Top 10 Stock Picks of Shashin Shah’s Think Investments

Published November 30, 2021 at 4:18 am EST Updated August 19, 2026 at 12:06 pm EDT

In this article, we discuss the top 10 stock picks of Shashin Shah’s Think Investments based on Q3 holdings of the fund.

Shashin Shah is the founder and portfolio manager of the San Francisco-based hedge fund Think Investments. Shashin received his bachelor’s degree in computer engineering from the University of Mumbai and an MBA from Texas in Austin. He worked for Blue Ridge Capital and Morgan Stanley as an analyst. Shashin was a partner at Valiant Capital Partners from 2008 to 2013, before establishing Think Investments.

Think Investments was founded in 2014. It is an emerging markets-focused global long-short equity fund. Think Investments added seven equities to its portfolio in the third quarter and raised its stakes in two of its existing holdings. As a result, the hedge fund’s 13F public stock portfolio was valued at $869.80 million in the third quarter of 2021, with a top 10 holdings concentration of 75.09%.

As of the third quarter of 2021, Think Investments has stakes in several big companies like Amazon.com, Inc. (NASDAQ:AMZN), Sea Limited (NYSE:SE), and QUALCOMM Incorporated (NASDAQ:QCOM).

Based on the 13F holdings for the third quarter of 2021, Shashin Shah’s Think Investments disclosed a $44.35 million position in Amazon.com, Inc. with 13,500 shares, unchanged from the previous quarter. On November 10, Tigress Financial analyst Ivan Feinseth increased his price target on Amazon.com to $4,460 from $4,370 and maintained a “Buy” rating on the shares.

Another notable stock in Shashin Shah’s portfolio is Sea Limited. The investor owns a $120.13 million stake in the company. On November 15, Cowen analyst John Blackledge raised his price target on Sea Limited to $375 from $355 and kept an “Outperform” rating on the shares. According to the expert, the company is projected to have another strong quarter.

Photo by Adam Nowakowski on Unsplash

With this background in mind, let’s start our list of top 10 stock picks of Shashin Shah’s Think Investments. We used Shah’s 13F portfolio for Q3 2021 for this analysis.

Top Stock Picks of Shashin Shah’s Think Investments

10. QUALCOMM Incorporated (NASDAQ:QCOM)

Think Investments Stake Value: $27,576,000

Percentage of Think Investments’ 13F Portfolio: 3.17%

Number of Hedge Fund Holders: 72

QUALCOMM Incorporated is a global leader in researching and commercializing essential wireless technologies.

In its portfolio for the third quarter of 2021, Think Investments holds 213,800 shares of QUALCOMM Incorporated, worth $27.58 million, representing 3.17% of the fund’s value. Robert Joseph Caruso’s Select Equity Group is the most significant shareholder in QUALCOMM, owning 1.30 million shares, valued at $167.46 billion, representing 0.56%.

Along with Amazon.com, Inc. and Sea Limited, QUALCOMM Incorporated is one of the top stock picks of Shashin Shah’s Think Investments.

In its first-quarter 2021 investor letter, ClearBridge Investments mentioned QUALCOMM Incorporated. Here is what the fund said:

“Within IT, we have also increased exposure to a cyclical semiconductor industry currently working through a severe supply shortage due to several years of capacity reductions, COVID-19 shutdowns and one-off production delays as well as demand resilience in areas like autos and smartphones. The main risk for semiconductors is short-term revenue pressure until capacity catches up with demand, which hurt wireless chipmaker Qualcomm. Looking past current constraints, we expect the industry to see a strong second half and solid growth in 2022.”

9. MercadoLibre, Inc. (NASDAQ:MELI)

Think Investments Stake Value: $33,084,000

Percentage of Think Investments’ 13F Portfolio: 3.8%

Number of Hedge Fund Holders: 74

MercadoLibre, Inc. (NASDAQ:MELI) operates an online auction and e-commerce platform. The company priced a $1.55 billion public offering of 1 million common equity shares at $1,550 per share on November 16. The net revenues will be used to assist the organization in meeting its ultimate goals.

In November, Barclays analyst Trevor Young raised his price target on MercadoLibre to $2,200 from $2,100 and maintained an “Overweight” rating on the shares after the third-quarter results. On November 4, the company posted its quarterly earnings report for the third quarter of 2021. The company reported earnings per share of $1.92, surpassing the estimates by $0.63.

