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 $23BCVNA $46BFA $3B +2
• 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 $3B +3

2 letters so far. We collect each new one as Optimist Fund publishes it.