Happy New Year.

As we step into 2025, we want to express our heartfelt gratitude to our investors and supporters for an incredible 2024. We are thrilled to stand among the top 10% of hedge funds in our first full calendar year.

We are humbled to set the bar so high. And, we are excited to reach even higher.

December Speed Bump.

The Fed and Santa were both a little grumpy in December. December’s volatility presented a short-term challenge but our loss mitigation system worked as expected. While we prefer if it were to never trigger, it is also comforting to see it working to reduce volatility when the time is right. All told, Solimar Fund returned -8.6% after fees in December compared to the S&P 500’s (SPY) -2.7% for the month.

On an annual basis, Solimar Fund returned an impressive 36.9% after fees, surpassing the SPY’s incredible 23.3% gain. Our 15 month lifetime return stands at 43.6% after fees.

Reflecting on an Exceptional Start.

2024 was an exciting year for Solimar Fund as we embarked on the path to achieve bold and ambitious goals: doubling the S&P 500’s (SPY) returns annually with half the SPY’s 5-year risk while avoiding negative returns in any year.

Despite a great 12-month return we didn’t quite reach our target of 2x the SPY this year. We came remarkably close. The vast majority of funds in the table below were not able to beat the SPY, let alone beat it by 1.6x.

Solimar goals.

Our goals are ambitious on purpose. Each day, month and year we will put in our best effort to achieve big results on your behalf. We love this business because it’s win-win! You grow, we grow. We are thrilled about it.

But this year was about more than just numbers—it was about laying a strong foundation. From a focus on capital raising to navigating market complexities, every step brought us closer to realizing the vision that inspired the launch of Solimar Fund.

Along the way, we demonstrated the strength of our disciplined approach, rooted in adaptability and risk management, while outperforming the majority of industry peers and positioning the Fund as a competitive player in the quant fund space.

Have a look at where some of our peers ended the year.

2024 Performance Comparison: Solimar Fund vs. SPY

• Solimar Fund Net 2024 Performance (1/1/24- 12/31/24): 36.9%

• SPY 2024 Performance (1/1/24- 12/31/24): 23.3%

A new year full of opportunity.

As we head into 2025, we are energized by this momentum and remain fully committed to delivering outstanding results for our investors.

We are so grateful for your belief in Solimar Fund. That belief is instrumental in helping us achieve key milestones.

Looking ahead, we are setting our sights on an exciting year-end goal: reaching $10 million in assets under management. This goal is more than a number; it represents the growing community of investors who share our vision for strong, risk-managed returns.

We invite you to take this opportunity to become part of something special in the early years. Together, we’re not just aiming for financial growth but building a foundation for lasting positive impact in the world around each one of us.

Thank you all for your support, and here’s to an even more successful year ahead!

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.}