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Investor Letters
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Commentaries
L1 Capital Global Long Short December 2025 Commentary
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WHG Global LB Fund Up 43% In 2025, With Gains On SK Hynix And SpaceX Rival
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David Einhorn Up 9% In 2025 With Gains On Microstrategy Shorts; Discloses New Longs [Greenlight Capital 2025 Letter]
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Finishing 2025 Up 55 Percent And Top Of The Pack, Apis Flagship Fund Recently Passed The $1B AUM Mark
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Brummer Multi-Strategy Advances 1.5% in December As Annual Returns Reach 13.2%
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Kernow Up 4% In December, 16% For 2025 As Shorting UK’s Largest IPO Yields Profits
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Fulcrum’s Absolute Return Fund Climbs 12.8% YTD Following Strong November Macro Gains
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RPD Opportunity Fund Up 39.63% In 2025 With Gains On Software Positions
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WHG Global Long Bias Fund Up 2.4% In December 2025; 43% For 2025 With Gains On Spectrum Bet
Commentaries
Vltava Fund Q4 2025 Commentary: A Postcard From Latin America
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L1 Capital L/S Fund Has Its Best Month of 2025 & Up 42% YTD With Gains From This Aussie Bank Short
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Kernow Asset Management Up 0.7% In November 2025
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RPD Fortress Up 10% To Close Out 2025, Positive 34 Of Past 35 Months
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Alken Absolute Return Europe Fund Up 30% In 2025 With Gain From UK Large-Cap Holding
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Walleye Opportunities Fund Gains 1.6% in November, Reaches 12.4% YTD
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Gold, Silver, and FX Shorts Power Winton Alma to 1% November Gain; Up 3.6% YTD
Kerrisdale Partners Up 5% In November, 22% YTD; 4,000 Cumulative Since Inception In 2009
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Strubel December Letter To Investors: Is AI A Bubble? Key Risk To Watch For
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