade aircraft and creating new revenue streams through potential Department of Defense (DoD) contracts.

By leveraging its commercial aviation technology for military use, Archer can accelerate its path to profitability by tapping into high-budget defense spending and reducing market risks associated with relying solely on commercial aviation.

Archer has built a significant commercial order backlog valued at nearly $6 billion, underscoring strong market demand for its aircraft and providing clear revenue potential for the future. This backlog consists of orders from major commercial partners who see long-term value in integrating eVTOL solutions.

Construction of Archer’s manufacturing facility in Covington, Georgia, remains on track, providing the necessary infrastructure to support large-scale production and commercialization. This facility is expected to be a key driver in the company’s ability to meet growing demand.

Archer presents a compelling long-term investment opportunity as a first mover in an industry poised to transform urban mobility, backed by strong government support, institutional investment, and strategic industrial partnerships.

Initiated a long-term position in CAVA Group.

Cava Group’s ambitious plan to reach 1,000 locations by 2032 is a major catalyst, with the company already demonstrating its ability to open 58 new restaurants in 2024 alone. This rapid expansion into untapped markets like Chicago, Detroit, and Indianapolis promises to bring their Mediterranean offerings to a broader audience, driving revenue growth and boosting brand visibility with every new opening.

Cava is perfectly positioned to ride the wave of increasing consumer demand for nutritious, flavorful food. With its Mediterranean menu aligning with health-conscious trends—especially among Gen Z and Millennials—the company is set to capture a growing share of the fast-casual market, turning wellness-focused diners into loyal customers.

Cava’s investment in digital platforms and its innovative loyalty program are paying off, enhancing convenience and deepening customer relationships. With improved loyalty metrics and a seamless online experience, this tailwind positions Cava to capitalize on the shift toward tech-savvy dining, ensuring repeat business and higher lifetime customer value.

As Cava grows its footprint, it stands to benefit from economies of scale and margin expansion.

While currently focused on the U.S., Cava’s scalable model and universal appeal hint at international opportunities. Entering new global markets could supercharge growth, introducing Mediterranean flavors to a worldwide audience and diversifying revenue streams.

Cava’s emergence as the defining brand in Mediterranean fast-casual dining is a powerful tailwind. With a differentiated offering that transcends demographics and resonates across gender, age, and income levels, Cava is poised to become a cultural staple, much like Chipotle did for Mexican cuisine, unlocking vast long-term potential.

Initiated a long-term position in On Holding AG.

On offers a unique value proposition in the athletic footwear and apparel market, primarily centered around its innovative CloudTec technology.

On's patented cushioning system provides a distinctive running experience, offering both soft landings and explosive take-offs. This technology utilizes hollow pods on the sole that compress upon impact and then lock to create a firm platform for push-off.

The company continually refines its CloudTec system, integrating it with other technologies like the Speedboard plate, which enhances energy return and propulsion.

On blends high-performance features with sleek, modern aesthetics, appealing to both serious athletes and style-conscious consumers.

On Holding is still in the early stages of penetrating global markets, and its innovative footwear and apparel are gaining traction worldwide. With a growing presence in key regions like the U.S., Europe, and Asia—especially in China, where it plans to nearly triple its flagship stores to 47 by the end of 2025—the brand’s international footprint is set to soar, driving significant revenue growth.

The company’s strategic shift toward its direct-to-consumer (DTC) channel is paying off big time. With DTC sales expected to grow by 26% in Q1 2025 and beyond, fueled by branded stores and a robust online platform, On is building stronger customer connections and boosting margins—positioning it for sustainable, high-profit growth.

On’s premium positioning is resonating with consumers, as evidenced by surveys showing 64% of recent buyers using its shoes for running—a huge leap from prior years. This shift in perception toward a performance-driven brand, combined with growing visibility through star-studded marketing (Roger Federer and Zendaya), promises to elevate On to new heights of popularity.

On is consistently delivering gross margins above 60%, a testament to its premium pricing power and operational efficiency. As the company scales its DTC channels and optimizes distribution, profitability is set to climb even higher.

The completion of automated distribution hubs, like the one in Atlanta, is a game-changer. Improved logistics mean faster delivery, happier customers, and lower costs—all of which set the stage for On to handle explosive demand as it scales to new markets.

With an anticipated annual earnings growth rate of 89.35% through 2026, On is significantly outperforming the broader footwear industry, which is projected to experience a decline of -10.8%. This exceptional growth, coupled with a consistent track record of surpassing analyst expectations, demonstrates that On is not merely competing within the industry—it is setting a new standard.

Beyond running, On is carving out a lucrative niche in the lifestyle space. Its versatile, stylish designs are winning over fashion-forward consumers, broadening its appeal and opening up a massive addressable market that promises blockbuster growth.

