What smart money is saying about Visa
12 funds in our archive have pitched Visa — most recently Troy Asset Management Global Equity Strategy in July 2026.
Visa Inc. functions globally as a leading technology company dedicated to payments. Its primary role is to enable the secure and efficient digital transfer of funds among a wide array of participants, including individual consumers, retail businesses, banking institutions, corporations, strategic partners, and governmental bodies. At the heart of its operations is VisaNet, a highly sophisticated transaction processing network that handles the critical functions of authorizing, clearing, and settling all payment transactions. In addition to this core infrastructure, the company also provides a variety of card products, innovative digital platforms, and an extensive range of supplementary value-added services. These offerings are distributed under several widely recognized brands, including Visa, Visa Electron, Interlink, VPAY, and PLUS. Demonstrating its commitment to enhancing user experience, Visa Inc. has established a key strategic partnership with Ooredoo in Qatar, focused on improving payment solutions for Visa cardholders and Ooredoo customers within the country. The company was established in 1958 and its corporate headquarters are situated in San Francisco, California.
Get an email when a fund writes about it
Position history
Between Q4 2024 and Q3 2026, 31 fund letters reported a position in Visa — 9 opened or added to the position, 3 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 4 | 0 | 0 | 1 |
| Q2 2026 | 24 | 8 | 3 | 7 |
| Q1 2026 | 3 | 1 | 0 | 1 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Fund activity · 31 positions · 12 moves
- August 2026
“Top 10 Holdings Company Sector Geography Weight NVIDIA Corporation Information Technology US ).9% Microsoft Corporation Information Technology US 5.$% Alphabet Inc. Communication Services US 5.$% Amazon.com, Inc. Consumer Discretionary US 3.4% Broadcom Inc. Information Technology US 2.9% Apple Inc. Information Technology US 2.3% Meta Platforms, Inc. Communication Services US $.4% NetƊix, Inc. Communication Services US $.2% Tencent Holdings… Communication Services CN $.$% Visa Inc. Financials US $.$% Best & Worst Performers - 1 Month Top 5 - Relative Contribution”
Visa - July 2026
“We believe Visa can sustain low double-digit revenue growth in the medium term.”
Visa - July 2026
“In July, Amalthea gained 6.54% net whilst the MSCI ACWI (in $A) fell by 1.55%. Performance in the long book was led by Regeneron, with DSM Firmenich, Amazon, Visa and Philip Morris also providing meaningful contributions.”
Visa - July 2026
Listed in WS Lindsell Train North American Equity Fund’s reported holdings.
Visa - New positionVlatava fund Vltava Fund SICAV, plcJune 2026
“We bought shares in Visa and Kaspi.kz.”
Visa - June 2026
“We substantially increased our investments in Visa and Mastercard on the basis described above.”
Visa - June 2026
“Quarterly Purchases Table 3: Quarterly Sales Activity Quarterly Purchases Copart Initial Position Liberty Capital Increase Position HCA Healthcare Increase Position McKesson Increase Position Quarterly Sales Linamar Decrease Position Visa Decrease Position Mastercard Decrease Position Group 1 Automotive Decrease Position”
Visa - June 2026
Listed in Artisan Partners Value Equity Strategy’s reported holdings.
Visa - June 2026
“During the quarter, we were unusually busy. We bought Hermès and sold Tractor Supply Company, Zoetis, and CDW. We increased positions in Chubb, Progressive, Meta, Amazon, Microsoft, and Visa. We trimmed United Rentals, Alphabet, and Taiwan Semiconductor Manufacturing.”
Visa - June 2026
“Visa Inc. Technology GreensKeeper Value Fund Issue #54 – Q2 2026”
Visa - June 2026
“It was an unusual quarter from a performance attribution perspective. Information Technology (IT) was the only sector in the Index to outperform the Index, accounting for two-thirds of its total gain. The Fund’s entire 156bps shortfall relative to the Index could be attributed either to weak stock selection in IT, which detracted 279bps, or to weak stock selection in Financials, which cost an additional 227bps. Somehow, all 11 of our holdings classified as Financials, including Visa and Mastercard , which we view as digital railroads, and MSCI , Moody’s , and S&P Global , which we view as business services, detracted from our relative returns during the quarter.”
