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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Rubicon Stockpicker Fund returned 11.3% in 2025, lagging the booming DAX as the fund contrarianly redeployed profits from a successful United Internet investment into deeply discounted chemical distributors like Azelis."
The Rubicon Stockpicker Fund delivered an 11.3% return in 2025, lagging its benchmark DAX index, which rose 23.0%. While the fund was up over 26% entering September, performance was dampened late in the year by deliberate, anti-cyclical allocations. Notably, the managers took profits on United Internet AG (reducing its weight to 10-15% after a ~100% gain) and reinvested the proceeds into deeply unloved chemical distributors Azelis (now the fund's largest holding) and IMCD, as well as increasing positions in Jost Werke, Novem Group, and Stratec. The fund ended the year virtually fully invested with 0% cash. Despite short-term benchmark underperformance, the advisors retain high conviction in their contrarian value strategy, emphasizing that the severe valuation discounts in unloved sectors represent outstanding long-term cycle opportunities.
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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 Rubicon Stockpicker Fund returned 11.3% in 2025, lagging the booming DAX as the fund contrarianly redeployed profits from a successful United Internet investment into deeply di...
Growth Outlook
Market outlook remains above average conviction: The Rubicon Stockpicker Fund returned 11.3% in 2025, lagging the booming DAX as the fund contrarianly redeployed profits from a successful United Internet investment into deeply di...
Risk Appetite
Risk appetite posture is high conviction: The Rubicon Stockpicker Fund returned 11.3% in 2025, lagging the booming DAX as the fund contrarianly redeployed profits from a successful United Internet investment into deeply di...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Rubicon Stockpicker Fund returned 11.3% in 2025, lagging the booming DAX as the fund contrarianly redeployed profits from a successful United Internet investment into deeply di...
Forward Guidance
Forward guidance signal: The Rubicon Stockpicker Fund returned 11.3% in 2025, lagging the booming DAX as the fund contrarianly redeployed profits from a successful United Internet investment into deeply di...
Language Signal
Tone analysis indicates above average conviction language: The Rubicon Stockpicker Fund returned 11.3% in 2025, lagging the booming DAX as the fund contrarianly redeployed profits from a successful United Internet investment into deeply di...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Rubicon Stockpicker Fund returned 11.3% in 2025, lagging the booming DAX as the fund contrarianly redeployed profits from a successful United Internet investment into deeply di...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Rubicon Stockpicker Fund returned 11.3% in 2025, lagging the booming DAX as the fund contrarianly redeployed profits from a successful United Internet investment into deeply di...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Rubicon Stockpicker Fund returned 11.3% in 2025, lagging the booming DAX as the fund contrarianly redeployed profits from a successful United Internet investment into deeply di...
