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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Driven by long-term holdings in quality compounders like Interactive Brokers and Alphabet."
1578 Partners, LP reported a net return of -4.02% for Q4 2025, underperforming the S&P 500, but delivered a strong 29.49% net return for the full year 2025. Since its inception in August 2015, the fund has compounded at an annualized net rate of 20.20%. Underperformance in Q4 was primarily driven by declines in Uber and Interactive Brokers, while Alphabet and Becton Dickinson contributed positively. The fund maintains a highly concentrated portfolio of eight long equity positions and cash (representing 97.3% and 2.7% of the portfolio, respectively). During the quarter, the manager increased the fund's position in BDX. The update highlights Interactive Brokers (IBKR) as a core compounder that continues to deliver exceptional operating growth, despite headwinds from Federal Reserve interest rate cuts, and remains poised to generate high-teens or better annualized returns.
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