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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Phoenician Capital posted a stellar 34.0% return in 2025, beating the S&P 500. The fund is entering 2026 with constructive momentum, utilizing its proprietary AI tool, Phoenician Intelligence™, to accelerate due diligence on uncrowded global value compounders."
Phoenician Capital delivered a strong 34.0% return for the full-year 2025, outperforming the S&P 500's 17.9% return despite a slight decline of (4.2%) in Q4. During the quarter, the fund trimmed key winners (Inter & Co., Mader Group, Puuilo) to manage position sizes and harvested tax losses in Goodfood Market with the intent to repurchase shares in early 2026. Top contributors for the year included ASA International, Mader Group, and Inter & Co., while Ashtead Technology and Goodfood Market detracted. In 2026, the fund plans to accelerate the deployment of its proprietary AI platform, Phoenician Intelligence™, to speed up research, decrease single-holding concentration risks, and uncover uncrowded, high-quality global opportunities.
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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: Phoenician Capital posted a stellar 34.0% return in 2025, beating the S&P 500. The fund is entering 2026 with constructive momentum, utilizing its proprietary AI tool, Phoenician I...
Growth Outlook
Market outlook remains above average conviction: Phoenician Capital posted a stellar 34.0% return in 2025, beating the S&P 500. The fund is entering 2026 with constructive momentum, utilizing its proprietary AI tool, Phoenician I...
Risk Appetite
Risk appetite posture is above average conviction: Phoenician Capital posted a stellar 34.0% return in 2025, beating the S&P 500. The fund is entering 2026 with constructive momentum, utilizing its proprietary AI tool, Phoenician I...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Phoenician Capital posted a stellar 34.0% return in 2025, beating the S&P 500. The fund is entering 2026 with constructive momentum, utilizing its proprietary AI tool, Phoenician I...
Forward Guidance
Forward guidance signal: Phoenician Capital posted a stellar 34.0% return in 2025, beating the S&P 500. The fund is entering 2026 with constructive momentum, utilizing its proprietary AI tool, Phoenician I...
Language Signal
Tone analysis indicates high conviction language: Phoenician Capital posted a stellar 34.0% return in 2025, beating the S&P 500. The fund is entering 2026 with constructive momentum, utilizing its proprietary AI tool, Phoenician I...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Phoenician Capital posted a stellar 34.0% return in 2025, beating the S&P 500. The fund is entering 2026 with constructive momentum, utilizing its proprietary AI tool, Phoenician I...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Phoenician Capital posted a stellar 34.0% return in 2025, beating the S&P 500. The fund is entering 2026 with constructive momentum, utilizing its proprietary AI tool, Phoenician I...
Time Horizon
Investment time horizon reflects a high conviction orientation. Phoenician Capital posted a stellar 34.0% return in 2025, beating the S&P 500. The fund is entering 2026 with constructive momentum, utilizing its proprietary AI tool, Phoenician I...
