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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Adestella returned 10.1% net in 2025, with long book gains of 12.7% partially offset by 2.6% short losses. International holdings led with 7.6% contribution versus 2.5% domestic. Top contributors included Nebius Group, which more than doubled on data center GPU demand and added over 3% to returns, Power Solutions International, which tripled on data center power demand before being exited, and Bel Fuse, which tripled on multiple expansion despite modest EBITDA growth. Detractors included Par Technology on restaurant software pessimism, RXO on freight market weakness and automation disruption, and LifeMD on guidance cuts. Manager maintains small-cap bias despite decade of underperformance, with median portfolio market cap of $2-5B. Current positioning emphasizes AI infrastructure through Dell as largest holding, betting on enterprise migration from cloud APIs to on-premise servers for cost efficiency. Portfolio also overweight aerospace aftermarket suppliers and select software companies with systems-of-record moats. Net exposure remains 90% with gross at 115%. Manager acknowledges factor concentration risks and maintains valuation discipline while awaiting mean reversion in small-cap performance.
Adestella maintains a small-cap biased, valuation-disciplined approach focused on identifying mispriced situations where business quality and growth prospects warrant higher multiples, with current emphasis on AI infrastructure beneficiaries through derivative plays like Dell's enterprise server business and aerospace aftermarket suppliers benefiting from aircraft service life extensions.
Manager acknowledges difficult backdrop for small-cap value strategy but maintains process discipline, expecting mean reversion after decade of large-cap outperformance. Sees continued opportunities in AI infrastructure buildout through derivative plays and selective software positions protected from disruption. Remains patient on valuation discipline while monitoring factor exposures more closely to avoid unintended concentration risks.
As of Jul 2, 2026
Andrew Jakubowski is the founder and Chief Investment Officer of Adestella Investment Management. Mr. Jakubowski graduated summa cum laude from the University of Miami in December 2013 and has been in practice for 10 years at Adestella Investment Management LLC.
Adestella Investment Management is a long/short equity investment fund that combines proprietary fundamental research with insights from behavioral finance to exploit market inefficiencies. The fund seeks superior absolute and relative returns by focusing on attractive risk-reward propositions and prudent risk management for both its long and short positions. Most of the firm's investments are in North American and European companies across the spectrum of market capitalization, with emphasis on balancing discipline and flexibility in investing.
Lead Portfolio Manager
Moderate Conviction Bullish
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