What smart money is saying about Shopify
SHOP · Technology · Software - Application · Market cap $204.17B
23 funds in our archive have pitched Shopify, most recently Polen Focus Growth in September 2026.
Company profile
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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Fund signal · last 12 months
53 lettersFunds are split between buying and selling
+3
Net flow
9 buys · 1 new position · 60%6 sells · 2 full exits
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, 62 fund letters reported a position in Shopify, with 11 buys (opened or added) and 6 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 25 | 4 | 2 | 9 |
| Q2 2026 | 22 | 4 | 4 | 1 |
| Q1 2026 | 4 | 1 | 0 | 3 |
| Q4 2025 | 2 | 0 | 0 | 2 |
| Q3 2025 | 7 | 1 | 0 | 3 |
| Q2 2025 | 1 | 1 | 0 | 1 |
| Q1 2025 | 1 | 0 | 0 | 1 |
| Q4 2024 | 0 | 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 · 62 positions · 24 moves
- September 2026
“The Portfolio benefited from this change in sentiment, with top relative contributors including Shopify, SAP, and Sage Group.”
Shopify - TrimmedPolen Capital Focus GrowthSeptember 2026
“Additionally, we acquired a new position in Quanta Services , North America’s largest specialty infrastructure contractor, mostly focused on the electric power grid in North America. Quanta provides end - to - end services for electric utilities, renewables developers, hyperscalers , pipelines, and industrial customers. We view the company as a picks - and - shovels beneficiary of grid modernization, rising electricity demand, and the broader infrastructure buildout. Importantly, much of this work relates to essential infrastructure needs and multi - year projects, which can be constrained by permitting, supply chain, and skilled labor availability. We believe the company’s capabilities and positioning should support growth over time. Lastly, we also acquired a new position in Seagate Technology , one of only two major suppliers in the hard disk drive market. Demand for data storage continues to grow, driven by cloud, AI training data, video, telemetry, archival storage, and physical AI data. Hard disk drives remain an economically attractive solution compared to SSDs at datacenter - relevant capacities, while supply is constrained and major customers are entering into longer - term supply arrangements. We believe this creates an attractive combination of volume visibility, pricing power, and operating leverage, though we remain mindful of cyclical hyperscaler capex risk and potential pressure from NAND pricing. During the quarter, we exited our position in MSCI to help fund the addition to Meta Platforms. We continue to like MSCI’s business but as Meta is now beginning to monetize its non - core AI investments, we view the risk/reward opportunity of the latter to be more attractive. We also sold our position in Rollins . Our original thesis was based on steady organic growth, accretive acquisitions, pricing power, and margin expansion. However, recent difficulty in new business generation and the CFO resignation increased our concern that the thesis may no longer be playing out as expected. Given better opportunities elsewhere, we decided to redeploy the capital. In terms of existing positions, we added to EMCOR Group using proceeds from the Rollins sale. EMCOR continues to show strong business momentum, is growing meaningfully faster than Rollins, and trades at a similar valuation. In our view, this offered a more attractive use of capital. As mentioned earlier , we added to our Meta position following the launch of Meta Muse, its personal AI agent. In our view, Muse gives Meta another potential avenue to monetize the company’s heavy AI investments outside of its core advertising businesses. With more than 3 billion daily active users across Facebook, Instagram, and WhatsApp, we believe Meta has a powerful distribution advantage and the potential to create new revenue opportunities across subscriptions, transactions, and agentic consumer use cases. At the same time, we trimmed Eli Lilly to right size the position to a more typical weight and help fund the purchase of Seagate Technology. Lilly continues to benefit on the back of its portfolio of incretin - based medicines, including GLP - 1 therapies. We remain positive on the company’s outlook and still hold a meaningful position in the Portfolio. We also trimmed Shopify following strong share price performance and used the proceeds to help fund the purchase of Adyen.”
Shopify - TrimmedPolen Focus GrowthSeptember 2026
“We also trimmed Shopify following strong share price performance and used the proceeds to help fund the purchase of Adyen.”
Shopify - September 2026
“CrowdStrike, Shopify, Vertex and Freeport-McMoRan were among the largest contributors, reflective of a core advantage of the Strategy”
Shopify - September 2026
“Meanwhile, founder Tobi Lütke is already positioning Shopify for a world of agentic commerce.”
Shopify - HoldsVision Capital FundSeptember 2026
“Fund Commentary. The top 5 QTD detractors were: Pro Medicus (PME), Tesla (TSLA), The Trade Desk (TTD), Nu (NU), and Wise (WISE). The top 5 QTD contributors were: Palantir (PLTR), CrowdStrike (CRWD), Shopify (SHOP), Cloudflare (NET), and Meta (META).”
