The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Nightview Capital believes the market has mispriced the impact of AI on the software sector, which experienced one of the fastest repricings in recent memory with valuations falling below the broad market for the first time. While acknowledging AI genuinely changes software economics and threatens simple point solutions, the manager argues the strongest software franchises possess four durable advantages: they are systems of record holding the richest data AI needs, they have enormous switching costs, they control distribution to existing enterprise customers, and they are incorporating AI into their own products faster than almost anyone. The manager added to Salesforce and ServiceNow during the selloff and initiated a position in Atlassian. The portfolio also leaned into physical experiences immune to software disruption, building gaming and hospitality into a major thematic exposure through purchases of Las Vegas Sands, MGM Resorts, and additions to Wynn Resorts. Within financials, the manager rotated toward the largest, most durable platforms by doubling BlackRock and adding substantially to Charles Schwab. The manager exited Meta, Intuitive Surgical, Shopify, and EchoStar to concentrate behind best ideas, with Tesla remaining the largest position followed by Nvidia and Amazon as core holdings.
The market has mispriced AI concerns on software, creating compelling opportunities in high-quality software businesses with systems of record, switching costs, and distribution advantages that will strengthen rather than weaken as they incorporate AI into their products.
The manager expects the software panic of 2026 will be remembered as a real change and genuine fear where the crowd mistook the situation for the end of the story rather than the start of a better chapter. The manager believes the strongest software franchises will turn AI into a tailwind and that physical experiences like integrated resorts will remain undisrupted by software. The tone is constructive and contrarian, with the manager expressing confidence in their ability to stay planted in convictions while others run for cover.
As of Aug 21, 2026
Alsin's investment philosophy centers on identifying and owning dominant companies with long-term growth potential, comparing current opportunities to historical success stories like owning Apple in 2007 or Amazon during early market corrections. He believes this decade will be a stock picker's market where companies that can execute will be rewarded, especially following recent market corrections that have flushed out speculative excess and concentrated capital into dominant companies. The firm maintains optimism about investment opportunities over the next five years, viewing market volatility as creating opportunities for premier growth businesses. Alsin emphasizes that corrections don't last forever for quality growth companies, and the firm's approach targets disruptive technology and innovation with multi-year research horizons. His philosophy combines deep fundamental analysis with conviction-weighted positioning in companies building global infrastructure and demonstrating pricing power through loyal customer relationships.
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