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Vision Capital

Sep 2025 → Sep 2026 · Publishes monthly

Our archive holds 5 letters from Vision Capital, behind 11 investment theses and positions in 23 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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5
Letters
23
Companies
18
Moves
11
Theses

Performance

as of Sep 30, 2026 · net of fees · USD · Class A

  • Inception · total
    +21.4%
    index +36.1%

Index: S&P 500

Disclaimer

These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.

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What they bought and sold · 18 moves

  • ExitedPaycom Software
    September 2026
    “The four losers (Paycom Software, PayPal, Lululemon, and The Trade Desk) we exited share one pattern.”
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  • New positionAlphabet
    September 2026
    “We added a new position in Alphabet (GOOGL) this quarter (see memo).”
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  • ExitedLululemon
    September 2026
    “The four losers (Paycom Software, PayPal, Lululemon, and The Trade Desk) we exited share one pattern.”
    Read the letter
  • New positionDatadog
    September 2026
    “We added a new position in Datadog (DDOG) this quarter (see memo).”
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  • ExitedThe Trade Desk
    September 2026
    “In Q3, we exited our entire position in The Trade Desk (TTD) and added two new positions, Alphabet (GOOGL) and Datadog (DDOG).”
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  • ExitedPayPal
    September 2026
    “The four losers (Paycom Software, PayPal, Lululemon, and The Trade Desk) we exited share one pattern.”
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  • 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).”
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  • 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).”
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  • 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).”
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  • 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).”
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  • ExitedPaycom Software
    June 2026
    “We exited 2 of our entire positions in Lululemon (LULU) and Paycom Software (PAYC) in Q2.”
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  • 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).”
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  • 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).”
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  • ExitedLululemon Athletica
    June 2026
    “We exited 2 of our entire positions in Lululemon (LULU) and Paycom Software (PAYC) in Q2.”
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  • 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).”
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  • 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).”
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  • 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).”
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  • 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).”
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Companies held · 23

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

Theses · 11

  • Meituan
    September 2026

    Meituan is benefiting from easing subsidy pressures and accelerating growth with improving profitability.

    Read the full thesis
  • JD.com
    September 2026

    JD.com is expected to reaccelerate as tough comps fade, while improving operating leverage supports margin expansion.

    Read the full thesis
  • Datadog Inc
    September 2026

    Datadog is positioned as a leading AI-powered observability platform with sticky expansion dynamics and strong growth.

    Read the full thesis
  • Alphabet Inc
    September 2026

    Alphabet combines dominant digital advertising assets, custom AI silicon exposure, and fast-growing cloud momentum.

    Read the full thesis
  • 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 · 5

2026

2025

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