The filings landed on my desk like a cold rain. RPD Fund Management, they’d doubled down on ZoomInfo. Another sixteen million in stock. Sixteen million. That’s a serious conversation, not a casual glance at the ticker. They picked up 1,564,102 shares in the last quarter. Brings their total position to 9,628,318. Nearly a hundred million dollars tied up in this particular play. It smelled of desperation, or maybe just a different kind of patience.
ZoomInfo now accounts for 42.45% of RPD’s 13F reportable assets. That’s putting a lot of eggs in one basket, even for a fund that clearly likes a gamble. Their top holdings read like a list of survivors in a slow-motion wreck: Nice, Appian, and now ZoomInfo, all clinging to what’s left of their former glory. Domo and Abercrombie & Fitch trailed behind, looking like afterthoughts.
- Nice: $100.15 million (43.5% of AUM)
- Appian: $98.06 million (42.5% of AUM)
- ZoomInfo Technologies: $97.92 million (42.5% of AUM)
- Domo: $30.55 million (13.3% of AUM)
- Abercrombie & Fitch: $1.11 million (0.35%)
The stock itself was trading at $5.94 as of March 19th. Down 43.3% over the last year. Underperforming the S&P 500 by a yawning 61 percentage points. A slow bleed, not a dramatic collapse. The kind that leaves a bad taste in your mouth and a nagging feeling in your gut.
ZoomInfo, for those who haven’t been paying attention, offers a suite of cloud-based intelligence tools. Sales, marketing, operations, recruiting – the whole shebang. They collect data, analyze it, and sell it to anyone with a pulse and a budget. A diversified client base, they call it. I call it spreading the risk. They operate at scale, which is a polite way of saying they’re big and complicated.
| Metric | Value |
|---|---|
| Price (as of market close March 19, 2026) | $5.94 |
| Market capitalization | $1.81 billion |
| Revenue (TTM) | $1.25 billion |
| Net income (TTM) | $124.20 million |
Here’s the rub. ZoomInfo was once a rocket ship. Growth rates above 80%. Now? Sales actually declined slightly in 2025. Rose a measly 3% in the latest quarter. The air is getting thin up there. The macroeconomic environment is a convenient excuse, but the real problem is that they’re facing a headwind. And that headwind is called AI.
The stock is trading at a minuscule 5 times free cash flow and 6 times forward earnings. The market is practically writing its obituary. But those 32% FCF margins? They whisper a different story. A story of potential. RPD, they like a good contrarian play. They see value where others see ruin. I can’t say I disagree with their logic, though it isn’t my cup of tea.
Customer count among large clients – those dropping over $100,000 annually – is up 53% in Q4. Seven straight quarters of growth. They’re also shifting from seat-based to consumption-based pricing. A smart move. Makes the model more durable. But it’s not enough to change the overall trajectory, not yet.
ZoomInfo isn’t a sure thing. Not by a long shot. But for a fund like RPD, willing to take a gamble on a deep-value play, it might just be worth a look. The market is sending a clear signal. And sometimes, the signal is wrong. Sometimes, the best opportunities are hidden in the wreckage. It’s a dirty job, but someone has to do it.
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2026-03-24 02:12