Tomorrow's giants, today's opportunity
Fast-growing mid-caps with big ambitions—catch them before they become household names
- Revenue growth >25% annually (last 3 years)
- Market cap US$5B–US$50B (mid-cap growth stage)
- Expanding market share
- Strong unit economics
- Institutional ownership increasing quarter-over-quarter
CrowdStrike Holdings Inc. Class A Common Stock
CrowdStrike is a leading cybersecurity provider, leveraging a cloud-native platform to protect endpoints, cloud workloads, identity, and data. Its subscription-based SaaS model drives recurring revenue, establishing a strong market position despite currently reporting net losses. The business model demonstrates high gross margins, indicating efficiency in its core service delivery.
Datadog Inc. Class A Common Stock
Datadog is a leading observability and security platform for cloud applications, characterized by a unified platform and strong recurring revenue. The business model is robust, continuously expanding its market presence through product innovation and integrations, crucial for modern cloud infrastructures.
Snowflake Inc. Common Stock
Snowflake Inc. is a leader in cloud-based data warehousing, leveraging its AI Data Cloud to provide a unified platform for diverse data needs. The company's innovative approach allows customers to consolidate data, build data applications, and share data products, driving significant business insights. Its strong technology foundation positions it well in the evolving data landscape.
Duolingo Inc. Class A Common Stock
Duolingo, Inc. (DUOL) is a technology company offering a leading mobile language learning platform with a "freemium" model. Its strong user engagement and expanding offerings, including the Duolingo English Test, demonstrate a robust business built on recurring revenue. The business model is solid, showing significant growth.
SoundHound AI Inc Class A Common Stock
SoundHound AI develops independent voice AI solutions across various industries like automotive and customer service. While demonstrating strong revenue growth, the company is not yet profitable, indicating a business in an aggressive expansion phase within the competitive AI landscape.
Janux Therapeutics Inc. Common Stock
Janux Therapeutics is a clinical-stage biopharmaceutical company developing novel immunotherapies for cancer using its proprietary TRACTr and TRACIr platforms. The business focuses on innovative drug development in oncology, characterized by high R&D intensity and significant long-term potential if clinical trials succeed.
Roblox Corporation Class A Common Stock
Roblox Corporation operates a dominant free-to-play online video game platform with a robust user-generated content ecosystem. Despite strong user engagement and revenue growth, the company faces ongoing challenges in monetization and achieving consistent profitability. Its virtual economy, driven by Robux, enables a unique creator-driven model.
Affirm Holdings Inc. Class A Common Stock
Affirm operates a leading buy-now, pay-later (BNPL) network, showing strong revenue growth and recent profitability. Its business model, leveraging both merchant-subsidized and interest-bearing loans, demonstrates a capacity to adapt within the evolving fintech landscape.
BILL Holdings Inc. Common Stock
BILL Holdings, Inc. offers an AI-enabled financial operations platform that automates payments and spend management for small and midsize businesses (SMBs). Its SaaS model provides recurring revenue, but the company faces challenges achieving consistent profitability, as indicated by recent net income and operating margin figures.
Toast Inc. Class A Common Stock
Toast is a leading cloud-based technology platform for the restaurant industry, offering a comprehensive suite of solutions. The company has demonstrated strong revenue growth and has achieved profitability on a trailing twelve-month basis. Its integrated approach helps restaurants streamline operations and payment processing.
HubSpot Inc. Common Stock
HubSpot is a leading provider of cloud-based customer relationship management (CRM) and marketing automation software, primarily serving the mid-market B2B segment. Its integrated platform offers a comprehensive suite of tools, fostering a sticky ecosystem for clients. The business model is robust, characterized by recurring subscription revenue and a strong focus on customer success.
Okta Inc. Class A Common Stock
Okta is a leading cloud-native identity and access management provider, offering critical security solutions for both workforce and customer needs. The business demonstrates strong fundamentals in a growing market for digital identity and is pivotal for enterprises navigating increasing cyber threats and digital transformation.
