| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 2.3% |
| 2025 |
|---|
| 2.3% |
Ashva Capital Management delivered 2.26% net returns in 2025, underperforming broad indices driven by narrow mega-cap leadership. The manager emphasizes that compounding only works if you survive long enough, advocating for owning high-quality U.S. businesses at rational valuations rather than chasing momentum. The portfolio's largest positions include Micron Technology, benefiting from AI-driven memory demand and industry consolidation; AMD, gaining share in data centers through execution; and Disney, whose asset quality is obscured by cyclical noise. The underperformance reflected deliberate avoidance of elevated valuations in favor of long-term risk-adjusted outcomes. Key risks include increased casino-like market behavior and extreme concentration rewarding narrative over fundamentals. The manager draws parallels to Warren Buffett's approach, noting that Berkshire fell 50% three times yet compounded at 19.9% annually over decades. Ashva's framework focuses on surviving market cycles through valuation discipline, options-based downside management, and patient capital deployment, positioning for long-term compounding rather than short-term performance.
Own high-quality U.S. businesses that compound intrinsic value over time, respect valuation discipline, and use options to manage downside volatility without sacrificing the long-term equity premium.
The manager maintains a disciplined long-term approach focused on compounding capital across full cycles without exposing investors to permanent impairment. He emphasizes that risk discipline carries an opportunity cost in momentum-driven markets but meaningfully improves survivability and compounding over full cycles.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 29 2026 | 2025 Q4 | AAPL, AMD, AMZN, COST, CSCO, DIS, GOOGL, HIMS, META, MU, NFLX, NVDA, PLTR, SPOT, UBER, WMT, ZG | AI, Compounding, long-term, Quality, semiconductors, technology, US, value |
MU AMD DIS |
The manager discusses whether AI represents a bubble, comparing current valuations to traditional retailers like Costco and Walmart trading at higher forward P/E multiples than… |
| Oct 12 2025 | 2025 Q3 | DIS, HOOD, XLF | Compounding, financials, Fintech, Patience, Streaming |
XLF DIS HOOD |
Ashva emphasizes long-term compounding through patience and discipline. Key positions include financials (XLF), Disneys streaming transformation, and Robinhoods fintech expansion, reflecting confidence in cash-generating, compounding… |
| Jul 8 2025 | 2025 Q2 | CRDO, HOOD, HWM | Discipline, Intrinsic Value, long-term, Patience, volatility |
HOOD CRDO HWM |
The letter reinforces a long-term, business-first investment philosophy grounded in intrinsic value and patience. Management views volatility as an opportunity rather than a risk and… |
| May 2 2025 | 2025 Q1 | IBN, LRN, UBER | - | - | - |
| Jan 9 2025 | 2024 Q4 | - | - | - | - |
| Oct 31 2024 | 2024 Q3 | MO | - | - | - |
| Jul 28 2024 | 2024 Q2 | GM | - | - | - |
| May 2 2024 | 2024 Q1 | - | - | - | - |
| Feb 29 2024 | 2023 Q4 | - | - | - | - |
| Nov 17 2023 | 2023 Q3 | - | - | - | - |
| Jul 31 2023 | 2023 Q2 | - | - | - | - |
| Apr 21 2023 | 2023 Q1 | - | - | - | - |
| Feb 28 2023 | 2022 Q4 | BTI, MO | - | - | - |
| Mar 11 2022 | 2022 Q3 | META | - | - | - |
| Jun 30 2022 | 2022 Q2 | - | - | - | - |
| Mar 30 2022 | 2022 Q1 | ADBE | - | - | - |
| 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 |
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 | |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
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 |
Compounding |
|
FinancialsEuropean banks have been rehabilitated after years in purgatory, with returns of 77% in 2025. Return on equity has normalized above 12% following exit from ultra-low rates, while capital positions have been rebuilt. However, supportive factors are well-appreciated by markets, reflected in significant valuation re-rating. |
Banks Return On Equity Interest Rates Capital Valuations | |
StreamingNetflix represents the fund's exposure to global streaming entertainment, despite near-term headwinds from subscriber growth concerns and content spending. The fund continues to view Netflix as the dominant global streaming platform with durable competitive advantages through its content library, technology infrastructure, and growing advertising business. |
Content Global Advertising Platform Entertainment | |
| 2025 Q2 |
Discipline |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | Fund Letters | Ankur Shah | DIS | The Walt Disney Company | Communication Services | Media & Entertainment | Bull | New York Stock Exchange | cashflow, Intellectual_Property, media, Parks, Streaming | Login |
