Artisan Global Opportunities Fund on Shopify Inc.
Thesis
Shopify provides a global commerce platform that allows merchants to manage their businesses across multiple channels. Recent results exceeded expectations, with gross merchandise volume rising 32% and free cash flow increasing 55% year over year. The fund believes recent investments are sustaining strong growth while improving free-cash-flow leverage demonstrates the scalability of the platform. Shopify is viewed as well positioned for long-term growth in digital and agentic commerce because of its proprietary commerce and checkout data and increasing adoption of AI-enabled merchant tools.
“We continue to believe Shopify is well positioned to benefit from long-term growth in digital and agentic commerce”