Autodesk Inc. Common Stock
Autodesk is a leading provider of 3D design, engineering, and entertainment technology solutions worldwide. Its strong subscription-based business model, extensive product portfolio, and global market presence underpin its high-quality business. The company maintains its market leadership through continuous innovation and deep integration into customer workflows.
DigitalOcean Holdings Inc. Common Stock
DigitalOcean is a focused cloud computing platform serving developers and small to medium-sized businesses with an emphasis on simplicity and affordability. While showing improved profitability, the company operates in a highly competitive market against hyperscale providers. Its value proposition is strong for its target niche, but sustaining growth requires continued innovation and effective differentiation.
Veeva Systems Inc. Class A Common Stock
Veeva Systems is a leading cloud-based software provider for the global life sciences industry, offering critical solutions for commercial and R&D operations. The company exhibits strong recurring revenue and high profitability, driven by its specialized domain expertise and mission-critical software. While growth remains robust, competition and evolving regulatory landscapes present ongoing challenges.
Cloudflare Inc. Class A Common Stock
Cloudflare, Inc. (NET) is a leading cloud services provider delivering integrated security, performance, and reliability solutions globally. Leveraging a distributed, serverless content delivery network (CDN), the company protects and accelerates internet applications. While demonstrating strong revenue growth, Cloudflare is currently operating at a loss, indicating a strategic focus on market expansion and substantial investment over immediate profitability.
Confluent Inc. Class A Common Stock
Confluent is a leader in the rapidly growing data streaming market, offering essential real-time data infrastructure built on Apache Kafka. While the company demonstrates strong revenue growth and a high gross margin, it remains unprofitable, focusing on market share expansion. Its cloud-native SaaS model offers scalability but faces intense competition.
JFrog Ltd. Ordinary Shares
JFrog Ltd. offers a comprehensive software supply chain platform essential for modern DevOps, encompassing artifact management, security, and MLOps. The company's subscription-based model addresses a growing need for efficient and secure software development processes across diverse industries. Its robust technology provides foundational infrastructure, cementing its role in the evolving enterprise software landscape.
Appian Corporation Class A Common Stock
Appian is a low-code enterprise platform specializing in business process management, integrating AI and automation to optimize mission-critical operations. The company shows strong revenue growth, but has faced challenges in achieving consistent profitability, reporting net losses recently despite a compelling product offering. The business model is robust, yet sustained profitability remains a key objective.
SentinelOne Inc. Class A Common Stock
SentinelOne operates as a cloud-based cybersecurity provider, leveraging AI for autonomous threat prevention and response. While the company demonstrates strong revenue growth and innovation in a critical market, it currently faces profitability challenges, reflected in its negative net income. The business model is robust, but scaling to profitability remains a key focus.
MongoDB Inc. Class A Common Stock
MongoDB, Inc. offers a leading general-purpose NoSQL database platform, MongoDB Atlas, driving significant revenue growth through cloud adoption. Despite strong top-line expansion, the company is not yet consistently profitable on a GAAP basis, reflecting its investment phase in a highly competitive market. Its developer-friendly approach and multi-cloud strategy are key differentiators.
Stitch Fix Inc. Class A Common Stock
Stitch Fix, Inc. operates in a growing online personal styling market, leveraging data science for personalized apparel and accessories. While the business model addresses a clear consumer need, the company has faced profitability challenges and declining revenue in recent years. Its ability to innovate and attract new clients is crucial for future stability.
DraftKings Inc. Class A Common Stock
DraftKings Inc. is a prominent player in the rapidly expanding digital sports entertainment and gaming market, encompassing online sports betting, daily fantasy sports, and iGaming. The company holds significant market share, particularly in online sports betting and casino gambling. Despite robust revenue growth, DraftKings continues to prioritize market expansion, leading to current unprofitability.
XPO Inc. Common Stock
XPO is a specialized less-than-truckload (LTL) and European transportation provider, navigating a soft but stable freight market. The company focuses on operational efficiency and strategic divestitures to streamline its pure-play LTL business in North America, leveraging a strong brand and customer density in key regions.
