These names account for about 12% of my equity portfolio and I believe are primed to continue scaling over the next 8 quarters.
RDDT, FIGR, ONON, and APP have unique assets and continue to rapidly innovate their product offerings and accompanying business models. Shares in these names are down YTD and all have a NTM PEG < 1.
Sharing my investment notes and would love feedback.
**RDDT**
* “What does Reddit think” will become as mainstream as “just Google it” because Reddit’s platform is a unique place to capture authentic human insight. RDDT is positioned to scale its incredibly capital light business around participant value.
* Undisputed top data source for LLM training and inference. Accelerating time to value for new users (targeting 1 billion) and driving weekly users to daily are top priorities. Early innings of scaling advertising business, search, and product-focused LLM partnerships with OpenAI and Google ($60M data licensing contract with GOOGL, $39M in Q126 “Other Revenue” that includes data licensing, up 15% YoY).
* Quarterly revenues have grown by 61-78% YoY for the past 7 quarters, 27-37% Net Margin for the past 3 quarters, and $2.8 billion in cash.
**ONON**
* On Holdings I believe is becoming the "Swiss Watch" of athletic retail and will continue to rise to the top of the market where LULU and NKE left off. Co-founders David Allemann and Caspar Coppetti are back as Co-CEO’s as of March 2026 to lead their company through an intensely competitive premium athletic retail market, but are uniquely positioned to align style / brand with performance in Running, Training, Hiking, Tennis, and Lifestyle markets.
* Their Lightspray robotics manufacturing technology provides efficiency and lead-time reduction for products, and specialized “spirit of sport” drives aligns to a premium consumer looking for quality over hype. Roger Federer and Zendaya are timeless and classic brands that I think are perfect for OnOn. I’m looking forward to their investor day in September where we’ll learn more detail about the strategy as the founder re-take the helm.
* Growth track record. Total Revenue grew 14.5% YoY in Q126, led by 44% growth in APAC, 22.8% in EMEA, and Apparel grew 45.1%.
**FIGR**
* Figure is building a bridge between blockchain technology and traditional finance capital markets, starting with lending. I believe they are positioned to modernize many aspects of capital markets in the same way that Carvana has modernized the used car market.
* Figure’s blockchain competitive advantage. Figure’s LOS is able to reduce HELOC costs from $10,000 to $1,000, and has reduced process times from 42 days to 10. Figure primarily drives revenue from transaction volumes that occur on the Consumer Loan Marketplace (connects lenders and borrowers), Figure Connect (secondary market for securitized loan liquidity), and loans originated through its Loan Origination System (LOS).
* As of Q1’26, Loan Marketplace volume grew by 113%, Net Revenue grew by 98% YoY, 387 lending partners in the ecosystem (80 added in Q1), prioritizing HELOC, First-Lien, Auto, and SMB loans to drive growth.
* Loan marketplace volume is expected to grow to $3.8-$4.1 billion for Q2 2026. $1.5 B cash, loans are not held on FIGR books, and reported positive GAAP Net Income in the past 4 quarters while growing revenue \~100%
**APP**
* Applovin operates a two-sided advertising platform built around 1+ billion mobile game users. The Applovin platform is anchored by the Axon Ads platform for advertisers and MAX platform as the company’s in-house bidding solutions for game publishers / developers to sell advertising inventory. Over the past five quarters, total revenue growth landed between 58-77% YoY to reach $1.8 B in Q1 2026 with only about 500 employees. APP has earned a GAAP net margin between 59-67% in each of the past 4 quarters.
* Axon is now open to all advertisers. The above financial results were achieved on a closed AXON platform, which has now been opened up as of June 2026 to a much wider range of advertisers including small e-commerce, Small local businesses, non-ecommerce transaction businesses (fintech, subscription apps), Lead-gen verticals (auto insurance, health insurance, food delivery), AI agent advertising, and international advertising.