Tapasya

What they bought and sold · 5 moves

• New positionAdobe

  June 2026

  “We initiated this position recently, capitalizing on an over-correction driven by fears that generative AI would destroy its moat.”

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• AddedInteractive Brokers

  June 2026

  “Added during the market volatility of last year, IBKR has quickly become a top performer.”

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• ExitedLululemon Athletica

  June 2026

  “We sold out of Lululemon (LULU) and Fannie Mae (FNMA).”

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• ExitedFannie Mae

  June 2026

  “We sold out of Lululemon (LULU) and Fannie Mae (FNMA).”

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• AddedAmazon

  June 2026

  “we have established a significant position in Amazon, making it the second-largest holding in our portfolio.”

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Companies held · 16

Every company Tapasya has disclosed a position in across our archive, with the letter that last mentioned it.

• AdobeJun 2026
• AdyenJun 2026
• AlibabaJun 2026
• AlphabetJun 2026
• AmazonJun 2026
• Astera LabsJun 2026
• Berkshire HathawayJun 2026
• Builders FirstSourceJun 2026
• CarvanaJun 2026
• Chipotle Mexican GrillJun 2026
• Fannie MaeJun 2026
• Global-E OnlineJun 2026
• Interactive BrokersJun 2026
• Lululemon AthleticaJun 2026
• ProsusJun 2026
• UberJun 2026

Theses · 6

• Amazon

  June 2026

  Amazon benefits from AWS tailwinds, highly profitable cloud economics, a competitive enterprise connectivity angle, and expanding advertising and retail profitability.

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• Adobe

  June 2026

  Adobe is expected to integrate AI successfully into its dominant creative suite and strengthen its moat.

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• Astera Labs

  June 2026

  Astera Labs provides critical picks-and-shovels connectivity chips for AI infrastructure bottlenecks.

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• Amazon.com, Inc.

  February 2026

  Amazon is a diversified retail, cloud, and advertising leader with depressed valuation, accelerating AWS demand and backlog, high-margin ads, custom silicon advantages, and a proven invest-harvest cycle underpinning long-term value creation.

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• Builders FirstSource, Inc.

  December 2025

  Builders FirstSource is a high-ROIC, FCF-generative consolidator using buybacks and acquisitions in a fragmented market with tailwinds from a U.S. housing deficit.

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• Lululemon Athletica Inc.

  December 2025

  Lululemon is a long-term compounder with international expansion, especially in China, expected to drive growth despite U.S. competition and tariffs.

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Letter archive · 3