Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Atherean Asset Management maintains a cautious stance amid strong U.S. economic growth of 5.3% in Q4 2025, the highest since 2021. While their core equity portfolio performed well led by Alphabet, they took no new positions due to elevated valuations. The S&P 500 trades at a forward P/E of 22, its highest since the 2021 meme-stock surge, with earnings yield near ten-year treasury yields, making returns highly dependent on continued earnings growth. Speculative sentiment is ubiquitous, with gambling in vogue powered by AI tools and margin debt surging 35% to over $1.2 trillion. The firm believes economic strength stems from shrinking trade deficits, productivity gains, and data center capex. They maintain valuation discipline, preferring lower-multiple stocks with steady earnings growth over higher-multiple names dependent on spectacular futures. Stock prices remain vulnerable to treasury selloffs given compressed risk premiums. The manager emphasizes patience over chasing elevated multiples in this high-growth but speculative environment.
Maintain valuation discipline in an environment of elevated market multiples and speculative sentiment, preferring lower-multiple stocks with steady earnings growth over higher-multiple stocks dependent on spectacular future performance.
The manager maintains a cautious stance on valuations while acknowledging strong economic growth. They express concern about speculative sentiment and elevated market multiples, preferring to maintain valuation discipline rather than chase higher-multiple stocks.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 21 2026 | 2025 Q4 | GOOGL | Economic Growth, inflation, Margin Debt, mid cap, Risk Appetite, small cap, Speculation, Valuations | - | The S&P 500 is trading at a forward P/E of about 22, its highest level since the meme-stock surge in 2021. The earnings yield of… |
| Oct 28 2025 | 2025 Q3 | - | Banking, fiscal debt, inflation, interest rates, valuation | - | Sharp rate hikes triggered bank failures and exposed asset-liability mismatches across the financial system. Elevated government debt levels raise long-term inflation risks as policymakers may… |
| Jul 24 2025 | 2025 Q2 | ULTA | - | - | - |
| Apr 28 2025 | 2025 Q1 | - | - | - | - |
| Jan 21 2025 | 2024 Q4 | - | - | - | - |
| Oct 30 2024 | 2024 Q3 | - | - | - | - |
| Jul 31 2024 | 2024 Q2 | SBR | - | - | - |
| Apr 30 2024 | 2024 Q1 | - | - | - | - |
| Jan 31 2024 | 2023 Q4 | - | - | - | - |
| Oct 31 2023 | 2023 Q3 | CMI | - | - | - |
| Jul 28 2023 | 2023 Q2 | CNI | - | - | - |
| Apr 28 2023 | 2023 Q1 | - | - |
MLM CNI CN AMP |
- |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Risk AppetiteManager emphasizes disciplined risk management through cycle awareness rather than market timing. Fund maintains cash cushion during high-risk periods and deploys capital countercyclically. Approach focuses on behavioral edge by having cash available when fear creates best entry points and avoiding leverage that leads to forced selling. |
Leverage Cash Volatility Positioning Discipline |
ValuationsEquity valuations remain elevated with the S&P 500 trading near 23x forward earnings, well above its long-term average of 15.6x. High valuations may increase market sensitivity to earnings disappointments and tend to constrain longer-term returns, reinforcing the importance of selectivity. |
Multiples Premium Earnings Risk Selectivity | |
| 2025 Q3 |
Debt |
|
RatesFed cut rates by 25bps on December 10 while describing growth as moderate and inflation as still somewhat elevated. Markets took message as cut now, likely pause soon. The opportunity set was less about calling one Fed meeting and more about trading the path via rates and FX. |
Fed Easing Policy Duration Curve | |
ValueThe manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. |
Undervalued Low Multiples Contrarian Opportunistic |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 31, 2024 | Fund Letters | Christopher Gething | MLM | Martin Marietta Materials, Inc. | Materials | Construction Materials | Bull | NYSE | aggregates, construction, inflation, infrastructure, materials, Monopolies, Nimby, Pricingpower | Login |
| Jan 31, 2024 | Fund Letters | Christopher Gething | CNI CN | Canadian National Railway Company | Industrials | Railroads | Bull | TSX | Freight, infrastructure, Networks, Nimby, Pricingpower, railroads, Transportation | Login |
| Oct 28, 2025 | Fund Letters | Christopher Gething | AMP | Ameriprise Financial, Inc. | Financials | Asset Management & Custody Banks & Custody Banks | Bull | NYSE | Asset, buybacks, compounding, Demographics, dividends, management, profitability, valuation, Wealth | Login |
| TICKER | COMMENTARY |
|---|---|
| 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 |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||