Andvari Associates Q1 2025 Letter

2025-04-04 09:25:00 ET

Summary

• Andvari outperformed significantly in Q1 2025, up 7.2% net of fees, compared to the SPDR S&P 500 ETF, which was down 4.3%.
• Investments in high-quality businesses with strong management and capital allocation capabilities have driven recent gains, despite avoiding the underperforming "Mag 7+" stocks.
• Key holdings include leaders in life sciences, companion animals, and tobacco industries, with promising growth prospects and resilient business models.
• Tariffs are unlikely to impact Andvari's portfolio significantly due to intangible assets and strong pricing power among physical goods producers.

Dear Friends,

For the first three months of 2025, Andvari is up 7.2% net of fees while the SPDR S&P 500 ETF ( SPY ) is down 4.3%.* Andvari clients, please refer to your reports for your specific performance and holdings. The table below shows Andvari’s composite performance while the chart shows the cumulative gains of a $100,000 investment....

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