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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Manager aggressively bought application software in H1 2026 at 2-3x sales, down from 8-12x, seeing 30-40%+ IRRs as market indiscriminately sold on AI fears. Portfolio focuses on essential utility software like Workiva (SEC reporting near-monopoly at 2.6x sales, 31% IRR) positioned to benefit from AI rather than be disrupted."
Manager aggressively bought application software in H1 2026 at 2-3x sales, down from 8-12x, seeing 30-40%+ IRRs as market indiscriminately sold on AI fears. Portfolio focuses on essential utility software like Workiva (SEC reporting near-monopoly at 2.6x sales, 31% IRR) positioned to benefit from AI rather than be disrupted. Conducted 105 expert calls to validate thesis that nuance between winners and losers is being missed.
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