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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Claret warns of growing risks in illiquid retail investments and compares the AI rally to the dotcom bubble, advising investors to scale back aggressive holdings and pivot defensively."
In their Q3 2025 letter, Claret Asset Management issues a strong warning against the risks of illiquid, highly promoted assets like private equity, private credit, and gated Canadian real estate funds being marketed to retail investors. Comparing the current AI boom to the 2000 dotcom bubble, they note that while select top tech companies like Microsoft are more reasonably priced and highly profitable today, general market metrics indicate extreme valuations. Aligning with Howard Marks' framework, they advocate for transitioning to 'INVESTCON 5'—reducing aggressive asset exposure and building up defensive holdings such as credit to preserve capital as market conditions turn 'worrisome'.
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