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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The fund locked in an extraordinary 98.9% return in 2025 and is capitalizing on its gains by trimming a highly-valued Planet Labs to reallocate capital into attractive opportunities like Thryv and Remitly."
Unconventional Value reported an exceptional 98.9% return for calendar year 2025, bringing cumulative returns since inception to 191.5% (30.7% annualized). The massive gains were led by core holding Planet, which rose nearly 400% during the year. Due to Planet's multiple expanding from 2x revenue to 22x, the manager proactively trimmed a portion of the stake to take profits and reallocate capital into other positions, specifically Pagaya, Remitly, Thryv, and Hims and Hers. The manager outlines their framework of organizing the portfolio by time horizons: 'Infinite' durable compounders (Planet, Xometry, Pagaya, Amazon, Upstart), 'Situational' mispriced bets (Thryv), and 'Exploratory' ideas (Remitly, Hims & Hers, Spire Global). Dedicated deep dives are provided on Planet's daily scan advantage, Thryv's SaaS-driven transformation under Joe Walsh, and Remitly's superior unit economics in global remittances.
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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 fund locked in an extraordinary 98.9% return in 2025 and is capitalizing on its gains by trimming a highly-valued Planet Labs to reallocate capital into attractive opportunitie...
Growth Outlook
Market outlook remains above average conviction: The fund locked in an extraordinary 98.9% return in 2025 and is capitalizing on its gains by trimming a highly-valued Planet Labs to reallocate capital into attractive opportunitie...
Risk Appetite
Risk appetite posture is above average conviction: The fund locked in an extraordinary 98.9% return in 2025 and is capitalizing on its gains by trimming a highly-valued Planet Labs to reallocate capital into attractive opportunitie...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund locked in an extraordinary 98.9% return in 2025 and is capitalizing on its gains by trimming a highly-valued Planet Labs to reallocate capital into attractive opportunitie...
Forward Guidance
Forward guidance signal: The fund locked in an extraordinary 98.9% return in 2025 and is capitalizing on its gains by trimming a highly-valued Planet Labs to reallocate capital into attractive opportunitie...
Language Signal
Tone analysis indicates high conviction language: The fund locked in an extraordinary 98.9% return in 2025 and is capitalizing on its gains by trimming a highly-valued Planet Labs to reallocate capital into attractive opportunitie...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The fund locked in an extraordinary 98.9% return in 2025 and is capitalizing on its gains by trimming a highly-valued Planet Labs to reallocate capital into attractive opportunitie...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The fund locked in an extraordinary 98.9% return in 2025 and is capitalizing on its gains by trimming a highly-valued Planet Labs to reallocate capital into attractive opportunitie...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund locked in an extraordinary 98.9% return in 2025 and is capitalizing on its gains by trimming a highly-valued Planet Labs to reallocate capital into attractive opportunitie...
