Here’s What Made Atai Capital Management Sell AstroNova (ALOT)

Atai Capital Management, an investment management firm, recently released its second-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund returned 32.8% in the second quarter, net of all fees, bringing the YTD returns to 29.4% net of all fees. This is compared to a 10.9% total return for the S&P 500, an 8.5% total return for the Russell 2000, and a 15.5% total return for the Russell Microcap for the quarter and 6.2%, -1.8% and -1.1%, respectively, for YTD. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

In its...