Breaking down the stocks Josh Kushner (Thrive Capital) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Thrive Capital's 13F filed on May 15, 2025.
Who are Joshua Kushner and Thrive Capital?
Joshua Kushner is the founder and managing partner of Thrive Capital (commonly referred to as Thrive Capital). The fund is known for its highly concentrated public equity portfolio, typically consisting of 3-5 stocks, with the top holdings comprising nearly 100% of assets, and variable cash holdings when high-conviction opportunities are scarce. His investment strategy is a growth-oriented approach across venture and public equities, emphasizing high-conviction bets on exceptional founders and innovative companies that can achieve massive scale and long-term value creation. Kushner focuses on undervalued or high-potential technology-enabled businesses, particularly in software, internet, AI, and healthcare sectors, that can disrupt industries, with strong qualitative factors like visionary leadership, rapid growth potential, network effects, defensible moats, business model innovation, and the resilience to navigate early-stage challenges while compounding capital over decades.
Thrivecap.com
Thrive Capital on X
Josh Kushner on X
Q1 '25 13F filed with SEC
Holdings in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| CVNA | Carvana | 80.5% | $474.11M | |
| OSCR | Oscar Health | 14.1% | $83.16M | |
| VMEO | Vimeo | 5.2% | $30.79M | |
| AMPL | Amplitude | 0.1% | $872.67K |
Current Investment Strategy
Joshua Kushner's Thrive Capital maintained an ultra-concentrated public equity portfolio at the end of Q1 2025, holding just four positions—Carvana, Oscar Health, Vimeo, and Amplitude—that collectively represented nearly 100% of its reported $13F holdings, with no position changes during the quarter. The portfolio reflected Kushner's signature high-conviction approach targeting technology-enabled businesses with transformative potential, anchored by his co-founded health insurance platform Oscar Health and turnaround play Carvana, which delivered record-breaking Q1 results with 46% unit growth and profitability expansion.
New Investments
Thrive Capital did not open any new positions during Q1 2025.
Added, Trimmed, and Exited
Added
Thrive Capital did not add any new positions or increase stake in any existing holdings during Q1 2025.
What it means: The lack of additions suggests that Joshua Kushner found limited high-conviction opportunities in the public markets during this quarter that met his strict criteria for exceptional founders and transformative companies. Given Thrive's concentrated portfolio strategy and preference for variable cash holdings when opportunities are scarce, this restraint is consistent with the firm's disciplined approach to capital deployment, waiting for the right entry points rather than forcing investments.
Trimmed
Thrive Capital did not reduce its position in any holdings during the quarter.
What it means: Despite Vimeo (VMEO) declining 17.8% and Oscar Health (OSCR) falling 2.5% during the quarter, Kushner maintained full conviction in these positions, refusing to trim even underperforming holdings. This unwavering commitment reflects Thrive's long-term, founder-focused investment philosophy that emphasizes resilience through volatility and the belief that high-quality businesses with strong leadership will compound value over decades, not quarters. The decision to hold through drawdowns demonstrates confidence in the underlying business fundamentals rather than reacting to short-term price movements.
Exited
Thrive Capital did not fully liquidate any positions during Q1 2025.
What it means: The absence of exits reinforces that all four holdings—Carvana (CVNA), Oscar Health (OSCR), Vimeo (VMEO), and Amplitude (AMPL)—remain core, high-conviction positions in Thrive's ultra-concentrated portfolio. Even with the portfolio posting a modest -0.7% total return for the quarter, Kushner's commitment to these positions signals continued belief in their long-term value creation potential and suggests none have fundamentally broken his investment thesis around visionary leadership and disruptive business models.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
