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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Invenomic Fund finished 2025 up 4.58%, overcoming severe headwinds from growth, momentum, and large-cap dominance via solid stock-picking alpha."
The Invenomic Fund (BIVIX) returned 5.38% in December 2025, pushing the fund to a YTD return of 4.58%. While BIVIX outperformed the Morningstar Long/Short Equity Category average, it trailed the S&P 1500 Index (17.02% YTD) due to severe headwinds. In 2025, growth beat value for the third consecutive year, momentum continued its historic run, and large-caps outperformed small-caps by over 1000 basis points. Despite these structural headwinds, BIVIX generated 5.58% in stock-selection alpha. The manager is highly cautious on the overall market due to record margin debt ($1.23 trillion or >4% of GDP) and extreme valuations, which are historically precursors to forced selling. However, the manager is extremely constructive on the fund's positioning, noting that the value spread between their long and short books is wider than ever, creating a tremendous forward-looking opportunity.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon