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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Grey Owl All-Season returned +11.4% in 2025 and has shifted into a more aggressive growth posture for early 2026, favoring small-cap equities and commodities while scaling back cash and fixed income to 16%."
The Grey Owl All-Season Strategy (GOAS) delivered a +11.4% return for the full year 2025, successfully managing early-year volatility (limiting drawdowns to under -3% when mega-cap tech fell -30%) and capitalizating on the subsequent risk-on recovery. Entering 2026, the fund has adopted a more aggressive stance, cutting cash and fixed income from 28% to 16% in favor of small-caps, emerging markets, precious metals, and commodities. This rebalancing is supported by growth acceleration and disinflation trends projected through the first half of 2026, alongside market internals showing an expanding breadth of stocks trading near 52-week highs.
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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: Grey Owl All-Season returned +11.4% in 2025 and has shifted into a more aggressive growth posture for early 2026, favoring small-cap equities and commodities while scaling back cas...
Growth Outlook
Market outlook remains high conviction: Grey Owl All-Season returned +11.4% in 2025 and has shifted into a more aggressive growth posture for early 2026, favoring small-cap equities and commodities while scaling back cas...
Risk Appetite
Risk appetite posture is above average conviction: Grey Owl All-Season returned +11.4% in 2025 and has shifted into a more aggressive growth posture for early 2026, favoring small-cap equities and commodities while scaling back cas...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Grey Owl All-Season returned +11.4% in 2025 and has shifted into a more aggressive growth posture for early 2026, favoring small-cap equities and commodities while scaling back cas...
Forward Guidance
Forward guidance signal: Grey Owl All-Season returned +11.4% in 2025 and has shifted into a more aggressive growth posture for early 2026, favoring small-cap equities and commodities while scaling back cas...
Language Signal
Tone analysis indicates above average conviction language: Grey Owl All-Season returned +11.4% in 2025 and has shifted into a more aggressive growth posture for early 2026, favoring small-cap equities and commodities while scaling back cas...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Grey Owl All-Season returned +11.4% in 2025 and has shifted into a more aggressive growth posture for early 2026, favoring small-cap equities and commodities while scaling back cas...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Grey Owl All-Season returned +11.4% in 2025 and has shifted into a more aggressive growth posture for early 2026, favoring small-cap equities and commodities while scaling back cas...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Grey Owl All-Season returned +11.4% in 2025 and has shifted into a more aggressive growth posture for early 2026, favoring small-cap equities and commodities while scaling back cas...
