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Praetorian Capital’s Q3 2025 Investor Letter

Praetorian Capital, an investment management company, released its third-quarter 2025 investor letter. The fund appreciated by 5.70% (net) in the third quarter. The Fund’s concentrated portfolio and emphasis on asymmetric opportunities are likely to result in notable volatility. In the third quarter, core positions appreciated moderately, whereas the Event-Driven book produced a negligible gain. For more information on the fund’s top picks in 2025, please check its top five holdings.

A copy of Praetorian Capital Fund’s Q3 2025 investor letter can be downloaded here.