Headwaters Capital Management, an investment management company, released its first-quarter 2025 investor letter. Smaller businesses, which are thought to be more susceptible to economic downturns, faced a challenging combination of economic and policy uncertainties in the quarter. It was not unexpected that small-cap equities led the market lower given the economic conditions that prevailed in Q1. In this environment, the fund returned -9.0% (-9.2% net) in the quarter compared to a -3.4%...
Headwaters Capital Management’s Q1 2025 Investor Letter
