What smart money is saying about Spotify
19 funds in our archive have pitched Spotify, most recently Baillie Gifford International Concentrated Growth in September 2026.
Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide. It operates in two segments, Premium and Ad-Supported. The Premium segment offers online and offline streaming access to its catalog of music and podcasts, including video, lossless music, and audiobooks in select markets through subscription offerings primarily sold directly to end users and partners. The Ad-Supported segment provides limited on-demand online access to its catalog of music and online and offline access to its catalog of podcasts on computers, tablets, mobile devices, and other smart devices. The company also offers sales, distribution and marketing, contract research and development, and customer and other support services. Spotify Technology S.A. was incorporated in 2006 and is headquartered in Stockholm, Sweden.
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Fund signal · last 12 months
48 lettersMore funds are buying than 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, 57 fund letters reported a position in Spotify, with 12 buys (opened or added) and 2 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 13 | 2 | 0 | 2 |
| Q2 2026 | 28 | 6 | 1 | 4 |
| Q1 2026 | 3 | 2 | 1 | 3 |
| Q4 2025 | 4 | 0 | 0 | 4 |
| Q3 2025 | 4 | 1 | 0 | 1 |
| Q2 2025 | 3 | 1 | 0 | 3 |
| Q1 2025 | 2 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 57 positions · 18 moves
- September 2026
“In communication services, portfolio holdings declined 1.9% while companies within the index fell nearly 15%, with relative results benefiting from strength in Spotify and Fox.”
Spotify - September 2026
“In communication services, portfolio holdings rose nearly 1.3% while companies within the index declined 1.4%, with relative results supported by strength in Spotify and Fox.”
Spotify - 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.”
Spotify - September 2026
“In communication services, portfolio holdings rose nearly 1.3% while companies within the index declined 1.4%, with relative results supported by strength in Spotify and Fox.”
Spotify - September 2026
“Spotify Technology SA (SPOT) also contributed as investors continued to recognise the company’s improving monetisation, expanding gross margins, and long-term opportunity in global audio.”
Spotify - September 2026
Listed in Baron Focused Growth Fund’s reported holdings.
Spotify - New positionBaron SMID Cap ETFSeptember 2026
“During the quarter, we initiated a position in Spotify Technology S.A., the world’s leading audio streaming platform, with over 750 million monthly active users and nearly 300 million paying Premium subscribers.”
Spotify - September 2026
“Lastly, we increased our exposure to several existing positions during the quarter, including OHB SE, Spotify Technology S.A., Euronext N.V., Sartorius Stedim Biotech S.A., INNIO N.V., and Tencent Holdings Limited.”
Spotify - August 2026
“Within Communications Services, music streaming business Spotify and internet search firm Naver in South Korea outperformed, as did airline logistics software provider Amadeus in Consumer Discretionary.”
Spotify - August 2026
“Within Communications Services, music streaming business Spotify also outperformed, as did airline logistics software provider Amadeus in Consumer Discretionary.”
Spotify - August 2026
“Within Communications Services, music streaming business Spotify also outperformed, as did airline logistics software provider Amadeus in Consumer Discretionary.”
Spotify - July 2026
Listed in Harding Loevner International Developed Markets Equity’s reported holdings.
Spotify - July 2026
“Stock selection remained strong across several structural growth themes. Notable contributors included BayCurrent, Thermo Fisher, Expedia, Spotify and Full Truck Alliance.”
Spotify - June 2026
“Portfolio Positioning In the June quarter, Montaka made some targeted changes to the portfolio. We substantially increased our investments in Visa and Mastercard on the basis described above. We see a major mispricing here: as the probability of strong growth increases, valuations have fallen to unusually low levels as the market remains focused on semiconductor stocks. We funded these investments by trimming TSMC and Alphabet, both of which have run up materially in recent months. We also exited Spotify after making good money in this opportunity over many years.”
Spotify - 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.”
Spotify - June 2026
Listed in Harding Loevner Global Equity’s reported holdings.
Spotify - June 2026
Listed in Harding Loevner Global Developed Markets Equity’s reported holdings.
