Ashva Capital's commentary for the month ended January 31, 2025.
Dear Prospective Limited Partner,
I hope you're doing well. I wanted to share a quick update on Ashva Capital LP’s performance as we kick off 2025.
In January 2025, the fund was up +3.06% (net of fees), outperforming the S&P 500’s +2.7% return. This continues our track record of delivering superior results. Looking back at 2024, Ashva Capital LP posted a net return of +26.45%, compared to the S&P 500’s +23.31%—a testament to our disciplined investment approach and ability to find high-quality opportunities.
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One of the best-performing stocks in our portfolio year-to-date is Super Micro Computer (SMCI), which is up +38.7% in 2025. While the company’s Q2 2025 earnings (quarter ending December 31, 2024) were tepid, management provided strong revenue growth guidance for FY 2026, reinforcing our long-term bullish thesis. Additionally, SMCI remains on track to file its delayed FY 2024 10-K with the SEC by the February 25th deadline, helping to remove a key overhang on the stock. If you're interested in a detailed breakdown of our investment thesis on SMCI, you can read my recent LinkedIn article here.
We’ve opened a hedge fund master account with Interactive Brokers, creating a tax-efficient, institutionally recognized investment vehicle for US tax-exempt investors and non-US HNWIs & family offices. This structure enables us to now offer separately managed accounts (SMAs), allowing investors to retain direct ownership of assets while benefiting from our active management.
This setup provides greater flexibility, enhanced transparency, and customized portfolio allocations to fit individual investment objectives. SMAs are ideal for family offices and institutional investors seeking a more personalized approach while maintaining the same access to our high-performing investment strategies.
Next Steps: If you'd like to discuss our fund's strategy or how it may fit within your portfolio, let’s schedule a quick call. Simply reply to this email, and we’ll set up a time.
Looking forward to another strong year ahead.
Best regards,
Ankur Shah
Managing Director
Ashva Capital Management LLC
