Portfolio
Case Studies
A selection of core positions in the Elevate Capital long market portfolio — each representing a high-conviction investment thesis grounded in the PSIF fundamental research framework.
Important Notice: The positions shown below are representative of the types of investments Elevate Capital makes and are provided for illustrative purposes only. This does not constitute a complete list of holdings, and past positions may no longer be held. Nothing on this page constitutes investment advice or a solicitation to invest. For qualified investors only. See Legal Disclosures.
UnitedHealth Group, Inc. · UNH
Dominant managed care platform with durable pricing power, diversified revenue streams across Optum and UnitedHealthcare, and a long runway for margin expansion as healthcare services shift toward value-based care models.
$430B+
Healthcare
Amazon.com, Inc. · AMZN
AWS remains the world's largest cloud infrastructure provider with 30%+ operating margins and accelerating AI workload demand. The e-commerce and advertising businesses provide optionality and cash flow to fund continued infrastructure investment.
$2.1T+
Technology / Consumer
Evercore Inc. · EVR
Premier independent investment bank with a pure advisory model that generates exceptional returns on equity with minimal balance sheet risk. Positioned to capture share from bulge bracket banks as clients increasingly value conflict-free advice.
$10B+
Financials
Coinbase Global, Inc. · COIN
The de facto institutional-grade gateway to the digital asset ecosystem in the United States. Regulatory clarity under the current administration creates a significant re-rating opportunity. Institutional custody and staking businesses provide durable, recurring revenue.
$50B+
Digital Assets / Financials
Alphabet Inc. · GOOGL
Unassailable search and advertising moat generating $80B+ in annual free cash flow, combined with Google Cloud's accelerating enterprise AI adoption and DeepMind's frontier research capabilities. Trading at a discount to peers on a free cash flow basis.
$2.0T+
Technology
Meta Platforms, Inc. · META
The world's largest social graph with 3.3B+ daily active users across Facebook, Instagram, and WhatsApp. AI-driven ad targeting improvements are driving revenue per user higher while Llama and Reality Labs position the company for the next computing platform.
$1.5T+
Technology
How We Build Conviction
Every position in the Elevate Capital portfolio begins with a rigorous application of the PSIF framework — a four-stage process that combines quantitative screening with deep fundamental analysis and qualitative judgment.
Our research process is inspired by the best practices of leading fundamental managers — the concentrated conviction of Pershing Square, the quality-first discipline of Sequoia Capital, and the systematic rigor of BlackRock's fundamental equity team — adapted for Elevate's hybrid investment architecture.
"We don't try to own a little of everything. We try to understand a few things deeply — and then act with conviction when the opportunity is right."
— Elevate Capital Investment Philosophy