| Oct 12, 2025 | Fund Letters | Ankur Shah | XLF | Financial Select Sector SPDR Fund | Other | Financials ETF | Bull | NYSE | Banks, dividends, ETF, financials, Macro, Value | Login |
| Oct 12, 2025 | Fund Letters | Ankur Shah | DIS | The Walt Disney Co. | Communication Services | Media & Entertainment | Bull | NYSE | cash flow, entertainment, growth, media, restructuring, Streaming | Login |
| Oct 12, 2025 | Fund Letters | Ankur Shah | HOOD | Robinhood Markets Inc. | Financials | Capital Markets | Bull | NASDAQ | banking, Brokerage, diversification, Fintech, growth, platform | Login |
| Jul 8, 2025 | Fund Letters | Ankur Shah | HOOD | Robinhood Markets, Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Brokerage, Customer_acquisition, Digitalization, Fintech, Unit_economics | Login |
| Jul 8, 2025 | Fund Letters | Ankur Shah | CRDO | Credo Technology Group Holding Ltd | Information Technology | Semiconductors | Bull | NASDAQ | Ai_infrastructure, Data_centers, High_margin_growth, hyperscalers, semiconductors | Login |
| Jul 8, 2025 | Fund Letters | Ankur Shah | HWM | Howmet Aerospace Inc. | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Defense, Free_cash_flow, Margin_expansion, Switching_costs | Login |
| Jan 29, 2026 | Fund Letters | Ankur Shah | MU | Micron Technology, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, Free_cash_flow, Memory, Pricing_Discipline, semiconductors | Login |
| Jan 29, 2026 | Fund Letters | Ankur Shah | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, Execution, semiconductors, Share_Gains | Login |
| 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. |
| AMD | AMD was mentioned as an example of businesses that already make money, have shown they can do so through cycles and are priced so that we do not need everything to go right. |
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| COST | Costco and Amazon are perhaps the clearest examples |
| CSCO | It took Cisco, the leading provider of internet equipment and briefly the world's most valuable company, a quarter of a century and another technology bubble to regain its peak. |
| DIS | We sold our long-term holding in Disney, reflecting our view that consumer discretionary spending could remain under pressure if cost-of-living conditions stay tight, especially at a time when the company is spending significantly on Parks and Resorts. |
| 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. |
| HIMS | Hims & Hers Health (-43%) |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
| MU | Core gains were led by investments in the Technology sector including Micron |
| NFLX | NFLX was the portfolio's largest detractor in 4Q25 following investor concerns around near-term subscriber growth and rising content spending. While revenue grew approximately 10% year-over-year, management guided to slower net subscriber additions in North America and Europe after recent price increases, and margins were pressured by elevated investment in live sports and international content. |
| 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) |
| SPOT | Spotify is the world's leading audio streaming platform. Third-quarter results showed continued operating progress, with users increasing 11% to 713 million and subscribers growing 12% to 281 million. Meanwhile, operating income expanded to a mid-teens margin, alongside a record quarterly free cash flow. Despite the momentum, the shares weakened as investors reset near-term margin expectations. Spotify has been a top contributor to long-term Fund performance, and we remain confident that pricing, product innovation, advertising efficiency, and an expanding ecosystem can continue to widen margins over time, as reinforced this quarter by the launch of Spotify recommendations within ChatGPT. |
| UBER | UBER was a detractor in the fourth quarter following its third-quarter 2025 earnings report, which delivered strong operating performance but was met with a muted market reaction. Gross Bookings and adjusted EBITDA both came in near the high end of management's guidance, driven by accelerating demand across both Mobility and Delivery. However, investor focus shifted to commentary around reduced margin expansion as the company steps up investment in growth initiatives, including autonomous vehicle partnerships, platform innovation, and commerce expansion. |
| WMT | For insight into the real economy operating beneath this AI and data center boom, we must look elsewhere within the S&P 500, including bellwethers like Walmart |
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