RPD Fortress Fund’s commentary for the month ended July 31, 2025.
RPD Fortress Fund returned +0.70% net in July, bringing year-to-date net performance to +6.06%. The Fund has now posted positive returns in 29 of the past 30 months, continuing to demonstrate steadiness across a range of market environments. This consistency has been achieved without the use of leverage under any circumstances, including on a notional basis.
The estimated performance figures net of fees as of July 31, 2025
| Month | Year to Date | Inception to Date* | |
| RPD Fortress Fund | 0.70% | 6.06% | 27.85% |
| BarclayHedge Equity Long Short Index** | 1.19% | 7.38% | 22.75% |
| US High Yield Corporate Bond Index | 0.14% | 5.07% | 23.42% |
Performance Statistics
| Annualized Net Return | Volatility | Sharpe | Sortino | Positive Months |
| 10.31% | 1.80% | 3.44 | 6.55 | 97% |
Both cash covered put and call selling contributed positively during the month. While returns were slightly muted during a month of low volatility and more limited qualifying opportunities, we maintained our strict discipline around strike selection and valuation. Patience and selectivity remain our top priorities.
Trade tensions cooled modestly in July, easing some immediate fears, but broader uncertainty around tariff policy, labor market conditions, and Federal Reserve independence persisted. The appearance of market calmness has masked underlying fragility, making discipline and valuation focus especially important.
Average notional exposure in July was 47.4% long and 34.3% short, equating to gross exposure of 81.6% and net exposure of 13.1%. On a delta-adjusted basis, long exposure averaged 7.15% and short exposure averaged 0.28% , resulting in gross exposure of 7.43% and net exposure of 6.88%.
As of month end, the portfolio included positions across a variety of sectors including software, retail and apparel, semiconductors, consumer products, cybersecurity, AI infrastructure, e-commerce, gaming, and digital media. All options sold were fully cash-covered. The strategy is supported by a robust risk management framework and positions are entered with significant valuation buffers in place.
As a reminder, effective September 1, 2025, redemption terms for new investments will shift from monthly with 45 days notice to quarterly with 30 days notice. This change is intended to promote long-term alignment and does not impact the liquidity of any investments made prior to that date or the liquidity of the positions of the underlying portfolio.
If you have any questions or require additional information, please contact Investor Relations at [email protected].
Best regards,
RPD Fund Management LLC
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