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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Kennedy Capital Management Mid Cap Value. This analysis is provided for institutional research purposes only and is not investment advice.
"Kennedy Capital's Mid Cap Value composite lagged its benchmark in 2025 as its core quality-focused, high-CFROI discipline was out of favor."
For the fourth quarter of 2025, the Kennedy Capital Mid Cap Value composite declined 1.07% (net of fees), trailing the Russell Midcap Value Index which rose 1.42%. For the full year 2025, the portfolio declined 0.63% net of fees compared to an 11.05% gain for the index. The performance shortfall was largely due to a style headwind where the manager's high-CFROI approach was out of favor, along with underexposure to momentum-driven AI stocks and specific stock selection errors. In response, the firm is maintaining its core CFROI investment philosophy but implementing targeted refinements. These tactical shifts include exiting rate-sensitive positions, building long-term exposures in AI enablers (electrical transmission and chip testing), and trimming positions with low near-term demand visibility to better navigate a highly thematic, macro-driven market.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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Growth Outlook
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