Spotify - June 2026
“Communication services also detracted, driven primarily by Spotify and ROBLOX.”
Spotify - AddedBaron Technology ETFJune 2026
“Among others, during the second quarter we initiated or added to the following positions: Space and satellite communications: Space Exploration Technologies Corp.”
Spotify - June 2026
Listed in Gabelli Funds Shareholder Commentary: Open-End Funds’s reported holdings.
Spotify - New positionHarding Loevner International Equity ADRJune 2026
“Some of the proceeds from our sales of IT holdings have been deployed into companies that investors perceive, at least in part, as threatened by AI disruption. Last quarter we discussed the potential for airline reservation software network Amadeus or employment platform Recruit to use AI in their own operations before any new AI-enabled startups can dislodge them from their strong competitive positions. This quarter, we bought a new holding in Spotify, the Sweden-based (but US-listed) music and podcast streaming subscription platform, which we think is another such company.”
Spotify - June 2026
Listed in Gabelli Funds Open-End Funds’s reported holdings.
Spotify - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Spotify - June 2026
“This quarter, we bought a new holding in Spotify, the Sweden-based (but US-listed) music and podcast streaming subscription platform, which we think is another such company.”
Spotify - New positionHarding Loevner International EquityJune 2026
“Some of the proceeds from our sales of IT holdings have been deployed into companies that investors perceive, at least in part, as threatened by AI disruption. Last quarter we discussed the potential for airline reservation software network Amadeus or employment platform Recruit to use AI in their own operations before any new AI-enabled startups can dislodge them from their strong competitive positions. This quarter, we bought a new holding in Spotify, the Sweden-based (but US-listed) music and podcast streaming subscription platform, which we think is another such company.”
Spotify - 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.”
Spotify - New positionBrown Advisory U.S. Flexible Equity FundJune 2026
Listed in Brown Advisory U.S. Flexible Equity Fund’s reported holdings.
Spotify - June 2026
“Among Fund holdings, the top relative performance laggards included Spotify Technology S.A. (global streaming music and content leader), GDS Holdings Limited (leading China data center operator), and Guidewire Software, Inc. (leading cloud-based property and casualty insurance vendor).”
Spotify - New positionBaron International Growth FundJune 2026
“During the quarter, as part of our digitization theme, we initiated a position in Spotify Technology S.A. , the world's leading audio streaming platform with over 750 million monthly active users and nearly 300 million paying Premium subscribers.”
Spotify - June 2026
Listed in Baron Focused Growth Fund’s reported holdings.
Spotify - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Spotify - New positionBuffalo Funds Growth FundJune 2026
“Spotify was also a detractor from performance during the quarter. We initiated an investment position in Spotify during the quarter following the company’s investor day in late May.”
Spotify - June 2026
“Among Strategy holdings, the top relative performance laggards included Spotify Technology S.A. (global streaming music and content leader), GDS Holdings Limited (leading China data center operator), and Guidewire Software, Inc. (leading cloud-based property and casualty insurance vendor).”
Spotify - June 2026
Listed in Baron First Principles ETF’s reported holdings.
Spotify - June 2026
“Communication Services was the largest detractor from relative performance, driven primarily by weakness in Netflix Inc (NFLX) and Spotify Technology (SPOT). Netflix underperformed despite continued positive momentum across its advertising business and broader platform engagement, while Spotify traded lower following guidance reflecting increased investment spending to support long-term product development and monetization initiatives.”
Spotify - June 2026
Listed in Brown Advisory Large-Cap Sustainable Growth Strategy’s reported holdings.
Spotify - ExitedMontaka Global FundJune 2026
“Portfolio Positioning In the June quarter, Montaka made some targeted changes to the portfolio. We substantially increased our investments in Visa and Mastercard on the basis described above. We see a major mispricing here: as the probability of strong growth increases, valuations have fallen to unusually low levels as the market remains focused on semiconductor stocks. We funded these investments by trimming TSMC and Alphabet, both of which have run up materially in recent months. We also exited Spotify after making good money in this opportunity over many years.”