Shopify - September 2026
“The portfolio outperformed the benchmark during the quarter. Moderna was a substantial positive contributor, with its shares more than doubling following positive late-stage clinical trial data for its developmental personalised cancer vaccine. Spotify and Shopify also contributed positively, having detracted from performance earlier in the year.”
Shopify - September 2026
“Snowflake is a good example. Earlier this year, its shares were caught in the broad sell-off in software as investors worried that AI would either replace established platforms (or at least, reduce the overall profitability of SaaS companies). At the time, we suggested this concern was overdone for Snowflake given its deep systems of record – it holds authoritative versions of critical data that AI models cannot replicate. AI is helping customers migrate workloads and extract more value from Snowflake’s underlying data platform. So far, AI is an amplifier for Snowflake’s business rather than a threat. Shopify tells a similar story.”
Shopify - September 2026
“Shopify, Inc. is another example of a company whose fundamentals shined through in the third quarter, pouring cold water on the prevailing bear case.”
Shopify - September 2026
“Software and technology-related holdings were among the strongest contributors. CrowdStrike, Shopify and ServiceNow all delivered strong gains following encouraging operational performance and continued demand for cloud, cybersecurity and digital transformation solutions.”
Shopify - TrimmedPolen Capital Global GrowthSeptember 2026
“Portfolio Activity In Q3 2026, we initiated new positions in Seagate Technology , Advanced Micro Devices , Quanta Services , and SK Hynix , while selling Oracle . We also added to our existing positions in Meta Platforms and Keyence , while trimming NVIDIA , Broadcom , Shopify , ServiceNow , Tencent , Aon , Adyen and Tokyo Electron .”
Shopify - September 2026
“Software and technology-related holdings were among the strongest contributors. CrowdStrike, Shopify and ServiceNow all delivered strong gains following encouraging operational performance and continued demand for cloud, cybersecurity and digital transformation solutions.”
Shopify - September 2026
“Shopify operates a global commerce platform that enables merchants to manage their businesses across channels. Recent results exceeded expectations, with gross merchandise volume growing 32% and free cash flow increasing 55% year over year, highlighting the platform’s strong growth and scalability. We believe Shopify is well positioned to benefit from long-term growth in digital and agentic commerce, supported by its proprietary commerce and checkout data, longstanding product catalog infrastructure and AI- enabled merchant tools. Early partnerships with Google and OpenAI further strengthened Shopify’s position by helping AI agents surface relevant products and giving merchants a compelling reason to integrate with the platform. This could represent an important inflection point as agentic commerce develops. For these reasons, we added to the position following the recent pullback.”
Shopify - HoldsRowan Street FundSeptember 2026
“The second half of 2026 has been good to us so far. The Fund rebounded 11% in the third quarter, reducing our year-to-date decline to 12% as of September 30. That recovery has continued into October, and as of October 21, the Fund’s year-to-date decline had been reduced further to approximately 7%. Meta has been the largest positive contributor to performance this year, with Shopify also contributing meaningfully to the rebound.”
Shopify - September 2026
“Shopify operates a global commerce platform that enables merchants to manage their businesses across channels. Recent results exceeded expectations, with gross merchandise volume growing 32% and free cash flow increasing 55% year over year, highlighting the platform’s strong growth and scalability. We believe Shopify is well positioned to benefit from long-term growth in digital and agentic commerce, supported by its proprietary commerce and checkout data, longstanding product catalog infrastructure and AI-enabled merchant tools. Early partnerships with Google and OpenAI further strengthened Shopify’s position by helping AI agents surface relevant products and giving merchants a compelling reason to integrate with the platform. This could represent an important inflection point as agentic commerce develops. For these reasons, we added to the position following the recent pullback.”
Shopify - September 2026
“Shopify (+30%), which we had been following closely since the pandemic, was added to the portfolio in the second quarter.”
Shopify - September 2026
“Shopify (+30%), which we had been following closely since the pandemic, was added to the portfolio in the second quarter.”
Shopify - September 2026
“Shopify (+31%), which we had been following closely since the pandemic, was added to the portfolio in the second quarter.”
Shopify - September 2026
“Shopify (+30%), which we had been following closely since the pandemic, was added to the portfolio in the second quarter.”
Shopify - September 2026
“Shopify (+30%), which we had been following closely since the pandemic, was added to the portfolio in the second quarter.”
Shopify - September 2026
“Shopify (+30%), which we had been following closely since the pandemic, was added to the portfolio in the second quarter.”
Shopify - September 2026
“Shopify Inc. , a leading commerce platform for merchants of all sizes, contributed to performance.”
Shopify - September 2026
“Dear Partners, The second half of 2026 has been good to us so far. The Fund rebounded 11% in the third quarter, reducing our year-to-date decline to 12% as of September 30. That recovery has continued into October, and as of October 21, the Fund’s year-to-date decline had been reduced further to approximately 7%. Meta has been the largest positive contributor to performance this year, with Shopify also contributing meaningfully to the rebound.”
