A turnaround position rather than a growth one. Appen supplies the labelled data and human feedback that models train on, a business disrupted when its largest customers moved work in-house and when synthetic data began substituting for some human labelling. The bull case is that demand for high-quality human evaluation of frontier models is rising again. Small-cap, and volatile.
Four ways to hold this position. The tier you choose sets the minimum, the holding period, and how actively the allocation is managed.
Thematic entry exposure. Your capital tracks this name inside the wider AI basket rather than as a standalone holding, which spreads single-company risk.
Deposit at ExplorerA direct weighting. The allocation is concentrated in this specific name, so performance tracks the company rather than the basket average.
Deposit at AcceleratorA concentrated position with quarterly rebalancing and access to the desk research note published on this name each quarter.
Deposit at FrontierLong-horizon capital. Suited to pre-IPO and early-stage exposure where the position is illiquid and the return, if any, is realised at a liquidity event.
Deposit at Venture