See where the investment case has changed.
Keep changing company evidence connected to the original thesis. Bring emerging pressure, shifting assumptions, and exceptions into review with their supporting sources and decision history attached.
Meridian · Vertical software
Has the case changed?
Growth breadth · Q2 2026The original case
Expansion would broaden beyond the largest customer accounts.
Investment memo · January 2025 · p. 18
The new evidence
Expansion is still concentrated in the enterprise cohort.
Meridian · customer cohort review · Q2 2026 · pp. 6–8
Bring into review
Does the next plan need a different growth assumption for smaller customers?
Inspect the evidence
Q2 2026 · pp. 6–8
Read source excerpt
Enterprise accounts expanded during the period. Smaller-account expansion remained below the assumption in the original plan.
A change in evidence opens a question. The team makes the call.
Portfolio review
Measure the change against the original case.
Monitoring starts with what the firm underwrote. New reporting becomes more useful when the original assumptions and earlier reviews remain in view.
- 01
Compare thesis and evidence.
Put the original case beside the latest reported period, with the definition and source of each measure intact.
- 02
Review emerging exceptions.
Bring changes that deserve attention into review with the trigger, supporting evidence, and relevant prior judgment attached.
- 03
Keep the company history coherent.
Follow what changed, what the firm believed at the time, and how earlier decisions relate to the evidence now.
Review stays with your team
A reason to review. Not an automatic decision.
A change in the evidence needs interpretation. Hermetica keeps the original case and source trail available; your investment team decides what the change means.
A session around your work
Start with the change your team watches.
Choose a monitoring question, from covenant pressure to a shift in the company story. We’ll shape the walkthrough around the original case and new evidence.
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