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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Kathmandu Capital delivered a strong 14.58% net return in Q3 2025, outperforming major benchmarks while maintaining a defensive 25% allocation in gold and positioning itself for US-China technological rivalry."
In Q3 2025, Kathmandu Capital returned 14.58% net of fees, outperforming the S&P 500 (7.74%) and MSCI ACWI (7.62%). The fund ended the quarter fully invested, notably keeping 25% of the portfolio in gold to hedge against potential economic setbacks and dollar weakness. The letter details the manager's perspective on the AI capex cycle and rising US-China tensions, which they are playing via a specialized 'Tension Basket' containing holdings like ACM Research and Centrus Energy. Vincent Lo, CIO, plans to spend more time in Shenzhen to track Chinese local supply chains, viewing them as leading indicators for Western tech capex. Key individual stock discussions highlight positive updates on Ubiquiti, Kaspi.kz, and VusionGroup.
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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: Kathmandu Capital delivered a strong 14.58% net return in Q3 2025, outperforming major benchmarks while maintaining a defensive 25% allocation in gold and positioning itself for US...
Growth Outlook
Market outlook remains moderate conviction: Kathmandu Capital delivered a strong 14.58% net return in Q3 2025, outperforming major benchmarks while maintaining a defensive 25% allocation in gold and positioning itself for US...
Risk Appetite
Risk appetite posture is moderate conviction: Kathmandu Capital delivered a strong 14.58% net return in Q3 2025, outperforming major benchmarks while maintaining a defensive 25% allocation in gold and positioning itself for US...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Kathmandu Capital delivered a strong 14.58% net return in Q3 2025, outperforming major benchmarks while maintaining a defensive 25% allocation in gold and positioning itself for US...
Forward Guidance
Forward guidance signal: Kathmandu Capital delivered a strong 14.58% net return in Q3 2025, outperforming major benchmarks while maintaining a defensive 25% allocation in gold and positioning itself for US...
Language Signal
Tone analysis indicates above average conviction language: Kathmandu Capital delivered a strong 14.58% net return in Q3 2025, outperforming major benchmarks while maintaining a defensive 25% allocation in gold and positioning itself for US...
Perceived Risk
Perceived risk level is evaluated as above average conviction. Kathmandu Capital delivered a strong 14.58% net return in Q3 2025, outperforming major benchmarks while maintaining a defensive 25% allocation in gold and positioning itself for US...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Kathmandu Capital delivered a strong 14.58% net return in Q3 2025, outperforming major benchmarks while maintaining a defensive 25% allocation in gold and positioning itself for US...
Time Horizon
Investment time horizon reflects a high conviction orientation. Kathmandu Capital delivered a strong 14.58% net return in Q3 2025, outperforming major benchmarks while maintaining a defensive 25% allocation in gold and positioning itself for US...
