Welcome to Titan’s Take, our POV on the latest.
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We talked a few weeks ago about thinking of your own wealth as if you're the CEO of your own hedge fund. Consider this Chapter Two.
Take a look at this: of the 12 technology companies that raised over $3B in venture capital prior to IPO, only one (Robinhood) has outperformed the market. The other 11 have all underperformed since going public. |
Source: Pitchbook, recirculated by analyst Dan Gray (Odin) |
We've been talking with many people who are employees of, or have shares in, some of the hottest private companies today. The next wave of IPOs is beginning. For the record, we're not bearish on these companies over a multi-year time frame. We're not saying sell it all and put it in the market as soon as the lockup window is over.
What we are saying is: remember shrewd capital allocation. Deciding when to trim a position because the gains have been massive is one of the hardest things to do. You're faced with two voices, one on each shoulder.
One says: "C'mon, this is going to the moon. Ride, baby, ride!"
The other says: "We're betting a crazy amount on one thing."
We'd love to help you resolve those voices.
Our gentle reminder: if you love the prospects of a security, meaning in your bones you have so much conviction it's going to deliver incredible returns, above and beyond the market (no easy feat), then consider doing exactly what professional risk-takers do. They usually aren't putting more than 15–25% in a single stock, even when they've fallen in love with the bull case. Ackman's top position is 17% of Pershing; Klarman's is 13% of Baupost.
The irony is that a few years ago, the favorite position of many of our clients was cash, during the high-yield money market fund craze. Now, for many of them, it's their current employer.
We're totally OK with you having a favorite. To be Chief Repeating Officer on something we said back in May:
"Yes, concentration can produce outsized returns. We'd be the first to admit that. (It's why our Flagship strategy is outperforming the market this year. Ciena, our largest position, is 12% of the portfolio.) But there's always a but. Even the world's greatest hedge fund managers have ceilings on how concentrated they are."
Happy Friday,
Titan Team
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From Sofia Silveira, Vice President, Titan
"Concentration is how fortunes are made. Diversification is how they're kept. The hard part is knowing when to switch. That's what we're here for. If you have a large portion of your wealth in a single holding, give us a call.” |
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Titan Global Capital Management, Inc.
PO Box 4668 | PMB 85274
New York, New York 10163-4668 US
© 2026 Titan, All rights reserved.
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As of the time of publishing, Ciena Corporation (CIEN) and Uber Technologies, Inc. (UBER) are holdings in Titan's Flagship strategy; and as of 5/31/2026, Robinhood Markets, Inc. (HOOD) is a 0.57% holding in the ARK Venture Fund.
Advisory services are provided by Titan Global Capital Management USA LLC ("Titan"), an SEC-registered investment adviser. Titan’s affiliate, Titan Global Technologies LLC (“TGT”), is an SEC-registered broker-dealer. Both Titan and TGT are subsidiaries of Titan Global Capital Management, Inc. This content is for informational purposes only and is not investment or financial advice, tax or legal advice, an offer, solicitation of an offer, or advice to buy or sell securities or other products offered by Titan, TGT, or any third party. Any mention of companies, securities, asset classes, or investment strategies does not constitute affiliation, an endorsement, or a recommendation.
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References to specific stock performances are provided for historical market context and are not indicative of future results or the performance of any Titan strategy. Any performance mentioned regarding individual securities reflects market performance for educational purposes only and is therefore shown gross of fees, where applicable. Actual performance may vary based on individual circumstances, including the specific timing of trade execution, which can impact the cost basis of any given investment. Valuation assessments in our communications are based on internal analysis and are for informational purposes only. They should not be the sole basis for investment decisions and may differ from others' views or assessments. No warranty is made regarding their accuracy or completeness. The mention of a security does not imply it is held in a Titan strategy. Where Titan does hold a company mentioned in our strategies, we’ll disclose it.
Various Registered Investment Company products (“Third Party Funds”) are offered by third-party fund families and investment companies on Titan’s platform as one of many potential investment options available to Titan’s clients, that may or may not be recommended based on an individual client’s investment objectives, risk tolerance, or suitability. Third Party Funds that are available on Titan’s platform are interval funds, which are highly speculative and subject to a lack of liquidity compared to other types of investments. Always review the prospectus in its entirety for a full list of risks associated with investing in the Third Party Fund before making any investment decisions. Liquidity and distributions are not guaranteed, and are subject to availability at the discretion of the Third Party Fund.
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