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"The greatest achievement was at first and for a time a dream. The oak sleeps in the acorn, the bird waits in the egg, and in the highest vision of the soul a waking angel stirs. Dreams are the seedlings of realities." - James Allen

Growth Strategy

The Growth universe contains ~75 publicly traded U.S. companies. The strategy holds 20 to 30 of the companies within the universe at any given time. With a focus on growth, it should be no surprise that most names fall into the higher growth segments of the market such as technology (software), healthcare (medical devices) and consumer discretionary (luxury brands). The Growth strategy targets ~100% invested capital regardless of market conditions. Risk is managed through position sizing, not through holding cash or hedging.

Companies usually enter the portfolio as "Acorns" and as they mature, if we are correct, they will compound and become our larger allocations, or "Oaks". When Oaks are fully valued, they are sold into strength, harvesting the proceeds to fund new positions, or Acorns. Acorns begin as small allocations and grow as the company executes and meets KPIs and we gain further comfort while completing due diligence. Volatility is expected in these names as they are mostly small/mid-cap and can be illiquid. We often look to take advantage of this illiquidity and use weakness to increase position sizes. WE are always looking to buy on price weakness that seems disconnected from fundamental reality.

Somewhere in the middle of Acorns/Oaks are the "Saplings", which make up the majority of the portfolio. Many of the Sapling positions have long holding periods and have matured from Acorns. Saplings have largely eliminated the early business execution risks and have proven their model successful and that they have longevity and growth ahead. Top and bottom line growth remain very attractive relative to the peers and the broader market, unlike Oaks who often display the slower growth qualities of many mature companies within the Core universe. Saplings may also become Oaks when price outpaces fundamental performance, as we will no longer be a buyer of weakness. If we think the market has priced our company to perfection and there are more downside risks than upside from a valuation perspective, we will become a seller on strength and wait for better opportunities.

Below, the companies in green reflect an upgrade in the last 12 months. Grey are new additions to the universe within the last 12 months and red means the company has been downgraded in the last 12 months.


Avalara (AVLR)

Cognex (CGNX)

CRISPR Therapeutics (CRSP)

Crowdstrike (CRWD)

Datadog (DDOG)

DocuSign (DOCU)

Fastly (FSLY)

Guardant Health (GH)

Innovative Industrial Properties (IIPR)

Oakta (OKTA)

OmniCell (OMCL)

Peleton (PTON)

Personalis (PSNL)

Schrodinger (SDGR)

Twilio (TWLO)

Zillow (ZG)

Zynga (ZNGA)


Activision-Blizzard (ATVI)

Align Technology (ALGN)

Autodesk (ADSK)

Axon (AAXN)

Canada Goose (GOOS)

Cloudflare (NET)

Electronic Arts (EA)

Exact Sciences (EXAS)

EverBridge (EVBG)

Fulgent Genetics (FLGT)

GW Pharmaceuticals (GWPH)

inMode (INMD)

Inspire Medical Systems (INSP)

iRhythm Technologies (IRTC)

Invitae (NVTA)

Lyft (LYFT)

Nvidia (NVDA

Pinterest (PINS)

Progyny (PGNY)

Restoration Hardware (RH)

RingCentral (RNG)

Roku (ROKU)

Salesforce (CRM)

Shake Shack (SHAK)

Spotify (SPOT)

Square Inc (SQ)

Teledoc (TDOC)

TripAdvisor (TRIP)

Twitter (TWTR)

Take Two Interactive Software (TTWO)

Universal Display Corp (OLED)

Yeti (YETI)


Chipotle Mexican Grill (CMG)

Domino's Pizza (DPZ)

Etsy (ETSY)

FactSet Data Systems (FDS)

Ferrari (RACE)

Garmin (GRMN)

Intercontinental Exchange (ICE)

Lululemon (LULU) (MTCH)

PayCom (PAYC)

PayPal (PYPL)

Samuel Adams (SAM)

Tractor Supply Company (TSCO) (WIX)

2020 Q1 Updates - 

Upgrades - Spotify (SPOT), Teledoc (TDOC) and Garmin (GRMN)

Downgrades - Roku (ROKU) and ShakeShack (SHAK)

New Additions - Cognex (CGNX), DocuSign (DOCU), GW Pharmaceuticals (GWPH), Landstar (LSTR), Tesla (TSLA), Salesforce (CRM), inMode (INMD), iRhythm Technologies (IRTC).

