For the fourth quarter of 2025, Ace River Capital Partners, L.P. (the "Fund") returned -4.55%. Over the same period, the S&P 500 ( SPX) and Russell 2000 ( RTY) returned +2.7% and +2.2%, respectively.
Despite short-term underperformance, I remain committed to concentrated holdings in high-quality small-cap businesses with durable economics and strong management. My strategy focuses on ...
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