In the first two quarters of the fund's life, performance was very disappointing due in part to the abysmal returns of European stocks and currencies during that period and how thoroughly risky stocks outperformed safe ones. But by the start of the 4th quarter, we had adjusted the fund's use of leverage, allocations to hedges, and allocation to overseas equities to more productive levels. Our performance since then has been nothing short of stellar. Overall, due in part to our very low correlation (0.20) to the market, we are confident that the portfolio will weather adverse conditions in a superior fashion, keeping returns high and drawdowns low.
Prior Results| Quarter | Fieldsong Return | S&P 500 Return | Excess |
|---|---|---|---|
| 2nd Q, 2024 | –10.21% | 4.83% | –15.04% |
| 3rd Q, 2024 | –2.75% | 5.75% | –8.50% |
| 4th Q, 2024 | 3.93% | 2.49% | 1.44% |
| 1st Q, 2025 | 6.86% | –4.27% | 11.13% |
| 2nd Q, 2025 | 12.92% | 10.78% | 2.15% |
| 3rd Q, 2025 | 15.56% | 8.12% | 7.44% |
| 4th Q, 2025 | 13.03% | 2.67% | 10.36% |
2025 return: 57.61%
Overall CAGR: 23.95%
Sharpe ratio: 1.06
Alpha: 17.04%
Beta: 0.47