Initiated a long-term position in Tesla.

Tesla’s next-generation 4680 battery cells are advancing rapidly, offering lower costs, higher energy density, and increased production efficiency. As Gigafactories scale up output, this technology is expected to drive down vehicle prices while enhancing range—potentially enabling sub-$25,000 EVs. This advancement will support Tesla’s strategy to introduce more affordable models, accelerating mass-market adoption.

Tesla’s Full Self-Driving (FSD) software is approaching a transformative milestone, with unsupervised autonomy on the horizon. Regulatory approval could pave the way for a robo-taxi fleet, turning Teslas into revenue-generating assets for both owners and the company—potentially creating a multi-billion-dollar business by 2030.

Tesla’s Megapack and Powerwall solutions are benefiting from the accelerating adoption of renewable energy. As solar and wind power expand, demand for grid-scale storage will triple by 2030.

Tesla’s humanoid robot, Optimus, is expected to debut in factories by 2026. If successfully integrated, it could revolutionize labor-intensive industries, positioning Tesla as a dominant technology leader far beyond mobility—potentially unlocking a trillion-dollar market opportunity.

Tesla is set to unlock multiple billion-dollar revenue streams across diverse industries—including autonomous mobility, energy storage, and AI-driven robotics—reshaping the future in the decade ahead.

Initiated a long-term position in Rocket Lab USA.

Rocket Lab delivers reliable launch services, spacecraft design services, spacecraft components, spacecraft manufacturing and other spacecraft and on-orbit management solutions that make it faster, easier and more affordable to access space.

Rocket Lab primarily targets commercial satellite operators, government agencies, and scientific institutions needing reliable, frequent, and cost-effective access to space. Its customer base includes small satellite (smallsat) operators, mega-constellation developers, and defense contractors.

Rocket Lab holds a first-mover advantage and leads the dedicated small satellite launch services market with its Electron rocket; its differentiation lies in:

• Frequent, low-cost launches tailored for small payloads (up to 300 kg to Low Earth Orbit).

• Vertical integration, controlling rocket production, launch operations, and spacecraft components.

• Precision deployment to specific orbits, unlike rideshare options from competitors like SpaceX.

The next key growth engine is the development of their reusable Neutron rocket for medium-class payloads of up to 13,000 kg.

Development of the Neutron rocket positions Rocket Lab to compete with SpaceX in the medium-lift market and tap into lucrative missions with higher payloads and potential for reusability.

The company holds a robust contract backlog and continues to reduce cash burn, with a clear path to profitability as it scales operations.

Rocket Lab’s Electron serves the smallsat boom, while Neutron targets the growing medium-payload market, positioning it at the heart of these trends.

The global space economy is projected to surpass $1 trillion by 2040. Rocket Lab is well-positioned to benefit from increasing demand for satellite deployment, data services, and defense capabilities in orbit.

Rocket Lab is a founder-led company, with Peter Beck—who currently holds a ~10% ownership stake—serving as its founder and CEO.

~60% of the total compensation for key executives is equity-based, aligning their incentives with stock price growth.

Initiated a long-term position in Oscar Health.

Oscar Health is a health insurance company disrupting the US medical insurance industry; their whole mission is to fix a broken system where healthcare is too expensive, too complicated, and often leaves people with denied claims or medical debt, even if they’re technically “covered.”

The U.S. healthcare system is so broken that in 2024 alone, Americans borrowed $74 billion to cover health-related debt despite having insurance, and 1 in 5 people had issues with their coverage and had to take on debt; Oscar is trying to change this by making high-quality, affordable healthcare coverage accessible to everyone in the U.S.

Oscar was founded specifically to serve the ACA (Affordable Care Act) marketplace; this marketplace exists to provide regulated, affordable insurance options for people who don’t qualify for Medicare, Medicaid, or employer-sponsored plans, and Oscar was built from the ground up to thrive in that exact system.

The ACA marketplace is powerful because it offers government-funded discounts (like premium tax credits and cost-sharing reductions), only available through the marketplace, not from insurers directly; and all ACA plans are required to cover 10 essential health benefits and cannot deny coverage for pre-existing conditions, creating a fair, transparent system for consumers.

Oscar has a large provider network with access to 75% of all U.S. physicians, and only operates in 18 states so far, but they already hold a 7% market share of the ACA in those regions; the company expects this share to grow to 18% by 2027, and potentially even more given how they’re positioned in the market.

Oscar currently has just 2 million members; a tiny number compared to the tens of millions eligible for ACA, which means their addressable market is massive and still largely untapped; they were essentially born out of the ACA’s reform and are now scaling into the opportunity it created.

