Overview
- The investor letter, released Monday, reports a quarterly loss that still beat the Russell Midcap Growth index.
- DoorDash, MongoDB, and Roblox were the largest drags on Q1 results, yet the fund increased its DoorDash stake and added to Roblox.
- Roblox posted $1.4 billion in Q1 revenue, up 39% year over year, and it is pushing AI creation tools, better discovery, platform expansion, and age checks even as the stock fell in recent weeks.
- DoorDash showed 25% organic gross order growth and 29% EBITDA growth, which the fund said points to share gains in restaurant, retail, and grocery delivery.
- MongoDB beat recent results but Atlas growth slowed and guidance came in light, and the fund held its position while also trimming Coherent, Wingstop, and Astera, exiting Ares, CCC, and Parsons, and opening new stakes in Semtech, Tradeweb, and SiTime to target AI-driven connectivity.