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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Heavily driven by strong stock-picking alpha in L/S Equity. Entering 2026, the fund is expanding its fixed income and credit verticals while maintaining a cautious, market-neutral posture due to dot-com-era valuation levels in US equities."
Brummer Multi-Strategy delivered an 8.9% net return for the full year 2025. Performance was primarily driven by long/short equity strategies, which generated 9.1% gross contribution (mostly through short-side alpha). Systematic Trend-Following (-1.3%) and Macro & Fixed Income (-0.3%) detracted due to choppy, range-bound price action caused by shifting US trade policies and tariffs. Throughout the year, the firm expanded its operational capabilities, opened an office in Abu Dhabi, launched a Nordic Fixed Income Relative value strategy, and prepared to onboard a new credit basis trading strategy in early 2026. The managers maintain a cautious posture heading into 2026, highlighting extreme US equity valuations on par with the dot-com bubble, and emphasize their focus on liquid, market-neutral, and diversified portfolios.
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