What smart money is saying about Fortinet
3 funds in our archive have pitched Fortinet, most recently Emerald Wealth Partners AG in May 2026.
Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network (VPN) services, application control, web filtering, anti-spam measures, and wide area network (WAN) acceleration. Beyond its flagship product, Fortinet provides a diverse portfolio of specialized security tools. These range from FortiSwitch for secure network switching and FortiAP for robust wireless connectivity, to FortiExtender, a versatile hardware appliance. For centralized network visibility and control, clients utilize FortiAnalyzer for logging, analysis, and reporting, and FortiManager for scalable administration of FortiGate devices. The company further fortifies digital defenses with FortiWeb (web application firewalls), FortiMail (secure email gateways), and FortiSandbox technology, which offers proactive threat detection and mitigation. Endpoint protection is a key focus, delivered through FortiClient (featuring pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall) and the advanced FortiEDR/XDR suite, which leverages machine learning for anti-malware execution and real-time post-infection defense. Additionally, FortiToken and FortiAuthenticator product families provide essential multi-factor authentication to safeguard systems and data. Fortinet's service offerings include security subscriptions, technical support, professional consulting, and training programs. Its robust security technologies are distributed both directly to end-users and through an extensive network of channel partners. The company serves a wide array of sectors, including telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare. Headquartered in Sunnyvale, California, Fortinet, Inc. was established in 2000 and maintains a strategic alliance with Linksys.
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Fund signal · last 12 months
6 lettersToo few moves on Fortinet yet for a clear signal
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 Q1 2025 and Q3 2026, 8 fund letters reported a position in Fortinet, with 4 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 4 | 0 | 3 | 0 |
| Q2 2026 | 1 | 0 | 0 | 1 |
| Q1 2026 | 1 | 0 | 0 | 1 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q3 2025 | 1 | 0 | 0 | 0 |
| Q1 2025 | 1 | 0 | 1 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 8 positions · 4 moves
- September 2026
“Artificial intelligence remained an important source of both upside and volatility at the individual stock level. Dell, Microsoft, and Fortinet were the portfolio's largest contributors, with each benefiting from a different part of the AI investment cycle, and NVIDIA also contributed positively.”
Fortinet - September 2026
“Portfolio activity this quarter followed two organizing principles. First, we maintained discipline around the strategy's capitalization range, trimming or exiting holdings whose appreciation had pushed their market values toward its upper end. Second, after substantial gains across several AI infrastructure holdings, we reduced the portfolio's aggregate exposure to that theme. We also exited two positions where the balance of risk and reward had deteriorated and initiated six new positions. Three reductions were driven primarily by size. We trimmed Fortinet, a leading provider of network security, firewalls and secure networking, and trimmed United Rentals, the largest equipment rental company in North America.”
Fortinet - TrimmedArgent Mid Cap StrategySeptember 2026
“We also trimmed Fortinet, a leading provider of network security, firewalls and secure networking, on size grounds alone.”
Fortinet - TrimmedFairtree Asset Management Global Equity FundSeptember 2026
“On the sell side, the largest reduction was to Microsoft, alongside trims to Fortinet, Evolution and Salesforce, while the Fund fully exited Thermo Fisher, S&P Global, Capgemini, Bid Corp and Zoetis, where the risk-reward or portfolio fit had become less compelling.”
Fortinet - May 2026
“The main drivers the Q2-result were again the healthy overweight in semiconductor, cyber security and communications stocks. The best performers were Applied Materials, Tokyo Electron and Fortinet, and which were all up between 88% and 113% in Q2 alone.”
Fortinet - March 2026
“Fortinet The company is the leading platform-based cybersecurity vendor for small and medium-sized businesses (“SMB”) which represents approx. 70% of the business volume. As Fortinet manages the whole security set-up through an operating system (FortiOS) and due to its deep entrenchment within its clients’ IT networks, we view its business as being very sticky thanks to high switching costs. What's more, the company’s Fortinet Security Fabric platform, with hundreds of partner companies, creates network effects from the deep integration in customers’ networks and the growing volume of data analyzed. Quarterly Commentary – Growth Equity Strategy | March 2026 Emerald Wealth Partners AG |Weinbergstrasse 100 |CH-8802 Kilchberg |Switzerland Page 3 Growing cybersecurity risks and increasing complexity create a push towards security platforms as IT security teams, particularly from SMBs, increasingly look for platforms that offer a more holistic security coverage. Recent company results and channel checks indicate that Fortinet’s integrated product approach is resonating with customers, not only with their core SMB customers but, more and more with larger enterprises. We are particularly encouraged by the recent strength in large enterprise demand. What’s more, thanks to its deep integration with their customers’ core IT systems and the vast data set of attack attempts optimizes its own AI to counter the growing number of threats, Fortinet only faces relatively low risks of disruption from AI.”
Fortinet - HoldsConestogaSeptember 2025
“3. Fortinet, Inc. (FTNT) FTNT is the worldwide market share leader in network security firewalls (by units).”
Fortinet - March 2025
“Sold Fortinet, Inc. FTNT Information Technology We exited Fortinet in favor of other stocks that we believe have greater upside potential.”
Fortinet
Fund coverage · 3 theses
- Emerald Wealth Partners AGMay 2026
Fortinet benefits from AI-intensified threat complexity and is viewed as a continuing winner in cybersecurity.
Read the full thesis - Emerald Growth Equity StrategyMarch 2026
Fortinet is a sticky cybersecurity platform with network effects, AI resilience, and steady compounder characteristics.
Read the full thesis - Emerald Growth Equity StrategyDecember 2025
Fortinet is a cybersecurity leader with strong SMB embed, switching costs, and network effects, now trading below intrinsic value amid favorable industry tailwinds.
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