Spotify - June 2026
Listed in Liontrust GF Global Technology Fund’s reported holdings.
Spotify - HoldsBaron CapitalJune 2026
Listed in Baron Capital’s reported holdings.
Spotify - June 2026
Listed in Liontrust Global Technology Fund’s reported holdings.
Spotify - HoldsAcción GlobalJune 2026
“These double-digit growth rates in key metrics are being the norm in the results of other of our investments that are not doing well in the market lately, such as Constellation, Topicus, Adobe, SAP, Nemetschek, Spotify, Netflix and so many others…”
Spotify - New positionLarge-Cap GrowthMarch 2026
“We initiated positions in Axon Enterprise Inc (AXON), Palo Alto Networks, Spotify Technology (SPOT), Alnylam Pharmaceuticals, Inc (ALNY), Arthur J. Gallagher & Co (AJG), and most recently HEICO Corporation Class A (HEI.A).”
Spotify - ExitedRowan StreetMarch 2026
“During the quarter, we initiated a position in Constellation Software (TSE: CSU) funded by the sale of the remainder of our Spotify position.”
Spotify - AddedKNA CapitalFebruary 2026
“During a bout of AI panic early in the month, I topped up on our positions in Nintendo and Spotify.”
Spotify - December 2025
“Spotify is the world’s largest subscription streaming audio platform by market share.”
Spotify - December 2025
“Spotify is the world’s largest subscription streaming audio platform by market share.”
Spotify - December 2025
“The top individual absolute detractors were Roblox, Sea, Netflix, Spotify, and Microsoft. Roblox is a leading gaming development and distribution platform. Shares declined in the fourth quarter after management projected a notable increase in expenses and capital expenditures in 2026 and issued a cautious growth outlook, citing potential engagement risks from new age-based communication controls. This update amplified existing concerns that growth may normalize in the coming quarters, following an extraordinary 91 percent year-over-year engagement increase in the third quarter, driven by several hit game launches. While we continue to monitor engagement trends, we believe expectations have now reset to more appropriately conservative levels. Our research suggests that expanding engagement and monetization reflects Roblox’s evolution into a platform business, rather than a dependence on individual game successes. Sea is a Southeast Asian internet platform with businesses in gaming, ecommerce, and fintech. After seven consecutive quarters of exceeding consensus expectations and raising forward guidance, management shifted its focus to investing in logistics and user engagement. These investments are expected to weigh on margins in the near term, and the stock declined in response. We believe the market is overreacting to spending that should ultimately strengthen Sea’s competitive position and long-term earnings power. Despite the increased investment, we still expect Shopee, Sea’s ecommerce segment, to grow EBITDA by more than 30 percent in 2026. Looking ahead, we believe Sea’s overall revenue and EBITDA can double and triple, respectively, by 2030. In our view, this growth potential, combined with the company’s lowest forward earnings multiple since 2023, creates an attractive risk- reward profile. Netflix is the world’s largest producer and distributor of streaming video content by subscriber count. Its stock has come under pressure amid investor skepticism over its proposed acquisition of Warner Bros Discovery’s studio and streaming assets. The deal would be Netflix’s largest to date and is expected to be funded through a mix of cash and debt. A competing bid from Paramount has added to the uncertainty. We believe the acquisition would strengthen Netflix’s business and is likely to withstand antitrust review. We have long viewed studio ownership as a strategic fit for Netflix. Combining valuable intellectual property with the company’s global distribution platform could boost overall viewership and improve pricing power. Our research suggests that the combination of leading IP and distribution leads to higher engagement. While antitrust remains a risk, we believe Netflix has a credible case based on the evolving definition of the video market, as streaming and linear content continue to converge. Spotify is the world’s largest subscription streaming audio platform by market share. Its valuation came under pressure in the fourth quarter as the rise of AI-generated music raised concerns about disintermediation for demand aggregators like Spotify. We view this risk as overstated.”
Spotify - HoldsDavenportDecember 2025
“Detractors: Spotify Technology SA (SPOT) and ServiceNow Inc. (NOW), experienced the largest fourth quarter declines in the Fund with Spotify investors appearing unimpressed by quarterly results and guidance as well as concerns emerging around the pace of subscriber growth.”
