Here are some regulatory notes before we get started. Solimar Fund is only available to verified accredited investors pursuant to Rule 506(c) of Regulation D. All fund returns are net of fees and expenses, unaudited, as reported by NAV Consulting. Past performance is not indicative of future results.

The numbers.

Solimar Fund returned -3.7% after fees in August bringing our net year-to-date return to 20.0%—compared to the SPY’s 10.0% YTD*. Since inception on October 1, 2023, Solimar Fund has generated a net return of +72.2% after fees in just under two years (10/1/23-8/31/25), as reported by our third-party fund administrator.

_{*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 Consulting. 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 through 8/31/2025. 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.}

August: A Momentary Dip, A Deeper Perspective

Markets and equity curves never move in straight lines, and we’re no exception. August brought trend following head-fakes that lead to a small monthly drawdown. A blip on our yearly return and a reminder that every strategy, no matter how robust, experiences turbulence. For us that is a great thing. Market turbulence allows us to put up strong annual numbers. Our strategies are not focused on every month of the year being positive but instead a positive total of those 12 months, and handsomely so.

Annual resilience is the mission, and doubling the SPY is our goal.

Eight months into the year, the SPY sits at +10.0% while Solimar stands at +20.0% net. A very clean doubling. The symmetry of these very round numbers made us pause, smile, and take a moment to celebrate. A simple, elegant snapshot of our goal in action.

Hitting this benchmark in real time reinforces our mandate: deliver strong, risk-managed results that compound meaningfully above the market. While each month will bring its own ebb and flow, what matters is the consistent goal of staying ahead of the tide.

Solution Architects

We launched 2by2 Capital five years ago. Long before Solimar was a fund, we built our multi-strategy system for ourselves — to meet a personal challenge: how to solve for exponential returns with such low risk that we could sleep at night, all year-long. We wanted to know that even while we rested, a cloud-based algorithm would monitor our portfolios, evaluating each opportunity through the lens of disciplined capital protection.

It is no surprise then that our ideal capital partners (ICP) want the same thing we do: a strategy designed for exponential growth, underpinned by risk systems that preserve capital and let you sleep soundly through the storms. The goal isn’t to time a single trade or obsess over daily or monthly noise — it’s to stay on course for years, even decades, where the compounding truly takes shape.

That perspective is exactly why we first became solution architects.

The target is ambitious but simple: a strategy resilient enough to weather storms, patient enough to compound, and strong enough to make doubling our portfolio every three years not just a dream but what we believe to be a practical expectation*. That same solution now forms the foundation of Solimar Fund — engineered to outpace the SPY two-to-one, year after year, with a focus on consistency and capital preservation so that no year is left in the red.

_{*Our long-term aspiration is to target compounded growth that could approximate a portfolio doubling every three years, though there is no guarantee such results will be achieved and individual results will vary based on entry point and length of investment.}

Nearing Our Second Birthday : Looking for more Pioneers.

This fall, October 1st, marks two years since Solimar Fund launched with a small handful of ICP’s. Two years of building, learning, and proving our system in real time.
Two years of pioneering alongside investors who share our desire for sustainable, outsized returns with reduced long-term risk, and no down years.

We’re grateful for those early believers — the pioneers who joined us with the foresight to see that the most compelling stories in the hedge fund space, often start small, with managers still writing their first chapters.

2025 Performance Comparison: Solimar Fund vs. SPY

• Solimar Fund YTD Performance after fees (1/1/25- 8/31/25): 20.0%

• SPY YTD Performance (1/1/25- 8/31/25): 10.0%

_{*Comparisons shown for informational purposes. Not indicative of future performance. Returns reflect unaudited net performance. Nothing presented herein constitutes investment advice or an offer to invest. Please see the Memorandum for full terms and risk disclosures. Investing in the Fund involves significant risk, including the possible loss of principal. The strategy may experience periods of negative performance. Investors should carefully review the Fund’s Memorandum before making any investment decision.}

Lifetime Performance Comparison: Solimar Fund vs. SPY

We’re including a lifetime performance chart below to provide context for our YTD performance.

• Solimar Fund Net Lifetime Performance (10/1/23- 8/31/25): 72.2%

• SPY Performance (10/1/23- 8/31/25): 50.8%

_{*Comparisons shown for informational purposes. Not indicative of future performance. Returns reflect unaudited net performance. Nothing presented herein constitutes investment advice or an offer to invest. Please see the Memorandum for full terms and risk disclosures. Investing in the Fund involves significant risk, including the possible loss of principal. The strategy may experience periods of negative performance. Investors should carefully review the Fund’s Memorandum before making any investment decision.}

Looking Ahead: Growth, Gratitude, and What’s Next

As Solimar Fund approaches our second birthday in October 2025, we’re grateful for the trust and support that’s brought us here.

To our current investors: thank you, and happy birthday to you. Your belief in our process means everything, and many of our best conversations with new prospects have come through your introductions. Keep sending them our way :) With a maximum of 100 permitted investors, our available capacity is limited — and we welcome introductions to like-minded partners.

Here’s to growth, meaningful connections, and the courage to ride bigger waves together. The best sets are still 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.}