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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"And is actively rotating capital out of North America into cheaper international and OTC bargain stocks."
Halvio Capital returned 5.62% in Q4 and approximately 25% for its first 9 months since inception on April 1, 2025. During the quarter, the fund successfully sold down several positions including Leon's, EDU Holdings, Net Lease Office Properties, and Mayne Pharma. The Mayne Pharma sale resulted from a failed merger arbitrage situation blocked by Australian regulators, providing valuable risk-management lessons. Performance was offset positively by EDU Holdings, which rerated significantly before exit. The fund remains highly constructive on its top holdings, particularly TOC Co. Ltd. within its Japan basket, F.I.L.A. SpA, and Cipher Pharmaceuticals. The manager maintains a high cash balance from recent sales and is looking to deploy capital into cheap international and OTC equities over the coming weeks, reducing overall North American exposure.
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