2020 Q2 Updates

Upgrades - Align Technology (ALGN), Canada Goose (GOOS), Cloudflare (NET), Exact Sciences (EXAS), Everbridge (EVBG), Ferrari (RACE), Lyft (LYFT), Pinterest (PINS), Square Inc (SQ), TripAdvisor (TRIP), Weightwatchers (WW), Yeti (YETI)

Downgrades - Azul (AZUL), Capri Holdings (CPRI), Discovery Communications (DISCA), Gildan Activewear (GIL), Turning Point Brands (TPB), Tapestry Holdings (TPR)

Additions - Avalara (AVLR), Guardant Heath (GH), Ping Identity (PING), Fastly (FSLY), Datadog (DDOG), Liveongo (LVGO), Live Nation Entertainment (LYV), Peleton (PTON), Progyny (PGNY), Crowdstrike (CRWD)

Removals - Duluth Trading Co. (DLTH), Funko, Inc. (FNKO), Polaris (PII), Talend (TLND), Yext (YEXT)

2020 Q3 Updates - 

Upgrades - Sam Adams (SAM), Etsy (ETSY), (WIX), Roku (ROKU), Invitae (NVTA)

Downgrades - iRobot (IRBT)

Additions - Nvidia (NVDA), CRISPR Therapeutics (CRSP), Innovative Industrial Properties (IIPR), Fulgent Genetics (FLGT), Personalis (PSNL), Schrodinger (SDGR)

Removals - Tapestry Holdings (TPR), Capri Holdings (CPRI), Azul Airlines (AZUL), Stratasys (SSYS), World Wrestling Entertainment (WWE), Sketchers (SKX)

** Liveongo (LVGO) acquired by Teledoc (TDOC) **

2020 Q4 Updates - 

Upgrades - GW Pharmaceuticals (GWPH), Fulgent Genetics (FLGT), inMode (INMD), Progyny (PGNY), Inspire Medical Systems (INSP), iRhythm Technologies (IRTC)

Additions - Oakta (OKTA), Twilio (TWLO)

Removals - Gildan Activewear (GIL), Turning Point Brands (TPB), Landstar (LSTR), Live Nation Entertainment (LYV), Discovery Communications (DISCA), Formula One (FWONK), WeightWatchers (WW), Ping Identity (PING), Tesla (TSLA), iRobot (IRBT), GrubHub (GRUB)

Core Strategy

The Core Universe contains approximately 50 companies. The Core strategy provides stability to the overall portfolio with significantly larger and more mature companies. The Core strategy is split between Core and Core Plus.

The Core portfolio is a buy and hold strategy with no turnover. The holdings are reviewed on an annual basis to determine if they still meet the required criteria.


The positions within the core portfolio are often over and underweighted relative to the attractiveness of their near term technicals or short term outlook. When a company trades to the target valuation or price, the position will be reduced. When a company trades far enough from the target valuation where the risk/reward has shifted meaningfully in the buyer's favor, the allocation is increased. Target allocations are intended to be equally weighted with a bias toward market cap.

The Core Plus portfolio is an extension of the Core portfolio and includes attractive companies from outside of the United States whose investment vehicles carry less attractive tax treatment. We choose to only own these investments when they go on sale and sell when they return to fair value or our target price.


Apple (AAPL) (AMZN)

Boeing (BA)

Booking Holdings (BKNG)

Costco (COST)

CVS Healthcare (CVS)

Delta (DAL)

Disney (DIS)

eBay (EBAY)

Facebook (FB)

FedEx (FDX)

Alphabet (GOOGL)

Home Depot (HD)

Intuitive Surgical (ISRG)

JP Morgan Chase (JPM)

Coca-Cola (KO)

Louis Vuitton Moet Hennessy (LVMUY)

Mastercard (MA)

McDonalds (MCD)

Microsoft (MSFT)

Netflix (NFLX)

Nike (NKE)

Nintendo (NTDOY)

Pepsi (PEP)

Starbucks (SBUX)

Stryker (SYK)

Target (TGT)

Visa (V)

Waste Management (WM)

C O R E    P L U S

Adidas (ADDYY)

Brown-Forman Corp. (BF.B)

Anheuser Busch (BUD)

Blackstone (BX)

Caterpillar (CAT)

CVS Healthcare (CVS)

John Deere (DE)

Essilor-Luxotica (ESLOY)

Heineken (HEINY)

Hershey (HSY)

Intel (INTC)

Loreal (LRLCY)

3M Corp (MMM)

Nestle (NSRGY)

Novo-Nordisk (NVO)

Tiffany & Co. (TIF)

Walmart (WMT)

2020 Q1 Updates - 

Upgrades - JP Morgan Chase (JPM)

Downgrades - Tiffany & Co. (TIF)

2020 Q2 Updates - 

Upgrades - Boeing (BA)

Additions - Stryker (SYK)

2020 Q3 Updates - 

Removals - Altria (MO), General Motors (GM)

2020 Q4 Updates - 

Upgrades - eBay (EBAY), CVS (CVS)

Removals - Ralph Lauren (RL)

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