Investor Letters

Letters through April 3, 2025

1 letter reporting on the period ending April 3, 2025, in each firm's own reckoning.

Pendelhaven Asset Management B.V. Investor’s Letter March 2025 ARAR Fund exited Alphabet despite its perceived undervaluation, citing threats to Google Search from competing AI models and rising geopolitical risk. It retained conviction in Jiayin Group’s renewed growth and sees Basic-Fit’s buyback decision and membership additions as constructive despite cost pressures. The fund warns that US tariffs, concentrated executive power and debt-policy experimentation raise catastrophic market risks. March 2025 GOOGL $3.5TBSFFF $2.2BJFIN $77M