Symmetry Invest A/S 2025 Annual Letter

Symmetry Invest A/S letter to investors for the year ended December 31, 2025.

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Dear all investors in Symmetry,

In 2025, we delivered a return of 14,7%. This brings our total return since inception in march 2013 to 659 %, or an annual return of 17,1%.

Table: Historical returns in percentage

The table shows historical returns and net exposure since the foundation in 2013

On a high level, we can be fairly satisfied with how 2025 turned out for our portfolio. As we can see in the figures, the vast majority of our returns were delivered in the first half of the year, where our strategy really worked, while it was harder for us to deliver good returns in the second part of the year, where the market had a higher risk appetite, especially regarding AI-related investments. That’s something we has always been okay with. Our strategy can’t be successful all of the time. We will always make the decisions we think will deliver the best return over time. The stock market has in the past paid us for that patience.

We currently look at a market with a lot of opportunities. Wars, AI and other events are moving the market much faster than what the underlying business fundamentals is. Long term investors like Symmetry can use this to its advantage and optimize the portfolio for long term returns in these volatile markets.

One of the things we want as a hedge fund, is to create alpha on both sides of the market. We try to find long positions that we think will go up more than the market. And at the same time, we try to finds shorts that go up less (or down more) than the market. In that regard, 2025 was a good year for us. Our long positions did deliver fairly consistent returns throughout the year, while our short positions declined more than the market in march/April. This was one of the reasons we came through the volatile period around liberation day fairly well.

We have towards the end of 2025 and going into 2026 had a lower gross exposure than normal. This as a consequence of the market not agreeing with our strategy over that period, which created some difficulties on both sides of the book. This worked as an advantage in Q1 2026 so far, as we have not had to de-gross in a declining market, but have been able to play offense and buy into the names we like the most.

Symmetry newsletter

Most of you know that we publish investor letters from time to time in which we go in-depth on various themes that directly or indirectly deal with the investment world. In our newsletters we only sporadically comment on our portfolio and individual stocks, but instead we focus on themes that we believe may be relevant to our readers.