Pro Medicus Ltd

• VC Vision Capital Fund Vision Capital Fund - Q1 2026 Quarterly Letter ↗ Vision Capital Fund added to selected SaaS holdings amid an indiscriminate sector selloff, arguing that mission-critical software with deep workflows and integration moats remains resilient. The fund exited PayPal after concluding its operational complexity and leadership change impaired the turnaround thesis, added to Pro Medicus, and awaits further proof of Tesla's physical-AI opportunity before increasing that position. Q1 2026 PME $15BPYPL $49BTSLA $1.5T
• 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 $1.6TLULU $12B +7

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