Headwaters Capital Management’s Q2 2025 Investor Letter

Headwaters Capital Management, an investment management company, released its second-quarter 2025 investor letter. The portfolio bounced back from the first quarter uncertainty and, like the rest of the market, experienced a strong rebound after the tariff-induced sell-off at the start of the quarter. The portfolio gained +7.5% (+7.3% net) in the quarter compared to a +8.5% gain for the Russell Mid Cap Index. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

A copy of Headwaters Capital Management’s Q2 2025 investor letter can be downloaded here.