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 -6.5% in January after fees, far from the start we wanted. The SPY closed the month up 1.5%.
That stings.
Track records taste bitter when experienced in real time.
The system is simple, living with it isn’t. But the stats don’t lie - our edge is sharp. We just need to ride it out.
Onward to February.
Here’s What Actually Matters
January marks our third consecutive down month. That sucks, and it’s not something we gloss over. Periods like this test patience, conviction, and trust in process.
But zoom out. Most long-term winners look like losers in short windows. Market cycles don’t move in straight lines, and neither does outperformance.
Our backtest shows something important: after 3-month dips like this, we typically see solid improvement. The system is designed for exactly these stretches.*
This is the cost of pursuing multi-year returns instead of monthly scoreboard points.
What matters is how those periods are navigated.
We are not panicking. We’re not changing the framework. And we’re definitely not managing to quarterly optics or monthly rankings.
We are following the rules, containing risk, and staying disciplined when it’s hardest.
Timeframe matters.
Years one and two? Positive.
Year three goal? End nicely positive.*
We manage toward multi-year compounding. When you look back at this stretch from 2027, we firmly believe the discipline will makes sense*.
*There is no guarantee such results will be achieved and individual results will vary based on entry point and length of investment.
Let’s GO 2026!
We’re not satisfied with our January performance, but that’s exactly how it should be. Comfortable doesn’t compound.
Markets reward patience and process over time, not consistency of monthly wins. We built this foundation for exactly these moments - when trust in the system gets tested. The work doesn’t change because a month or a quarter is difficult, and neither does our commitment to improving the system we believe in.
We’re grateful for your continued trust and partnership. We don’t take it lightly, particularly during periods like this.
Year three is about proving the durability of what we’ve built. Let’s make it count.
Lifetime Performance Comparison: Solimar Fund vs. SPY
Solimar Fund Net Lifetime Performance (10/1/23-1/31/25): 56.9% after fees.
SPY Performance (10/1/23-12/31/25): 61.8%
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.
