Letters by company
Toast, Inc.
4 letters discussing TOST. Everything written about it on this site is on its ticker page.
- Mayar Capital Letter to Partners | Q3 2026 Mayar Responsible Global Equity Fund exited PayPal, Kering, Microsoft, Ashtead, Brenntag and Midera Food Processing, while adding to Bunzl, Lonza, SAP, Nestlé and Booking and starting Barratt Redrow alongside a larger Taylor Wimpey exposure. The manager argues that AI-linked market concentration is fragile and uses AI internally to screen accounting risks and prioritize research. Q3 2026 TOST $20BBNTGF $10BPPRUF $25B
- Optimist Fund Q1 2026 Quarterly Letter Optimist Fund added to ThredUp, Wayfair, Carvana and First Advantage amid an AI- and geopolitics-driven selloff, while exiting Monday.com after losing confidence in management’s communication. The fund initiated Toast and Zscaler, exited Teledyne Technologies and Ashtead Group, and increased equity exposure using modest leverage. Q1 2026 TOST $20BCVNA $107BFA $3.7B
- 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 $20BCVNA $107BFA $3.7B
- Emeth Value Capital 2026 H1 Letter Shift4 Payments became a newer portfolio addition after insider-buying, ownership and other AI-enabled screens flagged the company. The investment case rests on its software-led payments cross-sell model, acquisitions in restaurants, hospitality and global commerce, and the durability of integrated merchant workflows against AI-driven disruption. 2026 H1 FOUR $3.3BADYEY $30BFISV $34B
