NVIDIA Corporation (NVDA) sells semiconductors, systems, and software for accelerated computing, gaming, and generative AI (GenAI).
Computing demand has been doubling every one to two years, driven by electrification, digitization and the recent advancements in AI, yet supply growth has decelerated dramatically due to the slowdown in Moore's law. NVIDIA’s accelerated computing architecture enables continued growth in supply of computing through parallelization. We are at the tipping point of a new era in computing with NVIDIA at its epicenter as GenAI adoption grows. Given its leading market share in gaming, data centers, and autonomous machines, we believe NVIDIA can grow rapidly for years to come.

MercadoLibre, Inc. (MELI) is the largest e-commerce company in Latin America. The company operates the MercadoLibre e-commerce marketplace, the Mercado Pago fintech platform, and the Mercado Envios suite of shipping solutions for sellers on its platform.
MercadoLibre benefits from the emergence of two secular trends: e-commerce and digital payments. The company has a significant first-mover advantage and is investing aggressively in logistics to widen its competitive moat. Latin America is a predominantly cash-based economy with e-commerce penetration under 20%, and MercadoLibre has an attractive, asset-light marketplace business model. We believe its logistics network will become a key competitive advantage at scale, and we see a significant opportunity in Mercado Pago off-platform.

Shopify Inc. (SHOP) is a cloud-based software provider offering an operating system for multi-channel commerce. The company serves over two million merchants that processed $235 billion of gross merchandise volume in 2023. Shopify is the second largest e-commerce player in the U.S.
Shopify has developed a scalable platform that offers an end-to-end commerce solution to merchants of all sizes, including merchants that sell offline, international merchants, and B2B merchants. Shopify’s aggregate scale, innovation, and ecosystem of partners enable merchants to take payments, receive loans, and easily sell internationally. With less than 2% share of $20 trillion in global commerce, it has a long runway for growth.

Coupang, Inc. (CPNG) is Korea's largest e-commerce company. 
Coupang's proprietary logistics system enables faster delivery times and easier returns versus those of its competitors, which we think should drive superior customer retention, lifetime value, and network effects, allowing Coupang to become highly profitable in the intermediate term. Long term, we believe Coupang will become the dominant player in Korean e-commerce and among the country's largest retailers. We also like its prospects in third-party fulfillment and advertising.

Space Exploration Technologies Corp. (SpaceX) designs, manufactures, and launches rockets, satellites, and spacecrafts. Its ultimate goal is to make humanity multi-planetary. Products include reusable orbital launch offerings and a broadband service leveraging its satellite constellation, Starlink.
We believe SpaceX will continue to drive down the cost of space launches and capture market share with its unique, reliable, and improving reusable launch capabilities. As costs decline, we also expect demand for access to space to increase. By leveraging its launch cost leadership, vertical integration, and innovative design approach, we think SpaceX will have an advantage in building and operating its rapidly expanding satellite-based broadband services, creating an even more attractive growth profile for the company.

CrowdStrike Holdings, Inc. (CRWD) is a cloud-architected SaaS cybersecurity vendor offering endpoint security, threat intelligence, and cyberattack response services.
We like CrowdStrike for its impressive technological differentiation, high growth, and strong management team. The company’s moat derives from a lightweight software agent and a cloud-based threat graph database that allow it to access, sort, and protect customer data it can then use to launch new products and improve and automate its services. CrowdStrike is disrupting the end point protection market and extending its reach into cloud workloads. We believe the company can grow rapidly given its visionary management team and large total addressable market.

Cloudflare, Inc. (NET) wants to build a faster, more secure internet. Its network spans over 300 cities in more than 100 countries and connects with more than 10,000 ISPs, cloud providers, SaaS services, and enterprises globally. Its edge network operates within 100 milliseconds of 99% of the developed world.
Cloudflare's technology is 30% to 50% cheaper than that of peers, while its gross margins are 1,000 to 2,000 basis points higher. It is widely respected among developers, who migrate it from personal to enterprise use. These advantages allow Cloudflare to service about 25% of global internet traffic. We believe Cloudflare will maintain 30%-plus growth for several years given its unique technology and go-to-market strategy that is disrupting a $40 billion market, along with the potential to attack a nascent Edge Computing market that could grow to $10 billion in four years.

ASML Holding N.V. (ASML) designs and manufactures semiconductor production equipment. It specializes and is the clear market leader in photolithography equipment, where light sources are used to photo-reactively create patterns on wafers that ultimately become printed circuits.
ASML has always been a leader in the photolithography space with its equipment used by nearly all major semiconductor manufacturers. It has over 80% market share in deep ultraviolet photolithography and 100% market share in leading-edge-critical extreme ultra-violet equipment needed to extend the price/performance/efficiency curve of ever-shrinking semiconductor chip sizes. In our view, its next generation high-NA EUV will extend its technological advantage and positions the company for continued lithography dominance at the leading edge.

Argenx SE (ARGX) is a biotechnology company developing antibodies for the treatment of autoimmune disorders. The company is in the early years of the commercial launch of its drug Vyvgart, which promises to change the treatment paradigm for a host of autoantibody immune disorders.
Argenx's main product, efgartigimod, which treats a rare muscle weakness disorder, has potentially broad applicability in ameliorating overactive antibody-based diseases. Efgartigimod is a true "pipeline in a product," where the product itself is the platform, as it has the potential to be used against a diverse range of diseases – something that is rarely achieved in the biotechnology space. We expect the share price to increase as argenx proves its product’s effectiveness in multiple autoantibody disorders.

Datadog, Inc. (DDOG) offers a SaaS-based observability platform that helps businesses keep their software and applications up and running. Core products include infrastructure, application performance monitoring, log management, and cloud security to provide visibility into and secure IT environments.
Datadog is benefiting from a viral go-to-market strategy and an expanding product line to generate growth through its land-and-expand business model. It is also rapidly increasing its platform capabilities with a broad use, single-pane-of-glass strategy. With strong secular trends, a large total addressable market, flexible platform, solid unit economics, and robust product line, we believe Datadog is positioned well to generate significant growth over the coming years.

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