Jackson Square Partners, LLC initiated a new position in Shift4 Payments (FOUR +4.17%), acquiring 74,100 shares valued at approximately $5.74 million as of September 30, 2025, according to a November 5, 2025, SEC filing.
What happened
Jackson Square Partners disclosed a new stake in Shift4 Payments in its quarterly filing with the U.S. Securities and Exchange Commission (SEC filing).
The fund reported ownership of 74,100 shares valued at approximately $5.74 million as of September 30, 2025, marking the first time Shift4 Payments appeared in its portfolio during the reporting period.
What else to know
This new position now accounts for 2.32% of Jackson Square Partners' 13F reportable assets under management.
Top five holdings after the filing:
- Nvidia (NVDA 2.33%): $19.22 million (7.77% of AUM)
- Microsoft (MSFT 2.01%): $18.05 million (7.3% of AUM)
- Alphabet (GOOGL 0.43%): $14.25 million (5.76% of AUM)
- AAON (AAON +16.70%): $12.50 million (5.05% of AUM)
- CyberArk Software (CYBR 1.64%): $12.10 million (4.89% of AUM)
As of November 4, 2025, shares were priced at $66.74, down 26% over the past year, underperforming the S&P 500 by 45 percentage points over that time.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2025-11-04) | $66.74 |
| Market Capitalization | $6.09 billion |
| Revenue (TTM) | $3.61 billion |
| Net Income (TTM) | $220.50 million |
Company snapshot
Shift4 Payments:
- Offers integrated payment processing, omni-channel card acceptance, proprietary gateways, POS solutions, eCommerce tools, and business intelligence software.
- Serves merchants across hospitality, retail, eCommerce, stadiums, and entertainment venues in the United States.
- Operates a technology platform supporting secure, scalable transactions for a diverse client base.
Shift4 Payments, Inc. operates as a technology-driven provider of integrated payment and commerce solutions, supporting a broad range of businesses with secure, omni-channel transaction capabilities.
The company leverages proprietary software and infrastructure to deliver seamless payment acceptance and business management tools, positioning itself as a comprehensive partner for merchants seeking efficiency and scalability.
With a focus on innovation and vertical integration, Shift4 aims to enhance customer experience and operational insight for its clients.
Foolish take
Jackson Square Partners' purchase of Shift4 Payments is notable for investors on a few levels.
First, Shift4 immediately becomes a meaningful position for Jackson Square, equalling 2.3% of the portfolio. This isn't merely a starter position.
Second, the timing of the buy should catch investors' eyes as the stock continues to trade nearly 50% below its all-time high. This likely means the firm sees Shift4 as a compelling "buy-the-dip" opportunity -- and I would tend to agree.
Now trading back near its lowest-ever valuation at 16 times free cash flow (FCF) and 12 times forward earnings -- while growing sales by 17% in the last quarter -- Shift4 looks like a growth stock at a value stock price.
That said, the company will face immense competition in the payments industry, and it is yet to be seen how strong the moat around Shift4's business is.
It will battle head-to-head with companies like Toast (TOST 4.56%) in the restaurant space, for example. However, while Toast is growing slightly faster, it trades at 46 times FCF -- nearly three times Shift4's valuation.
Shift4's more reasonable valuation and better sales diversification with stadium and hospitality customers make it an interesting stock to consider buying on the dip. I can certainly see why it caught Jackson Square Partners' attention.
Glossary
13F reportable assets under management: The total value of securities a fund must disclose quarterly to the SEC in Form 13F.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Position: The amount of a particular security or asset held in a portfolio.
Omni-channel: Integration of multiple sales and payment channels (online, in-store, mobile) for a seamless customer experience.
Proprietary gateways: Custom-built systems for securely processing electronic payment transactions.
POS solutions: Point-of-sale systems that process transactions and manage sales data at retail locations.
Business intelligence software: Tools that analyze data to help businesses make informed decisions and improve performance.
Vertical integration: A company's ownership or control of multiple stages of its supply chain or production process.
TTM: The 12-month period ending with the most recent quarterly report.
