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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Unconventional Value maintained its strong performance, returning +31.6% YTD in 2025 through a highly concentrated portfolio of AI-driven and network-effect-supported emerging growth companies like Pagaya, Planet Labs, and Xometry."
In the Mid Year 2025 Letter, manager Tim Gallagher reports an impressive +31.6% return YTD (through June 30, 2025) and +20.6% annualized since inception in Jan 2022, outperforming key indices. The portfolio is highly concentrated, with its top holdings being Pagaya (27%) and Planet Labs (22%). Gallagher emphasizes a 'jockey bet' on Thryv's CEO, details his network-effect thesis on Xometry, and discusses a recent starter stake in Remitly. Conversely, he reduced his stake in Spire Global due to governance uncertainty following the CEO transition.
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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: Unconventional Value maintained its strong performance, returning +31.6% YTD in 2025 through a highly concentrated portfolio of AI-driven and network-effect-supported emerging grow...
Growth Outlook
Market outlook remains above average conviction: Unconventional Value maintained its strong performance, returning +31.6% YTD in 2025 through a highly concentrated portfolio of AI-driven and network-effect-supported emerging grow...
Risk Appetite
Risk appetite posture is high conviction: Unconventional Value maintained its strong performance, returning +31.6% YTD in 2025 through a highly concentrated portfolio of AI-driven and network-effect-supported emerging grow...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Unconventional Value maintained its strong performance, returning +31.6% YTD in 2025 through a highly concentrated portfolio of AI-driven and network-effect-supported emerging grow...
Forward Guidance
Forward guidance signal: Unconventional Value maintained its strong performance, returning +31.6% YTD in 2025 through a highly concentrated portfolio of AI-driven and network-effect-supported emerging grow...
Language Signal
Tone analysis indicates above average conviction language: Unconventional Value maintained its strong performance, returning +31.6% YTD in 2025 through a highly concentrated portfolio of AI-driven and network-effect-supported emerging grow...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Unconventional Value maintained its strong performance, returning +31.6% YTD in 2025 through a highly concentrated portfolio of AI-driven and network-effect-supported emerging grow...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Unconventional Value maintained its strong performance, returning +31.6% YTD in 2025 through a highly concentrated portfolio of AI-driven and network-effect-supported emerging grow...
Time Horizon
Investment time horizon reflects a high conviction orientation. Unconventional Value maintained its strong performance, returning +31.6% YTD in 2025 through a highly concentrated portfolio of AI-driven and network-effect-supported emerging grow...
