Paycom Software, Inc.

• VC Vision Capital Fund Vision Capital Fund - Q3 2026 Quarterly Letter ↗ Vision Capital Fund exited The Trade Desk after concluding that structural revenue deceleration, product setbacks, and intensifying competition had made it a value trap. The fund initiated Datadog and Alphabet, citing cloud observability demand, AI-driven platform expansion, Google’s custom-chip lead, and accelerating cloud growth. Q3 2026 TTD $7.4BDDOG $66BGOOGL $3.6T +5
• VC 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 $5.2TAVGO $1.7TLULU $12B +7

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