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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Multi-Cap Core strategy outperformed the S&P 500 in 2Q2025 with a 12.26% return, driven by strong stock selection in Emerging and Mature baskets, while liquidating Stagwell (STGW) to fund higher-conviction opportunities."
In the 2Q 2025 letter, Rob MacDonald reflects on classic economic textbooks to explain the structural roots of today's political polarization. The Multi-Cap Core strategy performed strongly during the quarter, returning 12.26% and outperforming the S&P 500's return of 10.94%. Outperformance was primarily driven by strong stock selection across the Emerging and Mature baskets, as well as selection within the Information Technology and Financials sectors. During the quarter, the strategy liquidated its position in Stagwell (STGW) due to lagging business fundamentals, redeploying capital into higher-conviction ideas.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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