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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Minotaur remains underweight the US on valuation and policy concerns, preferring high-quality offshore compounders like CD Projekt, which is successfully scaling its game development pipeline."
In the September 2025 Quarterly letter, Minotaur details its cautious stance on the US market, choosing to remain underweight due to policy volatility and high valuations. Conversely, they are highly constructive on offshore opportunities, notably Polish game developer CD Projekt. Minotaur outlines CD Projekt's shift from cyclical, single-track development to a dual-track AAA model (utilizing Unreal Engine 5 and a new Boston studio), which they believe will scale capital deployment and double to triple core historical earnings by 2030. Additionally, Minotaur introduces its operational transition toward proactive AI agents to automate and enhance real-time portfolio monitoring.
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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: Minotaur remains underweight the US on valuation and policy concerns, preferring high-quality offshore compounders like CD Projekt, which is successfully scaling its game developme...
Growth Outlook
Market outlook remains moderate conviction: Minotaur remains underweight the US on valuation and policy concerns, preferring high-quality offshore compounders like CD Projekt, which is successfully scaling its game developme...
Risk Appetite
Risk appetite posture is above average conviction: Minotaur remains underweight the US on valuation and policy concerns, preferring high-quality offshore compounders like CD Projekt, which is successfully scaling its game developme...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Minotaur remains underweight the US on valuation and policy concerns, preferring high-quality offshore compounders like CD Projekt, which is successfully scaling its game developme...
Forward Guidance
Forward guidance signal: Minotaur remains underweight the US on valuation and policy concerns, preferring high-quality offshore compounders like CD Projekt, which is successfully scaling its game developme...
Language Signal
Tone analysis indicates above average conviction language: Minotaur remains underweight the US on valuation and policy concerns, preferring high-quality offshore compounders like CD Projekt, which is successfully scaling its game developme...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Minotaur remains underweight the US on valuation and policy concerns, preferring high-quality offshore compounders like CD Projekt, which is successfully scaling its game developme...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Minotaur remains underweight the US on valuation and policy concerns, preferring high-quality offshore compounders like CD Projekt, which is successfully scaling its game developme...
Time Horizon
Investment time horizon reflects a high conviction orientation. Minotaur remains underweight the US on valuation and policy concerns, preferring high-quality offshore compounders like CD Projekt, which is successfully scaling its game developme...
