Kathmandu Capital’s Q2 2025 Investor Letter

Kathmandu Capital, an investment management company, released its second-quarter 2025 investor letter. In the second quarter, the fund returned 17.22% gross of fees and 16.64% net of fees compared to 10.56% for the Standard & Poor’s 500 Total Return Index and 11.52% for the MSCI ACWI Total Return benchmark. The portfolio experienced a ~30% swing over the past quarter, due to heightened market volatility stemming from tariff worries. Despite these worries, the portfolio delivered positive results driven by capital flows seeking opportunities outside the U.S. and a rebound in domestic equities as tariff worries began to ease. In addition, please check the fund’s top five holdings to know its best picks in 2025.

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