Investor Letters

Letters through August 1, 2025

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

Pendelhaven Asset Management B.V. Investor’s Letter July 2025 ARAR Fund shifted further toward deep-value small caps, added China YuHua Education and trimmed legacy holdings while retaining a cash allocation. The manager argues YuHua's vocational focus and restructured debt limit regulatory risk, while warning that tariff concessions could leave European exporters exposed to renewed US pressure. July 2025 6169 $176MBSFFF $2.2B