Atherean Value Fund Q3 2025 Commentary

Atherean Value Fund's commentary for the third quarter ended September 30, 2025.

Dear Atherean Value Fund Limited Partners:

The Atherean Value Fund, LP (“Fund”) was up 2.6% in the third quarter of 2025, and year-to-date the Fund is down 0.7%. Please refer to your statements from the Fund administrator for the exact performance of your account as returns will vary by timing and fee structure. As of today, the gross exposure of the Fund is 108% of fund equity and the net exposure, not including options, is 103%. The Fund’s net performance versus several equity indices as of September 30, 2025 and an overview of the Fund’s gross exposure as of today is shown below.