Praetorian Capital’s Q3 2026 Investor Letter

Praetorian Capital, an investment management company, released its second-quarter 2026 investor letter. The Praetorian Capital Fund fell 0.29% net in Q3 2026, bringing year-to-date net performance to 11.01%. Gains from refinery investments were offset by losses in Lincoln Educational Services and Universal Technical Institute, which the fund increased to roughly 20% of capital on the belief that trade schools will benefit from AI-driven workforce displacement and reskilling demand. The fund...