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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Meditation Capital added to software and fintech positions (MNDY, GTLB, FLYW) during recent drawdowns, leveraging its core philosophy of buying high-quality, customer-focused 'slack' businesses at historically low multiples."
In this letter dated September 20, 2025, Meditation Capital's Tim Liu outlines recent portfolio additions including Monday.com and GitLab at 5x NTM sales, and an increased position in Braze at 3x sales, arguing that these companies are strategic assets rather than 'AI losers.' The letter introduces a new position in Flywire, a university payment processor, which the fund acquired at a low multiple following student visa restrictions. Flywire exemplifies the fund's investment philosophy of 'slack'—companies that defer short-term optimization in favor of over-delivering for customers and securing long-term terminal value.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Meditation Capital added to software and fintech positions (MNDY, GTLB, FLYW) during recent drawdowns, leveraging its core philosophy of buying high-quality, customer-focused 'slac...
Growth Outlook
Market outlook remains above average conviction: Meditation Capital added to software and fintech positions (MNDY, GTLB, FLYW) during recent drawdowns, leveraging its core philosophy of buying high-quality, customer-focused 'slac...
Risk Appetite
Risk appetite posture is above average conviction: Meditation Capital added to software and fintech positions (MNDY, GTLB, FLYW) during recent drawdowns, leveraging its core philosophy of buying high-quality, customer-focused 'slac...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Meditation Capital added to software and fintech positions (MNDY, GTLB, FLYW) during recent drawdowns, leveraging its core philosophy of buying high-quality, customer-focused 'slac...
Forward Guidance
Forward guidance signal: Meditation Capital added to software and fintech positions (MNDY, GTLB, FLYW) during recent drawdowns, leveraging its core philosophy of buying high-quality, customer-focused 'slac...
Language Signal
Tone analysis indicates high conviction language: Meditation Capital added to software and fintech positions (MNDY, GTLB, FLYW) during recent drawdowns, leveraging its core philosophy of buying high-quality, customer-focused 'slac...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Meditation Capital added to software and fintech positions (MNDY, GTLB, FLYW) during recent drawdowns, leveraging its core philosophy of buying high-quality, customer-focused 'slac...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Meditation Capital added to software and fintech positions (MNDY, GTLB, FLYW) during recent drawdowns, leveraging its core philosophy of buying high-quality, customer-focused 'slac...
Time Horizon
Investment time horizon reflects a high conviction orientation. Meditation Capital added to software and fintech positions (MNDY, GTLB, FLYW) during recent drawdowns, leveraging its core philosophy of buying high-quality, customer-focused 'slac...