Visa - June 2026
“Our largest additions included the following names: CME Group, TSMC, Amazon, NVIDIA, Alphabet, Visa, ASML, S&P Global, Stevanato Group, and Brookfield.”
Visa - June 2026
“FUND MANAGEMENT TOP 10 HOLDINGS (%)* NVIDIA Corporation 12.66 Apple, Inc. 9.05 Microsoft Corporation 7.94 Alphabet, Inc. 6.34 Amazon.com, Inc. 5.16 Broadcom, Inc. 4.03 Meta Platforms, Inc. 3.23 Eli Lilly and Company 2.44 Mastercard, Inc. 1.64 Visa, Inc. 1.57 Top 10 Holdings Total 54.06 FUND FACTS Inv. Inst. Ticker BUFEX BUIEX Inception Date 5/19/95”
Visa - June 2026
Listed in Buffalo Funds Growth Fund’s reported holdings.
Visa - New positionPershing SquareJune 2026
“Earlier this year, we initiated positions in Visa and Mastercard, two businesses we have long admired, which provide the dominant global networks for consumer and commercial payments, with an increasing share of revenue growth coming from value-added services.”
Visa - HoldsBaron Financials ETFJune 2026
“Global payment network Visa Inc. contributed to performance in the second quarter as strong financial results helped the shares recover from weakness in the prior quarter. Revenue grew 17% and earnings per share (EPS) grew 20%, both exceeding Street expectations. Payment volume growth improved modestly and remained resilient into April despite military conflict in the Middle East. Management also raised its fiscal year guidance, which now calls for low teens revenue growth and mid-teens EPS growth. Regulatory concerns that weighed on the stock earlier in the year faded as a proposed 10% interest rate cap on credit cards and an adverse payment routing bill stalled in the legislative process. We continue to own Visa given its long runway for growth and significant competitive advantages.”
Visa - June 2026
“Financials were another detractor. Our investments in financial-market infrastructure, including Deutsche Boerse, London Stock Exchange Group and B3, as well as payments companies Visa and Mastercard, trailed both the benchmark and asset-heavy global and European banks. These banks led sector performance but are not owned in the Strategy.”
Visa - June 2026
“Financials were another detractor. Our investments in financial-market infrastructure, including Deutsche Boerse, London Stock Exchange Group and B3, as well as payments companies Visa and Mastercard, trailed both the benchmark and asset-heavy global and European banks. These banks led sector performance but are not owned in the Strategy.”
Visa - AddedMontaka Global FundJune 2026
“Portfolio Positioning In the June quarter, Montaka made some targeted changes to the portfolio. We substantially increased our investments in Visa and Mastercard on the basis described above.”
Visa - June 2026
“In the first half of 2026, Visa and Mastercard found themselves where ASML stood at its lows: trading at their lowest multiples in over a decade, having underperformed by roughly the same 40% over the prior year, as investors feared that stablecoins and AI-agent payments would route transactions around the card networks entirely, compounded by proposed US interest rate caps on credit cards. Visa and Mastercard operate the two dominant global payment networks, connecting billions of cards to over a hundred million merchants. This entrenched duopoly − protected by network effects no rival has replicated at scale − allows them to collect a small toll on a vast share of the world's electronic transactions. We think it is likely that agentic commerce will run on this existing, trusted payment infrastructure, so to the extent that AI reshapes online shopping, it could prove an accelerant to their growth rather than a threat. We used the share price declines to build and add to positions.”
Visa - June 2026
“We used the share price declines to build and add to positions.”
Visa Listed in Sustainable Growth Advisers U.S. Large Cap Growth Strategy’s reported holdings.
Visa- HoldsMayar CapitalJune 2026
Listed in Mayar Capital’s reported holdings.
