RF Capital Management Q1 2025 Letter

2025-05-06 07:00:00 ET

Summary

• In the first quarter of 2025, RF Capital returned -2.43% net of all fees.
• In comparison, the S&P 500, Russell 2000, and MSCI ACWI generated returns of -4.59%, -9.48%, and -0.94%, respectively, over the same period.
• Our remaining holdings aren’t as exciting as Zengame and Sprouts.

Dear Investors,

In the first quarter of 2025, RF Capital returned -2.43% ¹ net of all fees. In comparison, the S&P 500, Russell 2000, and MSCI ACWI generated returns of -4.59%, -9.48%, and -0.94%, respectively, over the same period.

For FY2024, RF Capital returned +2.78% ¹ net of all fees. Please check your individual statements for your exact returns. ...

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