Two months into Q1 2025.

February proved to be another challenging month in the markets. Investors experienced heightened volatility, fleeting trends, and plenty of noise. Many, both retail and professional, struggled for positive returns as markets swung unpredictably.

While the temptation to react to short-term movements was high, our strategy remained focused on discipline, risk management, and waiting for high-probability setups.

We focused on:

✔ Risk-managed positioning: Ensuring we capitalized on opportunities without exposing ourselves to unnecessary downside.
✔ Selective engagement: Only taking high-probability setups instead of chasing uncertain trends.
✔ Long-term compounding: Staying patient and trusting our strategy to deliver over time.

Solimar Fund posted a +1.4% return after fees, solidly outperforming the S&P 500 (SPY) which declined -1.3% for the month. Solimar Fund is up 1.5% YTD after fees which is just ahead of the SPY’s 1.4% YTD gain.

This ongoing push and pull between the Fund and the index is part of the dance. Some months, the SPY outperforms, and in others, we pull ahead.

Our mission: Outpace the SPY by double each year. We're not chasing victories in every round—though that'd be sweet—but aiming to claim the lead when the year's final bell rings.

The Challenge of Identifying Trends in February

February’s market environment wasn’t just volatile—it was deceptive.

Many price moves looked promising but reversed abruptly, making it tough to lock in meaningful trends. Frustrating? Yes. But it’s a sharp reminder of why a disciplined, systematic approach matters.

Rather than reacting emotionally to fleeting trends, Solimar Fund leaned into risk management, adjusting exposure dynamically and selectively engaging in trades with strong probability.

This patience paid off, helping us protect capital while still delivering positive returns when the SPY lost ground for the month.

While short-term swings can be distracting, we don’t chase noise—we navigate it.

Lifetime Performance Comparison: Solimar Fund vs. SPY

We’re including a lifetime performance chart below to provide context for our YTD performance this early in the year.

• Solimar Fund Net Lifetime Performance (10/1/23- 2/28/25): 45.7%

• SPY Performance (10/1/23- 2/28/25): 39.0%

A Personal Announcement: Welcoming Geoffrey’s Daughter

March 1st brought a major life milestone—Geoffrey and his family welcomed their newborn daughter into the world! This moment has been a reminder that parenthood and investing both demand patience and a long-term view.

Just as the Fund’s strategy weathers short-term swings to focus on steady growth, raising a child requires navigating challenges and staying committed to a larger vision. Market wins are rewarding, but building something lasting for our investors and families drives us.

Looking Ahead: Staying Focused in Uncertain Markets

As we head into March, we remain prepared for further market volatility. Our strategy isn’t built around predicting the future—it’s built to adapt to whatever the market presents.

For those considering joining Solimar Fund, now is an opportune time. Our journey toward $10M AUM is marching onward. If you're interested in learning more about becoming an early investor, we’d love to connect.

Thank you for your continued trust and here’s to navigating 2025 with discipline and confidence.

Enjoy the ride,

Geoffrey & Tyler

_{2by2 Capital LLC | [email protected] | www.2by2Capital.com}

_Disclaimer

_{Solimar Fund is a private fund operating under Rule 506(c) of Regulation D, which allows us to engage in general solicitation and advertising to raise an unlimited amount of capital from accredited investors, provided we take reasonable steps to verify their accredited investor status. This fund is exclusively available for investment by accredited investors, as defined by applicable securities laws}

_{This material does not constitute an offer or the solicitation of an offer to purchase an interest in Solimar Fund, LP (the “Fund”), which such offer will only be made via a confidential private placement memorandum. An investment in the Fund is speculative and is subject to a risk of loss, including a risk of loss of principal. There is no secondary market for interests in the Fund and none is expected to develop. No assurance can be given that the Fund will achieve its objective or that an investor will receive a return of all or part of its investment. All statements herein are qualified in their entirety by reference to the Memorandum, and to the extent that this document contradicts the Memorandum, the Memorandum shall govern in all respects.}

_{The hypothetical backtest results presented herein are for illustrative purposes only and do not represent actual trading or future performance. Past performance, whether actual or simulated, is not indicative of future results. The backtest is based on historical data and assumptions that may not be accurate or complete. Investors should not rely solely on this information when making investment decisions and should consult with financial advisors to understand all risks associated with investing in our hedge fund.}

_{Past and simulated performance is not necessarily indicative of future performance. Any performance data prior 10/2023 does not represent the performance of the Solimar Fund. 2023 performance data prior to launching the Fund is taken from actual returns net of fees from a live trading account managed by 2by2 Capital. Data prior to 2023 represent the simulated performance of 2by2 Capital’s Multi-Strategy algorithm.}

_{Information provided reflects 2by2 Capital’s views as of the date of this document. Such views are subject to change at any point without notice. The information contained herein is for informational purposes only and should not be considered a recommendation to buy or sell any securities. Nothing presented herein is or is intended to constitute investment advice, and no investment decision should be made based on any information provided herein. There is a risk of loss from an investment in securities, including the risk of loss of principal. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular investor’s financial situation or risk tolerance. Asset allocation and portfolio diversification cannot assure or guarantee better performance and cannot eliminate the risk of investment losses. Past performance is not necessarily indicative of future performance. There can be no assurance that the performance achieved above will be achieved at any time in the future. All investments involve risk, including the loss of the entire investment.}