Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The U.S. economy demonstrated resilience through Q4 2025 despite government data disruptions from the longest shutdown in history. The Federal Reserve responded with two rate cuts and resumed balance sheet expansion, bringing policy closer to neutral. AI-driven concentration continued to dominate equity markets, with the largest seven companies now representing over 35% of the S&P 500, though investor scrutiny of AI capex risks intensified. International equities outperformed while fixed income benefited from unusually stable interest rates. Looking ahead, above-trend growth appears likely in 2026 as tariff headwinds fade and fiscal stimulus, AI productivity gains, and deregulation provide support. However, several risks warrant monitoring including potential inflation surprises from late-cycle fiscal stimulus, massive AI capital expenditure bets that may outpace returns, and credit market discipline erosion. Premium valuations in large cap growth stocks contrast with more attractive opportunities in small caps and international markets, where valuation dispersion and structural tailwinds create compelling investment cases.
The U.S. economy demonstrates continued resilience with above-trend growth expected in 2026, supported by fiscal stimulus, AI productivity gains, and potential deregulation as tariff headwinds fade.
Above-trend U.S. economic growth appears increasingly likely in 2026 as tariff drag fades and fiscal stimulus, AI productivity gains, and potential deregulation support demand. The Fed is expected to take a wait-and-see approach, allowing incoming data to clarify whether inflation or labor market conditions warrant further adjustments. A constructive growth outlook is tempered by premium valuations in risk assets, though valuation dispersion creates opportunities in small caps and international markets.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 5 2026 | 2025 Q4 | - | AI, diversification, interestRates, Macro, Valuations | - | The letter reviews a resilient U.S. economy amid impaired data visibility, Fed rate cuts, and renewed balance sheet expansion following the longest government shutdown in history. Equity returns remained highly concentrated in AI-linked mega-cap stocks, while international equities and fixed income delivered steadier diversification benefits. Macro conditions are framed as constructive but fragile, with valuation dispersion, AI capex risks, and credit discipline central to forward-looking portfolio positioning. |
| Oct 1 2025 | 2025 Q3 | - | Capex, Dollar, Fed Cuts, small caps, tariffs | - | The letter emphasizes economic resilience despite elevated tariff uncertainty, late-cycle dynamics, and mixed labor signals. It highlights how fiscal stimulus, easing financial conditions, and steady consumer spending have reduced near-term recession risk while sustaining growth momentum. Resilience is framed as an investable theme as markets broaden beyond mega-cap leadership and fundamentals reassert influence across asset classes. |
| Jul 2 2025 | 2025 Q2 | - | diversification, fiscal policy, Macro Uncertainty, tariffs, volatility | - | The letter reviews a highly path-dependent macro environment shaped by tariffs, fiscal expansion, and geopolitical risk. Management highlights U.S. economic resilience despite policy uncertainty and stresses diversification across asset classes and geographies. Active risk management is positioned as essential in navigating volatility. |
| Apr 8 2025 | 2025 Q1 | - | - | - | |
| Jan 21 2025 | 2024 Q4 | - | - | - | |
| Oct 18 2024 | 2024 Q3 | - | - | - | |
| Jul 17 2024 | 2024 Q2 | - | - | - | |
| Apr 18 2024 | 2024 Q1 | - | - | - | |
| Jan 23 2024 | 2023 Q4 | - | - | - | |
| Oct 19 2023 | 2023 Q3 | - | - | - | |
| Jul 17 2023 | 2023 Q2 | - | - | - | |
| May 3 2023 | 2023 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Macro |
|
| 2025 Q3 |
RatesFed cut rates by 25bps on December 10 while describing growth as moderate and inflation as still somewhat elevated. Markets took message as cut now, likely pause soon. The opportunity set was less about calling one Fed meeting and more about trading the path via rates and FX. |
Fed Easing Policy Duration Curve |
Small CapsSmall caps getting strong start in 2026 supported by easing monetary conditions and constructive fiscal backdrop. Small caps more sensitive to economic cyclicality which is overdue for expansion. Expected to grow at better pace than large caps in 2026 after long period of underperformance. |
Value Growth Cyclical Monetary Policy Fiscal Policy | |
Trade |
||
| 2025 Q2 |
Macro |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| 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 | |||