Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 55.6% | 0.3% | 21.8% |
| 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| 21.8% | 17.0% | 9.7% | -0.9% | 0.4% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 55.6% | 0.3% | 21.8% |
| 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| 21.8% | 17.0% | 9.7% | -0.9% | 0.4% |
RLH SPAC Fund returned 0.3% in Q4 2025 and 21.8% for the year, marking its strongest performance since inception with all three strategies contributing meaningfully. The Fund operates SPAC arbitrage by earning yields above financing costs, non-redemption agreements that capture value when deals close, and proprietary SPAC investments. During 2025, the Fund benefited from yield compression and thematic enthusiasm around crypto and AI, prudently reducing exposure and redeploying into higher-yielding opportunities. SPAC IPO issuance was robust with 144 IPOs raising over $30bn, but transaction announcements lagged at only 65 deals, creating a supply-demand imbalance. This dynamic pressured recent IPO performance with 70% of recent deals losing money, but created attractive yields for the Fund. The manager sees optionality increasingly being recognized by the market and believes the 2026 setup is constructive with capital markets reopening and sponsors rewarded for higher-quality transactions. The Fund maintains focus on asymmetric risk-reward profiles with downside protection anchored in trust value.
The Fund generates returns through three SPAC strategies: arbitrage (earning yields above financing costs), non-redemption agreements (capturing value when deals close), and proprietary investments, all while maintaining downside protection through trust value anchoring.
The manager believes the setup for SPACs entering 2026 is constructive with capital markets reopening, investor selectivity returning, and sponsors being rewarded for bringing higher-quality transactions. The Fund remains focused on opportunities with asymmetric risk-reward profiles and downside protection anchored in trust value.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 23 2026 | 2025 Q4 | - | arbitrage, Capital markets, IPOs, optionality, SPACs, Transactions, Trust Value, Yield | - | The Fund operates three SPAC strategies: arbitrage, non-redemption agreements, and proprietary investments. SPAC IPO issuance was robust with 144 IPOs raising over $30bn in 2025, but transaction announcements lagged at only 65 deals. The supply-demand imbalance created attractive yields for the Fund while recent IPOs underperformed with 70% losing money net of financing costs. The IPO market continued to thaw into year-end, reinforcing that capital formation is re-accelerating after a multi-year slowdown. This backdrop remains supportive for SPAC issuance and transaction activity. The manager believes SPACs only work in a healthy capital markets backdrop with strong performance from IPOs, direct listings, and M&A. |
| Sep 30 2025 | 2025 Q3 | - | arbitrage, Capital markets, IPOs, optionality, SPACs | - | The letter emphasizes the resurgence of SPAC-related optionality as deal quality improves and announced transactions increasingly trade above trust value. Healthier capital-markets activity, stronger IPO conditions, and selective investor enthusiasm for sectors like crypto, AI, and nuclear create catalysts for asymmetric upside. The fund continues to exploit low-volatility arbitrage while positioning for optionality from well-financed, higher-quality SPAC sponsors. |
| Jul 22 2025 | 2025 Q2 | AIRO | arbitrage, optionality, risk discipline, SPACs, structured finance | AIRO | The letter focuses on SPAC arbitrage and structured finance as a way to capture upside optionality with defined downside. Management emphasizes disciplined valuation, selective risk-taking, and capital preservation. Renewed investor interest in SPACs is seen as cyclical but opportunity-rich. |
| Apr 21 2025 | 2025 Q1 | - | - | - | |
| Jan 22 2025 | 2024 Q4 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Capital MarketsExchanges operate as essential high-margin toll roads for the economy with immense operating leverage. They benefit from trading volume flowing directly to profits with minimal extra cost and have natural inflation hedging through transaction values. |
Exchanges Nasdaq CBOE Trading Fees Market Data |
SPACsThe Fund operates three SPAC strategies: arbitrage, non-redemption agreements, and proprietary investments. SPAC IPO issuance was robust with 144 IPOs raising over $30bn in 2025, but transaction announcements lagged at only 65 deals. The supply-demand imbalance created attractive yields for the Fund while recent IPOs underperformed with 70% losing money net of financing costs. |
SPAC arbitrage Non-redemption agreements SPAC IPOs Transaction announcements Trust value | |
| 2025 Q3 |
UraniumDemand surging from nuclear restarts and new construction while supply faces operational challenges. Google, Meta partnerships signal corporate adoption of nuclear power. Sprott Physical Uranium Trust resumed buying 10 million pounds since June, helping drive 45% price increase. |
Nuclear SMR Utilities Physical |
| 2025 Q2 |
Optionality |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 22, 2025 | Fund Letters | Louis Camhi | AIRO | Airo Group Holdings, Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | Aerospace, Bridgefinancing, Defense, Drones, IPO | Login |
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
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| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||