Letters by company
Carvana CO.
8 letters discussing CVNA. Everything written about it on this site is on its ticker page.
- Optimist Fund Q2 2026 Quarterly Letter Optimist Fund added materially to Affirm during the first-quarter correction and argues that its underwriting model, merchant economics and founder ownership can sustain BNPL expansion. The fund retained its holdings, added to Carvana, and sees direct listings at ThredUp, physical retail at Wayfair, and operating leverage at First Advantage as key sources of upside. Q2 2026 AFRM $25BCVNA $46BFA $3.2B
- Optimist Fund Q1 2026 Quarterly Letter Optimist Fund added to ThredUp, Wayfair, Carvana and First Advantage after sentiment-driven selling, while exiting Monday.com over reduced confidence in management communication. It initiated Toast and Zscaler, exited Teledyne Technologies and Ashtead Group, and increased equity exposure as it judged growth-company valuations compelling. Q1 2026 TOST $17BCVNA $46BFA $3.2B
- Artisan Partners Quarterly Commentary, Artisan Mid Cap Fund Artisan Mid Cap Fund added L3Harris, Astera Labs and Carvana, seeking exposure to missile defense, data-center connectivity and scaled online used-car retailing. It exited Veeva, Snowflake and Ferguson on competitive, AI-related or valuation concerns, while trimming Coherent, iRhythm and MACOM under its valuation discipline. Q4 2025 ALAB $66BARGNF $59BASND $15B
- Patient Capital Management 1Q25 Portfolio Activity and Attribution Patient Opportunity Equity Strategy added Carvana, New Fortress Energy and JD.com while selling Expand Energy and Green Thumb to concentrate on higher-conviction ideas. It argues that CVS’s Medicare Advantage pricing is improving, Chinese holdings are insulated by domestic revenue, and operational turnarounds support Carvana, Dave & Buster’s and Illumina. first quarter of 2025 BABA $270BCVNA $46BCVS $112B
- Saga Partners Quarterly Update First Quarter 2026 Saga Portfolio addresses the first material drawdown in three years by distinguishing headline-driven price moves from changes in intrinsic value. It defends The Trade Desk’s independent DSP position against Amazon and AI concerns, argues its growth slowdown is temporary, and retains existing holdings because their prices offer better relative opportunity. FIRST QUARTER 2026 0LF5
- Giverny Capital Annual Letter to our Partners 2025 Giverny Capital sold CarMax after its turnaround faltered and exited Fiserv after leadership changes, weakened guidance and balance-sheet concerns raised risk. The firm retained Constellation Software, arguing its niche vertical software, embedded customer data and acquisition model remain resilient despite AI fears. It cautioned that AI infrastructure spending may produce poor early-investor economics. 2025 CNSWF $43BCNI $72BFISV $24B
- Patient Capital Management 2Q25 Portfolio Activity and Attribution Patient Opportunity Equity Strategy added UnitedHealth, Noble, Tempus AI, Clear Secure and Costco puts, while exiting New Fortress Energy over deteriorating fundamentals and balance-sheet strain. It expects tighter offshore-rig supply to favor Noble, sees UnitedHealth as a durable platform after Medicare Advantage setbacks, and backs Tempus’s AI-enabled molecular-data business. 2Q25 BABA $270BCOIN $47BCOST $418B
- Greenhaven Road Capital Q1 2020 Greenhaven Road Capital retained major positions in SharpSpring, Digital Turbine and PAR Technology, arguing that their balance sheets, management teams and competitive positions can withstand the pandemic disruption. It added smaller positions in Roku, Pinterest and Carvana while emphasizing businesses with variable costs and sufficient liquidity. Q1 2020 APPS $1.3BKKR $80BPAR $611M
