TSLA - Fairlight Alpha Fund Q1 2025 Letter

2025-04-22 09:43:00 ET

Summary

• Fairlight Alpha Fund’s first quarter 2025 returns were 18.7% net of fees versus -4.9% for the S&P 500 Total Return index.
• The S&P 500 returns represent the total return index, i.e., with dividend reinvestment included. Increases in value arise from stock price appreciation as well as dividend reinvestment.
• Recent tariff announcements have contributed to this, pushing up the VIX index, often called the Fear Gauge, and driving broader market turbulence across asset classes.

Dear Partners,

Fairlight Alpha Fund’s first quarter 2025 returns were 18.7% net of fees. This compares to -4.9% for the S&P 500 Total Return index (SP500TR). Overall, since inception the fund has returned 617.6% net of fees and 38.2% on an annualized basis. These results are presented for informational purposes only and do not represent a solicitation or offer.

Performance vs. the S&P 500

We track the net asset value of Fairlight Alpha Fund (the “Fund”) over time as calculated by our fund administrator based on our portfolio positions and prices over time on a dollar basis. The fund financials are also audited each year by an independent auditor with the assistance of the Fairlight management company and the fund administrator....

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