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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Smoak Capital returned 10.6% in 1H 2025, beating the S&P 500, as the manager aggressively targets deeply undervalued international small-caps, notably in Japan and Italy (FILA), while shifting away from volatile US markets."
Smoak Capital returned 10.6% net of fees for the first half of 2025, outperforming the S&P 500's return of 6.2%. The fund's strongest driver was Azeus, up over 40% on strong business execution, while its biggest detractor was IG Design Group due to supply chain distress and liquidation of its US segment. The manager is actively shifting focus away from the US due to tariff uncertainties and valuation differentials, finding attractive opportunities in Japan's capital efficiency reform trend. The fund also increased its stake in FILA, citing an unwarranted share price drop relative to its valuable underlying stake in Indian subsidiary DOMS.
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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: Smoak Capital returned 10.6% in 1H 2025, beating the S&P 500, as the manager aggressively targets deeply undervalued international small-caps, notably in Japan and Italy (FILA), wh...
Growth Outlook
Market outlook remains above average conviction: Smoak Capital returned 10.6% in 1H 2025, beating the S&P 500, as the manager aggressively targets deeply undervalued international small-caps, notably in Japan and Italy (FILA), wh...
Risk Appetite
Risk appetite posture is above average conviction: Smoak Capital returned 10.6% in 1H 2025, beating the S&P 500, as the manager aggressively targets deeply undervalued international small-caps, notably in Japan and Italy (FILA), wh...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Smoak Capital returned 10.6% in 1H 2025, beating the S&P 500, as the manager aggressively targets deeply undervalued international small-caps, notably in Japan and Italy (FILA), wh...
Forward Guidance
Forward guidance signal: Smoak Capital returned 10.6% in 1H 2025, beating the S&P 500, as the manager aggressively targets deeply undervalued international small-caps, notably in Japan and Italy (FILA), wh...
Language Signal
Tone analysis indicates high conviction language: Smoak Capital returned 10.6% in 1H 2025, beating the S&P 500, as the manager aggressively targets deeply undervalued international small-caps, notably in Japan and Italy (FILA), wh...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Smoak Capital returned 10.6% in 1H 2025, beating the S&P 500, as the manager aggressively targets deeply undervalued international small-caps, notably in Japan and Italy (FILA), wh...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Smoak Capital returned 10.6% in 1H 2025, beating the S&P 500, as the manager aggressively targets deeply undervalued international small-caps, notably in Japan and Italy (FILA), wh...
Time Horizon
Investment time horizon reflects a high conviction orientation. Smoak Capital returned 10.6% in 1H 2025, beating the S&P 500, as the manager aggressively targets deeply undervalued international small-caps, notably in Japan and Italy (FILA), wh...
