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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Easterly Hedged Equity Fund returned 11.87% in 2025, successfully capturing over 66% of the S&P 500's upside with only 48% of its volatility by employing an active, shorter-dated collar hedging strategy."
For the fourth quarter of 2025, the Easterly Hedged Equity Fund delivered a 1.56% return (I Shares) compared to 2.66% for the S&P 500 Index. For the full year 2025, the Fund returned 11.87% compared to 17.88% for the index, capturing over 66% of the market's upside with approximately 48% of the volatility. The manager highlights that although the Cboe Volatility Index compressed to around 15, this compression may reflect market complacency toward valuation risks, particularly in AI-related equities. The Fund's systematic collar strategy is positioned to offer resilient beta management amid potential volatility spikes driven by elevated valuations and macroeconomic uncertainties.
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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 Easterly Hedged Equity Fund returned 11.87% in 2025, successfully capturing over 66% of the S&P 500's upside with only 48% of its volatility by employing an active, shorter-dat...
Growth Outlook
Market outlook remains moderate conviction: The Easterly Hedged Equity Fund returned 11.87% in 2025, successfully capturing over 66% of the S&P 500's upside with only 48% of its volatility by employing an active, shorter-dat...
Risk Appetite
Risk appetite posture is moderate conviction: The Easterly Hedged Equity Fund returned 11.87% in 2025, successfully capturing over 66% of the S&P 500's upside with only 48% of its volatility by employing an active, shorter-dat...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Easterly Hedged Equity Fund returned 11.87% in 2025, successfully capturing over 66% of the S&P 500's upside with only 48% of its volatility by employing an active, shorter-dat...
Forward Guidance
Forward guidance signal: The Easterly Hedged Equity Fund returned 11.87% in 2025, successfully capturing over 66% of the S&P 500's upside with only 48% of its volatility by employing an active, shorter-dat...
Language Signal
Tone analysis indicates above average conviction language: The Easterly Hedged Equity Fund returned 11.87% in 2025, successfully capturing over 66% of the S&P 500's upside with only 48% of its volatility by employing an active, shorter-dat...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Easterly Hedged Equity Fund returned 11.87% in 2025, successfully capturing over 66% of the S&P 500's upside with only 48% of its volatility by employing an active, shorter-dat...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. The Easterly Hedged Equity Fund returned 11.87% in 2025, successfully capturing over 66% of the S&P 500's upside with only 48% of its volatility by employing an active, shorter-dat...
Time Horizon
Investment time horizon reflects a above average conviction orientation. The Easterly Hedged Equity Fund returned 11.87% in 2025, successfully capturing over 66% of the S&P 500's upside with only 48% of its volatility by employing an active, shorter-dat...
