Fairlight Capital’s Q4 2025 Investor Letter

Fairlight Capital, an investment management firm, released its Q4 2025 letter for Fairlight Alpha Fund. 2025 was an exceptional year across multiple markets. In Q4 2025, Fairlight Alpha Fund returned 9.9% net of fees, compared to 2.7% for the S&P 500 Total Return Index. The Fund has delivered a return of 904.9% net of fees, since inception, and 40.1% on an annualized basis. The Fund outperformed the index in 2025. A combination of factors drove the outperformance of the Fund, including considerable gains in its junior gold and silver miner positions, effective execution of its investment thesis across several sectors, and an opportunistic short position. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.

A copy of Fairlight Capital’s Q4 2025 investor letter can be downloaded here.