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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Nightview Capital. This analysis is provided for institutional research purposes only and is not investment advice.
"Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab."
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.
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