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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Militia Capital delivered a flat but resilient +1.9% net return in Q3 2025 amid a severe short squeeze. The fund is proactively onboarding a second broker to short global equities to reduce internal correlations."
For Q3 2025, Militia Capital returned +1.9% net (compared to +8.1% for the S&P 500) during a highly challenging period for long/short equity strategies where the most shorted stocks jumped nearly 25%. The fund made 16% on longs and lost 16% on shorts, ending the quarter 245% long and 190% short. To reduce correlation and factor mismatches among portfolio managers, David Orr is onboarding a second broker to expand shorting capabilities into non-US markets, such as Japan. Tax estimates for 2025 project a rough net of 0% short-term capital gains (after deductions) and 9% long-term gains.
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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: Militia Capital delivered a flat but resilient +1.9% net return in Q3 2025 amid a severe short squeeze. The fund is proactively onboarding a second broker to short global equities ...
Growth Outlook
Market outlook remains moderate conviction: Militia Capital delivered a flat but resilient +1.9% net return in Q3 2025 amid a severe short squeeze. The fund is proactively onboarding a second broker to short global equities ...
Risk Appetite
Risk appetite posture is high conviction: Militia Capital delivered a flat but resilient +1.9% net return in Q3 2025 amid a severe short squeeze. The fund is proactively onboarding a second broker to short global equities ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Militia Capital delivered a flat but resilient +1.9% net return in Q3 2025 amid a severe short squeeze. The fund is proactively onboarding a second broker to short global equities ...
Forward Guidance
Forward guidance signal: Militia Capital delivered a flat but resilient +1.9% net return in Q3 2025 amid a severe short squeeze. The fund is proactively onboarding a second broker to short global equities ...
Language Signal
Tone analysis indicates above average conviction language: Militia Capital delivered a flat but resilient +1.9% net return in Q3 2025 amid a severe short squeeze. The fund is proactively onboarding a second broker to short global equities ...
Perceived Risk
Perceived risk level is evaluated as above average conviction. Militia Capital delivered a flat but resilient +1.9% net return in Q3 2025 amid a severe short squeeze. The fund is proactively onboarding a second broker to short global equities ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Militia Capital delivered a flat but resilient +1.9% net return in Q3 2025 amid a severe short squeeze. The fund is proactively onboarding a second broker to short global equities ...
Time Horizon
Investment time horizon reflects a above average conviction orientation. Militia Capital delivered a flat but resilient +1.9% net return in Q3 2025 amid a severe short squeeze. The fund is proactively onboarding a second broker to short global equities ...
