| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 0.3% | -17.3% | -17.3% |
Vision Capital Fund posted -17.3% net returns in Q1 2026, underperforming the S&P 500's -4.3% as the technology and SaaS selloff continued. The manager argues this selloff is excessive, driven by indiscriminate AI disruption fears, and believes high-quality mission-critical software will prove resilient through software Darwinism. The fund added to 10 positions during the quarter, including Palantir, Shopify, and Pro Medicus, while exiting PayPal entirely due to operational complexity. The portfolio maintains 27.6% weighted-average revenue growth across 27 holdings, with significant exposure to SaaS, payments, and e-commerce themes. The manager emphasizes their quality-growth strategy focuses on durable compounders riding secular trends, noting that faster-growing companies derive most value from future cash flows, making them more volatile but potentially more rewarding long-term. With lower valuations, the manager sees more attractive forward returns and remains optimistic about long-term business fundamentals, adding personal capital during the quarter.
Quality-growth at reasonable price strategy focused on highly durable, faster-growing companies that are top dogs riding sizeable secular trends, with win-win products and services, operating in winner-take-most markets, with strong competitive advantages, profitability, scalability, and solid management with high insider ownership.
Manager is more optimistic and enthusiastic about long-term returns of stocks and holdings than previously. Believes long-term business returns of underlying businesses remain largely intact and will drive majority of long-term returns rather than changes in valuation multiples. With prices at lower levels, this implies more attractive forward returns. Expects continued market volatility but views current selloff as excessive.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 7 2026 | 2026 Q1 | ADYEY, CRWD, JD, NET, NFLX, NOW, NU, PLTR, PME.AX, PYPL, SE, SHOP, TSLA, TSM, WISE.L, ZS | AI, E-Commerce, growth, long-term, payments, SaaS, technology, volatility |
PYPL TSLA PME.AX |
Vision Capital Fund fell -17.3% in Q1 2026 amid broad tech selloff, but manager views SaaS decline as excessive and opportunistic. Added to 10 positions while exiting PayPal. Portfolio maintains 27.6% revenue growth across quality growth companies. Manager argues software Darwinism will favor mission-critical platforms and sees attractive forward returns at current valuations. |
| Jan 9 2026 | 2025 Q4 | 000660.KS, 005930.KS, AMZN, GOOGL, MELI, META, MSFT, MU, NOW, NVDA, ORCL, PME.AX, SE, SPOT, STX, TSM, TTD, WDC, WISE.L, ZS | AI, Asia, Cloud, E-Commerce, growth, long-term, semiconductors, technology | SE | Vision Capital delivered solid 2025 returns through concentrated long-term investing in quality growth companies. Manager opportunistically added to positions during Q4 weakness while initiating Sea Limited investment. Avoided cyclical memory semiconductors and maintained skeptical AI positioning. Portfolio demonstrates strong fundamentals with 26% revenue growth, positioning for business-driven returns over multi-year periods. |
| Oct 3 2025 | 2025 Q3 | 3690.HK, ADYEN.AS, AMZN, CRWD, JD, LULU, MELI, META, NET, NFLX, NOW, NU, PLTR, PME.AX, SHOP, SPOT, TSLA, TSM, TTD, ZS | AI, Cloud, Data Analytics, E-Commerce, global, growth, SaaS, technology | - | Vision Capital Fund outperformed with +15.6% YTD returns by investing in 27 high-quality growth companies globally. Palantir led gains through AI-powered commercial expansion while Meituan, Trade Desk, and Lululemon faced competitive and execution challenges. The fund maintains concentrated exposure to technology leaders with strong fundamentals, expecting business growth to drive long-term outperformance despite near-term volatility. |
| Jul 2 2025 | 2025 Q2 | 0700.HK, 3690.HK, 9618.HK, AMZN, BABA, JD, LULU, MELI, META, NU, NVDA, PLTR, SHOP, SPOT, TSLA, TSM, TTD, WISE.L | China, compounders, E-Commerce, growth, long-term, technology |
PLTR 3690.HK 9618.HK |
Vision Capital Fund focuses on long-term compounders that expand from singular products to multiple offerings across geographies. The fund rebounded +11.8% YTD after weathering a -23.6% drawdown, maintaining 26 concentrated holdings with zero turnover. Key positions include technology leaders and e-commerce platforms, with the manager deploying capital selectively during market volatility while remaining optimistic about long-term business fundamentals driving returns. |
