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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Militia Capital delivered a strong Q2 2025 return of +25.7% net, significantly outperforming the S&P 500. The fund is introducing its second portfolio manager, Michael Roussel, and is shifting its performance fee hurdle to short-term interest rates starting in 2026."
Militia Capital's Q2 2025 investor letter, dated July 14, 2025, reports a net return of +25.7% for the quarter ending June 30, 2025, compared to +10.8% for the S&P 500. The fund currently maintains a highly leveraged posture with 240% long and 170% short exposure. Founder David Orr discusses high daily volatility experienced on April 9th and 10th due to a country mismatch on shorts and longs, which temporarily impacted performance but caught up the following day. A significant organizational update is the unveiling of the second portfolio manager, Michael Roussel, an economics graduate with equity research experience at Oppenheimer and five years at Anson Funds. Roussel and another unnamed manager now oversee 40% of Militia's total assets, up from less than 15% in 2024. Orr reflects on the fund's five-year history, highlighting that the fund has raised $55 million (with $20 million raised this year for the other PMs) and generated $100 million in profit, keeping the fund relatively small to maintain its competitive edge. Additionally, the letter addresses tax advantages, noting that the fund holds $67 million in unrealized gains, representing two-thirds of profits deferred since inception. Lastly, starting in 2026, Militia Capital will change its performance fee hurdle from the S&P 500 to a short-term interest rate, reflecting lower volatility, near-zero market correlation, and concerns over the S&P 500's questionable valuation.
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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 strong Q2 2025 return of +25.7% net, significantly outperforming the S&P 500. The fund is introducing its second portfolio manager, Michael Roussel, and...
Growth Outlook
Market outlook remains high conviction: Militia Capital delivered a strong Q2 2025 return of +25.7% net, significantly outperforming the S&P 500. The fund is introducing its second portfolio manager, Michael Roussel, and...
Risk Appetite
Risk appetite posture is high conviction: Militia Capital delivered a strong Q2 2025 return of +25.7% net, significantly outperforming the S&P 500. The fund is introducing its second portfolio manager, Michael Roussel, and...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Militia Capital delivered a strong Q2 2025 return of +25.7% net, significantly outperforming the S&P 500. The fund is introducing its second portfolio manager, Michael Roussel, and...
Forward Guidance
Forward guidance signal: Militia Capital delivered a strong Q2 2025 return of +25.7% net, significantly outperforming the S&P 500. The fund is introducing its second portfolio manager, Michael Roussel, and...
Language Signal
Tone analysis indicates high conviction language: Militia Capital delivered a strong Q2 2025 return of +25.7% net, significantly outperforming the S&P 500. The fund is introducing its second portfolio manager, Michael Roussel, and...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Militia Capital delivered a strong Q2 2025 return of +25.7% net, significantly outperforming the S&P 500. The fund is introducing its second portfolio manager, Michael Roussel, and...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Militia Capital delivered a strong Q2 2025 return of +25.7% net, significantly outperforming the S&P 500. The fund is introducing its second portfolio manager, Michael Roussel, and...
Time Horizon
Investment time horizon reflects a high conviction orientation. Militia Capital delivered a strong Q2 2025 return of +25.7% net, significantly outperforming the S&P 500. The fund is introducing its second portfolio manager, Michael Roussel, and...
