VRLAF - Palm Harbour Capital Q2 2025 Investor Letter

2025-08-06 15:15:00 ET

Dear fellow investors,

During the second quarter the fund gained 5.97% gross of fees ¹ (30/6/2025). We do not have a stated benchmark in our Key Investor Information Document (KIID) and therefore cannot comment on relative performance. We leave it up to you to decide. We note the above number appears higher than European and global benchmarks. Our last reported NAV at quarter end was 18.47 (30/06/2025), +3.47% from the closest reported NAV at the first quarter end of 17.85 (27/03/2025). This brings our year-to-date NAV return to +9.2% (27/12/2024 to 30/06/2025). Inception to quarter end NAV return was 84.7% or 10.3% compounded annual return. We are extremely optimistic about our portfolio’s prospects and believe we will reach our compound return aspiration over time. Our fund’s composition is unlike any index, and we are unlikely to perform in a similar manner. ...

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