Voss Capital’s Q4 2025 Investor Letter

Voss Capital, LLC, an investment management company, released its fourth-quarter 2025 investor letter. Voss Capital’s funds, Voss Value Fund, LP, and the Voss Value Offshore Fund, Ltd returned -2.1% and -2.2%, respectively, to investors net of fees and expenses, in the fourth quarter compared to a +2.2% return for the Russell 2000 Index, +3.3% return for the Russell 2000 Value Index, and +2.7% return for the S&P 500 Index. The Voss Value Master Fund’s total gross exposure stood at 158.7%, and the delta-adjusted was 78.8% as of December 31, 2025. The weight of the Fund’s top 10 longs was 76.4%, and the top 10 shorts were -27.3%. The letter discussed the storm around Artificial Intelligence. Software companies have the highest AI adoption rates. The firm believes that early users of new technology, rather than infrastructure providers, often receive the largest long-term economic benefits. Incumbent corporations enjoy a structural advantage due to their access to engineering skills and modern multi-agent tools. In addition, you can check the firm’s top 5 holdings to determine its best picks for 2025.

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