Rowan Street Capital’s Q3 2025 Investor Letter

Rowan Street Capital, an investment management company, has recently released its third-quarter 2025 investor letter. The fund remained unchanged in the third quarter (+0.22%), making the YTD returns through September 30, 2025, to +20.4% net of fees compared to the S&P 500’s +14.8% year-to-date gain. Over the past three years, the firm’s capital compounded at approximately +54.2% annually (net), delivering a +266% cumulative return — more than doubling the S&P 500’s +24.9% annualized gain over the same period. The fund’s performance was driven by its commitment to process refined through years of experience, mistakes, and reflection. For more information on the fund’s best picks in 2025, please check its top five holdings.

A copy of Rowan Street Capital’s Q3 2025 investor letter can be downloaded here.