Our Q3 2025 investor letter is now available on our website. In Q3 the fund returned +6.4% net of fees. In the letter we provide greater detail on performance attribution for the quarter and share updates on Nintendo, Nebius Group, FTAI Aviation, and an undisclosed new position.
Also see Hidden Value Stocks Q3 2025 Special Edition: Ryan O’Connor Of Crossroads Capital
Given the tardiness of our Q2 letter, we’re writing to you not long after our last update. The delay was due to our writing a 70-plus-page tome on AST SpaceMobile – and fortunately for us, AST had another positive quarter, as did the broader Crossroads portfolio.
The market, meanwhile, let the good times roll with summer doldrums bringing ideal market conditions, characterized by a lack of perceived headwinds and a corresponding capitulation towards risk assets.
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