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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Adestella returned 10.1% in 2025 led by AI infrastructure plays Nebius and Power Solutions. Manager maintains small-cap value discipline despite decade of underperformance, currently concentrated in Dell on enterprise AI server thesis and aerospace aftermarket suppliers."
Adestella returned 10.1% in 2025 led by AI infrastructure plays Nebius and Power Solutions. Manager maintains small-cap value discipline despite decade of underperformance, currently concentrated in Dell on enterprise AI server thesis and aerospace aftermarket suppliers. Initiated software positions in Toast and Okta as AI-disruption-resistant systems of record. Net exposure 90%, awaiting small-cap mean reversion while managing factor concentration risks.
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