"Ancrum studied companies that went public between 1980 and 2000. Technology and software stocks accounted for about a third of the 100-bagger list, leaving the majority to other sectors. The 1980 to 1984 IPO class alone produced Home Depot ( NYSE:HD | HD Price Prediction), Apple ( NASDAQ:AAPL), Nike ( NYSE:NKE), UnitedHealth ( NYSE:UNH), and Amgen ( NASDAQ:AMGN). He found that 100-baggers emerged consistently across every decade studied."
"Retail produced an outsized share. Home Depot, AutoZone ( NYSE:AZO), and Tractor Supply ( NASDAQ:TSCO) were all cited as retail 100-baggers. Home Depot has compounded at 195.42% over the past decade, AutoZone at 356.18%, and Tractor Supply at 103.61%, with AutoZone still buying back stock aggressively ($310.8M repurchased in fiscal Q2 2026)."
"The manufacturing sector saw similar results. Amphenol ( NYSE:APH) and HEICO ( NYSE:HEI) were named as manufacturing 100-baggers. Amphenol is up 980.51% over ten years, with Q1 FY2026 revenue of $7.62 billion (58.4% YoY growth). The serial acquirer, HEICO, has compounded by 789.23% over the same span."
"Ancrum's filter splits software into low-consequence (marketing tools, basic site builders) and high-consequ..."
Companies that went public between 1980 and 2000 produced 100-bagger outcomes across every decade studied. Technology and software accounted for about one-third of the 100-bagger list, while other sectors made up the remainder. Retail contributed a large share, with examples including Home Depot, AutoZone, and Tractor Supply. Manufacturing also showed strong representation, including Amphenol and HEICO. Software can be separated into low-consequence tools such as marketing and basic site builders and high-consequence mission-critical software. Mission-critical software tends to be harder to replace and can sustain long-term compounding when it becomes embedded in core operations.
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