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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Kathmandu Capital delivered a strong 16.64% net return in Q2 2025, outperforming its benchmarks despite macro volatility, and continues to prioritize geographic diversification to hedge against U.S. fiscal fragility."
For Q2 2025, Kathmandu Capital achieved a net return of 16.64%, outperforming both the S&P 500 Total Return Index (10.56%) and the MSCI ACWI benchmark (11.52%). Despite a highly volatile quarter that caused a ~30% swing in the portfolio due to tariff worries, the fund capitalized on international opportunities. The manager remains cautious on the U.S. macro outlook due to a record 120% debt-to-GDP ratio and dollar depreciation. In response, they maintain a strong geographic diversification thesis, highlighted by initiating a new position in ACM Research (ACMR). Minor trims were made in NagaCorp, while positions in Gigacloud, Ubiquiti, OMAB, Kaspi, and VusionGroup remain core holdings.
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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: Kathmandu Capital delivered a strong 16.64% net return in Q2 2025, outperforming its benchmarks despite macro volatility, and continues to prioritize geographic diversification to ...
Growth Outlook
Market outlook remains low conviction: Kathmandu Capital delivered a strong 16.64% net return in Q2 2025, outperforming its benchmarks despite macro volatility, and continues to prioritize geographic diversification to ...
Risk Appetite
Risk appetite posture is moderate conviction: Kathmandu Capital delivered a strong 16.64% net return in Q2 2025, outperforming its benchmarks despite macro volatility, and continues to prioritize geographic diversification to ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Kathmandu Capital delivered a strong 16.64% net return in Q2 2025, outperforming its benchmarks despite macro volatility, and continues to prioritize geographic diversification to ...
Forward Guidance
Forward guidance signal: Kathmandu Capital delivered a strong 16.64% net return in Q2 2025, outperforming its benchmarks despite macro volatility, and continues to prioritize geographic diversification to ...
Language Signal
Tone analysis indicates above average conviction language: Kathmandu Capital delivered a strong 16.64% net return in Q2 2025, outperforming its benchmarks despite macro volatility, and continues to prioritize geographic diversification to ...
Perceived Risk
Perceived risk level is evaluated as above average conviction. Kathmandu Capital delivered a strong 16.64% net return in Q2 2025, outperforming its benchmarks despite macro volatility, and continues to prioritize geographic diversification to ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Kathmandu Capital delivered a strong 16.64% net return in Q2 2025, outperforming its benchmarks despite macro volatility, and continues to prioritize geographic diversification to ...
Time Horizon
Investment time horizon reflects a high conviction orientation. Kathmandu Capital delivered a strong 16.64% net return in Q2 2025, outperforming its benchmarks despite macro volatility, and continues to prioritize geographic diversification to ...
