What smart money is saying about Shopify
14 funds in our archive have pitched Shopify — most recently Liontrust GF Sustainable Future Global Growth Fund in June 2026.
Shopify Inc. functions as a premier commerce technology company, providing an extensive platform and associated services to empower businesses worldwide. Its reach extends across Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific region, and Latin America. The company's robust platform equips merchants to effectively display, organize, market, and sell their merchandise through a multitude of sales avenues. These include digital storefronts accessible via web and mobile, traditional brick-and-mortar stores, temporary pop-up locations, integrated social media channels, proprietary mobile applications, embeddable "buy buttons," and established online marketplaces. Beyond sales, the platform streamlines crucial business operations such as product and inventory management, order and payment processing, fulfillment and shipping logistics, attracting new customers and fostering client relationships, product sourcing, analytical reporting, financial administration encompassing cash, payments, and transactions, and facilitating access to working capital. Additionally, Shopify offers supplementary services like the sale of custom website themes and applications, alongside domain name registration. Its merchant-focused solutions also cover payment acceptance, efficient shipping and order fulfillment, and aid in securing necessary operating funds. Founded in 2004 under the initial name Jaded Pixel Technologies Inc., the company officially rebranded to Shopify Inc. in November 2011. Its global headquarters are located in Ottawa, Canada.
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Position history
Between Q4 2024 and Q2 2026, 21 fund letters reported a position in Shopify — 4 opened or added to the position, 5 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 19 | 4 | 5 | 1 |
| Q1 2026 | 2 | 0 | 0 | 3 |
| Q4 2025 | 0 | 0 | 0 | 2 |
| Q3 2025 | 0 | 0 | 0 | 3 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 3 |
Fund activity · 21 positions · 9 moves
- June 2026
“In several cases, share price weakness stood in sharp contrast to positive fundamental progress. Shopify captures this tension.”
Shopify - June 2026
“While internet holdings such as Spotify and Shopify have underperformed in recent periods following strong multiyear runs, we believe patience will be rewarded as these unique franchises continue to execute well against large long-term market opportunities.”
Shopify - June 2026
“In a narrow rally, holdings in connector and sensor manufacturer TE Connectivity and e-commerce platform Shopify also detracted.”
Shopify - HoldsBaron CapitalJune 2026
Listed in Baron Capital’s reported holdings.
Shopify - June 2026
“Portfolio Holdings As of June 30, 2026, the Fund’s top 10 holdings represented 66.8% of net assets. Many of these investments have been successful and were purchased when they were much smaller businesses. We believe they continue to offer significant appreciation potential, although we cannot guarantee that will be the case. The top five positions in the portfolio, Space Exploration Technologies Corp. , Tesla, Inc. , MSCI Inc. , Shopify Inc. , and Hyatt Hotels Corporation , all have”
Shopify - June 2026
Listed in Baron First Principles ETF’s reported holdings.
Shopify - June 2026
“In consumer internet, we continue to find businesses with durable networks, strong execution and large long-term market opportunities. While holdings such as Spotify, Shopify and Sea have underperformed in recent periods following strong multiyear gains, we believe patience remains warranted as these franchises have continued to execute well against large addressable markets.”
Shopify - AddedVision Capital FundJune 2026
“We had strong inflows in early Q2 from our largest investors (us included) seeking to take advantage of buying opportunities. We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
Shopify - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Shopify - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Shopify - June 2026
“Recent Activity During the second quarter, we initiated five new positions: the leading search and AI company, Alphabet, one of the leading memory providers, Samsung Electronics, a fast-inferencing AI chip provider, Cerebras, a supplier of critical parts used in aerospace engines and industrial gas turbines, DPC Holdings, and an engine provider for power generation, INNIO. We also took advantage of stock price volatility and significant inflows into the Fund to add to many existing positions including Shopify, Nu, NVIDIA, Amazon, GDS, ASML, TSMC, MercadoLibre, Tesla, ServiceTitan, and others.”
Shopify - June 2026
“Shopify Inc., a leading global commerce platform serving merchants across online and offline channels, detracted from performance in the second quarter with the stock down 3.7%. The decline was driven by multiple compression (its P/E was down 8.5%11) rather than any deterioration in the underlying business or fundamental outlook. Shopify continued to post healthy growth in gross merchandise volume and revenue, which were up 30% and 32% year-on-year, respectively. Instead, the pressure reflected investor concerns about the company's long-term positioning in a future state of e-commerce that may rely more heavily on AI-driven applications than traditional websites. We view those concerns as misplaced and see Shopify as an AI winner.”
Shopify - June 2026
“Over the quarter, we exited four positions: Meta, Intuitive Surgical, Shopify, and EchoStar.”
Shopify - June 2026
“We also added Shopify, a CAD$198 billion Canadian company providing essential digital infrastructure for global ecommerce.”
32 more words on why — unlock Liontrust GF Sustainable Future Multi-Asset Global Fund’s full commentShopify - June 2026
“Alongside the memory and interconnect reductions above, we exited Ciena, Ultra Clean, KLA, Kokusai Electric, Arista Networks, Fabrinet and Vertiv, several having closed the gaps we originally underwrote, and released further capital from Tesla, Shopify, Mercadolibre and Robinhood to concentrate the Fund on the technology stack itself; the ServiceNow exit completed in April.”
