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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Long Cast Advisers finished 4Q25 up 1% (flat for 2025), utilizing the period to establish/expand key micro-cap positions in NRC, CCRN, and PDEX while redeploying cash from the CCRD acquisition into Euronet (EEFT)."
In the 4Q25 investor letter, Long Cast Advisers reports a flat return for the year (YTD 0%) and a 1% gain for the quarter. Since inception in 2015, the fund has returned 271% net of fees (14% CAGR). Principal Avram Fisher details key portfolio updates: largest quarterly purchases included PDEX, CCRN, and NRC. Notably, the fund is revisiting CCRN due to its strong balance sheet and the return of its founder as CEO. NRC was initiated as a new position, driven by positive catalysts like a new CEO from Amazon and improving deferred revenues. The fund fully exited CCRD due to its acquisition and rolled the proceeds into EEFT, while also selling RELL. The manager reiterates conviction in other top holdings like MTRX, RSSS, and PESI, remaining committed to highly concentrated, value-oriented micro-cap investing.
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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: Long Cast Advisers finished 4Q25 up 1% (flat for 2025), utilizing the period to establish/expand key micro-cap positions in NRC, CCRN, and PDEX while redeploying cash from the CCRD...
Growth Outlook
Market outlook remains moderate conviction: Long Cast Advisers finished 4Q25 up 1% (flat for 2025), utilizing the period to establish/expand key micro-cap positions in NRC, CCRN, and PDEX while redeploying cash from the CCRD...
Risk Appetite
Risk appetite posture is high conviction: Long Cast Advisers finished 4Q25 up 1% (flat for 2025), utilizing the period to establish/expand key micro-cap positions in NRC, CCRN, and PDEX while redeploying cash from the CCRD...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Long Cast Advisers finished 4Q25 up 1% (flat for 2025), utilizing the period to establish/expand key micro-cap positions in NRC, CCRN, and PDEX while redeploying cash from the CCRD...
Forward Guidance
Forward guidance signal: Long Cast Advisers finished 4Q25 up 1% (flat for 2025), utilizing the period to establish/expand key micro-cap positions in NRC, CCRN, and PDEX while redeploying cash from the CCRD...
Language Signal
Tone analysis indicates above average conviction language: Long Cast Advisers finished 4Q25 up 1% (flat for 2025), utilizing the period to establish/expand key micro-cap positions in NRC, CCRN, and PDEX while redeploying cash from the CCRD...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Long Cast Advisers finished 4Q25 up 1% (flat for 2025), utilizing the period to establish/expand key micro-cap positions in NRC, CCRN, and PDEX while redeploying cash from the CCRD...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Long Cast Advisers finished 4Q25 up 1% (flat for 2025), utilizing the period to establish/expand key micro-cap positions in NRC, CCRN, and PDEX while redeploying cash from the CCRD...
Time Horizon
Investment time horizon reflects a high conviction orientation. Long Cast Advisers finished 4Q25 up 1% (flat for 2025), utilizing the period to establish/expand key micro-cap positions in NRC, CCRN, and PDEX while redeploying cash from the CCRD...
