Infuse
Infuse AM
Mid-cap
Dec 2024 → Mar 2026
Our archive holds 6 letters from this strategy, behind 7 investment theses and positions in 6 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 3 years — follow all of Infuse for every strategy.
Its investment theses
- Duolingo, Inc.Mar 2026Duolingo, Inc. is a language-learning platform leveraging AI to improve courses, with potential for re-accelerating user growth and significant long-term free cash flow relative to its current enterprise value.
- MercadoLibreDec 2025MercadoLibre is a long-term focused operator that has outcompeted major marketplaces via vertical integration and fast delivery, sustaining a powerful e-commerce and payments flywheel.
- TransMedicsDec 2025TransMedics is transforming organ transplants with a growing logistics network that lowers unit costs and could expand the market through DCD procedures, creating a density-driven moat.
- DuolingoDec 2025Duolingo is an engagement-driven education platform expanding into multiple subjects and integrating AI, with exceptional growth endurance and founder-led vision bought at ~18x FCF.
- SanuwaveDec 2025Sanuwave sells a razor-and-blades UltraMist wound-care device, is led by a capital-allocation savvy CEO, and offers >30% growth with improved debt terms at a reasonable ~18x forward EBIT.
- Nu HoldingsDec 2025Nu Holdings is evolving into a super app with replicable expansion beyond Brazil, leveraging a lean cost structure and proven lending algorithms to potentially become a global banking leader.
- PharmXMar 2025The company is the leading EDI provider for Australian pharmacies, with significant growth potential through its marketplace model and strong profit margins.