Rogue Funds, an investment management company, released its first quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund depreciated 12.4% net of fees in the quarter. The firm anticipates significant volatility in the near future. Because of the Fund’s concentration, significant declines as well as significant rises in the total returns throughout the course of the year are not unusual. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its first quarter 2025 investor letter, Rogue Funds highlighted stocks such as ASP Isotopes Inc. (NASDAQ:ASPI). ASP Isotopes Inc. (NASDAQ:ASPI) is a development-stage advanced materials company specializing in the production, distribution, marketing, and sale of isotopes. The one-month return of ASP Isotopes Inc. (NASDAQ:ASPI) was -25.43%, and its shares gained 125.89% of their value over the last 52 weeks. On July 3, 2025, ASP Isotopes Inc. (NASDAQ:ASPI) stock closed at $6.98 per share, with a market capitalization of $585.45 million.
Rogue Funds stated the following regarding ASP Isotopes Inc. (NASDAQ:ASPI) in its first quarter 2025 investor letter:
“ASP Isotopes Inc. (NASDAQ:ASPI) has begun full production for all three of their plants and the stock price has re-rated positively in response. I believe that Silicon-28 will be sold in the coming weeks, and that Ytterbium will be sold at the end of Q2 or beginning of Q3. This will drive real revenue into the company and will also most likely lead to a serious catalyst in the stock price. I expect a TerraPower deal at any moment, and I believe it is highly likely before Q2 ends. The realization of revenue this quarter combined with a TerraPower deal will most likely have extreme upwards pressure on the stock price, which has a short interest of 35%.
I expect Iceland to kick off within the next 3 months and QLE spinoff to happen in late Q3 early Q4. In Q3 I expect the NECSA MOU to finalize and lead to a kickoff of the uranium pilot plant. This is a continuous stream of massive catalyst events occurring all the way through Q4. Their ability to commission Ytterbium (along with their proof via revenue) will show high viability of their ability to enrich HALEU, becoming the only viable option for HALEU for the next half decade. This is easily our biggest position at this point, and I still believe it has a ton of upside despite the strong appreciation in the price already. When revenue begins hitting this quarter, I believe the sky’s the limit with this position.”

A chemist examining a beaker of colored liquid and advanced pharmaceuticals.
ASP Isotopes Inc. (NASDAQ:ASPI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held ASP Isotopes Inc. (NASDAQ:ASPI) at the end of the first quarter, compared to 13 in the fourth quarter. While we acknowledge the potential of ASP Isotopes Inc. (NASDAQ:ASPI) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the undervalued AI stock set for massive gains.
In another article, we covered ASP Isotopes Inc. (NASDAQ:ASPI) and shared Rogue Funds’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2025 page for more investor letters from hedge funds and other leading investors. While we acknowledge the potential of ASPI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.