HELFY - The Optimist Fund Q4 2024 Quarterly Letter

2025-01-22 07:50:00 ET

Summary

• Since inception, we have achieved approximately 15% annualized returns, net of fees, and are now approaching our 3- year anniversary.
• Over the next five years, we expect ThredUp to achieve high-teens revenue growth with 25-30% incremental adjusted EBITDA margins.
• Top 10 holdings in our fund comprise approximately 80% of the portfolio as of December 31st, 2024.

To the partners of Optimist Fund,

2024 was another strong year, with a return of ~67%. Since inception, we have achieved approximately 15% annualized returns, net of fees, and are now approaching our 3- year anniversary.

We continue to find highly attractive investment opportunities and believe the portfolio has significant upside over the next 5 years....

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