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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong 2026 using its positive-carry hedging model."
The GA-Courtenay Special Situations Fund returned +6.3% in December 2025, bringing its full-year 2025 performance to +6.5%. Positive results were primarily led by core SpaceX proxies EchoStar and Filtronic. Following historic disruptions at Odey Asset Management in 2023 and the subsequent transition of the fund to GreenAsh Partners, the manager has rebuilt the fund's infrastructure, risk management systems, and financing agreements. The portfolio remains structured with an aggressive 135.9% long equity exposure, balanced by an active positive-carry hedging program (comprising S&P 500 puts and merger arbitrage yielding an estimated 6.7% net annualized carry). Looking ahead to 2026, the manager is extremely optimistic, noting that the fund is fully upgraded and ready to run in high-performance mode.
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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: The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong...
Growth Outlook
Market outlook remains high conviction: The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong...
Risk Appetite
Risk appetite posture is above average conviction: The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong...
Forward Guidance
Forward guidance signal: The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong...
Language Signal
Tone analysis indicates high conviction language: The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong...
Time Horizon
Investment time horizon reflects a above average conviction orientation. The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong...
