Q4 2025 Fund Letters Round-Up ✍️

A curation of the best quarterly letters

Welcome to the 8th edition of the Fund Letters Round-Up newsletter.

It’s exactly what it says on the tin - a curation of quarterly letters from a variety of fund managers, especially emerging fund managers.

Not every Q4 letter is released in the first few weeks of January. However, below are 50 letters to get stuck into right away.

Visit the Quarterly Letters page on the website to see the latest letters as we continually add them.

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Latest interviews with fund managers sharing their best ideas…

#124 - Ole Soeberg (Nordic Investment Partners) 📗

#123 - James Halse (Senjin Capital) 📗

#122 - Kenny Chan (Korwell Capital) 📗

2025 Performances (measured in USD on 30th December 2025).

S&P 500: 16.4%
Gold Oz: 64%
Bitcoin: -14.4%

Fund Average: 21%

The best performance so far was from a small fund focused on commodities who achieved a return of 109% for the year. We interviewed the manager earlier in 2025 for the Capital Employed newsletter, and both stock picks went onto produce stellar returns.

A round-up of the most interesting Q4 2025 fund letters published so far…