Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
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| - | - | - |
TYME Advisors' Q4 2025 commentary reveals a disciplined long/short strategy that materially outperformed benchmarks for the year despite quarterly underperformance. The core thesis centers on high-quality US large companies filtered to exclude wealth destroyers and value traps, complemented by thematic exposures to global armaments, precious metals royalties, and capital markets exchanges. Key contributors included Alphabet, Nvidia, and defense names like Palantir and RTX, while Bitcoin was exited via risk management protocols. The manager maintains structural bullish views on global defense spending given the low base and geopolitical tensions, gold as an inflation hedge amid central bank accumulation, and exchanges as high-margin toll roads benefiting from trading volume. Alternative investments including the proprietary Gresham's Wrath gold strategy and managed futures provide diversification. Portfolio implications include rotating from unhedged Japan exposure to dynamically hedged positions and exiting select real estate positions based on quantitative signals. The approach emphasizes risk management while capturing long-term structural trends across multiple asset classes.
The portfolio employs a systematic long/short approach focused on high-quality companies while avoiding junk companies, complemented by alternative investments in gold, defense spending, and capital markets exchanges that benefit from structural trends and provide diversification during various economic regimes.
The manager maintains long-term bullish views on Bitcoin and expects to add back exposure once risk management framework indicates favorable conditions. They continue to see value in global armaments given the low base of defense spending and ongoing geopolitical tensions.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 2 2026 | 2025 Q4 | AAPL, AVAV, AVGO, BA.L, CBOE, FNV, GOOGL, MRK, NDAQ, NVDA, PLTR, RHM.DE, RTX, TPG, WPM | Alternatives, defense, Exchanges, gold, Japan, Long/Short, Quality, royalties | - | The entire world is rapidly rearming off an extremely low base of defense spending. This exposure focuses on companies that make armaments for nation state… |
| Oct 7 2025 | 2025 Q3 | - | Alternatives, defense, gold, inflation, realassets | - | The letter emphasizes real assets and alternative strategies as protection against monetary debasement, geopolitical risk, and rising correlation between stocks and bonds. Gold, precious metal… |
| 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 |
Defense SpendingThe entire world is rapidly rearming off an extremely low base of defense spending. This exposure focuses on companies that make armaments for nation state security and materially outperformed for the year. |
Defense Armaments Rheinmetall Palantir RTX | |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
Gold Royalties |
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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 Q3 |
RealAssets |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| AAPL | Apple Inc. represents 1.6% of company owned with cost basis of $6,255 million and market value of $61,962 million, providing $280 million in 2025 dividends. |
| AVAV | The top three contributors to this underperformance came from AeroVironment (US Defense) |
| AVGO | The primary contributors to its performance were our exposures to Broadcom |
| BA.L | The top three contributors to this underperformance came from BAE Systems (British Defense) |
| CBOE | The in line performance came from: Chicago Board of Options Exchange. The top contributors to this outperformance came from Chicago Board of Options Exchange |
| FNV | The underperformance came from: Franco Nevada. The top contributors to this outperformance came from Franco Nevada |
| 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. |
| MRK | Top gainers in the Fund this quarter included Merck (+26%) |
| NDAQ | The outperformance came from: Nasdaq. The top contributors to this outperformance came from Nasdaq |
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| PLTR | The top three contributors to this outperformance came from Palantir Technologies (US Defense) |
| RHM.DE | The top three contributors to this underperformance came from Rheinmetall (German Defense). The top three contributors to this outperformance came from Rheinmetall (German Defense) |
| RTX | The top three contributors to this outperformance came from RTX (US Defense) |
| TPG | The underperformance came from: Texas Pacific Land Corp |
| WPM | The outperformance came from: Wheaton Precious Metals. The top contributors to this outperformance came from Wheaton Precious Metals |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| 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 |
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| No industry data available | |||