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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Centerstone Investors Fund successfully navigated market volatility in Q2 2025 by leveraging unhedged foreign equities, gold hedges, and elevated cash reserves yielding around 4% amid weakening economic indicators."
During the second quarter of 2025, the Centerstone Investors Fund (CENTX) successfully navigated a challenging and uncertain market environment. The fund benefited significantly from its long-held exposures to European equities, foreign currencies, and gold-related investments, while elevated cash reserves helped dampen year-to-date market volatility. Portfolio Manager Abhay Deshpande highlights the fund's strategic, outsized focus on foreign equities, noting that many outstanding international companies trade at substantial discounts compared to their US-listed counterparts despite strong business quality, capable management, and robust financial health. As the global economy undergoes "localization" or de-globalization, Centerstone favors local operators that are insulated from global friction, pointing to holdings like ISS, Air Liquide, Eurofins, and Loomis as prime examples. Additionally, the fund remains unhedged regarding currency exposure, viewing this as a beneficial tactical posture in the current environment. To manage risk against systemic uncertainty, the fund continues to hold gold and maintains elevated reserves in cash and short-duration Treasuries yielding around 4%. This defensive stance is driven by weakening leading economic indicators, stubborn inflation, elevated market valuations, and high concentration in US tech-heavy indices. These simple tenets—buying well-capitalized businesses at reasonable valuations—form the foundation of Centerstone's evergreen investment philosophy.
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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: The Centerstone Investors Fund successfully navigated market volatility in Q2 2025 by leveraging unhedged foreign equities, gold hedges, and elevated cash reserves yielding around ...
Growth Outlook
Market outlook remains high conviction: The Centerstone Investors Fund successfully navigated market volatility in Q2 2025 by leveraging unhedged foreign equities, gold hedges, and elevated cash reserves yielding around ...
Risk Appetite
Risk appetite posture is high conviction: The Centerstone Investors Fund successfully navigated market volatility in Q2 2025 by leveraging unhedged foreign equities, gold hedges, and elevated cash reserves yielding around ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Centerstone Investors Fund successfully navigated market volatility in Q2 2025 by leveraging unhedged foreign equities, gold hedges, and elevated cash reserves yielding around ...
Forward Guidance
Forward guidance signal: The Centerstone Investors Fund successfully navigated market volatility in Q2 2025 by leveraging unhedged foreign equities, gold hedges, and elevated cash reserves yielding around ...
Language Signal
Tone analysis indicates high conviction language: The Centerstone Investors Fund successfully navigated market volatility in Q2 2025 by leveraging unhedged foreign equities, gold hedges, and elevated cash reserves yielding around ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Centerstone Investors Fund successfully navigated market volatility in Q2 2025 by leveraging unhedged foreign equities, gold hedges, and elevated cash reserves yielding around ...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Centerstone Investors Fund successfully navigated market volatility in Q2 2025 by leveraging unhedged foreign equities, gold hedges, and elevated cash reserves yielding around ...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Centerstone Investors Fund successfully navigated market volatility in Q2 2025 by leveraging unhedged foreign equities, gold hedges, and elevated cash reserves yielding around ...