Spotify - September 2025
“Among our Q3 detractors were Wingstop, Spotify and Atlassian.”
Spotify - September 2025
“The largest detractors from performance for the quarter were Netflix, Chipotle Mexican Grill, Intuitive Surgical, Intuit and Spotify.”
Spotify - September 2025
Listed in Wasatch International Select Fund’s reported holdings.
Spotify - New positionTCW Concentrated Large Cap Growth FundSeptember 2025
“Eaton Corporation plc (ETN; Industrials; 1.85%**) – Eaton Corporation plc is an intelligent power management company that makes products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. The company has evolved from a highly cyclical, lower-growth industrial conglomerate to a higher growth, higher margin, less cyclical company focused on electrical and aerospace end markets, which largely operate as oligopolies. The company is levered to multiple secular tailwinds, including electronification, AI Datacenter buildouts, and reshoring. A large backlog of multi-year megaprojects announcements and long lead times provide multi-year visibility, and we believe the current share price does not adequately reflect the longer-term cash flow generation potential of the business. Spotify Technology S.A. (SPOT; Communication Services; 1.21%**) – Headquartered in Sweden, Spotify is the leading audio streaming subscription service with a community of approximately 700 million monthly active users, and over 275 million paying subscribers.”
Spotify - HoldsJDP CapitalJune 2025
“Spotify – SPOT continues to be our largest position and has been the largest contributor to fund performance for the past two years. The stock was up 71.5% in the first half.”
Spotify - HoldsSpringview CMJune 2025
Listed in Springview CM’s reported holdings.
Spotify - 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).”
Spotify - HoldsTouchstone Sands Capital Select Growth FundMarch 2025
“Among the top individual absolute contributors to Select Growth’s results were Spotify Technology S.A., Sea Ltd. (both Communication Services sector), Intercontinental Exchange Inc. (Financials sector), Uber Technologies Inc. (Industrials sector), and Cloudflare Inc. (Information Technology sector).”
Spotify - HoldsCovesto Patient CapitalMarch 2025
Listed in Covesto Patient Capital’s reported holdings.
Spotify
Also mentioned · 7
These funds discuss Spotify as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedArtisan Select Equity StrategySeptember 2026
“UMG has been raising prices with its customers (i.e., streaming companies such as Spotify), but the streamers have been slow to launch premium tier plans that would offer further upside to pricing.”
Spotify - September 2026
“This is where all the money was made from the dotcom boom (Netflix, Spotify, Amazon, Meta etc) and I expect the same here.”
Spotify - September 2026
“UMG shares declined 22% due to a disappointing earnings report. The business is growing, but not as much as we and others expected. A core part of the thesis for UMG is that there is a long runway for raising wholesale music prices and for launching premium-tier versions of music streaming services. UMG has been raising prices with its customers (i.e., streaming companies such as Spotify), but the streamers have been slow to launch premium tier plans that would offer further upside to pricing.”
Spotify - September 2026
“This is where all the money was made from the dotcom boom (Netflix, Spotify, Amazon, Meta etc) and I expect the same here.”
Spotify - May 2026
“Since then, the stock is up +32%, as a +19% increase in the NAV has been buoyed by a narrowing of the discount to 43% from 49% (a return of +11%). As we wrote at the time, in April UMG (86% of NAV) was subject to a proposed transaction from Pershing Square (“PS”) at an ostensible +78% premium, by way of a proposed merger with Pershing Square SPARC Holdings, a blank cheque acquisition company. In May 2026 it was announced that Bolloré – and in- turn the UMG board – have rejected this proposal. With that said, we do believe the PS offer highlights UMG’s deep undervaluation -their public presentation articulated the reasons for this well and provided sensible remedies too. Whilst the transaction itself has been rejected, UMG management appear to be heeding some of the advice, announcing plans to monetise half its stake in Spotify, having doubled the buyback from €500m to €1bn, and making some improvements to financial disclosure.”
