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TCMI Inc.
Jay Hoag · Venture Capital · Growth
TCMI Inc., widely known as Technology Crossover Ventures (TCV), is a premier investment firm founded in 1995 by Jay Hoag and Rick Kimball. Headquartered in Menlo Park, California, the firm specializes in providing growth-stage capital to category-defining companies in the internet, software, fintech, and enterprise IT sectors. TCV pioneered the crossover investment model, which supports businesses through their entire growth lifecycle, from private stages through to public market listing and beyond. With over $20 billion in capital raised and a track record of backing iconic companies such as Netflix, Facebook, Spotify, and Airbnb, TCMI Inc. remains a leading partner for technology entrepreneurs seeking sustainable long-term growth and global market dominance.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | -27.5% |
| YTD return | -24.6% |
| Sharpe ratio | -4.62 |
| Win rate | 25% |
| AUM | $2.4B |
| Inception | Oct 1, 2025 |
| Updated | Sep 22, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $2.4B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.tcv.com |
Current Holdings
Updated on Sep 22, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| NU | Nu Holdings Ltd | 21.2% | -5.5% |
| SPOT | Spotify Technology SA | 17.9% | +6.6% |
| SRAD | Sportradar Group AG | 15.2% | -39.5% |
| ZG | Zillow Group Inc | 13.5% | -48.5% |
| TOST | Toast Inc | 8.9% | -10.1% |
| PAYO | Payoneer Global Inc | 6.7% | +25.9% |
| PTON | Peloton Interactive Inc | 4.7% | -23.9% |
| LZ | LegalZoom.com Inc | 4.0% | -34.5% |
| RKT | Rocket Companies Inc | 2.5% | -30.4% |
| KLAR | Klarna Group plc | 2.4% | -48.0% |
| GTLB | Gitlab Inc | 1.9% | +67.6% |
| TRIP | TripAdvisor Inc | 0.9% | -38.8% |
| GDRX | Goodrx Holdings Inc | 0.2% | +8.9% |
| NRDY | Nerdy Inc | 0.1% | -46.4% |
| RENT | Rent the Runway Inc | 0.0% | -62.2% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| May 18, 2026 | SELL | GDRX | 0.2% → 0.2% |
| May 18, 2026 | SELL | NU | 25.9% → 21.2% |
| May 18, 2026 | SELL | TRIP | 1.1% → 0.9% |
| May 18, 2026 | SELL | TOST | 11.1% → 8.9% |
| May 18, 2026 | SELL | RENT | 0.0% → 0.0% |
Investment Style Analysis
TCMI Inc. is widely recognized for employing a Growth strategy. As of Sep 22, 2026, the firm oversees approximately $2.4B in assets under management (AUM). The portfolio demonstrates a clear preference for the Internet Content & Information and Banks - Regional sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending May 18, TCMI Inc. made a significant move by reducing the position in GDRX. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
TCV employs a thematically rooted, partnership-driven approach, focusing on identifying innovators capturing shifts in technology and behavior. The firm acts as a lifecycle investor, providing substantial capital, operational resources, and long-term expertise to help companies achieve and expand market leadership. By maintaining a concentrated portfolio and deep sector expertise, TCV aims to be a high-impact partner for entrepreneurs, prioritizing sustainable growth and category dominance over short-term liquidity events.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with TCMI Inc..
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Frequently asked questions
How is the simulated portfolio for TCMI Inc. constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is TCMI Inc.'s largest holding?
As of the latest filing, TCMI Inc.'s top position is Nu Holdings Ltd (NU), representing 21.2% of the portfolio. This reflects a high-conviction bet by the institution.
What is TCMI Inc.'s historical performance and risk profile?
Our simulation indicates a total return of -27.5% with a win rate of 25%. Notably, the portfolio maintains a Sharpe Ratio of -4.62, suggesting an standard level of risk-adjusted returns compared to the broader market.
What sectors does TCMI Inc. primarily invest in?
TCMI Inc. has a strong preference for the Internet Content & Information sector, which makes up 31.4% of their disclosed assets. The portfolio also has exposure to Banks - Regional, indicating a specific thematic focus.
Is TCMI Inc.'s portfolio concentrated or diversified?
TCMI Inc. runs a highly concentrated portfolio with 15 disclosed positions. The top 3 holdings alone account for 54.2% of the total portfolio weight, suggesting a strategy that favors deep research into a few key names.
How has TCMI Inc. performed in 2026?
Our AI-simulated model portfolio for TCMI Inc. tracks a Year-to-Date (YTD) return of -24.6%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Jay Hoag manage TCMI Inc. directly?
Yes, Jay Hoag serves as the key portfolio manager for TCMI Inc., overseeing the investment strategy and final capital allocation decisions.