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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Right Tail Capital marks its 3+ year milestone with AUM growth to $27 million, showcasing solid investor alignment during market volatility and providing an analytical review of seven exited positions to demonstrate investment discipline."
In the Q2 2025 investor letter, Right Tail Capital reflects on its first 3+ years of operations. The firm has grown its assets under management (AUM) from ~$3 million at inception to ~$27 million. The manager, Jeremy Kokemor, shares an opening anecdote about a windshield repairman's integrity to illustrate the quiet excellence and honesty Right Tail strives to deliver. The letter details how the investor base remained calm and long-term oriented during a brief tariff-induced market volatility spike where the market dropped ~10% over two days. Kokemor also highlights the hiring of the firm's first summer intern and the positive incorporation of AI tools into their research process. Crucially, the letter provides a highly transparent retrospective on seven stock positions exited since inception (SCHW, IAC, CHTR, NSC, SSNC, BYD.TO, and NSIT), detailing the specific thesis changes and capital allocation disappointments that prompted each sale.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
A conviction score of 0.70 reflects a patient, low-turnover approach where 70% of the portfolio has been held for nearly three years. The manager displays high decisiveness by exiting positions immediately when the thesis changes or weakens, though the exact size and concentration of remaining active positions are not fully detailed in this letter.
Growth Outlook
The market outlook is scored at 0.55, representing a balanced and long-term constructive view. The manager acknowledges the inevitability of market volatility and potential future drawdowns while remaining focused on the multi-year compounding potential of high-quality businesses.
Risk Appetite
Risk appetite is scored at 0.60, as the manager remains fully aligned as the fund's largest investor and is focused on long-term equity compounding. While some positions have been liquidated to manage risks and redeploy capital, the core strategy remains equity-focused without hedging or shorting.
Capital Deployment
Capital deployment is scored at 0.50, representing a net neutral stance. While the manager detailed several recent exits (such as Insight Enterprises in mid-2025), he emphasizes reallocating those proceeds into higher-likelihood long-term compounders rather than changing net exposure.
Forward Guidance
Forward guidance is scored at 0.55, reflecting a neutral-to-active bias. The manager is focused on refining his research process using AI and looking for businesses earlier in their reinvestment lifecycles, but does not provide immediate, specific deployment commitments.
Language Signal
The language signal score of 0.60 indicates a moderately positive tone. Positive terms like 'compounding' and 'high quality' dominate the discussion of active positions, though this is balanced by candid, critical language regarding the flaws of exited investments.
Perceived Risk
Perceived risk is scored at 0.50, indicating a standard level of caution. The manager acknowledges macroeconomic headwinds such as tariff-related market volatility, rising consumer costs, and tougher economic environments, but views them as normal cycle fluctuations.
Opportunity Density
Opportunity density is scored at 0.50, as the manager does not explicitly describe the current market as abnormally rich or dry. Instead, he notes that portfolio turnover will increase if the opportunity set dictates and expresses a desire to locate earlier-stage compounders.
Time Horizon
A time horizon score of 0.85 reflects the fund's explicit commitment to multi-year compounding. Underwriting is based on a 3+ year holding period, and approximately 70% of the portfolio has been held for nearly three years, confirming a patient approach.
