This Fund Put $3.4 Million Into Navan Despite a 60% Post-IPO Drop

2 hours ago 1

Jonathan Ponciano, The Motley Fool

Sat, January 24, 2026 astatine 3:56 PM CST 4 min read

Lunate Capital acquired 200,000 shares of Navan successful the 4th quarter.
The quarter-end involvement was valued astatine $3.42 million.
The Navan involvement represents 1.29% of the fund’s 13F reportable assets nether management.
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Lunate Capital disclosed a presumption successful Navan (NASDAQ:NAVN) arsenic of its January 23 SEC filing, acquiring 200,000 shares—an estimated $3.42 cardinal commercialized based connected quarterly mean pricing.

According to a filing with the Securities and Exchange Commission (SEC) dated January 23, Lunate Capital Ltd established a presumption successful Navan by acquiring 200,000 shares. The quarter-end worth of the involvement besides registered astatine $3.42 million.

This was a caller presumption for Lunate Capital, making up 1.29% of reportable assets nether absorption arsenic of December 31.

Top holdings aft the filing:

NASDAQ:RVMD: $174.93 cardinal (66.2% of AUM)
NASDAQ:SAIL: $60.69 cardinal (23.0% of AUM)
NASDAQ:LINE: $21.00 cardinal (7.9% of AUM)
NASDAQ:NMRA: $3.80 cardinal (1.4% of AUM)
NASDAQ:NAVN: $3.42 cardinal (1.3% of AUM)

As of Friday, Navan shares were priced astatine $15.09, down astir 60% from their IPO terms of $25.

Metric

Value

Price (2026-01-23)	$15.09
Market Capitalization	$3.46 billion
Revenue (TTM)	$656.3 million
Net Income (TTM)	($371.9 million)

Navan, Inc. provides an AI-powered bundle level for travel, payments, and disbursal management, supporting the afloat question lifecycle from booking to reporting.
The institution generates gross by offering SaaS solutions that streamline question and disbursal processes.
Primary customers see finance, quality resources, and question managers crossed mid-sized to ample organizations seeking to optimize question and disbursal operations.

Navan, Inc. operates astatine standard successful the exertion sector, leveraging artificial quality to simplify and automate concern question and disbursal absorption for endeavor clients. The company's integrated level delivers end-to-end solutions, enabling ratio and argumentation compliance for organizations with analyzable question needs.

In a portfolio wherever astir 90% of superior sits successful conscionable 3 names, adding a caller holding astatine 1.3% of assets reads little similar a condemnation plaything and much similar a measured probe. That discourse is important fixed Navan’s volatile post-IPO portion and the crisp reset successful its stock price.

What makes the timing notable is that the fundamentals person not collapsed alongside the stock. In its astir caller quarterly release, Navan reported gross of $195 million, up 29% twelvemonth implicit year, portion gross booking measurement climbed 40% to $2.6 billion. Non-GAAP operating income reached $25 million, a meaningful inflection from anterior periods, driven by standard successful endeavor customers and improving operating leverage. CEO Ariel Cohen said the institution is seeing “continued momentum successful the endeavor market” arsenic its AI-first level gains adoption crossed question and disbursal workflows, on with “new highs successful lawsuit satisfaction.”

At the aforesaid time, GAAP losses stay ample astatine $79 million, stock-based compensation is substantial, and the concern is seasonally strongest successful the 4th conscionable reported. Against that backdrop, the comparatively tiny presumption size looks deliberate. For semipermanent investors, the takeaway is little astir calling a bottommost and much astir watching execution.