Visa - HoldsAkre Focus ETFJune 2026
“Recent examples of AI adoption, monetization, or lack of AI-related disruption among our portfolio companies include: • CCC Intelligent Solutions (CCC): $120 million annualized revenue run-rate (ARR) from its Emerging Solutions’ products of which AI is the largest contributor. The company’s Emerging Solutions revenue grew 50% year-over-year. • Salesforce (CRM): Agentforce + Data 360 (key AI products) ARR up 225% to $3.4 billion in Q1 (119% organic). • ServiceNow (NOW): raised 2026 AI revenue guidance by 50% from the prior quarter; announced $300 million in cost savings from internal AI adoption; gross dollar retention steady at 98%. • Constellation Software: no material customer losses to “AI-native” startups across their portfolio of ~1,500 vertical market software companies. • Fair Isaac (FICO): has filed 137 AI-based patents. Second Quarter 2026 Akre Capital Management, LLC | 2 West Marshall Street, Middleburg, Virginia 20117 | 540-687-3880 | akrecapital.com | akrefund.com • CoStar Group (CSGP): Launched Homes Ai and Apartments.com Ai, adding conversational natural language search capabilities to its leading home and apartment online portals and leveraging the company’s unmatched proprietary property data and imagery. • Moody’s (MCO): Rated over $100 billion in AI-related debt issuance during Q1; expanded distribution of its decision intelligence analytics into enterprise AI environments such as Anthropic, OpenAI, AWS, Azure, etc. • Mastercard (MA) and Visa (V): have been pioneering and productizing AI since the 1990s when it was called “machine learning”; just starting to monetize their tokenization technology that secures over 50% of ecommerce transactions and will prove crucial for AI-powered “agentic” commerce in the future.”
Visa - June 2026
“We also exited Rio Tinto, Newmont, National Australia Bank, Visa, UnitedHealth and Nike, taking the total to fourteen positions sold and thirteen initiated: unusually high turnover for this Fund, and a deliberate response to the concentration above.”
Visa - June 2026
“We also exited Rio Tinto, Newmont, National Australia Bank, Visa, UnitedHealth and Nike, taking the total to fourteen positions sold and thirteen initiated: unusually high turnover for this Fund, and a deliberate response to the concentration above.”
Visa - June 2026
“Visa rounded out the quarterly top contributors list as the company delivered another “beat-and-raise” quarter.”
Visa - June 2026
Listed in Weitz Investments Partners III Opportunity Fund’s reported holdings.
Visa - HoldsFlexible Equity FundMarch 2026
“ Visa (V) underperformed during the quarter despite delivering strong results.”
Visa - March 2026
“For the strategy, these include our investments in payments companies Visa and Mastercard, credit bureaus Experian and Equifax (both initiated in 2025), software companies Microsoft, Autodesk, and Workday (we exited Intuit during the quarter), and one of our Financial Market Infrastructure (FMI) investments the London Stock Exchange Group. Our other FMI investments—Deutsche Boerse and B3— have very little risk of AI disintermediation and have instead benefited from market volatility year-to-date, positively contributing to portfolio returns. The bear case for AI—replacing companies, potentially entire industries, and negatively impacting long-term white-collar unemployment—has been widely referred to as the “AI death star”. Whilst we do believe the bear case encompasses real risks, the market appears to be oversimplifying it. At the end of the first quarter, we had conducted drawdown reviews on all the aforementioned companies. The Global Leaders drawdown process forms an integral part of capital allocation and risk management for the Fund, and we place strong emphasis on avoiding losers as a key driver of long-term performance. Drawdown reviews trigger actions within the portfolio (we either add to positions or exit), and present an opportunity to reallocate to opportunities with better probability-adjusted IRRs, either within the portfolio or from the ready-to-buy list. We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.”
Visa - HoldsBuffalo Growth FundMarch 2026
“FUND MANAGEMENT TOP 10 HOLDINGS (%)* NVIDIA Corporation 12.20 Alphabet, Inc. 11.82 Microsoft Corporation 11.22 Amazon.com, Inc. 8.79 Apple, Inc. 8.21 Meta Platforms, Inc. 5.46 Broadcom, Inc. 3.61 Visa, Inc. 2.71 Mastercard, Inc.”
Visa
Also mentioned · 7
These funds discuss Visa — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedOptimist FundJune 2026
“Affirm has been profitable (on a GAAP basis) for only eighteen months which is too brief to be seen as a blue-chip payments franchise like Visa or Mastercard.”
Visa - MentionedVision Capital FundJune 2026
Named in a table in Vision Capital Fund’s letter.
Visa - MentionedFiduciary Management FMI FundsJune 2026
“Capital One Financial Corp (COF) – Large Cap/Global Funds Capital One is one of the largest banks and card issuers in the U.S. Our investment thesis centers on Capital One’s acquisition of Discover. Meaningful value creation could come from cost synergies and converting a portion of Capital One’s card portfolio to Discover’s network. Importantly, these synergies require no additional capital or credit risk and should increase returns while reducing earnings cyclicality relative to Capital One on a standalone basis. Over the longer term, there is a potentially game-changing opportunity to build a more competitive network to challenge Visa and Mastercard.”
Visa - MentionedScharf Investments Quality Value StrategyJune 2026
“Similarly, Visa is a market leader with a wide payments network moat that is also trading at the cheapest relative valuation versus the S&P 500 index in the past 10 years.”
Visa - MentionedManole Capital ManagementJune 2026
“Recent commentary from Visa reinforces that view.”
Visa - MentionedManole Capital Investor NewsletterMarch 2026
“Networks such as Visa and Mastercard have succeeded not by changing consumer behavior, but by embedding themselves invisibly into it.”
Visa - MentionedManole CapitalDecember 2025
“Payments & Stablecoins: Payments have traditionally been an area that prefers to move slowly. We often say that payments are more evolutionary than revolutionary, but that pattern is beginning to change. The gradual removal of paper checks and the decision to stop minting pennies illustrate how the system is finally moving away from outdated processes. At the same time, real-time payment networks continue to expand, and online and mobile transactions are gaining share across all demographics. Stablecoins are becoming a meaningful part of this evolution. They offer faster settlement, improved efficiency, and lower operational friction for businesses that move significant volumes of money each day. Major payment companies and financial institutions are actively exploring stablecoin pilots that enable instant payouts and real-time funding, particularly for cross- border and high-frequency transactions. The enduring appeal of card payments is their universality. Consumers trust that Visa and Mastercard will be accepted globally, allowing transactions to occur quickly and seamlessly, particularly on mobile devices.”
Visa
Fund coverage · 12 theses
Visa is defended as a network with durable economics, multiple growth avenues, and an attractive valuation despite concerns around agents, stablecoins, regulation, and maturing cash displacement.
Read the full thesis- PM CapitalJune 2026
Visa is seen as an attractively valued high-quality compounder with durable earnings growth and asset-light cash generation.
Read the full thesis - Montaka Global FundJune 2026
Visa is an extraordinarily advantaged payments network with durable double-digit growth and upside from value-added services that the market is underestimating.
Read the full thesis - Vltava Fund SICAV, plcJune 2026
Visa is a global payments network with powerful network effects, high margins and ROIC, and the fund bought it once valuation became acceptable.
Read the full thesis - Manole Capital ManagementJune 2026
Visa is seen as a beneficiary of stablecoins because they can expand payment activity rather than disintermediate existing rails.
Read the full thesis - Pershing SquareJune 2026
Visa operates a dominant global payments network with strong growth, expanding value-added services, and durable moat-like economics.
Read the full thesis - Scharf Investments Quality Value (Equity) StrategyJune 2026
Visa is described as a market leader with a wide payments moat, stable earnings growth, AI as a tailwind, and a discounted valuation.
Read the full thesis - Coronation Global Managed StrategyJune 2026
Visa operates a dominant global payments network with strong network effects, and the fund added as the stock looked cheap despite AI-related fears.
Read the full thesis - Appalaches CapitalMarch 2026
Visa is a scaled, low-cost global payments network with durable moats and limited long-term risk from regulation or agentic AI, and stands to benefit from innovation and international growth.
Read the full thesis - Ironvine Capital PartnersDecember 2025
Visa is a scaled, network-effect payment platform with durable economics, multiple growth vectors, and manageable regulatory and technology risks supporting double-digit EPS growth.
Read the full thesis - Loomis Sayles Growth FundMarch 2025
Visa is well-positioned for long-term growth in the expanding digital payments market, with significant opportunities beyond its current consumer business that make its shares undervalued.
Read the full thesis - AorisDecember 2024
Visa is the world’s largest payment services company that enhances consumer and business payments with convenience, speed, and security, positioning it for continued growth in usage.
Read the full thesis
Read every full thesis on Visa
Unlock all 12 theses — the full reasoning behind what funds are buying, plus unlimited access to the entire archive.
View plans→