Crossroads Capital Q2 2025 Commentary

Crossroads Capital's commentary for the second quarter ended June 30, 2025.

Dear Friends and Partners,

During the second quarter of 2025, Crossroads Capital Investment Partners, LP (the “Fund”) appreciated by 36.9% net of all fees and expenses, bringing the YTD returns through the end of Q2 2025 to 26.1% net. On a five-year basis the partnership has returned 19.0% and 15.8% net. Since inception the partnership has compounded at 21.1% and 17% net.

As of June-end, 2025 the Fund’s total non-delta adjusted gross and net exposure stood at 92.7% and 68.2%. Additional information on both the current portfolio and our historical gross and net returns is available at www.crossroadscap.io.

The second quarter of 2025, much like the first, was marked by significant swings, just the good kind this time. While ongoing tariff uncertainties and geopolitical tensions in the Middle East weighed on markets early on, strong corporate earnings and a rebound in large-cap stocks won out, propelling the broader indices higher, with the S&P 500 up 10.9% by quarter end. Small caps lagged, as the Russell 2000 rose only 8.5%, highlighting the continued dominance of growth-oriented names. The Russell 2000 Value did even worse, generating a return of 5% for the quarter.