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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Right Tail Capital experienced a flat 2025 (+0.34% before fees) as it avoided high-flying speculative AI stocks, but the manager remains highly confident in his patient, active strategy of buying deeply mispriced compounders like Alphabet and Constellation Software."
In the Q4 2025 investor letter, Right Tail Capital's manager, Jeremy Kokemor, reviews a challenging year where the fund returned ~0.34% before fees, lagging the S&P 500 (+17.8%) but tracking closely to the S&P 500 Equal Weight Index (+11.2%). Kokemor attributes this underperformance to extreme market concentration in the 'Magnificent 7' and speculative AI-driven flows. He highlights the fund's contrarian actions, including adding to its major Alphabet (GOOGL) position during a temporary dip to $150, which subsequently finished the year above $300. He remains highly optimistic about portfolio holdings like Constellation Software (CSU.TO), an insurance broker, an insurance underwriter, and a coal royalty business. The manager emphasizes a commitment to tax-loss harvesting, alignment of interests as the fund's largest investor, and a disciplined, long-term quality-compounder strategy.
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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: Right Tail Capital experienced a flat 2025 (+0.34% before fees) as it avoided high-flying speculative AI stocks, but the manager remains highly confident in his patient, active str...
Growth Outlook
Market outlook remains above average conviction: Right Tail Capital experienced a flat 2025 (+0.34% before fees) as it avoided high-flying speculative AI stocks, but the manager remains highly confident in his patient, active str...
Risk Appetite
Risk appetite posture is moderate conviction: Right Tail Capital experienced a flat 2025 (+0.34% before fees) as it avoided high-flying speculative AI stocks, but the manager remains highly confident in his patient, active str...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Right Tail Capital experienced a flat 2025 (+0.34% before fees) as it avoided high-flying speculative AI stocks, but the manager remains highly confident in his patient, active str...
Forward Guidance
Forward guidance signal: Right Tail Capital experienced a flat 2025 (+0.34% before fees) as it avoided high-flying speculative AI stocks, but the manager remains highly confident in his patient, active str...
Language Signal
Tone analysis indicates above average conviction language: Right Tail Capital experienced a flat 2025 (+0.34% before fees) as it avoided high-flying speculative AI stocks, but the manager remains highly confident in his patient, active str...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Right Tail Capital experienced a flat 2025 (+0.34% before fees) as it avoided high-flying speculative AI stocks, but the manager remains highly confident in his patient, active str...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Right Tail Capital experienced a flat 2025 (+0.34% before fees) as it avoided high-flying speculative AI stocks, but the manager remains highly confident in his patient, active str...
Time Horizon
Investment time horizon reflects a high conviction orientation. Right Tail Capital experienced a flat 2025 (+0.34% before fees) as it avoided high-flying speculative AI stocks, but the manager remains highly confident in his patient, active str...
