RPD Fortress Fund returned +0.55% net in November, bringing year-to-date performance to +8.95% net and +31.33% net since inception. The Fund has now generated positive performance in 33 of the 34 months since launch. Our consistent results come from expressing bottom-up fundamental views through cash-secured single-stock options with strike prices based on strict valuation discipline. The portfolio remains highly liquid, low-delta, and non-directional.
Market volatility remained elevated for most of November, with major indices down 3–5% intra-month before stabilizing into month-end. Throughout this period, the portfolio remained effectively market-neutral, with net delta below our 15% limit and gross notional exposure held at 100%, ensuring that the Fund continued to operate with no leverage, even on a notional basis.
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