NVIDIA
Global semiconductors
$791.7B · +25.6%
NVDA
Value Creation
Rev Growth
65.4%
EBITDA Growth
65.0%
Market Pricing
EV/EBITDA (NTM)
20.5x
P/E (NTM)
25.5x
The Pragmatic Portfolio is a concentrated stake in powerful businesses operating at the center of rapidly growing markets. Their growth becomes yours. Operating performance leads. Valuations follow.
The market knows these are better businesses — and prices them accordingly. The Pragmatic Portfolio carries a real premium to the index because it's earning it: growing six times faster on revenue and nearly five times faster on earnings than the average S&P 500 company. But even after that premium, on a growth-adjusted basis the Pragmatic Portfolio is meaningfully cheaper than owning the index. These businesses are winning in the real world. The stock prices will follow.
Lower is better. The market is pricing each unit of growth at $1.47 across the S&P 500. The Pragmatic Portfolio delivers that same unit of growth at $0.56 — nearly three times cheaper. That's the price of focus.
The most expensive infrastructure buildout in history. You own the businesses selling the picks and shovels — the highest-margin layer of every dollar of capex.
Every enterprise is rebuilding itself around AI. You own the platforms doing the rebuilding — the ones that already own the customer, the data, and the workflow.
Advertising is one of the most concentrated economic activities on earth. You own the platforms taking share by proving ROI in real time — programmatic, connected TV, performance marketing.
Commerce is being rebuilt in software. You own the platforms sitting at the operational core of merchants and restaurants — where every transaction monetizes across payments, advertising, and capital.
The next generation of consumer brands is being built in real time. You own the entrants taking share from category incumbents in coffee, beverages, food, and education — with better products and stronger customer loyalty.