30 Jun 2026LHC CapitalPMEHeldLHC Capital continues to hold Pro Medicus because the company enjoyed an exceptionally strong quarter, announcing six Visage customer contracts worth a combined minimum of $210 million across five-to-seven-year terms, comprising three new customers and three renewals, each renewal carrying higher prices, increased minimum commitments and adoption of additional products including Workflow and Cardiology. Shares rose 74% over the quarter but remain below prior highs. The largest new contract was a seven-year, $90 million deal with Beth Israel Lahey Health, alongside new wins at the University of Maryland Medical System and TidalHealth, while Northwestern Medicine, Allegheny Health Network and Ohio State University Wexner Medical Center all renewed for a further five years on stronger terms. LHC views this renewal behaviour, plus a new financing and reseller arrangement with EchoIQ for cardiac AI algorithms, as compelling evidence against the market narrative that AI will make Visage obsolete, arguing AI is more likely to increase the platform's strategic importance.
30 Jun 2026LHC CapitalTNEHeldLHC Capital continues to hold TechnologyOne because the enterprise software business reported record first-half profit, total revenue and annual recurring revenue for the 17th consecutive year, supported by continued SaaS+ adoption, new AI product launches and zero customer churn, with shares rising 10.1% over the period. ARR grew 17% to $598 million, total revenue rose 11% and profit before tax increased 9%, with the modest profit growth reflecting deliberate investment in a customer showcase event, SaaS+ development and adverse currency movements. LHC highlights early evidence that its new AI product, Plus, is strengthening rather than cannibalising TechnologyOne's competitive position, as most early Plus transactions have driven additional module purchases or replacement of third-party systems, while AI consumption charges are creating a new recurring revenue stream. Management remains confident given record ARR additions, a strong pipeline across Australia and the UK, and low penetration of core vertical markets.
LHC Capital is a Sydney-based boutique fund manager co-founded by Marcus Burns and Stephen Aboud, specializing in a concentrated global long/short equity strategy. The fund invests across a small number of high-conviction long and short positions in Australian and international markets, aiming to generate strong risk-adjusted absolute returns regardless of broad market direction. LHC's process centres on deep, idiosyncratic company research, often focused on structural growth themes and mispriced business models, with an explicit focus on capital preservation through disciplined short selling and position sizing. The strategy targets sophisticated and wholesale investors seeking genuinely active, benchmark-unaware global equity exposure.
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11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.
30 Jun 2026LHC CapitalPMEHeldLHC Capital continues to hold Pro Medicus because the company enjoyed an exceptionally strong quarter, announcing six Visage customer contracts worth a combined minimum of $210 million across five-to-seven-year terms, comprising three new customers and three renewals, each renewal carrying higher prices, increased minimum commitments and adoption of additional products including Workflow and Cardiology. Shares rose 74% over the quarter but remain below prior highs. The largest new contract was a seven-year, $90 million deal with Beth Israel Lahey Health, alongside new wins at the University of Maryland Medical System and TidalHealth, while Northwestern Medicine, Allegheny Health Network and Ohio State University Wexner Medical Center all renewed for a further five years on stronger terms. LHC views this renewal behaviour, plus a new financing and reseller arrangement with EchoIQ for cardiac AI algorithms, as compelling evidence against the market narrative that AI will make Visage obsolete, arguing AI is more likely to increase the platform's strategic importance.
30 Jun 2026LHC CapitalTNEHeldLHC Capital continues to hold TechnologyOne because the enterprise software business reported record first-half profit, total revenue and annual recurring revenue for the 17th consecutive year, supported by continued SaaS+ adoption, new AI product launches and zero customer churn, with shares rising 10.1% over the period. ARR grew 17% to $598 million, total revenue rose 11% and profit before tax increased 9%, with the modest profit growth reflecting deliberate investment in a customer showcase event, SaaS+ development and adverse currency movements. LHC highlights early evidence that its new AI product, Plus, is strengthening rather than cannibalising TechnologyOne's competitive position, as most early Plus transactions have driven additional module purchases or replacement of third-party systems, while AI consumption charges are creating a new recurring revenue stream. Management remains confident given record ARR additions, a strong pipeline across Australia and the UK, and low penetration of core vertical markets.
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