SaltLight Capital Q4 2025 Co-Investor Letter

SaltLight Capital Management69 FollowersFollow5ShareSavePlay(29min)CommentsSummaryAs we close our fifth year managing the fund, we returned +30.78% in 2025 and +15.39% annualised since inception.This week, we are launching our USD-denominated SaltLight Global Opportunity Fund, which mirrors our existing opportunity set.Upstream supply-chain participants are increasingly signalling that 2028 capex could be materially higher, not lower, contradicting the widely held digestion narrative.The current share price suggests that the market harbours significant doubt about the achievability of elevated analyst revenue expectations for NVIDIA.The market is pricing a broad swathe of SaaS as if disruption is certain, margins must collapse, and incumbents cannot adapt. Torsten Asmus/iStock via Getty Images Dear Co-Investor As we close our fifth year managing the fund, we returned +30.78% in 2025 and +15.39% annualised since inception (benchmark return: 2025: +8.68% and +10.06% annualised since inception)1. The fourth quarter was volatile, resulting in a negative quarterly return1 - our first since 2022 - serving as a reminderThis article was written bySaltLight Capital Management69 FollowersFollowSaltLight Capital Management focuses on long-term opportunities in public markets. Their portfolio is skewed towards entrepreneurial founders that have a demonstrable track record of tackling the challenges of constant change. Note: This account is not managed or monitored by SaltLight Capital Management , and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use SaltLight Capital Management's official channels.