Voss Capital, LLC, an investment management company, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. 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.
In its fourth-quarter 2025 investor letter, Voss Capital highlighted stocks like PAR Technology Corporation (NYSE:PAR). PAR Technology Corporation (NYSE:PAR) is a leading technology company that offers cloud-based hardware and software solutions to the restaurant and retail industries. On March 06, 2026, PAR Technology Corporation (NYSE:PAR) stock closed at $19.22 per share. One-month return of PAR Technology Corporation (NYSE:PAR) was -16.25%, and its shares lost 69.19% over the past 52 weeks. PAR Technology Corporation (NYSE:PAR) has a market capitalization of $790.954 million.
Voss Capital stated the following regarding PAR Technology Corporation (NYSE:PAR) in its fourth quarter 2025 investor letter:
“Software has always been a hyper-competitive industry teeming with well-funded start-ups. Consider PAR Technology Corporation’s (NYSE:PAR) niche in restaurant point-of-sale (POS). Despite facing over 6,000 global competitors—including countless “free” alternatives requiring no subscription—PAR consistently wins mandates from Tier-1 restaurant chains. A prime example is their newly announced deal with Papa John’s, which abandoned its in-house software to migrate to PAR. This dynamic runs 180° counter to the prevailing market narrative.
AI will undoubtedly turn up the heat on this already intense global competition, but it will also accelerate PAR’s product velocity, broaden its capabilities, and vastly expand its TAM. Ultimately, the endgame for incumbents is unlikely to be the race to zero gross margins that so many software skeptics are predicting.”
PAR Technology Corporation (NYSE:PAR) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 27 hedge fund portfolios held PAR Technology Corporation (NYSE:PAR) at the end of the fourth quarter, up from 24 in the previous quarter. PAR Technology Corporation’s (NYSE:PAR) fourth quarter revenue increased nearly 14% year-over-year to $120.1 million. While we acknowledge the risk and potential of PAR Technology Corporation (NYSE:PAR) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PAR Technology Corporation (NYSE:PAR) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered PAR Technology Corporation (NYSE:PAR) and shared Immersion Investment Partners’ views on the company. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money.
Disclosure: None. This article is originally published at Insider Monkey.
