April 2026: 9.6% and +69.3% since Inception (10/1/23). All returns reported after fees (net ROR).
Geoffrey Ravenhill, Tyler Morgan
May 6, 2026
Here are some regulatory notes before we get started. Solimar Fund is a Rule 506(c) of Regulation D fund and only available to verified accredited investors. All fund returns are net of fees and expenses, unaudited, as reported by NAV Fund Services. Individual results may vary. Past performance is not necessarily indicative of future results.
The Scorecard.
Solimar Fund returned 9.6% in April after fees. The SPY closed the month up 10.5%, it’s best month in almost 6 years!
In the key of V’Flat
April did what volatile markets do. It snapped back.
After months of pressure, the market delivered a sharp V-shaped rally. From what we can tell, most folks were not ready and doubted it could happen. They missed out. We participated. As a result, we’ve worked our way back to positive on the year.
We’re stoked to be back in the green. At the same time, we’re cautious.
V-shaped recoveries are powerful, but they often come with lingering uncertainty. Sharp reversals don’t always mark the start of a clean trend. Sometimes they’re just another phase of volatility. Or even a blow off top?
As always, we’re not here to guess what comes next. We’re here to stay aligned with the data and execute.
And our goal remains unchanged: to outperform the market on a 3 to 5 year timeframe and never have a down year.
*There is no guarantee such results will be achieved and individual results will vary based on entry point and length of investment.
Patience Pays. Sometimes Faster Than You Think.
Patience is a requirement in this game. But sometimes, you don’t have to wait as long as it feels.
After a difficult Q1, we’ve worked our way back to positive on the year in just one month. A reminder of how quickly things can shift when conditions change.
This is why we stay disciplined through the tougher stretches.
The goal isn’t to react to every drawdown. It’s to stay positioned so that when the environment improves, we’re ready to participate.
April was a step in that direction.
And while one month doesn’t define the year, it reinforces something we’ve seen time and again. Markets can turn quickly. The key is staying in sync when they do.
Zooming Out
It’s easy to get pulled into the day-to-day. The headlines. The swings. The emotion that comes with both. But investing doesn’t happen in days or even months. It plays out over years.
Zoom out, and this is exactly what it looks like. Periods of stress. Periods of recovery. Moments that test conviction, followed by ones that reward it.
Nothing about this year so far is unusual.
What matters is staying consistent through it. Sticking to a process that doesn’t change based on how the last few weeks felt.
That’s what we’re doing and we’re glad to have you alongside us.
Lifetime Performance Comparison: Solimar Fund vs. SPY
Solimar Fund Net Lifetime Performance (10/1/23-4/30/26): 69.3% after fees.
SPY Performance (10/1/23-4/30/26): 68.1%
The SPY is presented solely as a broad equity market reference. The Fund does not attempt to replicate the SPY, and its strategy and risks differ materially.
*Benchmark comparisons are provided solely for informational purposes, are not indicators of suitability as an investment, and do not represent a guarantee of future or similar results. Fund figures and returns represent actual returns net of fees and expenses, as reported by our third-party administrator, NAV Fund Services. Individual investor performance may vary due to factors such as investment timing and specific fee arrangements. These figures are for illustrative purposes only and do not represent a guarantee of future performance. Returns are unaudited and reflect the fund’s actual trading results net of fees. Past performance is not indicative of future results. Investing in the Fund involves risk, including the potential loss of principal. Participation is limited to verified accredited investors under Rule 506(c) of Regulation D, and all investors must provide supporting documentation to establish accredited status.Please see the Memorandum for full terms and risk disclosures.
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.
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.
