Tourlite Capital Management’s Q4 2025 Investor Letter

Tourlite Capital Management, an investment management company, released its fourth-quarter 2025 investor letter. In Q4, Tourlite Fund, LP returned 0.2% compared to 2.7% for the S&P 500 Index and 2.2% for the Russell 2000. The Fund posted 2.8% for the full year 2025, substantially below the 17.9% and 12.8% returns of the indexes. In 2025, the fund underperformed below the target return range, primarily due to poor stock selection in the long book, which focuses on event-driven investments. While the short book added 0.9% to performance. Despite disappointing results, the fundamental views of many key positions in the portfolio are believed to be intact, as some of them are showing positive early signs in 2026. Heading into 2026, the firm is expecting a positive environment for riskier assets and stocks due to the combination of robust economic growth and falling inflation. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.

A copy of Tourlite Capital Management’s Q4 2025 investor letter is available to download here.