Immersion Investment Partners’ Q4 2025 Investor Letter

Immersion Investment Partners, an investment management company, released its fourth-quarter 2025 investor letter. Immersion Investment Partners returned 4.9% (net) in Q4 2025, compared to the Russell 2000 Index’s 2.2% return and the Russell Microcap Index’s 6.3% gain. The yearly return was 45.4% compared to 12.8% and 23.0% returns for the indexes, respectively. The letter noted the massive investments being made in AI and raised concerns about energy demands and unclear monetization paths. The market is broadly penalizing tech companies whose business models aren’t adapting to AI, creating potential investment opportunities for those with innovative business models. The firm always makes careful decisions and maintains discipline when opportunities arise. Please review the Partnership’s top five holdings to gain insights into their key selections for 2025.

A copy of Immersion Investment Partners’ Q4 2025 investor letter can be downloaded here.