Atai Capital Management Q1 2025 Letter

2025-05-19 05:30:00 ET

Summary

• Despite a -1.2% Q1 return versus the S&P 500's 10.6%, I remain confident in our concentrated, uncorrelated portfolio and its long-term prospects.
• Turning Point Brands (TPB) is a core holding, with strong organic growth in Stoker's and Zig-Zag segments, margin expansion, and optionality from new products.
• Enad Global 7 (EG7) detracted, but remains deeply undervalued with smart capital allocation and potential for accretive M&A or live-service agreements.
• We are focused on selective capital deployment, maintaining a capped AUM for flexibility, and offering an attractive fee structure to new clients until Q2 ends.

Atai Capital experienced a decline of 1.2% in the first quarter net of all fees. This compares to a 10.6% total return for the S&P 500 ( SP500 , SPX ) , a 5.2% total return for the Russell 2000 ( RTY ), and a 4.7% total return for the Russell Microcap....

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