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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"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."
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.
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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: 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. Portf...
Growth Outlook
Market outlook remains above average conviction: 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. Portf...
Risk Appetite
Risk appetite posture is above average conviction: 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. Portf...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. 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. Portf...
Forward Guidance
Forward guidance signal: 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. Portf...
Language Signal
Tone analysis indicates moderate conviction language: 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. Portf...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. 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. Portf...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. 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. Portf...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. 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. Portf...
