About Tilden Path Capital
Tilden Path Capital is an investment-management firm focused on analyzing product quality to find long-term winners among small- and mid-cap enterprise (B2B) technology stocks.
The Opportunity
While technology disruption in cybersecurity, AI, and robotics creates massive wealth opportunities across all company sizes, many investors focus heavily on large-cap names and may miss significant gains happening in small- and mid-cap companies. This inefficiency exists in small and mid-cap tech companies because they often fly under institutional radar for years while generating remarkable growth, either because they are underfollowed or because market participants are skeptical of their strength against established players.
At Tilden Path Capital, we believe that product quality, an intangible often overlooked, can be a key differentiator to identify long-term winners in the B2B tech space. For example, companies with superior products like Palo Alto Networks and Arista Networks delivered 11x and 4x returns in 10 years and 4 years since IPO respectively before joining the Nasdaq-100 and S&P 500. More recently, Tilden Path Capital identified Adyen and Toast in 2023 when the market was skeptical - both have since delivered strong stock returns with superior products and market share gains, and we believe they will continue to be long-term market leaders.
We see this as a compelling opportunity for investors with a long-term mindset who share our belief that product quality is key to identifying long-term winners.
Contrary to the prevailing wisdom that all technology inevitably becomes obsolete, Tilden Path Capital's investment philosophy revolves around the core belief that well-designed enterprise technology can be durable. Well-architected B2B technology products are difficult to build and inherently difficult to replicate. When combined with opportunities afforded by large total addressable markets (TAM) and market dislocations from inflection points, these durable tech products provide sustained competitive advantages facilitating long-term durable growth. Examples include Oracle Database and Arista Networks’ Network Operating System - both remain industry-leading products that are still widely deployed, and their product leadership has proven durable over time.
To find these durable winners, our Silicon Valley operating experience inspired us to develop the proprietary Durable Growth Score, which identifies sustainable competitive moats—such as product irreplicability and technology stewardship—long before these advantages appear in financial statements.
Our approach is simple:
We look where others aren't. While the crowd rushes into big, well-known names, we focus on small- and mid-cap companies that could be tomorrow's leaders.
We use the Durable Growth Score framework to systematically evaluate product quality for companies.
We run a concentrated portfolio (~25 companies) because conviction matters, and we always buy with a margin of safety to protect downside.
Our Approach
Our Journey and Vision
Tilden Path Capital was founded with the purpose of an intellectual pursuit of what makes technology products succeed in the long term, and to be careful stewards of our clients’ assets while driving for impressive risk-adjusted long-term returns.
Our investment journey started in 2003 buying Salesforce stock, convinced that SaaS software was a secular growth area. Along the way, our investing decisions helped us learn to appreciate the importance of avoiding fads, and be disciplined to wait for a margin of safety to buy a stock. As we analyzed our wins and losses, we discovered that our circle of competence was small- and mid-cap technology companies whose growth stories were still undiscovered by Wall Street when we invested.
We're excited about the future because the investable universe of small- and mid-cap technology companies is fertile ground for finding long-term winners – there will always be technology inflection points, and existing players will be disrupted to make way for new ones.
Tilden Path Capital is backed by wealth-management firms and high-net-worth individuals in the San Francisco Bay Area who share our investment philosophy.
Most investors use a 'one-size-fits-all' approach to investing in technology stocks, as it’s tough to determine winners.
Our approach differs, as we use our past experience to try to find long-term winners by understanding the nuances of each company and its products.
Most investors use a 'one-size-fits-all' approach to investing in technology stocks as it is tough to determine winners.
Our approach differs as we use our past experience to try to find long-term winners by understanding the nuances of each company and its products.
Gaurav Kumar
Tilden Path Capital
Learn more about
Tilden Path Capital
Thank you for your interest in Tilden Path Capital!
If you want to discuss technology trends, or our Investment approach, please feel free to book a no-cost consultation slot on our calendar.
