Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Vision Capital. This analysis is provided for institutional research purposes only and is not investment advice.
"Vision Capital underperformed in Q2 by avoiding the memory and AI supply chain rally that drove S&P 500 gains. Manager deployed capital into 10 existing positions during drawdowns while exiting Lululemon and Paycom."
Vision Capital Fund returned +5.7% net in Q2 2026 versus +15.2% for the S&P 500, bringing cumulative returns since October 2024 inception to +6.1% net versus +33.0% for the index. The fund has underperformed over the past nine months primarily by avoiding memory and AI semiconductor supply chain stocks that dominated 2026 returns. Manager Eugene Ng explicitly rejects bottleneck investing and return-maxxing, instead owning platform leaders like NVIDIA and TSMC while avoiding commodity suppliers. The fund deployed significant capital during Q2 drawdowns, adding to 10 existing positions including Cloudflare, MercadoLibre, Meta, Nu, Palantir, and Shopify. Two positions were exited: Lululemon after a 55% loss and Paycom after disappointing turnaround progress. The portfolio now holds 25 companies with 29.4% weighted-average revenue growth and 26.5% FCF margins. New memos were written on Tencent and Mastercard, expanding exposure to China internet and payment networks. Manager remains confident in long-term prospects despite near-term underperformance, emphasizing that business fundamentals rather than valuation changes will drive returns. The fund holds 6.6% cash and maintains focus on secular growth themes across payments, e-commerce, cloud software, and cybersecurity.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.