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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The fund initiated a conviction position in Sea Limited while avoiding the 'speculative' AI memory and infrastructure buildout."
Vision Capital Fund's 2025 Annual Letter reviews its financial performance, showing a net return of +9.8% for 2025, underperforming the S&P 500 (+17.9%), while outperforming since inception (+21.4% net vs. +20.7%). The fund initiated a new 2% position in Sea Limited, capitalizing on its 38% drawdown to back its integrated ecosystem across Shopee, Monee, and Garena. A central focus of the letter is why the fund declined to invest in AI hardware players like memory makers (SK Hynix, Micron, Samsung) and infrastructure providers (Oracle, CoreWeave, Nebius) due to cyclicality, commoditization, and excessive concentration. Finally, the letter highlights structural architectural limitations of LLMs, arguing they are currently a dead end for true artificial general intelligence.
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