Spotify (SPOT): JDP Capital Management’s Largest Position and Largest Contributor

JDP Capital Management, an investment management company, released its “Survivor & Thriver Fund” second-quarter 2025 investor letter. A copy of the letter can be downloaded here. The beginning of 2025 marked one of the most challenging starts to a market year since the COVID outbreak. Following a decline of more than 20% in March and early April, the S&P 500 demonstrated one of the quickest V-shaped recoveries ever, regaining all of its losses by June. In this environment, the fund was up 19.2% in 2Q and 16.8% in the first half of 2005, outperforming the S&P 500’s 10.6% gain in 2Q...