Fidelity (FMR) just filed a 13G/A showing 10.7% ownership of
$CAI — up from ~5% at year-end. Here's what's actually behind that number. 🧵
1/ Fidelity entered Caris in May 2021 as part of the $830M Series D round at a $7.83B valuation. The base of their position is preferred stock — not open-market purchases.
2/ At IPO (June 2025), all preferred converted to common. Their shares were locked up for 180 days, expiring December 15, 2025.
3/ Most pre-IPO financial investors sell when freed. Fidelity did the opposite: they added 4.5M shares on December 31 — two weeks after lockup expiry — at ~$27/share.
4/ Then in early 2026 they doubled the entire position, from ~14M to 30.6M shares. That's ~16-17M shares bought in the open market, at prices well below their 2021 entry.
5/ Their 2021 investment was underwritten at a $7.83B valuation. Current market cap: ~$4.5B. They're averaging down with four more years of clinical validation in hand.
6/ Fidelity's dedicated healthcare funds (FSPHX, FSMEX) carried this position pre-IPO. These are sector specialists who know the platform. Buying more at a 35-40% discount to their original underwrite is a conviction call.