Kingdom Capital Advisors Q1 2025 Investor Letter

2025-04-15 06:00:00 ET

Summary

• Kingdom Capital Advisors (KCA Value Composite) returned -7.08% (net of fees) in the first quarter, vs. -9.48% for the Russell 2000 TR, -4.27% for the S&P 500 TR, and -8.07% for the NASDAQ 100 TR.
• Our top contributors to Q1 returns were Superior Industries and Intrepid Potash. Our largest detractors were Corsa Coal, Enviri Corporation, and Venator Materials.
• Getting zeroed on the Corsa bankruptcy filing was certainly not the start we wanted in 2025. Subsequent court filings have revealed missteps by management and lenders when working to refinance their debt.

Fellow Investors,

With all major indices pulling back to begin 2025, KCA similarly suffered a 7% drawdown in Q1. Half of the drawdown was driven by the bankruptcy of Corsa Coal, which was about a 3.5% headwind for the quarter. Despite the failure of Corsa, we were still able to outperform our benchmark (Russell 2000 TR) and the Nasdaq 100 TR....

Read the full article on Seeking Alpha

For further details see: