RPD Fortress Fund’s commentary for the month ended September 30, 2025.
RPD Fortress Fund returned +0.32% net in September, bringing year-to-date performance to +7.61% and inception-to-date gains to +29.71%. The Fund has now delivered positive returns in 31 of the past 32 months, underscoring the consistency of the strategy across varying market conditions.
The estimated performance figures net of fees as of September 30, 2025
| Month | Year to Date | Inception to Date* | |
|---|---|---|---|
| RPD Fortress Fund | 0.32% | 7.61% | 29.71% |
| BarclayHedge Equity Long Short Index** | -0.24% | 9.01% | 24.61% |
| US High Yield Corporate Bond Index | 0.88% | 7.16% | 25.87% |
Performance Statistics
| Annualized Net Return | Volatility | Sharpe | Sortino | Positive Months |
|---|---|---|---|---|
| 10.23% | 1.78% | 3.45 | 6.68 | 97% |
*Inception date - February 1, 2023
**Based off reporting by 12 funds as of Oct 2, 2025
Performance benefited from cash-secured put selling, particularly in Monday.com (MNDY) and NICE Ltd. (NICE). Monday’s second-quarter earnings disappointment, stemming from AI-related changes to Google Search that briefly softened top-of-funnel demand, created the dislocation we sought. Investor Day in September came in line with expectations, shares recovered, and option premiums decayed to our benefit. NICE’s post–second-quarter weakness tied to a non-core segment created the entry window; as attention returned to its AI leadership in CCaaS, shares rebounded and option premiums compressed, contributing to results. Cash-secured call-writing detracted modestly, but overall the strategy produced steady returns.
Average notional exposure in September was 50% long and 25% short, equating to gross exposure of 75% and net exposure of 25%. On a delta-adjusted basis, long exposure averaged 8% and short exposure just 1%, reflecting a highly conservative profile with delta-adjusted net exposure of 7%. Sector positioning remained most pronounced in Information Technology, Consumer Discretionary, and Communication Services, consistent with our focus on high-quality names with elevated implied volatilities where option premiums offer compelling risk/reward.
September was characterized by a muted volatility environment as equity markets held firm despite uneven breadth. The S&P 500 and Nasdaq posted gains, supported by large-cap tech, while economic data pointed to slowing job growth and softer corporate spending. Subdued volatility narrowed the opportunity set, but the Fund remained selective, seeking dislocations at attractive valuations. We continue to exercise discipline in strike selection and patience to redeploy when volatility or idiosyncratic events present more favorable entry points.
If you have any questions or require additional information, please contact Investor Relations at [email protected].
Best regards,
RPD Fund Management LLC
(212) 201-2650
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