MP Materials Corp. Common Stock
MP Materials Corp. holds a critical strategic position as North America's sole integrated rare earth mining and processing facility. The company is currently unprofitable, but its vertical integration into magnetics offers a clear path to higher margins and long-term value in a geopolitically sensitive market.
Unity Software Inc. Common Stock
Unity Software Inc. operates a comprehensive platform for creating and growing games and interactive 2D and 3D experiences. The business leverages AI solutions to support developers across the entire lifecycle, from prototyping to monetization. While currently unprofitable, the company demonstrates significant market presence in real-time content creation.
Coinbase Global Inc. Class A Common Stock
Coinbase Global, Inc. operates a leading platform for crypto assets, aiming to be a safe and regulation-compliant entry point for consumers and institutions into the crypto economy. While its business model is robust, primarily driven by transaction fees, recent analyst sentiment indicates a cautious outlook amidst market volatility and regulatory uncertainties.
GitLab Inc. Class A Common Stock
GitLab (GTLB) operates a comprehensive DevSecOps platform, offering a single application for the entire software development lifecycle. The company is in a high-growth market driven by digital transformation and cloud adoption. Despite strong revenue growth, it has historically operated at a loss, but recent non-GAAP EPS guidance suggests a path towards profitability.
Upstart Holdings Inc. Common stock
Upstart Holdings operates an innovative AI lending platform, partnering with financial institutions to offer personal and auto loans. Its technology aims to expand credit access and reduce risk. However, the business model's heavy reliance on market conditions and interest rate sensitivity suggests a moderate fundamental business quality.
Blend Labs Inc. Class A Common Stock
Blend Labs, Inc. (BLND) offers a cloud-based software platform streamlining financial services, primarily for mortgages and consumer loans. While currently operating at a loss, recent forward EPS estimates suggest a potential return to profitability. The business model focuses on enhancing digital consumer journeys for financial institutions, positioning it in a growing market.
Enovix Corporation Common Stock
Enovix Corporation is at the forefront of lithium-ion battery technology with its innovative 3D cell architecture and 100% silicon anode. While the company demonstrates strong revenue growth and strategic partnerships, it currently faces significant unprofitability and operates in a highly competitive and capital-intensive market. The business model is promising for long-term disruption, but execution risks are high in the near term.
ChargePoint Holdings Inc. Common Stock
ChargePoint Holdings, Inc. is a leading provider of electric vehicle (EV) charging networks and solutions. While operating in a high-growth market, the company currently faces significant profitability challenges with persistent negative margins. Its business model is comprehensive, addressing commercial, fleet, and residential segments.
Flywire Corporation Voting Common Stock
Flywire Corporation is a payments enablement and software company that facilitates complex payment flows across various sectors, including education, healthcare, travel, and B2B. It leverages a robust platform and network with direct connections to alternative payment methods, positioning itself for continued revenue growth despite current unprofitability.
Zscaler Inc. Common Stock
Zscaler is a leading cloud-native cybersecurity provider, offering a Zero Trust Exchange platform to enterprise customers. Its SaaS model provides strong recurring revenue, addressing the evolving threat landscape and remote work trends. The business model is solid, focusing on secure access to internet and private applications.
UiPath Inc. Class A Common Stock
UiPath Inc. is a leading provider of an end-to-end automation platform, blending Robotic Process Automation (RPA) with advanced AI, ML, and NLP capabilities. The company has recently demonstrated a return to profitability on a trailing twelve-month basis, signaling improved operational performance in a dynamic software market.
Asana Inc. Class A Common Stock
Asana, Inc. (ASAN) operates a work management software platform, enabling organizations to orchestrate tasks, manage projects, and gain real-time insights. The company is experiencing revenue growth, though it currently operates with negative profitability, focusing on market penetration and scaling its SaaS solution.
Coursera Inc. Common Stock
Coursera is a leading online education platform connecting learners with university-backed courses and degrees. While demonstrating strong revenue growth and expanding its global footprint, the company continues to navigate towards sustainable profitability in a competitive market. Its strong brand and content partnerships are key assets.
