Tourlite Capital Q1 2025 Investor Letter

2025-06-04 02:00:00 ET

Summary

• Tourlite Fund returned -4.6% in Q1 2025, underperforming the S&P 500, amid market volatility driven by Trump’s tariff agenda and macro uncertainty.
• We tactically increased net exposure during the quarter, favoring industrials and event-driven longs, while maintaining shorts in consumer discretionary and staples.
• Key portfolio winners included Sable Offshore, FTAI Infrastructure, and select biotech special situations; shorts in overvalued consumer names also contributed.
• Despite recent underperformance, I remain confident in our strategy and see compelling opportunities ahead, especially as market dislocations persist.

To My Partners:

Tourlite Fund, LP returned ?4.6% for the First Quarter of 2025. The Fund has annualized returns of 7.5% since inception, compared to 9.0% for the S&P 500 ( SP500 , SPX ) and 0.5% for the Russell 2000 ( RTY ). ^1,2 ...

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