Praetorian Capital’s Q4 2025 Investor Letter

Praetorian Capital, an investment management company, released its fourth-quarter 2025 investor letter. The Fund appreciated by 0.21% net of fees in the fourth quarter, bringing its 2025 returns to 12.39% net of fees. The Fund has compounded capital at an annualized net rate of 37.12% since its inception on January 01, 2019. Due to the Fund’s concentrated portfolio construction and focus on asymmetric opportunities, it will be volatile from quarter to quarter. In Q4, its core portfolio generated modest returns; however, the Event-Driven book detracted from performance. While the core portfolio positions appreciated in 2025, the Event-Driven book posted modestly positive returns. The firm primarily invests in real assets outside tech investments and believes that policymakers ignore real economic growth. In the changing landscape, the portfolio chose to capitalize on segments like brokers, exchanges, and other market intermediaries. Please review the Strategy’s top five holdings to gain insights into their key selections for 2025.

A copy of Praetorian Capital’s Q4 2025 investor letter can be downloaded here.