Emerald
Emerald Growth Equity Strategy
Mega-cap Growth
Dec 2025 → Mar 2026
Our archive holds 2 letters from this strategy, behind 8 investment theses and positions in 9 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 2 years · follow all of Emerald for every strategy.
What it bought and sold
Applied Materials Reduction
Tokyo Electron Reduction
The sharp drop in the stock in the January-February period has opened a rare opportunity to acquire more of this high-quality IT stock at a steep discount to fair value.
We re-allocated those funds into Booking.com, a beaten-down quality name in e- commerce.
Also held
Its investment theses
- SAPMar 2026SAP is a mission-critical enterprise software company with AI, cloud, and supply-chain growth tailwinds.
- FortinetMar 2026Fortinet is a sticky cybersecurity platform with network effects, AI resilience, and steady compounder characteristics.
- BroadcomMar 2026Broadcom is an AI and infrastructure leader with dominant ASIC exposure, durable software, and best-in-class margins.
- ServiceNowMar 2026ServiceNow is a deeply embedded IT platform that should benefit from AI adoption and expanding security use cases.
- OracleMar 2026Oracle is backed by a massive AI-driven backlog with contractual visibility and a perceived margin of safety.
- FortinetDec 2025Fortinet is a cybersecurity leader with strong SMB embed, switching costs, and network effects, now trading below intrinsic value amid favorable industry tailwinds.
- Oracle CorporationDec 2025Oracle is an enterprise software and cloud infrastructure provider with strengths in data-intensive workloads and an attractive valuation that offsets higher leverage from AI buildout.
- Alibaba Group Holding LimitedDec 2025Alibaba is a dominant Chinese e-commerce and cloud platform benefiting from regulatory support, growing Qwen-driven cloud adoption, and attractive valuation.