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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"CDT delivered strong outperformance in 2025 with an 18.6% net return, successfully applying its dynamic macro reserve framework to profit from intra-year volatility while keeping 13.5% dry powder to protect against an elevated >28x market multiple."
CDT Capital Management's 2025 Annual Partner Letter reports an 18.6% net-of-fees return for the year, outperforming the S&P 500 Total Return Index (+17.9%) and marking a 5-year compounding CAGR of 22.5% (vs. S&P's 16.2%). The letter outlines the fund's dual-layer risk control engines. The Micro Risk layer successfully filtered out bad deals, such as avoiding Zebra Technologies (ZBRA) due to a highly dilutive, overvalued acquisition. The Macro Risk layer dynamically managed reserves, executing crucial dry-powder deployments during two 2025 corrections: April's tariff-related panic ('Liberation Day') and November's intramonth dip ('November Indigestion'). Currently, reserves stand at 13.5%, balanced between high market valuations (>28x) and positive offsetting insider buying metrics. The fund also announced the launch of CDT Wealth, an exclusive wealth management platform.
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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: CDT delivered strong outperformance in 2025 with an 18.6% net return, successfully applying its dynamic macro reserve framework to profit from intra-year volatility while keeping 1...
Growth Outlook
Market outlook remains above average conviction: CDT delivered strong outperformance in 2025 with an 18.6% net return, successfully applying its dynamic macro reserve framework to profit from intra-year volatility while keeping 1...
Risk Appetite
Risk appetite posture is moderate conviction: CDT delivered strong outperformance in 2025 with an 18.6% net return, successfully applying its dynamic macro reserve framework to profit from intra-year volatility while keeping 1...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. CDT delivered strong outperformance in 2025 with an 18.6% net return, successfully applying its dynamic macro reserve framework to profit from intra-year volatility while keeping 1...
Forward Guidance
Forward guidance signal: CDT delivered strong outperformance in 2025 with an 18.6% net return, successfully applying its dynamic macro reserve framework to profit from intra-year volatility while keeping 1...
Language Signal
Tone analysis indicates high conviction language: CDT delivered strong outperformance in 2025 with an 18.6% net return, successfully applying its dynamic macro reserve framework to profit from intra-year volatility while keeping 1...
Perceived Risk
Perceived risk level is evaluated as above average conviction. CDT delivered strong outperformance in 2025 with an 18.6% net return, successfully applying its dynamic macro reserve framework to profit from intra-year volatility while keeping 1...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. CDT delivered strong outperformance in 2025 with an 18.6% net return, successfully applying its dynamic macro reserve framework to profit from intra-year volatility while keeping 1...
Time Horizon
Investment time horizon reflects a high conviction orientation. CDT delivered strong outperformance in 2025 with an 18.6% net return, successfully applying its dynamic macro reserve framework to profit from intra-year volatility while keeping 1...
