Overview
- In Q4 2025 the fund returned -4.55%, trailing the S&P 500 at +2.7% and the Russell 2000 at +2.2%.
- Full-year 2025 performance was -21.95% versus +18.0% for the S&P 500 and +12.8% for the Russell 2000.
- Management attributed the downturn to valuation pressure and unique events affecting select holdings.
- Vox Royalty has become the largest position with roughly a 160% gain since a Q4 2023 initiation, supported by record gold prices.
- Ace River halved its MarineMax stake via in-the-money covered calls in Q4 2025; as of Feb. 9, 2026, VOXR closed at $5.29 (up 116.8% year over year) and HZO at $29.71 (down 2.84% year over year).