HF Best Ideas
AnalysesQuarterly LettersWarren AI
All funds

Vision Capital

Sep 2025 → Jun 2026 · Publishes monthly

Our archive holds 4 letters from Vision Capital, behind 7 investment theses and positions in 14 companies. Every quote below is copied verbatim from the letter it came from.

Vision Capital’s own letters page
4
Letters
14
Companies
12
Moves
7
Theses

What they bought and sold · 12 moves

  • AddedServiceNow
    June 2026
    “We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
    Read the letter
  • AddedNu
    June 2026
    “We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
    Read the letter
  • AddedShopify
    June 2026
    “We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
    Read the letter
  • AddedMercadoLibre
    June 2026
    “We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
    Read the letter
  • ExitedPaycom Software
    June 2026
    “We exited 2 of our entire positions in Lululemon (LULU) and Paycom Software (PAYC) in Q2.”
    Read the letter
  • AddedCloudflare
    June 2026
    “We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
    Read the letter
  • AddedPalantir
    June 2026
    “We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
    Read the letter
  • ExitedLululemon Athletica
    June 2026
    “We exited 2 of our entire positions in Lululemon (LULU) and Paycom Software (PAYC) in Q2.”
    Read the letter
  • AddedMeta
    June 2026
    “We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
    Read the letter
  • AddedPro Medicus
    June 2026
    “We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
    Read the letter
  • AddedSea Limited
    June 2026
    “We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
    Read the letter
  • AddedZscaler
    June 2026
    “We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
    Read the letter

Companies held · 14

Every company Vision Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 7

  • Tencent Holdings
    June 2026

    Tencent Holdings is a dominant Chinese internet platform with a deeply entrenched super-app ecosystem, multiple network effects, and long-term compounding potential.

    Read the full thesis
  • Mastercard
    June 2026

    Mastercard is a highly profitable payments network with powerful secular tailwinds from cash-to-digital migration and growing value-added services.

    Read the full thesis
  • Broadcom
    June 2026

    Broadcom is a leading AI and networking semiconductor company whose growth runway is driven by custom ASICs, XPU demand, and strong technological leadership.

    Read the full thesis
  • Pro Medicus
    March 2026

    Pro Medicus is a high-quality, recurring-revenue medical imaging SaaS business with strong switching costs, premium technology, and long-duration contracts.

    Read the full thesis
  • Tesla, Inc.
    March 2026

    Tesla is a vertically integrated EV, energy storage, autonomy, and robotics platform with strong network effects, secular tailwinds, and optionality in physical AI.

    Read the full thesis
  • The Trade Desk
    September 2025

    The Trade Desk is the leading independent programmatic digital advertising platform well-positioned to benefit from the increasing connected TV ad spend, despite recent challenges and competition from Amazon DSP.

    Read the full thesis
  • Cloudflare Inc.
    September 2025

    Cloudflare Inc (NYSE: NET) is a leading connectivity cloud provider that offers a comprehensive suite of networking and security SaaS products, leveraging a global infrastructure to enhance performance, security, and reliability for over 265,000 paying customers.

    Read the full thesis

Letter archive · 4

2026

2025

Get Vision Capital’s next letter the day it lands

We track Vision Capital alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund