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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Fund signal · last 12 months
18 lettersFunds are split between buying and selling
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q3 2026, 27 fund letters reported a position in AppLovin, with 6 buys (opened or added) and 5 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 7 | 1 | 2 | 0 |
| Q2 2026 | 5 | 2 | 2 | 1 |
| Q1 2026 | 5 | 0 | 0 | 2 |
| Q4 2025 | 1 | 1 | 0 | 1 |
| Q3 2025 | 3 | 0 | 1 | 0 |
| Q2 2025 | 2 | 1 | 0 | 0 |
| Q1 2025 | 2 | 1 | 0 | 2 |
| Q4 2024 | 2 | 0 | 0 | 3 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 27 positions · 11 moves
- ExitedMalborough US Focus FundSeptember 2026
“We sold our position in advertising and marketing platform business AppLovin following a deterioration in fundamentals.”
AppLovin - September 2026
“In communication services, AppLovin, which operates a leading AI- powered platform for mobile application marketing and monetization, detracted as an expected step-up in model performance shifted from the second quarter into the third, leaving results short of the company’s own guidance.”
AppLovin - September 2026
“Looking more specifically at the quarter, at the time of recording, Global Alpha was broadly flat, around two percentage points behind the MSCI ACWI index and roughly in line with the ACWI Growth. The AI-powered advertising platform AppLovin was one of the larger detractors, following a rare revenue miss. Although revenue was still growing by more than 50 percent year on year, we think this says more about stock markets than AppLovin’s business. Our recent discussions with management reinforced our confidence that its underlying technology continues to improve, its position in mobile gaming remains strong, and the longer-term opportunity to extend its advertising technology into e-commerce remains substantial.”
AppLovin - September 2026
“AppLovin, Knife River and Watsco were among the detractors.”
AppLovin - September 2026
Listed in Bristlemoon Global Fund’s reported holdings.
AppLovin - AddedSpyglass Growth StrategySeptember 2026
“During the third quarter, the positions that received the most additional capital were AppLovin, AAON, and QXO.”
AppLovin - ExitedNext century growth investor Growth StrategiesSeptember 2026
“We sold 7 positions to zero in Q3: o two in technology: DOCN, APP”
AppLovin - 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 - March 2026
“Long positions AppLovin Corp., MongoDB, Inc. and Amazon.com Inc. were among the top detractors from performance.”
AppLovin - March 2026
Listed in Alger Capital Appreciation Fund’s reported holdings.
AppLovin - March 2026
“• AppLovin is an advertising technology company offering a digital platform that helps mobile app developers market, monetize, and analyze their apps. We believe the company is experiencing a positive lifecycle change, driven by its AI-powered software engine. While currently focused on mobile gaming, AppLovin is expanding into other market segments. Its Demand Side Platform (DSP) supports ad placements, user acquisition, inventory matching, and performance analytics. Further, we believe AI is central to AppLovin’s growth, driving a large majority of the company’s revenue through its recommendation and targeting engine. In our view, AppLovin gains a competitive advantage, delivering higher-value app installs by leveraging data from its game portfolio and developer partners. We believe this scale and data advantage enhances its network effect, improving its technology and boosting market share in mobile gaming. As developers use the platform, the company collects data that continuously refines its algorithms. During the quarter, shares detracted from performance despite another strong earnings report that exceeded expectations on both revenue and profitability.”
AppLovin - March 2026
“Microsoft Corporation, AppLovin Corp., and NVIDIA Corporation were among the top detractors from performance.”
AppLovin - HoldsAlger Spectra FundMarch 2026
“• AppLovin is an advertising technology company offering a digital platform that helps mobile app developers market, monetize, and analyze their apps.”
AppLovin - New positionSands Capital Global GrowthDecember 2025
“In the fourth quarter Global Growth completed the purchases of AppLovin and argenx.”
AppLovin - September 2025
Listed in RiverPark Next Century Large Growth Fund’s reported holdings.
AppLovin - September 2025
“Within IT, AppLovin was the standout performer.”
AppLovin - September 2025
“AppLovin Corp. offers a software-based platform for advertisers to enhance the marketing and monetization of their content. The combination of a solid second quarter and forward guidance as well as the inclusion of the stock in S&P 500 index boosted the stock by 105%. We trimmed the position on this strength.”
AppLovin - June 2025
“If Sector % of Portfolio Holding % of Portfolio Technology 29.26% AppLovin Corp. Class A 4.31%”
AppLovin - New positionDavis Global FundJune 2025
“AppLovin Corporation, which returned 41% from when we purchased it in March of this year.”
AppLovin - New positionParnassus Mid Cap Growth FundMarch 2025
“Bought AppLovin Corp. APP Information Technology AppLovin provides an ad platform for mobile games.”
AppLovin - HoldsTouchstone Sands Capital Select Growth FundMarch 2025
“Among the top individual absolute detractors were AppLovin Corp., NVIDIA Corp., ServiceNow Inc., Datadog Inc. (all Information Technology sector), and Amazon.com Inc. (Consumer Discretionary sector).”
AppLovin - HoldsAMG Renaissance Large Cap Growth FundDecember 2024
“Performance and Positioning Review AppLovin (APP) was our strongest performing stock in the fourth quarter.”
AppLovin - December 2024
“munropartners.com.aupage 5Quarterly report: SMID STOCK STORY: APPLOVIN AREA OF INTEREST: DIGITAL MEDIA & CONTENT MARKET CAP: USD $115bn AppLovin contributed 216bps to Fund performance for the quarter.”
AppLovin
Also mentioned · 4
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 - MentionedWhite Falcon CapitalMarch 2026
“Unity Software Unity Software runs two tightly linked businesses: Create Solutions, its real‑time 3D engine used to build games and interactive experiences where it has a leading share in mobile game creation; and Grow Solutions, its advertising and monetization network that helps game developers acquire users and optimize revenue. This gives Unity a dual revenue model where it earns subscriptions and usage fees from creators and then derives performance based advertising revenue from live games. Unity sold off aggressively when Google unveiled Project Genie, an AI‑powered tool for generating virtual worlds. We see this as a net positive for Unity. AI accelerates game creation which increases the volume of content that ultimately needs Unity’s engine. The core functions of a real‑time engine - physics, interaction, performance, and playability - that actually make a game playable remain irreplaceable and form the core of Unity’s moat. Importantly, once the game is developed, it also has to be marketed in order to generate revenue. Here, Unity’s Grow division is incorporating AI through a product called Vector, which is improving targeting, bidding, and monetization for developers. Unity’s largest competitor in this business, AppLovin, has successfully incorporated AI into their business and is growing at a rapid pace while making supernormal margins (>80% EBITDA margins).”
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 - 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.
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.
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