The biggest unlock for Oscar going forward is the explosive growth potential from ICHRA (Individual Coverage Health Reimbursement Arrangement); this is a regulation that allows employers to reimburse employees tax-free for their individual health insurance premiums, instead of buying expensive group insurance plans.

With ICHRA, employers don’t have to negotiate with large insurance firms or offer bloated group plans; they just set a budget (e.g. $400/month per employee), and employees use that money to shop for their own health coverage (typically on the ACA marketplace), which is exactly Oscar’s sweet spot.

Healthcare is becoming individualistic; when employers buy plans, they’re buying for “the average employee,” which makes it more expensive and less tailored; ICHRA shifts the power back to employees to choose a plan that works for them, and Oscar is aiming to become the go-to insurer for these individuals.

ICHRA is a massive funnel for Oscar to drive member growth; it’s a completely new customer channel that aligns perfectly with their ACA-centric, digital-first model; instead of waiting for individuals to come to the ACA themselves, employers will now be actively sending them there with reimbursement dollars in hand.

The market opportunity from ICHRA is staggering; there are 75 million people in the small business (SMB) market, and by 2030, 15 million are expected to use ICHRA; if Oscar captures just 5–10% of this population (0.75–1.5 million people), at $6,000 per member per year in premiums, that’s $4.5–$9 billion in new revenue.

That new revenue alone could double or triple Oscar’s current ~$7 billion in revenue; and with a conservative 5% profit margin, that could mean an extra $225–900 million in profit. This will blow past analyst estimates.

Another major advantage is Oscar’s low denial rate; only 12% of claims are denied, one of the lowest in the industry (compared to UnitedHealth, who deny 28–33%), giving Oscar a big customer trust and retention edge.

All of this opportunity is only possible if the company can deliver the product effectively; and that’s where Oscar really stands out: they’ve built a fully digital, mobile-first health insurance platform that puts the entire customer experience in the palm of your hand.

Through their app, members can manage their plans, access 24/7 virtual care, get personalized health management, and work with a concierge support team; this is a full-stack digital experience built for how people actually interact with healthcare today.

Oscar makes money the same way other insurers do, by collecting monthly premiums, but what sets them apart is that they stretch those premiums further by driving more efficient, lower-cost care using tech and AI; it’s a full transformation of the customer journey from sign-up to treatment.

They’ve built a proprietary tech platform that allows them to integrate new AI tools faster than legacy competitors, and use these tools to automate time-consuming tasks in virtual care; for example, they use AI to summarize labs (saving 3.5 minutes per visit), generate messaging notes (6.5 minutes saved), create visit instructions (2.5 minutes saved), and are working on automating patient intake (expected 5 minutes saved).

All of this translates to major operational efficiency; 40% less admin work in messaging, and doctors report 56% higher satisfaction using Oscar’s EHR (electronic health record) system; this makes care faster, cheaper, and better for both patients and providers.

Oscar’s tech and data infrastructure allows them to guide users to lower-cost, higher-quality care options, like recommending a virtual doctor visit instead of an expensive ER trip; which helps keep medical costs down while improving the member experience.

They have a superior Net Promoter Score (NPS), and their digital structure built from scratch gives them a long-term advantage over legacy insurers.

Between 2022 and 2024, revenue grew from $3.96 billion to $9.18 billion (131.5% growth), while SG&A expenses only grew from $1.26 billion to $1.76 billion (39.6% growth); they’re scaling more efficiently and expanding margins fast.

That margin expansion allowed Oscar to turn profitable, and as revenues continue to grow faster than SG&A, profits are expected to accelerate from here; the business is now at the inflection point where it will become a money making machine.

Current market cap is just $3.81 billion, and revenue is already approaching $10 billion; that’s a P/S ratio of under 0.4x, which is insanely cheap for a high-growth, tech-enabled, scalable company in a huge market with clear structural tailwinds.

The CEO, Mark Bertolini, has a legendary track record; he turned Aetna around from near-bankruptcy to a $69 billion sale to CVS, growing the stock from $29 to $200 and revenue to $60 billion; he then became Co-CEO of Bridgewater before joining Oscar in 2023.

Since Bertolini joined: revenue is up 45% year over year, medical loss ratio has improved from 91.6% to 86.4%, and EPS is expected to grow 30%+ annually for the next 3 years; he’s turned Oscar into a vertically integrated technology company with real financial discipline.

He’s known for underpromising and overdelivering, and under his leadership, Oscar has become a fast-growing, AI-enabled, profitable disruptor with massive upside potential.

In conclusion, Oscar is building a fully AI-driven and tech-first ecosystem in one of the biggest, most broken industries in America; and with just a small share of ACA and ICHRA penetration, they could blow past current revenue and profit estimates.