Spotify - MentionedHerford CapitalMarch 2025
“Peter Thiel – co-founder of PayPal and Palantir, and an early investor in Airbnb, Facebook, SpaceX, Stripe, Spotify, and Trade Republic, among others –”
Spotify - MentionedAMG Yacktman Focused FundDecember 2024
“Universal Music Group continues to unlock value with the recently announced partnership with Spotify, as well as potential moves to list the company in the U.S. with associated market access benefits.”
Spotify
Fund coverage · 19 theses
- Baillie Gifford International Concentrated GrowthSeptember 2026
Spotify is attractive because AI can make its large listener data set more useful and strengthen its two-sided platform model.
Read the full thesis - Baron SMID Cap ETFSeptember 2026
Spotify is the leading audio streaming platform with unmatched scale and personalization, early in a durable monetization and margin expansion story with attractive long-term growth.
Read the full thesis Spotify is continuing to compound revenue and operating profit while AI may deepen its personalisation moat and create new monetisation opportunities.
Read the full thesisSpotify Technology SA is an audio streaming platform whose new products, premium add-ons, and ad strategy should support long-term growth and profitability.
Read the full thesis- Baron International Growth FundJune 2026
Spotify Technology S.A. is the leading audio streaming platform with strong scale advantages, personalization, and long-term margin expansion potential.
Read the full thesis - Harding Loevner International EquityJune 2026
Spotify has a massive global subscriber base, is using AI to deepen engagement and monetize more profitably, and trades at a better valuation after a share price decline.
Read the full thesis - Large-Cap GrowthMarch 2026
Spotify is the leading audio streaming platform with strong engagement, margin expansion, and improving free cash flow.
Read the full thesis - Artisan Global Opportunities StrategyMarch 2026
Spotify is the leading audio streaming platform with improving margins and monetization catalysts, leveraging AI and recommendation advantages to drive growth.
Read the full thesis - Artisan Global Discovery StrategyMarch 2026
Spotify Technology is a leading audio platform with improving fundamentals and monetization catalysts, underpinned by AI-enabled capabilities and a strong recommendation engine.
Read the full thesis - Sands Capital Select GrowthDecember 2025
Spotify Technology is the leading audio streaming platform integrating AI and benefiting from improved label agreements and pricing power.
Read the full thesis - Baron Partners FundDecember 2025
Spotify Technology S.A. is a leading music streaming platform with sticky users, improving margins from marketplaces, podcasts and ads, ongoing innovation, and a path to 1B+ MAUs.
Read the full thesis - Artisan Global Discovery StrategyDecember 2025
Spotify Technology SA is a dominant audio platform poised to monetize via pricing, ads, and tiering with diversification into podcasts, audiobooks, and video.
Read the full thesis - Polen Global GrowthDecember 2025
Spotify Technology S.A. is a scaled two-sided streaming platform with secular tailwinds, under-monetized music, and multiple levers to drive over 20% annual free cash flow growth.
Read the full thesis - TCW Concentrated Large Cap Growth FundSeptember 2025
Spotify Technology S.A. is the leading audio streaming service with significant market share and growth potential, driven by user acquisition, premium conversions, and pricing power.
Read the full thesis Spotify is a leading audio streaming service that transforms music consumption and monetization for artists, boasting a robust business model and significant growth opportunities across various audio content.
Read the full thesis- JDP CapitalJune 2025
Spotify is poised to enhance its earnings potential by enabling direct billing for purchases within its app, thereby reducing churn and expanding into a marketplace for various content creators while significantly increasing its revenue opportunities.
Read the full thesis - Sands Capital Technology InnovatorsJune 2025
Spotify is the leading audio streaming service with significant market share, inelastic demand, and strong pricing power, poised for gross and operating margin improvement over the next five years.
Read the full thesis - Alger Focus Equity FundMarch 2025
Spotify is a leading global streaming platform leveraging AI to enhance user experiences and positioning itself for sustained growth in the digital audio market.
Read the full thesis - Polen International GrowthDecember 2024
Spotify is a leading music streaming platform poised for over 20% annual free cash flow growth in the next five years due to its expanding user base and diverse content offerings.
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