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,...
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