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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Barometer successfully navigated early-quarter corrections by deploying cash reserves into structural leaders across industrials, tech, and financials. They enter Q3 fully invested and optimistic about macroeconomic easing and seasonal tailwinds."
Barometer Capital Management's Q2 2025 investor letter outlines a highly dynamic quarter in which they successfully navigated initial market corrections. The firm initially held defensive cash weights of 30%-50% to shield against volatility, later deploying these reserves to achieve a fully invested posture as conditions stabilized. Key performance drivers included industrial leaders (Embraer, Howmet Aerospace, GE Vernova), financial services (TMX Group, Banco Santander, Fairfax), and technology additions (Microsoft, NVIDIA). Detractors were actively managed, resulting in exits from weaker energy positions (Baker Hughes) and exposure reductions in Chinese emerging markets and copper. Looking ahead to Q3, Barometer remains bullish, heavily backed by expectations of easing policies and positive seasonal trends.
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