PagerDuty Inc. Common Stock
PagerDuty provides a critical digital operations management platform, leveraging AI and automation to help enterprises respond to incidents efficiently. The business model is robust, focusing on recurring subscriptions for mission-critical services, but faces increasing competition and macroeconomic sensitivity affecting IT spending.
Alibaba Group Holding Limited
Alibaba Group Holding Limited is a dominant player in China's digital economy, with a vast ecosystem spanning e-commerce, cloud computing, and logistics. Its robust business model benefits from strong network effects and significant operational scale. While facing increasing competition, its core platforms maintain substantial market share.
Meituan
Meituan is a dominant technology-driven retail company in China, primarily focused on local life services. Its robust ecosystem of food delivery and in-store services provides significant competitive advantages through network effects and high customer engagement. Despite strong market position, profitability has seen fluctuations.
JD.com, Inc.
JD.com is a leading supply chain-based technology and service provider in China's competitive e-commerce landscape. Its integrated direct sales model and robust logistics network offer strong competitive advantages, focusing on product authenticity and customer experience. However, intense competition and macro-economic headwinds pose ongoing challenges to profitability and growth.
Xiaomi Corporation
Xiaomi dominates global smartphone and IoT markets, known for value and ecosystem strength. Its strategic entry into smart electric vehicles (EVs) opens significant future growth. The business model, blending hardware with high-margin internet services, diversifies revenue and enhances stability. Efficient supply chain and innovation drive its fundamental strength.
Kuaishou Technology
Kuaishou Technology operates a leading short video and live streaming platform in China, diversifying its revenue streams beyond live streaming into online marketing and e-commerce. Despite strong growth in these newer segments, it faces intense competition and regulatory scrutiny in its domestic market, impacting overall profitability and market positioning. The business model is evolving, but profitability is improving.
ANTA Sports Products Limited
ANTA Sports Products Limited is a leading Chinese sportswear company with a strong multi-brand strategy, demonstrating robust profitability and significant market presence. Its comprehensive brand portfolio and focus on the domestic market provide a solid foundation for continued growth and resilience against economic fluctuations.
JD Health International Inc.
JD Health International (6618.HK) is a leading online healthcare platform in China, leveraging its comprehensive ecosystem of pharmaceutical retail, online consultations, and digital health solutions. The business model, supported by JD.com's logistics and brand, demonstrates strong potential in a rapidly digitizing healthcare market, despite facing intense competition.
Ganfeng Lithium Group Co., Ltd.
Ganfeng Lithium is a vertically integrated leader in the global lithium industry, producing compounds, metals, and batteries for diverse applications including electric vehicles. While the company holds a strategic position in a high-growth market, it currently faces profitability challenges amid volatile lithium prices.
Zhongsheng Group Holdings Limited
Zhongsheng Group is a leading luxury and mid-to-high end automobile dealership in China, benefiting from a robust brand portfolio and comprehensive after-sales services. Despite being a dominant player in a large market, the company currently faces headwinds from declining new car sales and intense competition, impacting recent profitability.
WuXi AppTec Co., Ltd.
WuXi AppTec Co., Ltd. is a leading global contract research, development, and manufacturing organization (CRDMO) primarily focused on small molecule drugs. The company benefits from its integrated service model and deep expertise across the drug discovery and development lifecycle. It maintains a strong position in a growing pharmaceutical outsourcing market, driven by increasing R&D intensity and cost-efficiency demands from global pharma.
China Literature Limited
China Literature is a leading online literature and IP monetization platform in China, benefiting from a large user base and Tencent's ecosystem. While revenue growth has been inconsistent, its strong content library and IP adaptation potential offer fundamental business strength.
China State Construction International Holdings Limited
China State Construction International Holdings Limited is a leading Hong Kong-based construction and infrastructure investment company. Its robust business model benefits from extensive experience in both public and private sector projects across Greater China. Despite facing potential headwinds in a dynamic economic environment, the company maintains strong operational capabilities and a diversified project portfolio.
NetEase, Inc.
