Pernas Research’s Q4 2025 Investor Letter

Pernas Research LLC, which manages assets in the “Pernas Portfolio,” released its fourth-quarter 2025 investor letter. The Portfolio returned 4.8% in Q4 compared to the S&P 500’s 2.7% return. Furthermore, the Portfolio significantly outperformed the S&P 500 in 2025, returning 54.3%. 2025 was a volatile year for Pernas Research, beginning with the California fires, followed by a sharp market reaction to Trump’s “Liberation Day” announcement, which left the portfolio down 22%. However, as market conditions improved and AI momentum grew, the portfolio adjusted its strategy, resulting in significant alpha from stock selection. In addition, please check the Portfolio’s top five holdings to know its best picks in 2025.

A copy of Pernas Research’s Q4 2025 investor letter can be downloaded here.