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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Praetorian Capital returned 12.39% net in 2025. Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotated the fund into 'croupier' businesses, cheap emerging markets, refiners, and precious metals."
Praetorian Capital Fund LLC generated a net return of 0.21% in Q4 2025 and 12.39% for the full year 2025. Expressing disappointment over the fund's worst stretch of performance in years, manager Harris Kupperman details how he de-grossed and rebooted the portfolio in spring 2025. Moving away from a struggling 'real economy' that has been in recession since 2023, Kupperman shifted exposure to theme-driven, asset-bubble-complementary positions that do not rely on overall GDP growth. As of December, the fund was 101.4% long, clustered around croupier businesses, emerging markets positioned to benefit from a weaker dollar, precious metals, St. Joe (JOE), refiners, and Marex (MRX).
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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: Praetorian Capital returned 12.39% net in 2025. Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotate...
Growth Outlook
Market outlook remains low conviction: Praetorian Capital returned 12.39% net in 2025. Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotate...
Risk Appetite
Risk appetite posture is moderate conviction: Praetorian Capital returned 12.39% net in 2025. Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotate...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Praetorian Capital returned 12.39% net in 2025. Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotate...
Forward Guidance
Forward guidance signal: Praetorian Capital returned 12.39% net in 2025. Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotate...
Language Signal
Tone analysis indicates moderate conviction language: Praetorian Capital returned 12.39% net in 2025. Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotate...
Perceived Risk
Perceived risk level is evaluated as high conviction. Praetorian Capital returned 12.39% net in 2025. Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotate...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Praetorian Capital returned 12.39% net in 2025. Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotate...
Time Horizon
Investment time horizon reflects a high conviction orientation. Praetorian Capital returned 12.39% net in 2025. Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotate...
