A secular grower business /multi-bagger that falls under the Horse framework from Blue Ridge.
Appfolio (NASDAQ: APPF) – vertical SaaS platform (early comp to Constellation Software CSU.TO)
- Leading SMB property management, legal case mgmt software, 20% ownership (SecureDocs) & tenant liability insurance platform
- Small relative to total addressable market + Low penetration, with upward sloping penetration curve
- Strong unit economics and highly defensible competitive moat
- Best-in-class mgmt team outflanking the likes of Mark Zuckerberg & Google Co-Founders on employee ranking site, Glassdoor
Initiate @ $12
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