| Apr 15 2025 | 2025 Q1 | 9618.HK, ADYEN.AS, AMZN, LULU, MELI, META, NU, NVDA, PLTR, PME.AX, SHOP, TSLA, TSM, TTD, WISE.L | Concentration, E-Commerce, global, growth, long-term, technology | - | Vision Capital Fund's concentrated 26-stock portfolio declined 6.2% in Q1 2025 due to Trump trade tariffs, but the manager used weakness to add to positions like The Trade Desk. The fund targets platform businesses with integrated competitive advantages across e-commerce, cloud, and semiconductors, maintaining 97% equity exposure and expressing long-term optimism despite geopolitical headwinds. |
| Dec 31 2024 | 2024 Q4 | 0700.HK, 3690.HK, AAPL, AMZN, AXP, DIS, GOOGL, JD, KO, MELI, META, MSFT, NU | compounders, growth, long-term, Quality, technology, value | - | Vision Capital Fund targets quality compounders riding secular tailwinds, delivering 10.57% net returns in Q4 versus 2.41% for S&P 500. With 26 concentrated holdings generating 27.6% revenue growth, the fund focuses on businesses with best days ahead, accepting near-term volatility for long-term outperformance through patient capital deployment in exceptional companies. |
| Oct 1 2024 | 2024 Q3 | - | compounders, Fund Launch, growth, long-term, Quality | - | Vision Capital Fund launched with $6.46 million, targeting exceptional growing companies for generational wealth creation. Manager Eugene Ng plans rapid capital deployment despite market highs, focusing on business fundamentals over timing. Expects significant volatility but views selloffs as buying opportunities. Investment approach emphasizes quality compounders, long-term holding, and patience over market timing. |
| Jul 31 2024 | 2024 Q2 | - | disruption, Esg, growth, long-term, technology | - | Vision Capital is a long-only equity fund investing in technology-driven companies with disruptive potential and positive societal impact. Founded in 2017, the fund has delivered 19.9% annualized returns versus 11.8% for the S&P 500, focusing on founder-led businesses with competitive advantages and avoiding harmful industries while maintaining strict ESG principles. |
| Jun 8 2024 | 2024 Q1 | - | disruption, Esg, growth, long-term, technology | - | Vision Capital is a Singapore family office delivering 18.4% annualized returns since 2017 through long-term investments in technology-driven, disruptive companies that create positive impact. The fund maintains a strictly long-only approach without leverage or derivatives, targeting founder-led businesses with strong competitive advantages and recurring revenues while remaining market cap and geography agnostic. |
| Jan 15 2024 | 2023 Q4 | 0700.HK, 3690.HK, ABNB, ADBE, ADYEN.AS, AMZN, ANET, CRM, CRWD, DDOG, DLO, ESTC, FVRR, GOOGL, HUBS, JD, LULU, MA, MDB, MELI, META, MNDY, MSFT, NET, NOW, NU, NVDA, OKTA, PAYC, PLTR, PYPL, SHOP, SQ, STNE, TEAM, TSLA, TTD, V, VEEV, WDAY, WISE.L, ZS | AI, Compounding, E-Commerce, growth, long-term, payments, SaaS, technology |
AAPL|MSFT|NFLX|NVDA|UNH LULU |
Vision Capital delivered 69.9% returns in 2023 through concentrated exposure to technology themes including AI, e-commerce, SaaS, and payments. NVIDIA leads at 11.4% allocation, benefiting from accelerated computing trends. Portfolio companies show 30% revenue growth with 25% FCF margins. Manager expects normalized 15-25% returns going forward, maintaining long-term focus on durable compounders. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
SaaSManager argues the SaaS selloff is excessive and driven by AI disruption fears. Believes high-value, mission-critical software with deep workflows and network effects will prove resilient. Views this as software Darwinism where the fittest will survive and consolidate. |
Software Cloud Enterprise Software Workflow Automation Data & Analytics |
AIManager discusses AI's impact on software markets and Tesla's transition to physical AI through autonomous driving and robotics. Views AI as creating disruption in software but also new opportunities in physical applications. |
AI Automation Robotics Semiconductors Data Centers | |
PaymentsPortfolio includes multiple payment companies across different geographies. Manager exited PayPal due to operational complexity but maintains positions in other payment processors and digital banking platforms. |
Payments FinTech Digital Banking Cross-Border Payments | |
E-commerceSignificant exposure to e-commerce platforms across multiple regions including Shopify, Amazon, MercadoLibre, JD.com, Sea, and Meituan. Views e-commerce as a secular growth trend. |
