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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations and remains highly constructive on his low-beta, high-quality hedged portfolio."
LRT Capital reported an -8.00% return in September 2025 for its LRT Global Opportunities strategy, bringing YTD performance to -0.17%. Portfolio Manager Lukasz Tomicki outlined a cautious view on the broader market, emphasizing that trailing market P/E (>30x) and Shiller PE (>40x) multiples are at extreme historically-risky levels driven by an overvalued group of mega-cap stocks. LRT continues to run a systematic long/short strategy, maintaining high-quality compounding long positions (such as StoneX, Simpson Manufacturing, and Asbury Automotive) paired with significant index hedges (representing a beta-adjusted net exposure of 32.36%) designed to capture long-term alpha and insulate capital from potential macroeconomic shocks.
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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: LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Growth Outlook
Market outlook remains low conviction: LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Risk Appetite
Risk appetite posture is moderate conviction: LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Forward Guidance
Forward guidance signal: LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Language Signal
Tone analysis indicates above average conviction language: LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Perceived Risk
Perceived risk level is evaluated as high conviction. LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Time Horizon
Investment time horizon reflects a high conviction orientation. LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
