Investment thesis
HealthEquity (HQY) is a technology, finance, and healthcare company, all-in-one. The company runs like a wealth management fund where users top up their money (and employer matching) into a saving account that they can use to pay for their healthcare bills in a tax-efficient manner.
Our thesis is simple. HealthEquity generates revenue through growing users' saving accounts. Therefore, as long as people (and employers) keep putting away some money for their healthcare bills, HealthEquity benefits.
As a comforting point to note, last year, HealthEquity acquired its competitor, WageWorks, allowing it to