E-commerce Marketplaces Digital Commerce | |
GrowthManager employs quality-growth at reasonable price strategy focused on faster-growing companies. Portfolio has 27.6% weighted-average revenue growth. Emphasizes durability of revenue growth as key to strategy success. |
Growth Quality Revenue Growth Compounding | |
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
CloudAmazon's positioning to benefit from both infrastructure and application layers of AI is highlighted. The company's logistical prowess represents one of the foremost moats in business and will be enhanced with AI through better orchestration of logistics assets and buildout of more sophisticated robotics. |
Infrastructure Logistics Automation Efficiency Coordination | |
E-commerceSeveral investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. |
Marketplaces Competition Network Effects Asia Latin America | |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
| 2025 Q3 |
AIPalantir's AI-powered platform AIP is driving commercial customer growth and revenue acceleration. The company's Ontology provides a single source of truth for data-driven decision-making with AI agents. Information is the oil of the 21st century, and analytics is the combustion engine, positioning Palantir to reign supreme in the AI revolution as the ultimate operating system for data and decision-making. |
Data Analytics Enterprise AI Decision Making Ontology AIP |
CloudCloudflare dominates the connectivity cloud space with over 60 products for networking and security. The company's reverse proxy service is used by 80% of websites, with 20% of internet traffic flowing through its global infrastructure. Its distributed network model with ISP partnerships minimizes capital expenditure while maximizing geographic reach and security capabilities. |
Networking Security Infrastructure CDN Connectivity | |
E-commerceMeituan faces intensified competition in China's food delivery market from JD.com's aggressive expansion strategy. The competitive dynamics have significantly eroded profitability margins, with core local commerce EBIT margins falling from 21% to 5.7%. Competition is expected to persist for several quarters before normalizing. |
Food Delivery China Competition Market Share Profitability | |
AdvertisingThe Trade Desk struggles with slower adoption of its AI-powered Kokai platform and faces increased competition from Amazon DSP. Despite challenges, the company remains well-positioned to capture the secular shift toward connected TV advertising spend, with CTV representing 48% of its business mix. |
Programmatic Connected TV DSP Digital Advertising Kokai | |
| 2025 Q2 |
E-commerceThe fund holds multiple e-commerce platforms including Amazon, MercadoLibre, JD.com, and Meituan. JD.com is competing aggressively in China's food delivery market against Meituan through customer subsidies. The manager views this as a strategic move for user acquisition and cross-selling to e-commerce sales. |
Marketplaces Food delivery Cross-selling User acquisition China |
AINVIDIA is highlighted as a key holding that transitioned from gaming GPUs to data center GPUs, representing the AI infrastructure buildout. The fund added to NVIDIA during the quarter as part of their deployment strategy. |
GPUs Data centers Infrastructure Semiconductors | |
GrowthThe manager focuses on identifying long-term compounders that can continuously adapt and expand their product offerings and geographic reach. They seek companies with strong execution ability and high incremental returns on invested capital that can stack new S-curves of growth. |
Compounders S-curves Reinvestment Expansion Adaptation | |
| 2025 Q1 |
E-commerceThe fund holds multiple e-commerce platforms including Amazon, Shopify, and JD.com as core positions. These companies create third-party marketplaces backed by world-class logistics, allowing sellers to reach massive audiences with unprecedented efficiency and scale. The manager views these as essential infrastructure enabling commerce in the digital economy. |
Marketplaces Logistics Digital Commerce Third-party Sellers Platform |
CloudAmazon Web Services is highlighted as a key holding providing cloud infrastructure that powers countless startups, enterprises, and innovations without the capital burden of building data centers. The manager sees cloud services as essential infrastructure for the modern economy, competing with Microsoft and Google but maintaining integrated competitive advantages. |
