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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jan 7, 2026
Ghosh Capital's Q4 2025 investor letter reviews a challenging quarter where the portfolio fell 13.3% (underperforming the S&P 500 and Nasdaq), bringing full-year 2025 returns to 12.6%. The primary detractors were a 30% concentration in Kneat (which fell 35% on delayed ARR deals) and leveraged options in Wix and Clearwater Analytics. Due to the high risk of leverage, the manager sold both Wix and Clearwater at a loss before a buyout of Clearwater could materialize. Key portfolio adjustments going forward include setting strict limits on position sizes, restricting options usage, and sticking to high-quality, high-conviction businesses.
Successful investing requires balancing high-conviction concentrated bets with disciplined position sizing. Excessive leverage via options on lower-conviction names impairs an investor's ability to hold positions through volatility, making risk management as critical as business analysis.
The manager expects Kneat's stock price to recover significantly as it marches toward $90M ARR by 2026. Structurally, the manager remains cautious of frothy market valuations and plans to enforce stringent risk controls, avoid excessive options leverage, and focus exclusively on high-quality companies.
Moderate Conviction Bullish
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