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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Driven by a concentrated 5-stock deep-value portfolio. The letter focuses on the rational investing principles of Warren Buffett and highlights compelling, highly-discounted plays in GSJ, CLA, and FINV."
Stone Sentinel Capital (SSC) delivered a 38.0% gross YTD return as of June 30, 2025, outperforming the S&P 500's 6.2% gain. PM Marcel Gozali dedicates a substantial portion of the letter to Warren Buffett, who announced his retirement as CEO of Berkshire Hathaway at the end of 2025. Gozali discusses core tenets of Buffett's success, including intellectual independence, seeking disconfirming evidence, and comparing businesses against a vast mental library of historical business models. In the portfolio update, Gozali outlines the deep value thesis for three of the fund's five holdings: Grupo Empresarial San José (GSJ), Claranova (CLA), and recent addition FinVolution Group (FINV), each exhibiting significant discounts to cash/earnings power.
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