Investor Letters
Letters through June 30, 2025
4 letters reporting on the period ending June 30, 2025, in each firm's own reckoning.
- McIntyre Partnerships Q2 2025 Investor Letter McIntyre Partnerships attributes its first-half setback to index-excluded holdings lagging a rapid market rebound and a broad selloff in small-cap special situations. The portfolio remained concentrated in the pool-equipment basket, Seaport Entertainment Group, Sotera Health, Sten, and Modivcare, while Sotera’s volume recovery and Seaport’s 250 Water Street sale were presented as key catalysts. H1 2025 -19.0% SEG $349MSHC $5.6B
- Pershing Square Holdings Letter to Shareholders Pershing Square added Amazon and increased Brookfield and Hertz while trimming UMG, Hilton and Chipotle and exiting Canadian Pacific amid tariff-driven volatility. It is transforming Howard Hughes Holdings into a diversified holding company, beginning with a planned property-casualty insurance platform whose assets it would manage without charge. Six-month period ended June 30, 2025 +15.5% HHH $4.1BAMZN $2.8TBN $94BCMG $47B
- Askeladden Capital Q2 2025 Letter: 10x Askeladden Capital says AI has lifted research productivity by roughly 5-10x, cutting diligence timelines and enabling a broader, current watchlist. The firm established Grocery Outlet before its 40%+ earnings-driven rise, backs Fitlife after its Irwin acquisition, sold Bel Fuse on valuation, and plans a roughly 20-stock portfolio. Q2 2025 — GO $1.1BBELFB $3.8BFC $226MFTLF $96M
- Rowan Street Capital Rowan Street Q2 2025 Letter Rowan Street Capital argues that holding Meta Platforms and Spotify through severe drawdowns, rather than trading around sentiment, reflects its edge in backing durable businesses. The portfolio also includes Netflix, The Trade Desk, Topicus, Shopify, Adyen and Dino Polska, while the firm says AI will not replace investor temperament and patience. The first half of 2025 +20.1% META $1.4TSPOT $110BADYEY $39BDNOPF $9.2B