Infrastructure Data Centers Enterprise Computing AWS | |
SemiconductorsNVIDIA and TSMC are significant holdings representing the semiconductor ecosystem. TSMC operates as an advanced semiconductor foundry enabling fabless chip designers like NVIDIA, AMD, and Apple to innovate without the $20+ billion investment required for cutting-edge manufacturing facilities. The manager views semiconductor tariff exemptions as limiting overall impact from trade tensions. |
Foundries Chip Design Manufacturing AI Chips Fabless | |
Trade PolicyThe Trump administration's trade tariff policies triggered the fund's largest decline, escalating global trade tensions particularly with China and provoking a broad market selloff. The manager disagrees with trade tariffs as inefficient wealth transfers from producers and consumers to government, though sees potential for renegotiation of lower trade barriers. |
Tariffs China Global Trade Policy Risk Protectionism | |
PaymentsThe fund holds payment infrastructure companies like Adyen and Wise as part of its focus on essential financial infrastructure. These companies are building proprietary technology stacks from the ground up, creating structural cost leadership and technological agility that competitors cannot easily replicate. |
FinTech Financial Infrastructure Digital Payments Cross-border Technology | |
| 2024 Q4 |
QualityThe fund emphasizes investing in quality businesses with strong fundamentals, using a framework that moves from quantifiable metrics to qualitative aspects like culture and mission. Quality is viewed as dynamic and evolving, with preference for companies that demonstrate quality early before it becomes apparent to others. |
Compounders Fundamentals Culture Mission Durability |
GrowthThe portfolio targets companies with 20%+ revenue CAGR and even faster free cash flow growth, focusing on businesses with strong operating leverage. The fund seeks companies with their best days ahead rather than behind them, riding secular tailwinds. |
Revenue Growth Operating Leverage Secular Trends Compounding Tailwinds | |
AITechnology companies form a significant portion of holdings as the fund invests in the direction of secular trends. The manager notes that companies not using technology are becoming increasingly irrelevant, positioning the fund toward where the world is heading. |
Technology Innovation Secular Trends Digital Transformation Future | |
| 2023 Q4 |
E-commerceVision Capital maintains significant exposure to e-commerce companies including Amazon, MercadoLibre, Shopify, JD.com, Fiverr, Airbnb, and Meituan representing approximately 20% of the portfolio. The manager views these as top dogs supported by long-term tailwinds in the digital commerce transformation. |
Digital transformation Marketplaces Platform economics Consumer behavior Online retail |
PaymentsThe fund allocates approximately 16% to payments companies including Visa, Mastercard, PayPal, Block, Adyen, Wise, DLocal, Nu Holdings, and StoneCo. These represent the infrastructure layer of digital commerce and financial services transformation with strong network effects and recurring revenue models. |
Digital payments Financial infrastructure Network effects Transaction processing Fintech | |
SaaSSoftware-as-a-Service represents the largest thematic allocation at approximately 21% including Adobe, Atlassian, Datadog, Elastic, Hubspot, Salesforce, Microsoft, Monday.com, MongoDB, Okta, Palantir, Paycom, ServiceNow, Veeva, and Workday. The manager focuses on mission-critical software with recurring revenues and strong unit economics. |
Cloud software Recurring revenue Digital transformation Enterprise software Subscription models | |
AINVIDIA represents the portfolio's largest position at 11.4% and is positioned at the pivot of the structural shift from general purpose computing to accelerated computing and generative AI. The manager sees strong visibility of multi-year CAPEX demand reflecting the start of a longer-term shift with NVIDIA's architecture moat through CUDA, InfiniBand, and Mellanox. |
Artificial intelligence GPU computing Data centers Machine learning Accelerated computing | |
AdvertisingDigital advertising represents approximately 11% of the portfolio through The Trade Desk, Alphabet, Meta, and Tencent. These companies benefit from the ongoing shift of advertising dollars from traditional media to digital platforms with superior targeting and measurement capabilities. |
