Riding Seasonal Tailwinds and Building Groundswell

Before we commence our regularly scheduled programming, we’ve been shortlisted for 2 awards by Hedgeweek! Keep reading to learn more.

July 2025 lived up to its reputation as a seasonally strong month for the market (SPY). While there were a few sharp down days, buyers stepped in quickly and the market rallied steadily throughout the month. That is until the very end. July closed with a notable reversal on the 31st, perhaps a signal of changing tides as we head into August?

But rather than speculate, we focus on what data implies. That’s the foundation of our approach: no guessing, no discretionary calls. Instead we use an automated, rules-based framework grounded in over 40 years of historical market data, statistical analysis, and rigorously validated models.

It’s why we believe so strongly in algorithmic trading. In a world full of noise, our edge lies in staying anchored to the signals that matter most through a diversified, multi-strategy approach designed to adapt across market regimes and systematically manage risk.

Solimar Fund returned 2.4% after fees in July, bringing our year-to-date return to 24.6%—compared to the SPY’s 7.8% YTD*. Since inception on October 1, 2023, Solimar Fund generated a net return of +78.8% after fees in under two years (10/1/23-7/31/25), as reported by our third-party fund administrator.

_{*Benchmark comparisons are for informational purposes and do not imply investability or guarantee 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 7/31/2025. Past performance is not indicative of future results. Investing in the Fund involves risk, including the potential loss of principal.}

Our Rising Star: Winner winner, chicken dinner?

Groundswell momentum is building.

We’re thrilled to share that Solimar Fund has been shortlisted for the 2025 Hedgeweek US Awards in two categories:

• Emerging Performance of the Year: Multi-Strategy Fund and

• Emerging Performance of the Year: Quantitative Strategies Fund.

These prestigious awards recognize standout performance among U.S.-based hedge funds and are based on a combination of quantitative data and qualitative input from institutional allocators and industry professionals. Being nominated in two categories is a meaningful endorsement of our systematic approach, our edge, and the consistency of our results. Will we win? Time will tell. We are humbled by the possibility.

But win or not, we believe this recognition reflects what we’ve set out to build: a rising star in the hedge fund space. As a performance-led, process-driven fund, we believe our results to date reflect the exceptional performance potential of a systematically disciplined, adaptive multi-strat approach grounded in data. We may still be small, but with steady execution and growing awareness, we hope to earn our place among the next generation of notable fund managers.

It’s very rare to consistently outperform broad benchmarks. We’re encouraged by our performance so far and we remain focused on the path ahead.

2025 Performance Comparison: Solimar Fund vs. SPY

• Solimar Fund YTD Performance after fees (1/1/25- 7/31/25): 24.6%

• SPY YTD Performance (1/1/25- 7/31/25): 7.8%

_{*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.}

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- 7/31/25): 78.8%

• SPY Performance (10/1/23- 7/31/25): 47.8%

_{*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.}

Momentum.

As Solimar Fund heads toward our second birthday in October 2025, we’re thankful for the journey thus far and energized by the path ahead. We are grateful for the trust and support that’s gotten us here. Solimar Fund was built to navigate calm and choppy waters alike, across market regimes with discipline and adaptability. And we’re proud of how it’s performed since October 2023.

To our current investors: thank you. Your belief in our process means everything. Many of our most thoughtful conversations with prospective investors have come through your introductions, and we’re always looking to expand our circle of like-minded people. If you know someone who values risk-managed, systematic investing and might be a good fit for the Fund, we’d love to connect.

For those considering an allocation: We’d love to connect and share more about the Fund. With a maximum of 100 permitted investors, our available capacity is limited. We welcome conversations with prospective investors while capacity remains available.

Here’s to continued growth, meaningful connections, and a strong finish to our second year coming in 2 short months.

Let’s keep the momentum going.

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.}