What smart money is saying about AppLovin
9 funds in our archive have pitched AppLovin — most recently Fundsmith Equity Fund in June 2026.
AppLovin Corporation provides a specialized software platform focused on empowering mobile application developers to enhance the marketing and revenue generation of their products. With operations spanning the United States and international markets, the company assists mobile app developers worldwide. Among its core software offerings is AppDiscovery, a marketing solution that intelligently connects advertiser demand with publisher supply through an auction-based model. Another key product is Adjust, an analytics platform that enables marketers to scale their mobile apps by offering capabilities for performance measurement, campaign optimization, and user data protection. Additionally, MAX is an in-app bidding software engineered to maximize the value derived from an app's advertising inventory by facilitating real-time competitive auctions. Its client base is broad, serving advertisers, publishers, internet platforms, and other stakeholders. Founded in 2011, the enterprise maintains its headquarters in Palo Alto, California.
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Position history
Between Q4 2024 and Q2 2026, 5 fund letters reported a position in AppLovin — 2 opened or added to the position, 2 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 5 | 2 | 2 | 1 |
| Q1 2026 | 0 | 0 | 0 | 2 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 2 |
| Q4 2024 | 0 | 0 | 0 | 3 |
Fund activity · 5 positions · 4 moves
- June 2026
“One example of this re-rate and de-rate cycle in play is AppLovin, which remains the Fund’s largest position.”
AppLovin - New positionFundsmith Equity FundJune 2026
“We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
AppLovin - New positionGreenhaven Road Capital FundJune 2026
“AppLovin (APP) — This is a 1% position in a small AI basket.”
AppLovin - June 2026
“Trading activity Having bought dislocation in the first quarter, we spent the second selling strength. Five of the quarter’s ten largest contributors were exited outright: SK Hynix, SanDisk, Applied Materials, Credo and Ciena, the last having doubled over the half year. The other five were reduced, among them Broadcom, Arm and Elite Material, and we also exited the first quarter’s standouts Lumentum and Vertiv, plus CoreWeave and Constellation Energy, alongside AppLovin, Newmont, Robinhood, SoFi and Upstart. With Boston Scientific, Shopify and Mercadolibre discussed above, the quarter’s dealing totalled seventeen positions sold and seventeen initiated: unusually high turnover for this Fund, and a deliberate response to the concentration above.”
AppLovin - June 2026
“The other five were reduced, among them Broadcom, Arm and Elite Material, and we also exited the first quarter’s standouts Lumentum and Vertiv, plus CoreWeave and Constellation Energy, alongside AppLovin, Newmont, Robinhood, SoFi and Upstart.”
AppLovin
Also mentioned · 3
These funds discuss AppLovin — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedLongriver Partners FundJuly 2026
“Manager: Longriver Investment Partners Limited Mandate: Long-only, global, primarily equities Launch: January 3rd, 2023 Minimum: USD 100,000 Fees: 1.00% p.a. + 10% over 6% hurdle + High Water Mark Liquidity: Monthly subscriptions; quarterly redemptions with sixty days written notice Structure: Hong Kong Open-ended Fund Company Regulator: Hong Kong Securities & Futures Commission Admin.: Sinopac Services & Solutions Limited Custodian: Interactive Brokers Hong Kong Limited Auditor: Emerald CPA Legal: Charltons Contact: grahamfrhodes@longriverinv.com AMAZON APPLOVIN CONSTELLATION SOFTWARE GAMES WORKSHOP GROUP HIKARI TSUSHIN META PLATFORMS NVIDIA PLOVER BAY TECHNOLOGIES TAIWAN SEMICONDUCTOR MANUFACTURING CO. WISENotes: Benchmark is the MSCI AC World USD Net Return Index. Longriver net performance figures are unaudited. Portfolio characteristics are as at 31 March, 2026. Focus, patience and accountability. Fair fees with a hurdle rate. Personal capital invested alongside clients. Candid communication and direct access to the decision-maker. WHAT THE FUND OWNS: WHAT CLIENTS GET: Global, long-only best ideas equity portfolio. Businesses selected for resilience, re-investment potential and stewardship. Benchmark-agnostic portfolio construction. Purchases made with a margin of safety. TOP 10 HOLDINGS (ALPHABETICAL): KEY INVESTMENT TERMS: OPERATIONS: LONGRIVER INVESTMENT PARTNERS LIMITED | LEVEL 7, NEW EAST OCEAN CENTRE, TSIM SHA TSUI, HONG KONG Longriver is an Asia-informed global equity strategy for long-term investors who think like business owners.”
AppLovin - MentionedSaltLight Capital Co‑Investor LetterJune 2026
“Consumer Regarding consumer AI, we think it will play out like the browser wars did. Consumers do not neatly follow the “good enough” test because they often have multidimensional reasons for buying a product (status, scarcity, or other factors). We believe that consumer AI will be monetised through engagement, not through subscriptions or by AI substituting for “work”. High-engagement platforms like Meta, Roblox, and AppLovin will continue to benefit from consumer AI.”
AppLovin - MentionedBristlemoon Capital Global FundJune 2026
“Finally, we provide a detailed update on ASML , where we believe the market is still underestimating the scale of the coming wafer fab equipment capex supercycle and the resulting demand for EUV tools.”
AppLovin
Fund coverage · 9 theses
- Fundsmith Equity FundJune 2026
AppLovin monetizes mobile ad targeting through its AXON engine, which drives network effects, high growth, and expansion into e-commerce and CTV.
Read the full thesis - Alger Spectra FundMarch 2026
AppLovin is an adtech platform leveraging AI and scale-driven data advantages to improve app marketing outcomes, supporting long-term growth despite short-term controversies and mixed new initiatives.
Read the full thesis - Bristlemoon CapitalMarch 2026
AppLovin Corporation is a highly profitable mobile ads platform expanding into e-commerce with compelling unit economics and AI-enabled advantages, offering attractive upside from growth and a mispriced multiple.
Read the full thesis - Sands Capital Global GrowthDecember 2025
AppLovin is a leading mobile ad tech platform leveraging AI to extend beyond gaming into ecommerce, with significant potential for sustained growth.
Read the full thesis - Alger Focus Equity FundMarch 2025
AppLovin is an advertising technology company leveraging AI to enhance app marketing and monetization, expanding from mobile gaming into new segments while gaining a competitive advantage through data-driven solutions.
Read the full thesis - Clearbridge All Cap Growth StrategyMarch 2025
AppLovin is the leading mobile game and app advertising platform with strong growth potential in both mobile marketing and e-commerce advertising, poised for significant free cash flow growth as the market recovers.
Read the full thesis - Munro Global Growth Small and Mid Cap FundDecember 2024
AppLovin is a founder-led mobile app technology company based in Palo Alto, California, with a vast user base and a new advertising model that shows promising potential in the e-commerce sector, likely enhancing its revenue growth and margins.
Read the full thesis - Clearbridge Growth StrategyDecember 2024
AppLovin is the leading mobile game and app advertising platform with strong growth potential in mobile app marketing and e-commerce, driven by its AI technology and controlled expenses.
Read the full thesis - Alger Mid Cap Growth FundDecember 2024
AppLovin is an advertising technology company leveraging AI to enhance app marketing and monetization, expanding beyond mobile gaming while gaining a competitive edge through its data-driven platform.
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