Shashin Shah’s Think Investments currently owns 19,700 shares of MercadoLibre, Inc., amounting to over $33.08 million in worth and accounting for 3.8% of the fund’s portfolio. In addition, there were 74 hedge funds in Insider Monkey’s database that held stakes in the company in the second quarter of 2021, compared to 69 funds in the first quarter.

Baron Funds, an asset management firm, in its first-quarter 2021 investor letter, mentioned MercadoLibre, Inc.. Here is what the fund said:

“MercadoLibre, Inc., a Latin American e-commerce and FinTech platform, declined in the quarter despite reporting very strong fourth quarter results. MercadoLibre falls into a category of businesses that were net beneficiaries of last year’s lockdowns and reduced consumer gatherings that fell out of favor this quarter as investors looked toward economic reopening and normalization. We are confident in MercadoLibre’s ability to create substantial long-term value as it grows into a regional powerhouse across e-commerce and financial services.”

8. Affirm Holdings, Inc. (NASDAQ:AFRM)

Think Investments Stake Value: $35,739,000

Percentage of Think Investments’ 13F Portfolio: 4.1%

Number of Hedge Fund Holders: 25

Affirm Holdings, Inc. (NASDAQ:AFRM) is a financial technology business that uses its next-generation digital and mobile-first commerce platform to provide consumers with information technology solutions. On November 15, Mizuho analyst Dan Dolev raised his price target on Affirm Holdings, Inc. to $180 from $170 and kept a “Buy” rating on the shares.

On November 11, the company posted revenue for its fiscal first-quarter 2022. Affirm Holdings, Inc.’s revenue jumped 54.8% on a year-over-year basis to $269.4 million, surpassing the estimates of $248 million. Out of the hedge funds being tracked by Insider Monkey, Melvin Capital Management is a leading shareholder in Affirm Holdings, Inc., with 3.20 million shares worth more than $381.22 million.

As of Q3 2021, Think Investments owns over 300,000 shares in Affirm Holdings, Inc., worth $35.74 million. The hedge fund decreased its stake in the company by 47% in the third quarter, accounting for 4.1% of the fund’s 13F portfolio.

7. Coupang, Inc. (NYSE:CPNG)

Think Investments Stake Value: $35,985,000

Percentage of Think Investments’ 13F Portfolio: 4.13%

Number of Hedge Fund Holders: 33

Coupang, Inc. (NYSE:CPNG) is a South Korean e-commerce firm based in Seoul, South Korea. On November 15, Mizuho analyst James Lee lowered his price target on Coupang, Inc. to $32 from $40 and rated the stock as “Neutral.” According to Lee, Coupang, Inc. experienced a mixed quarter due to capacity constraints resulting from a warehouse fire, rising fresh/food delivery expenses, and escalating Covid-related costs.

In the third quarter of 2021, Coupang, Inc. posted its earnings report, with earnings per share at -$0.19, missing consensus estimates by $0.01.

The stock is a new arrival on Shashin Shah’s portfolio, as his hedge fund bought about 1.29 million shares of the company, worth $35.99 million. As of Q2 2021, 33 hedge funds tracked by Insider Monkey have positions in Coupang, Inc., worth over $18 billion.

6. Futu Holdings Limited (NASDAQ:FUTU)

Think Investments Stake Value: $37,627,000

Percentage of Think Investments’ 13F Portfolio: 4.32%

Number of Hedge Fund Holders: 31

Futu Holdings Limited (NASDAQ:FUTU) is a Hong Kong-based online brokerage and wealth management platform that operates globally.

In addition, the stock has gained 14.49% in the past twelve months and 3.17% year to date. However, in October, Morgan Stanley analyst Katherine Liu downgraded Futu Holdings to “Equal Weight” from “Overweight” and lowered her price target to $71.56, from $87.

As of the end of the second quarter of 2021, 31 hedge funds out of the 873 tracked by Insider Monkey held stakes in Futu Holdings Limited, worth roughly $1.19 billion. This is compared to 26 hedge funds in the previous quarter, with a total stake value of about $1.01 billion.

Amazon.com, Inc., Sea Limited, and QUALCOMM Incorporated are some of the notable stocks in Shashin Shah’s Think Investments 13F portfolio in Q3, just like Futu Holdings Limited.

5. Khosla Ventures Acquisition Co. (NASDAQ:KVSA)

Think Investments Stake Value: $38,110,000
Percentage of Think Investments’ 13F Portfolio: 4.38%
Number of Hedge Fund Holders: N/A

Khosla Ventures Acquisition Co. (NASDAQ:KVSA) is a California-based special purpose acquisition firm. In March 2021, the company went public, generating more than $345 million from the first public offering. It focuses on mergers with US-based technology companies that have proprietary technology that sets them distinct from their competitors.

