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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Late-stage bull markets reward disciplined capital allocators who acquire fundamentally sound assets at steep discounts to intrinsic worth rather than chasing overextended market leaders vulnerable to eventual cyclical corrections."
ValueWorks Capital Appreciation Composite posted a net return of 4.84% in the fourth quarter of 2025, bringing its one-year net return to 19.06%, compared to the S&P 500 Total Return of 2.65% and 17.88% over the respective periods. The strategy maintains a disciplined portfolio architecture typically consisting of 25 to 35 individual investments, with target individual position sizes ranging between 3% and 5% of assets across equities and senior debt or preferred instruments. The investment environment is characterized as the mid-to-late stages of a major multi-decade bull market, drawing parallels to the late-1990s dot-com bubble and the 1920s expansion. While late-stage rallies can produce extraordinary capital appreciation, they often culminate in speculative excesses and sharp downturns. Rather than chasing over-priced market leaders that carry extreme terminal risk, the strategy seeks to identify high-quality assets trading at substantial 25% to 50% discounts to intrinsic value that can still capture secular growth tailwinds. Portfolio activity was highlighted by the disciplined monetization of Micron Technology, where the manager harvested significant gains around $345 per share after buying near book value five years ago. Core holdings include large-cap compounders hiding in plain sight, such as Amazon, Boeing, Qualcomm, and Amgen, alongside contrarian allocations in Joby Aviation, Rivian, Ørsted, and Cadeler.
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