DKNG - Merion Road Capital Q1 2025 Investor Letter
2025-04-20 02:00:00 ET
Summary
- The long only portfolio fell slightly over 8% during the quarter, primarily attributable to our tech-oriented holdings and economically sensitive industrials.
- During the end of the first quarter and into the first, the US has assigned meaningful tariffs on its trading partners one day, just to lift them the next.
- The Merion Road Small Cap Fund also experienced a decline of roughly 8%, as small cap companies continue to underperform their larger counterparts.
Merion Road Small Cap Fund |
IWM (Russell 2000) |
Barclay Hedge Fund Index |
MRCM Long Only Large Cap |
SPY (S&P 500) |
Annualized Since Inception |
15.1% |
7.9% |
5.8% |
Annualized Since Inception |
12.8% |
12.3% |
Q1 2025 |
(7.8%) |
(9.5%) |
0.1% |
Q1 2025 |
(8.2%) |
(4.3%) |
2025 |
(7.8%) |
(9.5%) |
0.1% |
2025 |
(8.2%) |
(4.3%) |
2024 |
17.4% |
11.4% |
9.4% |
2024 |
32.4% |
24.9% |
2023 |
11.5% |
16.4% |
9.3% |
2023 |
38.7% |
25.7% |
2022 |
(16.9%) |
(20.4%) |
(8.5%) |
2022 |
(34.9%) |
(18.2%) |
2021 |
42.5% |
14.5% |
10.0% |
2021 |
20.4% |
28.7% |
2020 |
29.5% |
20.0% |
11.0% |
2020 |
54.3% |
18.3% |
2019 |
17.9% |
25.4% |
10.6% |
2019 |
25.2% |
31.2% |
2018 |
15.7% |
(11.1%) |
(5.2%) |
2018 |
(6.0%) |
(4.6%) |
2017 |
35.7% |
14.6% |
10.3% |
Dec 18 - Dec 31 |
0.1% |
(0.5%) |
2016 (Jul-Dec) |
1.3% |
18.7% |
5.4% |