Summary

• We initiated our position in Axon in late February as the stock corrected sharply in the broader software selloff.
• We added ServiceNow to the portfolio in mid-March after the stock had sold off more than 20% from its highs on fears that AI would enable customers to build their own workflow tools.
• We added Shopify to the portfolio in mid-March and see it as a long-term compounder.
• We initiated our Autodesk position in late February when the stock was trading at a meaningful discount to our estimate of intrinsic value, driven by broader software sector weakness.

The following segment was excerpted from The Nightview Fund Q1 2026 Investor Letter.

The Software Opportunity: Too Much Fear, Not Enough Thinking

Over the past several months, a legitimate debate has emerged about AI business models.

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