Investor Letters

Letters through October 3, 2025

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

Pendelhaven Asset Management B.V. Investor’s Letter September 2025 ARAR Fund sold a significant portion of Imperial Petroleum amid warrant-driven trading and exited Orezone as Burkina Faso nationalization risk escalated. It added to Jiayin Group despite Chinese lending rules, arguing its underwriting advantage and sector consolidation prospects remain intact, while trimming oil-and-gas exposure. September 2025 JFIN $80M6169 $176MIMPP $204M