Praetorian Capital, an investment management company, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Fund appreciated by 0.21% net of fees in the fourth quarter, bringing its 2025 returns to 12.39% net of fees. The Fund has compounded capital at an annualized net rate of 37.12% since its inception on January 01, 2019. Due to the Fund’s concentrated portfolio construction and focus on asymmetric opportunities, it will be volatile from quarter to quarter. In Q4, its core portfolio generated modest returns; however, the Event-Driven book...
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