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% |
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For further details see:
Merion Road Capital Q1 2025 Investor Letter
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