Vision Capital Fund Q2 2026 Portfolio Activity

We exited 2 of our entire positions in Lululemon and Paycom Software in Q2. Lululemon was the most disappointing for us and hurt the most. It was sized as our 2nd-largest position when we started the fund (5.1% as of Oct 2024). Paycom was another reminder to us that turnaround businesses generally do not turn, and it's far better for us to avoid them.

We exited 2 of our entire positions in Lululemon ( LULU ) and Paycom Software ( PAYC ) in Q2. Lululemon was the most disappointing.