This figure is for illustrative purposes only and does not represent a guarantee of future performance.
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 numbers.
Solimar Fund returned -4.5% in December after fees, bringing our full year 2025 return to 16.9% after fees. The SPY closed the year at 16.3%.
Another green year in the books.
Since our launch in October 2023, we are up 67.8% after fees in just over two years.
Two down months in a row. Three up years in a row. Onwards. That's the story.
Closing Out a Challenging Year
December marked our fourth down month of 2025, and our second consecutively. We won’t sugarcoat it, this wasn’t the ending or the back half of the year we envisioned. Not stoked. But not shaken and full of resolve for the future.
We began the year with an ambitious goal: double the SPY. That didn’t happen. What did happen matters far more:
We beat the market, again
We protected capital
We stayed disciplined
And we stayed in the game
That last point deserves emphasis.
2025 was a brutal year across the hedge fund landscape. By year’s end, an estimated 400+ funds shut down, including well known names with long track records. Many managers abandoned process, over levered conviction, or chased short term narratives. The market punished all three.
We stayed the course.
That doesn’t mean we were always right. December made that clear. Our positioning didn’t align with how markets ultimately unfolded in much of Q4, and our models didn’t find favor in the environment they were built to exploit. But our risk management did its job. It kept a difficult stretch from becoming something far worse.
That’s not where we wanted to finish the year, but discipline allowed us to beat the market even without optimal systematic performance.
Going forward, we remain firmly aligned with our long-term objective: compounded growth that has the strong potential to double a portfolio every three years*.
*There is no guarantee such results will be achieved and individual results will vary based on entry point and length of investment.
Adios 2025 & Hello 2026!
We're not satisfied with 2025's finish and that’s a good thing. It means we are hungry to prove to our investors the power of our systematic process. We’re confident in the foundation we've built and excited for what’s to come.
Markets reward patience and process over time. We intend to keep at it to reap that reward.
As always, we are grateful for your partnership and trust, and looking forward to even brighter days to come.
Lifetime Performance Comparison: Solimar Fund vs. SPY
Solimar Fund Net Lifetime Performance (10/1/23-12/31/25): 67.8% after fees.
SPY Performance (10/1/23-12/31/25): 59.5%
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.
