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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Invenomic Fund experienced a challenging Q2 2025 due to a historic momentum rally and extreme growth outperformance, but remains highly confident that inevitable market normalization will reward its disciplined value-oriented positioning."
Invenomic Fund (BIVIX) returned -0.18% in June and -6.14% in Q2 2025, underperforming its benchmarks due to severe headwinds from a historic momentum factor rally and a 13.0% underperformance of value versus growth. The manager highlights that momentum crowding and hedge fund leverage are near all-time highs, while retail investor activity has hit unprecedented peaks in Q2, particularly following tariff announcements in April. Despite short-term performance drag, the fund maintained average net exposure of 21.8% in Q2 and is highly confident that the eventual normalization of these extreme market imbalances will be highly rewarding to its diversified long/short positioning.
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