Shopify - September 2026
“Adding to our digitization theme, we accumulated a position in Shopify Inc., a software services provider that offers e-commerce capabilities for millions of businesses, from first-time entrepreneurs to established brands, across multiple platforms, including online, in stores, on social media, and increasingly through AI agents.”
Shopify - HoldsBlueBox Global Technology FundAugust 2026
Listed in BlueBox Global Technology Fund’s reported holdings.
Shopify - 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.”
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 - 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 - TrimmedPolen Capital Global GrowthJune 2026
“Portfolio Activity In Q2 2026, we initiated new positions in GE Aerospace, GE Vernova, Howmet Aerospace, Hermès International, Keyence, and Rheinmetall while selling our holdings in Boston Scientific, Siemens Healthineers, and Zoetis. During the period we also added to our positions in ASML and Idexx Labs and trimmed our positions in Starbucks, Oracle, Shopify, Aon and Broadcom.”
Shopify - June 2026
“Beyond our reflections on the bottleneck controllers, we have been thinking about the commerce-related holdings in the portfolio. Mr Market has been fretting about whether these businesses can withstand the rise of agentic AI, but we’ve been exploring the extent to which they might instead accelerate by surfing on advances in agentic commerce and proprietary data. Shopify is particularly interesting in this context.”
Shopify - June 2026
“Among the detractors this quarter were Shopify and Netflix.”
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 - AddedPolen Focus GrowthMarch 2026
“We also added to our holdings in CoStar Group , Shopify and Service Now , while trimming our exposure to Amazon .”
Shopify - March 2026
“Shopify detracted from performance in the first quarter, as the stock’s premium valuation came under pressure due to overall negative sentiment toward software stocks amid concerns about business pressures from AI-native tools and LLMs, such as Anthropic’s Claude.”
Shopify - December 2025
“Mike has been instrumental in our research of high-profile holdings, such as Netflix, ServiceNow, and Shopify.”
Shopify - December 2025
“Mike began as a research associate in 2019 at our firm, after serving as an investment banking analyst at Houlihan Lokey. He was promoted to senior research associate in 2021. Covering technology, Mike has been instrumental in our research of high-profile holdings, such as Netflix, ServiceNow, and Shopify.”
Shopify - September 2025
Listed in RiverPark Long Short Opportunity Fund’s reported holdings.
Shopify - New positionAristotle Focus Growth EquitySeptember 2025
“Buys Shopify”
Shopify - HoldsBaron FinTech FundSeptember 2025
“Shopify Inc. is a cloud-based software provider that helps merchants sell online. Shares rose during the quarter as the company continued to deliver solid results, with second quarter revenue up 30% and gross merchandise volume up 29%. Growth 3 September 30, 2025 SECTOR was widspread across Shopify’s merchant base and supported by successful expansion into offline, international, and business- to-business channels. Shares also benefited from progress in agentic commerce (AI-powered online shopping), underscored by Shopify’s partnership with OpenAI. We believe Shopify’s product suite is becoming increasingly attractive to merchants of all sizes and nationalities, further expanding its addressable market. We remain shareholders due to Shopify’s strong competitive positioning, innovative culture, and long runway for growth, as it still holds less than a 2% share of the global commerce market.”
Shopify - September 2025
“Our Internet holdings, such as Shopify, Reddit and ROBLOX, continued to fare well in Q3.”
Shopify - September 2025
“A fund holding since the first quarter of 2022, Shopify reported strong quarterly results that were above consensus expectations for most key metrics, including gross merchandise volume (GMV), revenue, adjusted operating profit, and free cash flow.”
Shopify - September 2025
“Returns—Contributors and Detractors Among the largest contributors to performance in the third quarter of 2025 were Shopify and CyberArk.”
Shopify - September 2025
“Shares of Shopify Inc. (SHOP; 2.90%**) rallied after the company reported strong quarterly results and raised forward guidance.”
Shopify - New positionBrown Advisory US Sustainable Growth FundJune 2025
“During the second quarter, we added three new names to the portfolio: Shopify (SHOP), Spotify (SPOT), and Taiwan Semiconductor Manufacturing (TSM).”
Shopify - HoldsTouchstone Sands Capital Select Growth FundMarch 2025
Listed in Touchstone Sands Capital Select Growth Fund’s reported holdings.
Shopify
Also mentioned · 7
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 - MentionedSquadra Investimentos Long-Biased and Long-Only FundsJune 2026
“Regarding Agentic Commerce specifically, the first signs have been mixed. On the one hand, Shopify has demonstrated success in translating the catalog of merchants that use its software into a language more conducive to agent comprehension.”
