Growth equities bought at moderate sales multiples delivering strong H1 gains

Conviction: 65% · Horizon: 2Y · 2026-07-05
Lidar names re-rate when revenue growth stays high at single-digit sales multiples

Ouster was accumulated near five times sales while forward revenue growth was projected around forty percent. The position became a top portfolio weight and appreciated over one hundred percent unrealized in the first half, supporting the view that autonomy-sensor demand can outrun conservative multiples when growth materializes.

Instrument Side Target Reason
OUST Long A lidar supplier trading near five times sales with forecast revenue growth around forty percent offers leverage to adoption of autonomy and perception hardware; sustained beats can expand multiples and earnings power from a second-largest core holding scale.
AI-focused cloud and GPU infrastructure can compound as a top H1 winner

Nebius is flagged alongside lidar as a leading unrealized winner in the first-half recap, positioning AI-native compute and cloud capacity as a parallel growth sleeve to hardware autonomy plays.

Instrument Side Target Reason
NBIS Long Operators of dedicated AI cloud and GPU capacity benefit from structurally rising demand for training and inference; inclusion among the largest H1 unrealized winners suggests the market is rewarding scaled infrastructure exposure over the near term.

Themes

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