Digital advertising Programmatic advertising Ad tech Social media Search advertising | |
CybersecurityThe portfolio maintains approximately 4% allocation to cybersecurity through Zscaler, CrowdStrike, and CloudFlare. These companies provide mission-critical security infrastructure as organizations increasingly move to cloud-based architectures and face growing cyber threats. |
Cloud security Zero trust Endpoint protection Network security Threat detection |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 7, 2026 | Fund Letters | Vision Capital | PYPL | PayPal Holdings Inc | Credit Services | Data Processing & Outsourced Services | Bear | NASDAQ | Business Quality, CEO change, exit, Fintech, Operational Complexity, Payments, platform integration, turnaround | Login |
| Apr 7, 2026 | Fund Letters | Vision Capital | TSLA | Tesla Inc | Auto Manufacturers | Automobile Manufacturers | Neutral | NASDAQ | autonomous driving, Battery Storage, Electric Vehicles, Expensive Valuation, FSD, Physical AI, robotaxis, robotics | Login |
| Apr 7, 2026 | Fund Letters | Vision Capital | PME.AX | Pro Medicus Ltd | Health Information Services | Health Care Technology | Bull | Australian Securities Exchange | Australia, Healthcare Technology, medical imaging, Mission-Critical, PACS, recurring revenue, SaaS, Streaming Technology, Zero Churn | Login |
| Jan 9, 2026 | Fund Letters | Eugene Ng | SE | Sea Limited | Consumer Discretionary | Internet Retail | Bull | New York Stock Exchange | digital payments, ecommerce, Fintech, Logistics, Southeast Asia | Login |
| Jul 2, 2025 | Fund Letters | Vision Capital | 3690.HK | Meituan | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | Hong Kong Stock Exchange | China, competitive moat, economies of scale, food delivery, Geographic Expansion, market share, platform, Subsidies, technology | Login |
| Jul 2, 2025 | Fund Letters | Vision Capital | 9618.HK | JD.com | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | Hong Kong Stock Exchange | China, cross-selling, Customer Acquisition, e-commerce, food delivery, Market Share Gain, Strategic expansion, user retention | Login |
| Jul 2, 2025 | Fund Letters | Eugene Ng | PLTR | Palantir Technologies Inc. | Information Technology | Software | Bull | NASDAQ | compounder, Data-integration, enterprise, Government, network effects, S-curves, Singularity to Plurality | Login |
| Jan 15, 2024 | Fund Letters | Vision Capital | AAPL|MSFT|NFLX|NVDA|UNH | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, Artificial Intelligence, CUDA, data center, GPUs, growth, semiconductors, technology | Login |
| Jan 15, 2024 | Fund Letters | Vision Capital | LULU | Lululemon Athletica Inc. | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NASDAQ | athleisure, athletic apparel, brand loyalty, direct-to-consumer, e-commerce, international expansion, premium, retail | Login |
| TICKER | COMMENTARY |
|---|---|
| PLTR | Palantir was among the top 5 largest detractors during the quarter. The manager added to the position during the quarter, taking advantage of attractive prices. Palantir shows accelerating revenue growth from 21.9% in 3Q22 to 70.0% in 4Q25. It represents 12.4% of the portfolio with 56.2% TTM revenue growth and 46.9% FCF margins, focused on software data integration. |
| SHOP | Shopify was among the top 5 largest detractors during the quarter. The manager added to the position during the quarter. Shopify shows accelerating revenue growth and represents 6.3% of the portfolio with 30.1% TTM revenue growth and 17.4% FCF margins, focused on ecommerce/payments. |
| PYPL | We exited our entire PayPal (PYPL) position (1.1%). This was our first sell. When we invested in October 2024, the thesis was simple. Revenues were still growing at +8%. Valuations were cheap at ~11x EV/FCF (~9% FCF yield). A new CEO, Alex Chriss, was brought in from Intuit to turn things around. We were wrong. Not about the price, but with the business. We severely underestimated PayPal's operational bloat and the extent of the required fixing and consolidation. Growth decelerated from high single digits to low single digits. Product execution remained subpar. When CEO Alex Chriss was replaced by Enrique Lores, the former CEO of a mediocrely run HP Inc., our remaining confidence was gone. While its stock fell 47% from our entry, the damage was limited to a negative 0.8% contribution. |
