River
A different way to hold

See what a business could become.

Track your portfolio against the reasons you own it.

You bought because you saw something that could happen. River keeps that story beside what changes.

ExampleConsumer business

A growing share of sales are going directly to customers.

The company is changing how it reaches its customers. More people are now buying directly, rather than through the older route.

32%→47%
The change so farof sales now come directly to customersover four quarters
The possibility
50%+
D2C mix could become more than half of the business.

“We expect the D2C mix to be north of 50% by the end of FY26.”

Management · earnings call · 24 Jul 2025

Why I want to own it

I think a larger direct-to-consumer business can expand gross margins and make it a much better business than it is today.

The next chapter
  • D2C keeps gaining share.
  • Gross margins begin to reflect the change.
  • The business starts looking structurally better than it did when I bought it.
What would make me think to sell
  • D2C mix stops moving toward 50%.
  • Gross margin starts moving away from the direction I expected.
  • I can no longer see whether the change I was expecting is happening.