NetEase is a high-quality Chinese internet technology company primarily focused on online games, with strong capabilities in content creation, community building, and R&D. Its diversified portfolio in music and education adds resilience, though regulatory risks and intense competition remain ongoing considerations. The core gaming business consistently generates substantial profits and free cash flow.
China Hongqiao Group Limited
China Hongqiao is a leading global aluminum producer, benefiting from integrated operations and a strong presence in a demand-driven market. Its robust production capabilities and diverse product portfolio underpin a stable business model, though it navigates the cyclical nature of commodity markets.
Angelalign Technology Inc.
Angelalign Technology is a leading Chinese clear aligner provider with a strong domestic market position. The company operates in a high-growth sector driven by increasing aesthetic dental demands. While demonstrating solid revenue expansion, profitability is relatively nascent, reflecting investment in growth and competitive dynamics. The business model benefits from direct-to-consumer services and a growing product portfolio.
Yihai International Holding Ltd.
Yihai International is a leading hot pot condiment and compound condiment producer in China, benefiting from its close ties with Haidilao. The business model is robust, driven by increasing demand for convenience foods. However, growth has slowed, indicating a maturing market and intensifying competition.
GCL Technology Holdings Limited
GCL Technology is a leading player in the solar material (polysilicon and wafer) and solar farm sectors, critical to the global energy transition. Despite its essential role, the company currently faces significant profitability challenges, marked by negative earnings and high debt, indicating a need for operational improvements and a more favorable market environment.
China Vanke Co., Ltd.
China Vanke is a prominent Chinese property developer facing significant challenges amidst the ongoing real estate downturn. Despite its diversified operations and historical market leadership, recent financial performance has been severely impacted by liquidity issues and declining sales. The business model, while fundamentally sound in a stable market, is currently under immense pressure.
Guangdong Investment Limited
Guangdong Investment Limited is a diversified conglomerate with a strong foundation in water resources in Mainland China and Hong Kong. The business benefits from essential service demand and strategic infrastructure assets, providing stable cash flows. However, its other segments like property, department stores, and hotels introduce cyclicality and market exposure. The company's diversified nature provides resilience but may temper high growth prospects.
Wharf Real Estate Investment Company Limited
Wharf Real Estate Investment Company Limited (1997.HK) holds a portfolio of prime properties in Hong Kong and Mainland China, notably Harbour City and Times Square. While the business model benefits from high-quality assets, recent financial performance shows a shift to unprofitability for the trailing twelve months, reflecting challenges in the property sector.
XJ International Holdings Co., Ltd.
XJ International Holdings is a leading education service provider in China and Malaysia, operating colleges and vocational schools. Its business model benefits from strong demand for higher and vocational education, but faces challenges from a competitive landscape and regulatory changes in the Chinese education sector. The company has demonstrated revenue growth, yet recent net profit expectations suggest headwinds.
Sunny Optical Technology (Group) Company Limited
Sunny Optical is a global leader in optical components and optoelectronic products, benefiting from robust demand in handset camera modules and the rapidly expanding automotive lens market. Its diversified product portfolio and strong R&D position it well for long-term growth, despite facing cyclicality in the consumer electronics sector.
Shanghai Pharmaceuticals Holding Co., Ltd.
Shanghai Pharmaceuticals Holding is a prominent integrated pharmaceutical company in China, excelling in manufacturing, distribution, and retail. It benefits from a strong domestic market presence but faces challenges in an evolving regulatory landscape and intense competition. The business model is robust, but growth dynamics are shifting.
East Buy Holding Limited
East Buy Holding Limited has pivoted to livestreaming e-commerce, offering private label products, especially agricultural, alongside diverse services. The business model demonstrates a strategic shift to capture online consumer trends in China. While revenue streams are diversifying, recent profitability has been challenged, indicating a period of transition and investment.
Country Garden Holdings Company Limited
Country Garden is a major Chinese real estate developer facing significant financial distress and a challenging property market. The company is actively restructuring its debt amidst negative profitability and shrinking revenue, making its business quality highly concerning. Operational stability remains a key hurdle.