Hayden Capital’s Q4 2025 Investor Letter

Hayden Capital, an investment management firm, released its fourth-quarter 2025 investment letter. 2025 proved how unpredictable markets can be in the short term. Markets displayed broad strength, highlighting their resilience. U.S. equities saw double-digit gains, while international markets performed even better. Remarkably, international stocks outpaced their U.S. counterparts for the first time since 2017. The firm had a productive 2025, especially as investor capital focused on anything related to AI, while other sectors were labeled as “AI losers.” In Q4 2025, the portfolio returned -12.9% compared to the S&P 500’s +2.7% and MSCI World’s +3.3%. The portfolio had returned +14.8% annualized after fees, since inception, compared to the S&P 500’s +13.5% and MSCI World’s +10.3% return. Approximately 42% of the portfolio is invested in Asia, ~41% in North America, ~16% in Latin America, and the rest in cash. Due to the influence of AI, the market is responding more to fear and rising uncertainty about the future rather than to facts. In addition, please check the firm’s top five holdings to know its best picks in 2025.

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