On November 16, SPAC Khosla Ventures Acquisition shares jumped by 1.3% after Valo Health and KVSA announced the termination of their $2.8 billion business combination. The company is the latest addition in Shashin Shah’s Think Investments portfolio, as the hedge fund bought 3.74 million shares of the company, worth $38.11 million.

Israel Englander’s Millennium Management is the company’s leading shareholder, with 1.85 million shares worth $18.24 million.

4. Amazon.com, Inc. (NASDAQ:AMZN)

Think Investments Stake Value: $44,348,000
Percentage of Think Investments’ 13F Portfolio: 5.09%
Number of Hedge Fund Holders: 271

Amazon.com, Inc. is a global technology company focused on e-commerce, cloud computing, artificial intelligence, and digital streaming. The company shares have returned 12.42% to investors over the past twelve months.

Amazon.com, Inc. recently made news by announcing a multi-year strategic partnership with Blue Prism, a global pioneer and industry leader in intelligent automation, to revolutionize how organizations offer intelligent automation.

The company features on the list of top 10 stock picks of Shashin Shah’s Think Investments. Insider Monkey’s data shows that 271 elite hedge funds held stakes in the company at the end of the second quarter, up from 243 funds a quarter earlier.

In its third-quarter 2021 investor letter, Polen Capital mentioned Amazon.com, Inc.. Here is what the fund said:

“Amazon has also lagged as its revenue growth is slowing on the very difficult comparisons from last year when this behemoth was growing revenue by over 40%. We still expect exceptional long-term growth and significant margin expansion as the fastest growing (and now large) segments of Amazon are also generating the highest margins.”

3. ICICI Bank Limited (NYSE:IBN)

Think Investments Stake Value: $46,099,000
Percentage of Think Investments’ 13F Portfolio: 5.29%
Number of Hedge Fund Holders: 28

ICICI Bank Limited (NYSE:IBN) is an Indian bank specializing in retail banking, corporate banking, and treasury operations. On October 25, ICICI Bank Limited announced earnings for the third quarter. The net profit for the quarter was ₹55.11 billion, vs. ₹42.51 billion in last year’s quarter.

ICICI Bank saw a decrease in hedge fund sentiment recently. The number of long hedge fund positions declined to 28 at the end of the second quarter compared to 31 positions in the previous quarter. Think Investments owns 2.44 million shares in ICICI Bank Limited, worth $46.10 million, representing 5.29% of the firm’s 13F portfolio in the third quarter of 2021.

Stephen Mandel’s Lone Pine Capital is the largest shareholder in ICICI Bank Limited, owning 39.75 million shares, valued at $750.09 million, which represents 2.52% of its portfolio.

2. Insulet Corporation (NASDAQ:PODD)

Think Investments Stake Value: $47,466,000
Percentage of Think Investments’ 13F Portfolio: 5.45%
Number of Hedge Fund Holders: 38

Insulet Corporation (NASDAQ:PODD) is a global manufacturer of insulin delivery devices. The company, on November 4, reported Q3 earnings. EPS for the quarter came in at $0.18, missing estimates by $0.07. Revenue increased 17.8% year over year to $275.6 million.

Think Investments owns 167,000 shares in the company, amounting to $47.47 million, representing 5.45% of the firm’s Q3 portfolio. On November 5, Canaccord analyst Kyle Rose raised his price target on Insulet to $330 from $300 and maintained a “Buy” rating on the shares.

The most significant shareholder of Insulet Corporation among the funds from Insider Monkey database is Daniel Sundheim’s D1 Capital Partners, with 1.32 million shares worth $376.34 million.

1. Sea Limited (NYSE:SE)

Think Investments Stake Value: $120,129,000
Percentage of Think Investments’ 13F Portfolio: 13.81%
Number of Hedge Fund Holders: 104

Sea Limited is an internet service provider, in which Shashin Shah’s Think Investments disclosed a $120.13 million position that contains 376,900 shares, unchanged from the previous quarter. The company shares have offered investors returns exceeding 65.19% over the past twelve months.

In recent months, the number of bullish hedge fund bets increased by six. Sea Limited was in 104 hedge funds’ portfolios at the end of the second quarter of 2021 compared to 98 positions in the prior quarter.

You can also take a peek at Growth Stock Portfolio: 10 Stock Picks By Hedge Funds and Top 10 Stock Picks of Terry Smith’s Fundsmith LLP

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