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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Ghosh Capital posted a strong 17.3% return in Q2 2025 by actively deploying cash during April's tariff-scare drawdown and focusing on highly discounted international compounders like MDA Space."
Ghosh Capital's Q2 2025 investor letter highlights a strong performance of 17.3% for the quarter and 25.3% YTD, significantly outperforming the S&P 500 and Nasdaq. The fund navigated sector overvaluations by holding nearly 50% cash in February, which was aggressively deployed during the tariff-related sell-off in early April into high-quality names like Microsoft, MercadoLibre, and Broadcom. The manager expresses high conviction in international compounders (such as Kneat, Topicus, and NuBank) due to steep valuation discounts compared to US peers. The letter features an in-depth deep dive into MDA Space (MDA.TO), the portfolio's third-largest holding, outlining its profitability, market-leading positioning in satellite constellations and space robotics, and massive valuation discount compared to unprofitable US peers like Rocket Lab and AST SpaceMobile.
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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: Ghosh Capital posted a strong 17.3% return in Q2 2025 by actively deploying cash during April's tariff-scare drawdown and focusing on highly discounted international compounders li...
Growth Outlook
Market outlook remains above average conviction: Ghosh Capital posted a strong 17.3% return in Q2 2025 by actively deploying cash during April's tariff-scare drawdown and focusing on highly discounted international compounders li...
Risk Appetite
Risk appetite posture is above average conviction: Ghosh Capital posted a strong 17.3% return in Q2 2025 by actively deploying cash during April's tariff-scare drawdown and focusing on highly discounted international compounders li...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Ghosh Capital posted a strong 17.3% return in Q2 2025 by actively deploying cash during April's tariff-scare drawdown and focusing on highly discounted international compounders li...
Forward Guidance
Forward guidance signal: Ghosh Capital posted a strong 17.3% return in Q2 2025 by actively deploying cash during April's tariff-scare drawdown and focusing on highly discounted international compounders li...
Language Signal
Tone analysis indicates high conviction language: Ghosh Capital posted a strong 17.3% return in Q2 2025 by actively deploying cash during April's tariff-scare drawdown and focusing on highly discounted international compounders li...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Ghosh Capital posted a strong 17.3% return in Q2 2025 by actively deploying cash during April's tariff-scare drawdown and focusing on highly discounted international compounders li...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Ghosh Capital posted a strong 17.3% return in Q2 2025 by actively deploying cash during April's tariff-scare drawdown and focusing on highly discounted international compounders li...
Time Horizon
Investment time horizon reflects a high conviction orientation. Ghosh Capital posted a strong 17.3% return in Q2 2025 by actively deploying cash during April's tariff-scare drawdown and focusing on highly discounted international compounders li...