| TSLA | We wrote a new investment memo on Tesla (TSLA). Tesla is the first mover and remains one of the leading players in battery-electric vehicles (BEVs) globally, the 2nd-largest (13% share in 3Q25) after China's BYD (16% share). Tesla should not be viewed solely as a traditional (BEV) automaker or an energy (solar/storage) company. It is bringing AI into the physical world through its autonomous FSD driving, Cybertaxi robotaxis, and Optimus humanoid robots. Tesla stands at yet another inflection point, transitioning from an electric-car company with softer EV sales to a dominant physical-AI company. Tesla's valuations are currently more expensive (~213x EV/FCF). We would prefer to see continued improvements in full self-driving (FSD) and early signs of successful Cybertaxi and Optimus scale-out to confirm the next growth inflection before considering adding to our position. |
| PME.AX | We updated our investment memo on Pro Medicus (ASX: PME) during the quarter. Pro Medicus provides streaming cloud-based medical imaging software as a service (SaaS) to 11 of the 20 top-rated hospitals in the US. We like to think of Pro Medicus as the Netflix of medical imaging. Pro Medicus has 92% recurring revenue, zero customer churn, and a mission-critical product. Customers sign lengthy 5-10-year contracts, providing extremely high revenue visibility and predictability. We think Pro Medicus is amongst one of the highest-quality scalable businesses that we own (+28% revenue growth, 99.9% gross profit margins, 52% net income margins, 47% FCF margins, 49% ROIC that continue to rise, 5-10 year customer contracts, 4.5x future contract revenue, zero customer churn, premium and mission-critical product, run by excellent management with 46% insider ownership). Despite Pro Medicus being a very high-quality business, we had originally sized it as a medium allocation due to its highly expensive valuations (>200x price/FCF). With valuations significantly lower at <100x price/FCF after the recent -64% peak-to-trough drawdown, we took the opportunity to add during the quarter. |
| TSM | TSMC was among the top 5 largest contributors during the quarter. Taiwan Semiconductor Manufacturing represents 7.8% of the portfolio with 31.6% TTM revenue growth and 26.3% FCF margins, focused on semiconductors and AI. |
| NET | Cloudflare was among the top 5 largest contributors during the quarter. Cloudflare shows accelerating revenue growth and represents 2.7% of the portfolio with 29.9% TTM revenue growth and 13.3% FCF margins, focused on software connectivity & security. |
| NFLX | Netflix was among the top 5 largest contributors during the quarter. The manager added to Netflix during the quarter. Netflix represents 2.8% of the portfolio with 15.9% TTM revenue growth and 20.9% FCF margins, focused on streaming videos. |
| JD | JD.com was among the top 5 largest contributors during the quarter. JD.com represents 2.6% of the portfolio with 13.0% TTM revenue growth and 1.8% FCF margins, focused on ecommerce. |
| WISE.L | Wise was among the top 5 largest contributors during the quarter. Wise represents 5.2% of the portfolio with 9.9% TTM revenue growth and 33.3% FCF margins, focused on cross-border payments. |
| ADYEY | Adyen was among the top 5 largest detractors during the quarter. The manager added to Adyen during the quarter. Adyen represents 2.6% of the portfolio with 17.9% TTM revenue growth and 44.7% FCF margins, focused on payments. |
| NOW | ServiceNow was among the top 5 largest detractors during the quarter. The manager added to ServiceNow during the quarter. ServiceNow shows accelerating revenue growth and represents 3.0% of the portfolio with 20.9% TTM revenue growth and 34.5% FCF margins, focused on software workflow automation. |
| CRWD | The manager added to CrowdStrike during the quarter. CrowdStrike shows accelerating revenue growth and represents 4.3% of the portfolio with 21.7% TTM revenue growth and 27.2% FCF margins, focused on software cybersecurity. |
| NU | The manager added to Nu during the quarter. Nu represents 6.4% of the portfolio with 26.8% TTM revenue growth and 18.2% FCF margins, focused on payments/digital banking. |
| SE | The manager added to Sea during the quarter. Sea represents 1.9% of the portfolio with 36.4% TTM revenue growth and 19.7% FCF margins, focused on ecommerce/payments/gaming. |
| ZS | The manager added to Zscaler during the quarter. Zscaler shows accelerating revenue growth and represents 1.9% of the portfolio with 23.9% TTM revenue growth and 31.6% FCF margins, focused on software cloud security. |
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