What smart money is saying about Spotify
18 funds in our archive have pitched Spotify — most recently Harding Loevner International Equity in June 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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Position history
Between Q4 2024 and Q3 2026, 33 fund letters reported a position in Spotify — 10 opened or added to the position, 2 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 5 | 0 | 0 | 0 |
| Q2 2026 | 27 | 9 | 2 | 5 |
| Q1 2026 | 1 | 1 | 0 | 3 |
| Q4 2025 | 0 | 0 | 0 | 4 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 3 |
| Q1 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Fund activity · 33 positions · 12 moves
- 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.”
142 more words on why — unlock Harding Loevner International Developed Markets Equity’s full commentSpotify - 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 - 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
Also mentioned · 1
These funds discuss Spotify — as a competitor, benchmark or comparable — without disclosing a position in it.
- 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
Fund coverage · 18 theses
- 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 Spotify 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 thesisSpotify is continuing to compound revenue and operating profit while AI may deepen its personalisation moat and create new monetisation opportunities.
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 - Baron First Principles ETFJune 2026
Spotify Technology S.A. is cited as a disruptive growth business expected to keep growing significantly and potentially generate exceptional long-term returns.
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 - 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 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 - 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 - 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 - 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 - 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 - 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 - 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 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- 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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