Neil Mehta's Trades and Holdings in Q1 2026

Breaking down the stocks Neil Mehta (Greenoaks) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Greenoaks' 13F filed on May 15, 2026.

Who are Neil Mehta and Greenoaks?

Greenoaks is a concentrated investment firm founded in 2012 by Neil Mehta, a former Benchmark partner. The firm maintains the conviction that only a small handful of companies truly define each generation. With approximately $7 billion under management, Greenoaks employs a high-conviction, research-intensive approach to identify these exceptional businesses across both private and public markets. Mehta's strategy involves building deep partnerships with intensely focused management teams and maintaining positions for decades as these companies execute their long-term vision.

Greenoaks.com
Listen to an interview with Neil Mehta
Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Greenoaks Capital's Neil Mehta continued to deploy his hallmark high-conviction, long-duration approach in Q1 2026, anchoring the portfolio around top holdings **Klaviyo** — the fast-growing B2C CRM and marketing automation platform — and **BBB Foods**, the hard-discount grocery chain rapidly capturing market share across Mexico, while initiating a new position in on-demand logistics platform **DoorDash** and exiting **Toast** amid intensifying competitive pressure from **DoorDash**'s own restaurant point-of-sale ambitions. The moves reflect Mehta's broader thesis of identifying a concentrated handful of category-defining businesses — spanning consumer software infrastructure and emerging-market retail disruption — and partnering with their management teams for the long term, consistent with Greenoaks' research-intensive philosophy of owning only the rare companies capable of becoming defining franchises of their generation.

New Investments

DoorDash DASH

Neil Mehta bought $75.08B of DoorDash in Q1 2026. Over the last two quarters, DoorDash has been gaining momentum, with revenue growing roughly 25–28% year over year and last quarter’s sales reaching $3.28B, ahead of the ~$3.16B consensus, signaling continued share gains in food delivery and adjacent categories. Profitability is inflecting positively: net income increased to $285M last quarter (about 48% QoQ growth) and EPS of $0.42 beat estimates of $0.36, reflecting operating leverage as scale improves and unit economics strengthen. The stock has rerated on this execution—up roughly 80–90% over 12 months yet still about 25–30% below its $285.50 52‑week high—with investors responding to sustained double‑digit growth, rising margins, the Deliveroo acquisition, and a fresh Goldman Sachs ‘Buy’ rating and $315 target that reinforce the upside narrative.

• Revenue last quarter was $3.28B, up roughly 25–28% year over year and above the ~$3.16B Street estimate.
• Net income rose to $285M last quarter versus $193M in the prior quarter, a ~47.7% QoQ increase, with EPS of $0.42 beating the $0.36 consensus.
• Shares are up about 86% over the past 12 months, trading near $200–205 with a forward P/E around 100–110x, roughly 25–30% below the $285.50 52‑week high.

Added, Trimmed, and Exited

Added

Greenoaks meaningfully added to Coupang (CPNG), buying roughly 10.3 million shares to bring the position from ~15.4 million to ~25.7 million shares (~67% increase), and modestly added to Amazon (AMZN), purchasing ~28,500 shares to bring that holding from ~45,500 to ~74,000 shares (~63% increase).
What it means: The outsized add to Coupang (CPNG) stands out as a high-conviction doubling-down on the dominant South Korean e-commerce and logistics operator at a time when the position was already one of Greenoaks' largest. It signals Neil Mehta's belief that Coupang's combination of vertically integrated fulfillment, Rocket Delivery, and nascent international expansion (Taiwan, Japan) remains deeply underappreciated relative to its long-term earnings power. The small but notable add to Amazon (AMZN) reinforces a broader theme: Greenoaks appears to be concentrating further around scaled, logistics-moated e-commerce platforms with durable consumer relationships and compounding unit economics—exactly the type of business Mehta has described as defining a generation.

Trimmed

Greenoaks trimmed five existing positions: Figma (FIG) was cut by ~1.63 million shares (~52% of the prior position), Veeva (VEEV) by ~445,000 shares (~64% of the prior position), ServiceTitan (TTAN) by ~308,000 shares (~20%), Navan (NAVN) by ~1.70 million shares (~11%), and Carvana (CVNA) by ~33,000 shares (~<1%).
What it means: The pattern here is striking—every trimmed position suffered a significant drawdown over the quarter, with Figma (FIG) down ~73%, Veeva (VEEV) down ~72%, ServiceTitan (TTAN) down ~52%, Navan (NAVN) down ~31%, and Carvana (CVNA) down ~26%. Rather than uniform selling, the sizing of each trim appears roughly proportional to the severity of underperformance: Figma and Veeva—the worst performers—saw the largest proportional cuts. This suggests Mehta may be reassessing the risk/reward on enterprise SaaS and vertical software names that have de-rated sharply, while still maintaining exposure (none were fully exited) in case fundamentals recover. The near-trivial trim of Carvana (CVNA) is likely just portfolio rebalancing given Carvana remains one of the fund's largest positions by value.

Exited

Greenoaks fully liquidated its position in Toast (TOST), selling all ~680,000 shares.
What it means: The complete exit from Toast (TOST) removes Greenoaks' exposure to the restaurant technology platform, likely reflecting a view that the original thesis has played out or that the risk/reward no longer meets the fund's high bar for a concentrated, long-duration hold. Given Neil Mehta's philosophy of owning only a handful of truly generational businesses, the full exit from Toast may indicate that the competitive dynamics in restaurant payments and software have become more contested—or simply that the capital is better deployed into higher-conviction ideas like Coupang (CPNG) and the newly initiated DoorDash (DASH) position.

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.