Tributary Capital Management’s Multi Cap Core strategy opened a position in Snowflake during Q2 2026. In its investor letter, the fund said new products were improving customer consumption, adoption and net revenue retention, lifting its profit outlook.
The letter described Snowflake as a cloud data platform with consumption-based pricing, charging customers only for resources used. It said the company was adding customers and earning more revenue from existing ones.
The strategy’s equity allocation returned 12.5% in Q2, below 15.3% for the S&P 1500 and 15.4% for the Russell 3000. The letter said its technology holdings rose 23%, but lagged the S&P 1500 technology sector’s 32.3% gain, making tech the main driver of the strategy’s relative underperformance.
