The RPD Opportunity Fund declined 5.15% net in November, bringing year-to-date performance to 35.34% net and inception-to-date returns to 98.43% net. The decline was driven primarily by the long book and cash-secured put writing, partially offset by gains from cash-secured call selling. Our two largest positions drove most of the decline.
Equity indices were volatile during the month. Major benchmarks fell 3–5% intra-month before recovering into month-end, masking more pronounced moves beneath the surface. Under the hood we observed a momentum unwind driven by GenAI ROIC concerns, macro confusion driven by absence of jobs data/rate cut doubts, and risk-off positioning magnified by seasonality. Several software and consumer discretionary names saw significant drawdowns despite relatively stable index-level results. This environment can be seen clearly in the IGV which saw a 10% drawdown over the course of November. This dynamic directly affected
Login required to continue reading.
Setup a free account to get access to this article (no credit card required).
View Full Article
