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Infra Built in ZIRP '25: Network-Effect Marketplace
8 tickers · $304.57B total market cap
Group: Infra Built in ZIRP
As of Spring 2025, the thesis is bullish on companies that established significant network-effect marketplaces during the Zero Interest Rate Policy (ZIRP) era. These companies, such as MELI, SE, and SHOP, have leveraged the cheap capital environment to build substantial infrastructure and operational moats that are difficult for new entrants to replicate in the current higher interest rate landscape. The rebounding economic conditions and increased consumer spending are expected to further enhance their growth trajectories, solidifying their market positions.
Infra Built in ZIRP '25: Network-Effect Marketplace tracks 8 publicly listed stocks in this theme: CHWY, CPNG, JMIA, MELI, RH, SE, SFIX, SHOP. See the constituent table for details.
Thesis update: 2025-04-01
Constituents
Build 20260520T081747
| Company | Previous Quarter Report Date | Next Expected Report Date | Last Quarter Earnings Move % | Earnings Move % | Intra-Quarter Move % | Since Last Report % | Market cap | Weight |
|---|---|---|---|---|---|---|---|---|
Shopify Inc.SHOP | 05/05/2026 (BMO) | 05/05/2026 (BMO) | -13.03% | -17.33% | 15.26% | -4.20% | $131.08B | 12.5000 |
MercadoLibre, Inc.MELI | 05/07/2026 (AMC) | 05/07/2026 (AMC) | -9.45% | -11.33% | 7.42% | -2.31% | $80.85B | 12.5000 |
Sea LimitedSE | 05/12/2026 (BMO) | 05/12/2026 (BMO) | -16.11% | 10.19% | -3.84% | -6.67% | $53.46B | 12.5000 |
Coupang, Inc.CPNG | 05/05/2026 (AMC) | 05/05/2026 (AMC) | 1.98% | -11.70% | 8.81% | -14.70% | $27.90B | 12.5000 |
Chewy, Inc.CHWY | 03/25/2026 (AMC) | — | -1.69% | — | -27.21% | — | $8.14B | 12.5000 |
RhRH | 03/31/2026 (AMC) | 06/11/2026 (AMC) | -18.85% | — | 8.23% | — | $2.30B | 12.5000 |
Jumia Technologies AGJMIA | 05/07/2026 (BMO) | 05/07/2026 (BMO) | -20.21% | 4.16% | -23.80% | -11.33% | $426.7M | 12.5000 |
Stitch Fix, Inc.SFIX | 03/11/2026 (AMC) | 06/09/2026 (AMC) | -2.81% | — | -7.27% | — | $417.8M | 12.5000 |
| Average | -10.02% | -5.20% | -2.80% | -7.84% | $38.07B | 12.5000 | ||
| Median | -11.24% | -11.33% | 1.79% | -6.67% | $18.02B | 12.5000 | ||
| Std Dev | 7.86% | 10.50% | 14.77% | 4.57% | $44.48B | 0.0% | ||
| Min | -20.21% | -17.33% | -27.21% | -14.70% | $417.8M | 12.5000 | ||
| Max | 1.98% | 10.19% | 15.26% | -2.31% | $131.08B | 12.5000 | ||
| % Positive Tickers | 12.50% | 40.00% | 50.00% | 0.00% |
* Provisional value: before LstRpt% reaches its 2-day post-report lock window (BMO/AMC adjusted), EarningsPerf is calculated from current vs pre-report and then locks to final LstRpt%.