Shopify - MentionedNZS CapitalSeptember 2025
“As we think about platform progression over the decades, each successive phase shift follows more quickly on the heels of its predecessor and, importantly, tends to have a higher magnitude effect on the global economy. As a sanity check, we can simply reflect on the timeline over the past 60 -odd years as we've moved from the mainframe to client/server, the internet, cloud, smartphone , and now, Artificial Intelligence . Tobi Lütke, the founder and CEO of Shopify, recently made the following observation:”
Shopify - MentionedNZS CapitalSeptember 2025
“As we think about platform progression over the decades, each successive phase shift follows more quickly on the heels of its predecessor and, importantly, tends to have a higher magnitude effect on the global economy. As a sanity check, we can simply reflect on the timeline over the past 60 -odd years as we've moved from the mainframe to client/server, the internet, cloud, smartphone , and now, Artificial Intelligence . Tobi Lütke, the founder and CEO of Shopify, recently made the following observation:”
Shopify - MentionedCovesto Asset ManagementDecember 2024
“Nothing lasts forever and things often mean-revert Whenever a negative theme in investing persists for an extended period, it becomes increasingly challenging to resist extrapolating current trends into eternity, rather than considering that things might as well change. This is also true for positive themes. In reality, however, things often mean-revert. For example, the aforementioned ZIRP that fueled the longest bull market in history, led market participants to question throughout the 2010s whether low nominal interest rates were here to stay to which many extrapolated their answer and said yes, although the outcome was 'no'. As an aside, despite the FED hiking nominal rates since the emergence of HSD inflation in 2022, real interest rates are still rather low compared to e.g. the 1990s (see below). In Europe, many political observers extrapolated after decades without a full-fledged inter- European war, that this situation would persist indefinitely. In 2022, the assumption turned out to be false and Europe reverted somewhat to its violent past. However, the most significant event that led to extrapolation of current conditions into the future was the spread of COVID- 19, which made many founders and CEOs interpret their distorted business volumes as a new normal and made them bet that old trendlines were obsolete. Browsing through the business press, the pandemic seemed to imply exponential gloom for dozens of technology companies and doom for any travel or live event related company. In technology, Shopify saw demand for e-commerce solutions skyrocket from a front row seat as most retail shifted online due to shelter-in-place orders and Shopify’s merchant solutions revenues doubled in 2020 vs. 2019.”
Shopify - September 2023
“Vertical Market Software Email: Info@deepsailcapital.com Website: www.deepsailcapital.com Topics Covered: Vertical Market Software, Serial Acquirers, Software as a Service Relevant Companies: Serial Acquires: Constellation Software (CSU), Topicus (TOI), Vitec Software (VIT-B), Roper Technologies (ROP), Sygniety (SGN.PL), Addnode Group (ANODB), Lumine Group (LMN.V), Arcadea Group (Private) Larger Single Vertical Markets: AppFolio (APPF), Veeva Software (VEEV), Toast (TOST), nCino (NCNO), Shopify (SHOP), Procore (PCOR), Cellebrite (CLBT)”
Shopify
Fund coverage · 23 theses
- Polen Focus GrowthSeptember 2026
Shopify still benefits from agentic commerce tailwinds and remains complementary to emerging AI-driven shopping experiences.
Read the full thesis - Baillie Gifford US Equity Growth StrategySeptember 2026
Shopify Inc. provides the e-commerce operating system for merchants and could benefit as agentic commerce becomes a major share of online shopping.
Read the full thesis - Alger International Opportunities FundSeptember 2026
Shopify provides commerce software and payments tools and is benefiting from digital commerce growth and its role in AI-driven shopping infrastructure.
Read the full thesis - Liontrust Sustainable Future Global Growth FundSeptember 2026
Shopify provides essential commerce infrastructure and is positioned to benefit from the shift toward agentic commerce rather than be disrupted by AI.
Read the full thesis - Baillie Gifford International Concentrated GrowthSeptember 2026
Shopify is attractive because AI agents could do useful work for merchants and help small teams achieve considerably more.
Read the full thesis - Artisan Partners Global Opportunities FundSeptember 2026
Shopify is positioned to benefit from long-term digital and agentic commerce growth thanks to its data, infrastructure and AI-enabled tools.
Read the full thesis - Polen Capital International GrowthSeptember 2026
Shopify has strong commerce infrastructure, accelerating growth, AI-driven demand opportunities, and room for further market-share gains.
Read the full thesis - Baillie Gifford US Equity GrowthSeptember 2026
Shopify is positioned to benefit as commerce shifts toward agentic shopping because its rails, merchant relationships, and adaptable leadership can compound in that future.
Read the full thesis - Baron Focused Growth FundSeptember 2026
Shopify is a leading commerce platform and durable compounder whose proprietary merchant and buyer data position it as a key beneficiary of AI-driven commerce.
Read the full thesis Shopify combines strong free cash flow growth, expanding margins, and a durable role as commerce infrastructure for agentic commerce.
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 - 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 - 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 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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