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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Saga Portfolio delivered an exceptional 44.2% net return in 2025, continuing its track record of long-term outperformance. PM Joe Frankenfield highlights how his rigorous, explanation-based framework drove opportunistic buying of The Trade Desk and Wise, funded by trimming a highly successful stake in Carvana."
In 2025, the Saga Portfolio increased 44.2% net of fees, significantly outperforming the S&P 500's 17.9% return. Since inception on January 1, 2017, the fund has achieved a 20.1% net annualized return. PM Joe Frankenfield articulates Saga's core philosophy of favoring robust, causal explanations over short-term market predictions. The letter provides detailed case studies on Carvana (held through 2022's collapse because the core thesis remained intact) and GoodRx (sold at a loss in 2022 because a structural change broke the thesis). During 2025, no new positions were initiated; instead, the fund trimmed Carvana to increase high-conviction stakes in The Trade Desk and Wise. The appendix reviews the strong operational progress of Carvana, Roku, The Trade Desk, Trupanion, and Wise.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Saga Portfolio delivered an exceptional 44.2% net return in 2025, continuing its track record of long-term outperformance. PM Joe Frankenfield highlights how his rigorous, explanat...
Growth Outlook
Market outlook remains above average conviction: Saga Portfolio delivered an exceptional 44.2% net return in 2025, continuing its track record of long-term outperformance. PM Joe Frankenfield highlights how his rigorous, explanat...
Risk Appetite
Risk appetite posture is high conviction: Saga Portfolio delivered an exceptional 44.2% net return in 2025, continuing its track record of long-term outperformance. PM Joe Frankenfield highlights how his rigorous, explanat...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Saga Portfolio delivered an exceptional 44.2% net return in 2025, continuing its track record of long-term outperformance. PM Joe Frankenfield highlights how his rigorous, explanat...
Forward Guidance
Forward guidance signal: Saga Portfolio delivered an exceptional 44.2% net return in 2025, continuing its track record of long-term outperformance. PM Joe Frankenfield highlights how his rigorous, explanat...
Language Signal
Tone analysis indicates high conviction language: Saga Portfolio delivered an exceptional 44.2% net return in 2025, continuing its track record of long-term outperformance. PM Joe Frankenfield highlights how his rigorous, explanat...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Saga Portfolio delivered an exceptional 44.2% net return in 2025, continuing its track record of long-term outperformance. PM Joe Frankenfield highlights how his rigorous, explanat...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Saga Portfolio delivered an exceptional 44.2% net return in 2025, continuing its track record of long-term outperformance. PM Joe Frankenfield highlights how his rigorous, explanat...
Time Horizon
Investment time horizon reflects a high conviction orientation. Saga Portfolio delivered an exceptional 44.2% net return in 2025, continuing its track record of long-term outperformance. PM Joe Frankenfield highlights how his rigorous, explanat...
