May: Finding Momentum - we sure did.

The market appears to have found its footing—tentatively and unevenly, but with signs of upward momentum returning. After a volatile start to the year, May marked a shift in tone. While overnight gaps and sharp reversals persisted, firmer trends began to emerge, hinting at early signs of stabilization. Still, clarity remains elusive: is this a bear market rally or the start of a new bull?

Discipline remains essential. At Solimar Fund, it’s an absolute.

We don’t try to predict when sentiment will flip or which headline will move the market. Our system listens to the data, adapts to changing conditions, and stays focused on one goal: capturing gains while minimizing risk. That discipline paid off again in May.

We rode a big wave!

Solimar Fund returned 14.4% after fees, bringing us to 21.2% after fees YTD, while the S&P 500 is at 0.5% YTD.

Since Inception (Oct 2023) Solimar Fund is up 74% after fees. $100,000 invested 20months ago at inception would be $173,959 now, which is roughly 44% annualized returns. And we are just getting started.

A Small Ask That Could Mean a Lot

We’re incredibly grateful for the trust you’ve placed in us. It’s what’s allowed us to turn a bold idea into a disciplined, real-world strategy—and it’s your support that continues to power Solimar Fund forward.

As we continue to build a track record we can all be proud of, we’re hoping to thoughtfully convert your confidence in our strategy into helping us grow our community of investors.

Not by blasting ads or chasing leads—but by doing what we call “compounding the pavement.” Like pounding the pavement, but with a different kind of energy: built on trust, fueled by relationships, and driven by the belief that meaningful growth comes from genuine connection.

We’re not just looking for capital—we’re looking to compound momentum. One conversation at a time. One introduction at a time.

Here’s where you come in. We need help.

We bet you know one or two people—maybe a close friend, a colleague, or a fellow founder—who would resonate with what we’re building. Perhaps they think long-term. They value risk management. They’d appreciate a Fund with a tested system designed for compounding through bull and bear markets and no down years. They like to experience outsized gains and still be able to sleep soundly at night. They enjoy the ride.

If someone comes to mind, we’d be honored if you made an introduction. A warm intro carries a kind of trust that no pitch deck ever could. The only requirement is they need to be accredited investors.

You can just hit reply to this note, or forward it along—we’re happy to provide more info and start the conversation with care and respect. Please feel free to connect them to [email protected].

Thank you kindly. Your belief means more than you know.

2025 Performance Comparison: Solimar Fund vs. SPY

• Solimar Fund YTD Performance after fees (1/1/25- 5/31/25): 21.2%

• SPY YTD Performance (1/1/25- 5/31/25): 0.5%

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- 5/31/25): 74.0%

• SPY Performance (10/1/23- 5/31/25): 37.8%

Summertime.

As we near the halfway point of 2025, we’re proud of what the system has delivered—and even more energized by what’s still ahead. It’s been a year marked by reversals, surprises, and shifting narratives, but through it all, our approach hasn’t wavered.

Summer is here—and with it, the old saying resurfaces: “Sell in May and go away.” But while some may step back, waiting for September, we stay engaged. Volatility and opportunity may remain high, or perhaps like Santa Barbara’s summertime waves, markets and volatility may trend smaller, warmer, even deceptively gentle.

These conditions are where skill and consistency matter most. The habits we build in quiet seas prepare us for the bigger swells to come. That’s how we turn short-term calm—and chaos—into long-term compounding.

To those already invested: thank you for your continued trust. If you’re considering increasing your allocation, we believe now is a compelling moment to lean in. Don’t wait and miss out on months like this one!

To those watching from the sidelines: we’d love to connect. The earlier you join, the more of the journey—and the compounding—you’ll capture.

Let’s keep going. Month by month, wave by wave.

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.}