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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Kathmandu Capital generated an exceptional 45.60% net return in 2025 by capturing AI-infrastructure and 'U.S. vs. China' tension trends, while keeping 35% of assets in cash and gold as a prudent macro hedge."
Kathmandu Capital's Q4 2025 letter reports outstanding performance, returning 10.85% net (13.65% gross) for the quarter, and 45.60% net (52.04% gross) for the full year 2025, substantially beating benchmarks. The manager discusses the intensification of AI capex concerns and geopolitical 'U.S. vs. China' competition as key themes. The fund has built a dedicated 'Tension Basket' including companies like Vicor, ACM Research, Lumentum, and Huntington Ingalls. At the same time, the manager maintains a cautious buffer, ending the quarter with 35% of the portfolio in gold and cash to hedge inflation. Structurally, the fund is shifting toward a flexible, multi-discipline approach that co-exists across value, growth, and momentum to maximize absolute returns.
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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: Kathmandu Capital generated an exceptional 45.60% net return in 2025 by capturing AI-infrastructure and 'U.S. vs. China' tension trends, while keeping 35% of assets in cash and gol...
Growth Outlook
Market outlook remains above average conviction: Kathmandu Capital generated an exceptional 45.60% net return in 2025 by capturing AI-infrastructure and 'U.S. vs. China' tension trends, while keeping 35% of assets in cash and gol...
Risk Appetite
Risk appetite posture is moderate conviction: Kathmandu Capital generated an exceptional 45.60% net return in 2025 by capturing AI-infrastructure and 'U.S. vs. China' tension trends, while keeping 35% of assets in cash and gol...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Kathmandu Capital generated an exceptional 45.60% net return in 2025 by capturing AI-infrastructure and 'U.S. vs. China' tension trends, while keeping 35% of assets in cash and gol...
Forward Guidance
Forward guidance signal: Kathmandu Capital generated an exceptional 45.60% net return in 2025 by capturing AI-infrastructure and 'U.S. vs. China' tension trends, while keeping 35% of assets in cash and gol...
Language Signal
Tone analysis indicates above average conviction language: Kathmandu Capital generated an exceptional 45.60% net return in 2025 by capturing AI-infrastructure and 'U.S. vs. China' tension trends, while keeping 35% of assets in cash and gol...
Perceived Risk
Perceived risk level is evaluated as above average conviction. Kathmandu Capital generated an exceptional 45.60% net return in 2025 by capturing AI-infrastructure and 'U.S. vs. China' tension trends, while keeping 35% of assets in cash and gol...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Kathmandu Capital generated an exceptional 45.60% net return in 2025 by capturing AI-infrastructure and 'U.S. vs. China' tension trends, while keeping 35% of assets in cash and gol...
Time Horizon
Investment time horizon reflects a above average conviction orientation. Kathmandu Capital generated an exceptional 45.60% net return in 2025 by capturing AI-infrastructure and 'U.S. vs. China' tension trends, while keeping 35% of assets in cash and gol...
