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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Stone Sentinel Capital outperformed the market with a 45.3% YTD return, focusing its Q325 letter on the importance of practical wisdom, swift error correction via the sale of FINV and CLA, and new deep-value additions in Hong Kong and Malaysia."
Stone Sentinel Capital delivered a strong gross return of 45.3% year-to-date as of September 30, 2025, outperforming the S&P 500's 14.8%. The manager uses the letters to explore the Aristotelian concept of 'phrónesis' (practical wisdom) as the bridge between investment theory and real-world execution. Highlighting the necessity of admitting errors to avoid bias, the manager details the liquidation of two former core holdings: FINV (an unforced error due to underestimated competitive intensity) and CLA (a forced error after a failed turnaround execution). The fund remains invested in 5 public equities across Hong Kong, Malaysia, Spain, and the UK. New portfolio additions include Able Engineering Holdings (a deeply undervalued Hong Kong contractor with a 9% yield and massive safety margin) and Protasco (a Malaysian road-maintenance conglomerate currently unlocking value through non-core asset sales).
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