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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Merion Road Small Cap Fund finished 2025 up 9.2%, driven by a strong 8.5% fourth quarter. The manager remains highly selective, holding 16% cash and focusing on niche turnaround and merger arbitrage situations."
In the Q4 2025 investor letter, Aaron Sallen reports an 8.5% quarterly return for the Small Cap Fund (9.2% YTD) and a flat 0.0% return for the MRCM Long Only Large Cap strategy. Sallen addresses the fund's relative underperformance compared to the market, attributing it to S&P 500 concentration in mega-cap AI stocks. Portfolio updates include building a new position in specialty chemicals pure-play Ascent Industries (ACNT), acquiring shares in merger arbitrage play Janus Henderson Group (JHG), and covering shorts in Bel Fuse (BELFA/BELFB). The fund holds 16% cash and 6% merger arb positions to manage risk.
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