Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.0% | - | - |
| 2025 |
|---|
| 0.3% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.0% | - | - |
| 2025 |
|---|
| 0.3% |
Right Tail Capital delivered modest 0.34% returns in 2025 versus 17.8% for the S&P 500, as manager Jeremy Kokemor maintained his disciplined approach of investing in high-quality businesses rather than chasing AI-driven market momentum. Since inception in May 2022, the fund has generated 36-39% total returns, lagging the market-cap weighted S&P 500 but matching the equal-weight index. The manager added to Alphabet during early 2025 weakness, capitalizing on market concerns about tariffs and AI positioning as shares declined to $150 before recovering above $300. Kokemor acknowledges discomfort with AI bubble-like dynamics and concentration risks, noting the Magnificent 7 now represent 35-40% of the S&P 500. He remains optimistic about latent value in holdings like Constellation Software and believes the current environment favors long-term active management. The portfolio provides diversification from concentrated market leadership while focusing on businesses with durable advantages, predictable earnings, and strong capital allocation that should compound value over time.
Right Tail focuses on investing in understandable, high-quality businesses with durable competitive advantages at attractive prices, holding them for many years rather than chasing short-term market themes like AI.
Manager remains optimistic about Right Tail's long-term approach, believing markets will eventually reward businesses with durable advantages, predictable earnings, and strong capital allocation. Sees latent value in current holdings and views current environment as ripe for long-term active management given passive investing dominance.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 5 2026 | 2025 Q4 | CSU.TO, GOOGL | AI, long-term, Patience, Quality, technology, underperformance, value | GOOG | Manager acknowledges AI's dominance in driving market returns over the past 3 years, with 5 stocks making up ~40% of S&P 500's 2025 return. However,… |
| Oct 5 2025 | 2025 Q3 | ORLY | Auto Parts Retail, DIFM, Distribution, OReilly, Reinvestment | ORLY | The letter highlights long-term ownership of exceptional businesses with durable competitive advantages, focusing on reinvestment, culture, and execution rather than short-term valuation metrics. Using OReilly… |
| Jul 8 2025 | 2025 Q2 | BYD CN, CHTR, IAC, NSC, NSIT, SCHW, SSNC | Compounding, longterm, Patience, Quality, returnsOnCapital | - | The strategy centers on owning high-quality businesses with strong returns on incremental capital over multi-year horizons. Volatility is embraced as part of long-term compounding rather… |
| Apr 5 2025 | 2025 Q1 | CPRT, ORLY | - | - | - |
| Jan 7 2025 | 2024 Q4 | - | - | - | - |
| Oct 14 2024 | 2024 Q3 | CDW, NSIT | - | - | - |
| Jul 8 2024 | 2024 Q2 | - | - | - | - |
| Apr 26 2024 | 2024 Q1 | BYD CN | - | - | - |
| Nov 1 2024 | 2023 Q4 | SCHW | - | - | - |
| Nov 10 2023 | 2023 Q3 | CSU CN, FERG | - | - | - |
| Jul 22 2023 | 2023 Q2 | NVR | - | - | - |
| Apr 13 2023 | 2023 Q1 | LAD | - | - | - |
| Nov 1 2023 | 2022 Q4 | ROST | - | - | - |
| Oct 10 2022 | 2022 Q3 | CSU CN | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q3 |
AutosGentex Corporation faced headwinds from mix-shift towards lower-end vehicle production due to tariff impacts in Europe and China. However, the Ford Bronco launch marked an important milestone for Full Display Mirror technology, which remains the company's most reliable growth driver as automakers increasingly adopt advanced technologies. |
Auto Parts Autos Auto Aftermarket Electric Vehicles Auto Dealers |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position | |
| 2025 Q2 |
LongTerm |
|
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 5, 2025 | Fund Letters | Jeremy Kokemor | ORLY | O’Reilly Automotive Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Auto parts, compounding, Distribution, Margins, Reinvestment, retail | Login |
| Jan 5, 2026 | Fund Letters | Jeremy Kokemor | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, Regulation, Search | Login |
| TICKER | COMMENTARY |
|---|---|
| CSU.TO | Broad pressure on the stocks of software companies enabled us to initiate a position in Constellation Software. This is a unique business we had on our radar for a long time but were never able to purchase due to its high valuation. At its core, the company is a permanent capital vehicle designed to acquire 'vertical market software' (VMS) businesses and hold them indefinitely. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||