Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.4% | - | 43.4% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 43.4% | 0.5% | 8.0% | -12.3% | 16.4% | -5.2% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.4% | - | 43.4% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 43.4% | 0.5% | 8.0% | -12.3% | 16.4% | -5.2% |
Comus Investment delivered strong 2025 returns of 43% for US clients and 83% for international clients, primarily driven by investments in Hong Kong small-caps as global sentiment toward China improved. The performance disparity resulted from InteractiveBrokers restricting US clients from buying Hong Kong small-caps after August 2024, significantly hampering the US portfolio. The manager describes Hong Kong as the world's cheapest developed market and continued buying throughout the downturn from 2022-2024 before sentiment recovered. Currently, the opportunity set has diminished substantially, with US client cash at an all-time high of 11% and international clients moving toward higher cash positions as well. The manager identifies very few bargains remaining outside of some Hong Kong stocks and two European companies. With equity prices at elevated levels across most markets since 2016, the strategy shifts toward patience and selective deployment, waiting for better pricing opportunities while maintaining rigid criteria for acceptable returns.
Focus on buying undervalued small-cap companies in Hong Kong and Europe when prices are attractive, maintaining high cash levels during expensive market periods, and waiting patiently for better opportunities to deploy capital.
Manager expects consistency in leaner opportunity years will be key to returns, with a good chunk of profits likely to come from years when entire markets are dead and recover sharply. Patience will be a virtue going forward given high prices nearly everywhere.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 16 2026 | 2025 Q4 | - | Cash, Hong Kong, Opportunities, pricing, Small-caps, value | IBKR | Manager focuses on buying stocks at low prices when fear is at its peak, particularly in Hong Kong which he describes as the world's cheapest developed market. The strategy involves loading up during periods of low pricing and waiting for sentiment to improve. Hong Kong represents the manager's primary opportunity set, described as the world's cheapest developed market. International clients experienced 83% returns as the manager continued buying small companies there throughout 2024-2025, though US clients were restricted by broker limitations. |
| Aug 20 2024 | 2024 Q2 | - | - | - | |
| Jan 17 2024 | 2023 Q4 | - | - | - | |
| Nov 10 2023 | 2023 Q3 | 4021 JP, ADV SP | - | - | |
| Jul 7 2023 | 2023 Q2 | - | - | - | |
| Mar 4 2023 | 2023 Q1 | 1023 HK | - | - | |
| May 1 2023 | 2022 Q4 | - | - | - | |
| Jun 10 2022 | 2022 Q3 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Hong KongHong Kong represents the manager's primary opportunity set, described as the world's cheapest developed market. International clients experienced 83% returns as the manager continued buying small companies there throughout 2024-2025, though US clients were restricted by broker limitations. |
Small-caps Developed market Restrictions Opportunities |
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 |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 16, 2026 | Fund Letters | Aaron J. Saunders | IBKR | Interactive Brokers Group, Inc. | Financials | Investment Banking & Brokerage | Bear | NASDAQ | Brokerage, Compliance, Marketaccess, Platformrisk, Restrictions | Login |
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| 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 | |||