Liberty Park Capital Q1 2025 Letter To Partners

2025-04-23 02:30:00 ET

Summary

• Liberty Park Fund's value decreased by 3.51% in Q1 2025, outperforming the Russell 2000's 9.47% decline, driven by strong short alpha and select long positions.
• President Trump's "Liberation Day" tariffs caused market volatility, but the worst-case scenario of >50% tariffs is unlikely, with potential for future trade deals.
• Napco Security Technologies, Inc. is a core long position, benefiting from a technological transition in the security industry, with significant growth potential in recurring revenue from cellular radio services.
• Despite market jitters, the portfolio is positioned for a brighter future, with a focus on domestic companies expected to perform well through economic transitions.

Dear Partner,

Liberty Park Fund, LP’s value decreased by 3.51%, net of fees, in the first quarter of 2025 vs. a 9.47% decline in the Russell 2000. The 11.71% decrease in our long positions detracted 10.83% on a weight-adjusted basis, while the 19.34% decline in our shorts contributed 7.53% on a weight-adjusted basis. Gross exposure averaged 174.02%. Net exposure averaged 27.61%....

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