Shopify - June 2026
“Shopify (- 22%) and Mercadolibre (-12%) also detracted; both were exited as we concentrated the portfolio on fewer, better priced ideas.”
Shopify - June 2026
“Shopify (- 22%) and Mercadolibre (-12%) also detracted; both were exited as we concentrated the portfolio on fewer, better priced ideas.”
Shopify - New positionLiontrust GF Sustainable Future US Growth FundJune 2026
“We added Shopify, a CAD$198 billion Canadian company providing essential digital infrastructure for global ecommerce. It offers the tools needed to start and scale a business, focusing on entrepreneurs and SMEs, and aligns with our Enabling SMEs theme. Shopify is helping merchants succeed in ecommerce at an accelerating pace, expanding its share of ecommerce spend, despite a derating driven by AI-related concerns. For a company providing digital infrastructure to millions of SMEs and enterprises, we view AI as an opportunity, allowing us to initiate a position.”
Shopify - June 2026
“Alongside the memory and interconnect reductions above, we exited Ciena, Ultra Clean, KLA, Kokusai Electric, Arista Networks, Fabrinet and Vertiv, several having closed the gaps we originally underwrote, and released further capital from Tesla, Shopify, Mercadolibre and Robinhood to concentrate the Fund on the technology stack itself; the ServiceNow exit completed in April.”
Shopify - March 2026
“quarter, software stocks experienced significant valuation multiple compression driven by terminal value risk. Intuit (INTU), ServiceNow (NOW), Snowflake (SNOW) and Shopify (SHOP), our worst performing software-related stocks in the first quarter, experienced forward P/E multiple compression of 32%-42% - an almost unheard-of valuation re-set, particularly for businesses performing well.”
Shopify - March 2026
“Shopify: SHOP was the second-largest detractor for the quarter, declining 26%.”
Shopify
Also mentioned · 2
These funds discuss Shopify — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedVlatava fund Vltava Fund SICAV, plcJune 2026
“From a business perspective, it is a comprehensive, data-driven platform combining elements of Visa, PayPal, Amazon, Shopify, a bank, a BNPL (buy now, pay later) provider, and digital public infrastructure.”
Shopify - MentionedBaron Technology ETFJune 2026
“These IT gains were partially offset by weakness in Shopify Inc. (e-commerce solutions software leader), GDS Holdings Limited (leading Chinese and Asian data center operator), and Guidewire Software, Inc. (leading insurance industry software provider).”
Shopify
Fund coverage · 14 theses
Shopify provides essential ecommerce infrastructure, is gaining share with merchants and is viewed as an AI opportunity.
Read the full thesis- Baron Global Opportunity FundMarch 2026
Shopify is a leading commerce platform with powerful network effects, strong growth metrics, and long-term compounding potential despite short-term multiple compression.
Read the full thesis - Baron Technology ETFMarch 2026
Shopify Inc. is expanding up-market and internationally with deep switching costs and AI tailwinds, offering a long growth runway and meaningful optionality.
Read the full thesis - Polen Focus GrowthMarch 2026
Shopify is a rapidly growing commerce platform with sticky customer workflows, proprietary AI tools, and large long-term growth potential.
Read the full thesis - Rowan StreetDecember 2025
Shopify is a leading commerce platform whose expanding merchant ecosystem, efficiency gains, and rising profitability underpin long-term value beyond prior multiple compression.
Read the full thesis - Sands Capital Global LeadersDecember 2025
Shopify is the leading global ecommerce operating system with a powerful ecosystem, AI tailwinds, and a compounding flywheel.
Read the full thesis - Aristotle Large Cap Growth EquitySeptember 2025
Shopify is a leading global commerce technology platform that empowers businesses to thrive in e-commerce through innovative solutions and strong international growth.
Read the full thesis - Brown Capital International All Company FundSeptember 2025
Shopify is a leading digital commerce platform with high switching costs and robust growth driven by continued digitization of commerce.
Read the full thesis - Loomis Sayles International Growth FundSeptember 2025
Shopify is poised for significant long-term growth driven by omnichannel commerce, strong competitive advantages, and increased operating leverage, leading to faster growth in profits and cash flow than revenues.
Read the full thesis Shopify is a leading commerce enablement platform that empowers over 2 million businesses globally by providing innovative tools to scale and manage retail operations across multiple channels.
Read the full thesis- Liontrust GF Global Innovation FundMarch 2025
Shopify is revolutionizing e-commerce by empowering businesses with digital tools, enabling them to compete against established brands and adapt to the evolving market landscape shaped by AI.
Read the full thesis - Rowan StreetDecember 2024
Shopify is expected to achieve revenue and gross profit growth exceeding 20% annually over the next two years, with strong operational cash flow, offering the potential for respectable double-digit annual returns despite high valuation multiples.
Read the full thesis - Loomis Sayles International Growth FundDecember 2024
Shopify is well-positioned for sustainable growth due to its strong competitive advantages, extensive network, and the increasing demand for integrated commerce solutions, making its shares a compelling investment opportunity.
Read the full thesis - Clearbridge Canadian Equity StrategyDecember 2024
Shopify is demonstrating significant financial improvement and maturity under new management, highlighting robust profitability, enhanced capital allocation, and a strong growth trajectory.
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