This week, we are excited to announce three strategic additions to the portfolio: Ondas Holdings (ONDS), PayPal (PYPL), and Zeta Global (ZETA).
Each of these companies represents a unique “inflection point” in the current market, aligning with our focus on AI, infrastructure, and undervalued tech.
1. Ondas Holdings (ONDS): The Autonomy Play
We are leaning heavily into the “future of the workforce” theme. Ondas is at the forefront of this, specifically within the unmanned aerial and ground systems (UAS) sector.
- The Thesis: Despite recent volatility, we see a company that has successfully scaled its backlog to $65.3 million (a 180% increase).
- 2026 Outlook: Management has raised its 2026 revenue guidance to $170–$180 million. By integrating tactical ground robotics with aerial intelligence, Ondas is becoming a “multi-domain” autonomy platform.
2. PayPal (PYPL): The Value Recovery
PayPal has had a turbulent start to 2026, but where others see a “tech meltdown,” we see a massive valuation disconnect and a potential catalyst.
- The Thesis: Following leadership transitions and a reset in expectations, the stock has entered “deeply oversold” territory.
- The Catalyst: Reports of unsolicited takeover interest from Stripe and other suitors highlight the intrinsic value of PayPal’s $38B+ market cap. Whether as a standalone turnaround or an acquisition target, the risk/reward profile is too compelling to ignore.
3. Zeta Global (ZETA): The AI Marketing Engine
Zeta Global just reported its 18th straight “beat and raise” quarter, yet it continues to trade at a significant discount to its intrinsic value.
- The Thesis: Zeta is the “Inflection” play of the year. While the broader SaaS sector has faced headwinds, Zeta’s AI Marketing Cloud is delivering 30%+ revenue growth.
- The Math: With an estimated intrinsic value of nearly $30 per share, the current market price offers a significant margin of safety. Zeta isn’t just surviving the AI shift; it’s powering it through first-party data advantages.
Moving Forward
The addition of these three names diversifies the Hindsight 50/50 Fund across Defense Tech, Fintech, and Enterprise AI. We believe these companies are uniquely positioned to weather the current market shifts while providing high-alpha potential as their 2026 roadmaps unfold.