WestEnd Capital Management, LLC on Robinhood Markets, Inc.

WestEnd believes Robinhood is evolving from an online brokerage into a broader financial-services ecosystem spanning retirement, cash management, securities lending, advisory, credit, prediction markets and international operations. Its core advantage is a large and highly engaged customer base that can adopt additional products through a single digital platform at relatively low incremental distribution cost. Assets under custody and revenue per account are increasing as customers consolidate more financial activity with Robinhood. Revenue is also growing faster than expenses, creating operating leverage. The manager believes this broader product suite can make Robinhood less dependent on transaction-based trading and create multiple long-term sources of value.