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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 manager is highly cautious about broader market leverage but sees an exceptional opportunity in the fund's historically wide long/short value spread."
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
High-conviction positioning: The Invenomic Fund finished 2025 up 4.58%, overcoming severe headwinds from growth, momentum, and large-cap dominance via solid stock-picking alpha. The manager is highly cautious ...
Growth Outlook
Market outlook remains low conviction: The Invenomic Fund finished 2025 up 4.58%, overcoming severe headwinds from growth, momentum, and large-cap dominance via solid stock-picking alpha. The manager is highly cautious ...
Risk Appetite
Risk appetite posture is low conviction: The Invenomic Fund finished 2025 up 4.58%, overcoming severe headwinds from growth, momentum, and large-cap dominance via solid stock-picking alpha. The manager is highly cautious ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Invenomic Fund finished 2025 up 4.58%, overcoming severe headwinds from growth, momentum, and large-cap dominance via solid stock-picking alpha. The manager is highly cautious ...
Forward Guidance
Forward guidance signal: The Invenomic Fund finished 2025 up 4.58%, overcoming severe headwinds from growth, momentum, and large-cap dominance via solid stock-picking alpha. The manager is highly cautious ...
Language Signal
Tone analysis indicates above average conviction language: The Invenomic Fund finished 2025 up 4.58%, overcoming severe headwinds from growth, momentum, and large-cap dominance via solid stock-picking alpha. The manager is highly cautious ...
Perceived Risk
Perceived risk level is evaluated as high conviction. The Invenomic Fund finished 2025 up 4.58%, overcoming severe headwinds from growth, momentum, and large-cap dominance via solid stock-picking alpha. The manager is highly cautious ...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Invenomic Fund finished 2025 up 4.58%, overcoming severe headwinds from growth, momentum, and large-cap dominance via solid stock-picking alpha. The manager is highly cautious ...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Invenomic Fund finished 2025 up 4.58%, overcoming severe headwinds from growth, momentum, and large-cap dominance via solid stock-picking alpha. The manager is highly cautious ...
