Letters by company
ServiceNow, Inc.
10 letters discussing NOW. Everything written about it on this site is on its ticker page.
- Aristotle Funds Aristotle Growth Equity Fund Commentary Aristotle Growth Equity Fund added Coherent, Sandisk, ServiceNow and Western Digital to target optical networking and constrained AI data-storage demand. The fund sold HubSpot over AI-native competitive risks, briefly exited and then repurchased Amphenol after reassessing its role in the optical-interconnect transition. second quarter 2026 APH $212BCOHR $52BHUBS $12B
- Nightview Capital Q2 2026 Investor Letter Nightview Capital added to Salesforce and ServiceNow, initiated Atlassian, and held Autodesk steady on the view that systems of record, switching costs, distribution and AI integration protect strong software franchises. It exited Meta, Intuitive Surgical, Shopify and EchoStar, added gaming and hospitality exposure, and rotated financials toward BlackRock and Charles Schwab. Q2 2026 ADSK $48BCRM $197BLVS $24B
- Broyhill Asset Management The Broyhill Letter 2026.Q2 Broyhill transfers ownership from Chris Pavese to Patrick Wells and Matt McLean while retaining its investment process and client relationships. The portfolio avoided direct semiconductor exposure, exited Accenture, HubSpot and Intuit, and added or expanded positions including ServiceNow, First Citizens BancShares, Nestlé, Masco, Sotera Health and IQVIA on company-specific catalysts. second quarter 2026 0QR4 ACN $138BFCNCA $23B
- Vulcan Value Partners Second Quarter 2026 Vulcan Value Partners added Equifax, Badger Meter, TPG, Veeva and ServiceNow, funding several purchases by selling UnitedHealth and other less discounted holdings. It argues proprietary data, embedded workflows and disciplined underwriting protect its holdings from AI and cyclical fears while discounted prices provide margins of safety. Q2 2026 AMZN $2.7TBMI $3.8BEFX $18B
- Vulcan Value Partners First Quarter 2026 Vulcan Value Partners rotated from fully valued holdings into discounted businesses it expects to withstand or benefit from AI, led by SAP, Ares Management and Ryan Specialty. The firm argues that ERP software, private credit, specialist insurance broking and proprietary-data businesses retain durable advantages despite broad AI-driven selling. First Quarter 2026 SAP $254BAMZN $2.7TARES $37B
- RiverPark Funds RiverPark Long/Short Opportunity Fund First Quarter 2026 Performance Summary RiverPark Long/Short Opportunity Fund retained software longs including Microsoft, ServiceNow and Datadog, arguing that enterprise software coordinates institutional workflows and that AI is creating demand rather than displacing revenue. The fund exited Pinterest amid advertising weakness and increased short exposure while remaining cautious on richly valued semiconductor shares. First Quarter 2026 ADBE $98BADSK $48BAMAT $359B
- Davenport Asset Management Quarterly Update Davenport emphasizes narrow equity leadership, rising Treasury yields and oil-driven inflation as pressure on cyclical, consumer and rate-sensitive holdings. The funds added selectively to businesses including ServiceNow, Danaher, Emerson Electric, Brookfield Renewable, MasTec, Fortuna Mining, AECOM and Jacobs, while trimming or exiting positions where valuations, housing exposure or insider signals weakened. Q3 2026 ACM $7.6BACN $138BAMT $86B
- Vision Capital Fund Vision Capital Fund - Q2 2026 Quarterly Letter Vision Capital Fund exited Lululemon and Paycom after concluding that weakening operating fundamentals were becoming structural, while adding to selected existing holdings after price drawdowns. The fund rejects AI bottleneck trades in memory and supply-chain names, arguing that architectural innovation and new capacity can erode scarcity premiums, and favors durable platform businesses such as Tencent and Mastercard. Q2 2026 AAPL $5TAVGO $1.6TLULU $11B
- Harry Qelm Baabsman 2026 Half-year Investment portfolio report The Steppe Eagle added Accenture, Salesforce, Lululemon, Uber, ServiceNow, Adobe, Zoom and DocuSign after new capital diluted existing position weights, using incremental purchases as prices fell. It retains Alphabet despite concerns over mega-cap concentration, sees value in software and clean energy, and sets out long-term cases for Salesforce, Uber, Shopify, Zoom, solar businesses and other holdings. 2026 Half-year ACN $138BADBE $98BCRM $197B
- Hayden Capital Quarterly Letter 2025 | Vol. 4 Hayden Capital sold New Oriental after its turnaround matured and backs Sea Limited, arguing Shopee’s logistics investment is offensive while TikTok Shop growth slows. It sees AI-driven selloffs creating opportunities in software, gaming and ecommerce platforms whose network effects, proprietary data and physical infrastructure remain defensible. 4th Quarter 2025 EDU $9.4BSE $57BAMZN $2.7T
