June brought another wave of global market volatility—this time fueled by the lingering fallout from aggressive U.S. trade policies and the brief but jarring Israel-Iran conflict. Oil and gold surged, volatility spiked, and while markets and equities seemed to bounce back quickly, the rally masked deeper instability and fragile investor sentiment.

Sensing turbulence ahead, our algorithm shifted to a more defensive posture early in June. By reading the market’s shifting signals, it took a risk-off stance for most of the month—reducing exposure and prioritizing capital preservation. In a landscape of uncertainty, it did exactly what it was designed to do: stay calm, remain adaptive, and protect on the downside, especially after a great run up in May.

Solimar Fund returned 0.4% after fees in June, bringing us to 21.7% after fees YTD, while the S&P 500 is at 5.4% YTD. Since Inception Solimar Fund is up 74.7% after fees in less than two years (10/1/23-6/30/25).

_{Figures and returns represent unaudited actual returns net of fees and expenses, as reported by our third-party administrator, NAV Consulting. 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 6/30/2025. Past performance is not indicative of future results. Investing in the Fund involves risk, including the potential loss of principal.}

Wealth Stewardship - investors first

We originally built Solimar Fund’s algorithm for ourselves—aiming to grow as quickly as possible what we’d worked hard to earn, without taking on the kind of risk that keeps you up at night. That mindset still drives our core strategy today.

We’re constantly working to improve our edge, our odds, and how we manage risk, because we believe that’s what this kind of work demands. And honestly? We love it.

Most days, you’ll find us refining the system, tuning execution, optimizing processes, and making sure the strategy does exactly what it was built to do. The algorithm runs 24/7, and most days, it feels like we do too. It’s not because we have to, but because we care deeply about getting it right.

Yes, we’re surfers but we’re also builders, operators, and risk managers. And the truth is, we surf a lot less than we’d like. Because this comes first. Our investors come first.

We’ve learned that real freedom doesn’t come from stepping back. It comes from leaning in. From doing the work, so the system can carry the weight when it matters most. That’s what a quantitative edge is all about, a quiet engine running in the background, keeping you in the game through calm and chaos.

Our Algo: Built to seek growth. Built to manage risk. Designed with the goal of delivering non-correlated, asymmetric returns.

It’s not about replacing good judgment. It’s about backing it up with structure, speed, and discipline. That’s why we believe every portfolio can benefit from a quantitative edge. Because we believe portfolios shouldn’t just be invested, they should be engineered with purpose.

And now, we’re gaining momentum. Solimar Fund’s performance-driven strategy is delivering performance that, to date, compares favorably with certain larger, more established funds—based on public benchmark data. Thus far into 2025, we’ve delivered strong absolute returns, often outperforming firms with far more capital and infrastructure. We don’t say that to boast. We say it to show what’s possible when focus, discipline, and love for the craft come together.

2025 Performance Comparison: Solimar Fund vs. SPY

• Solimar Fund YTD Performance after fees (1/1/25- 6/30/25): 21.7%

• SPY YTD Performance (1/1/25- 6/30/25): 5.4%

_{*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- 6/30/25): 74.7%

• SPY Performance (10/1/23- 6/30/25): 44.5%

_{*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.}

Halftime.

With June behind us, we’ve officially reached the halfway mark of a turbulent and volatile year in the markets. From geopolitical shocks to trade uncertainty, US equities have struggled to find stable footing. While many investors have been whipsawed by volatility, Solimar Fund has stayed focused on its goals of uncorrelated absolute returns and so far, we’re encouraged by the results.

We’re proud to have a standout first half of the year, especially in this turbulent environment. It is exactly why we built the system: to navigate tough markets with discipline, to protect on the downside, and to keep compounding regardless of the broader mood.

Our algorithm doesn’t chase trends or headlines. It reads the market, adapts in real time, and does the hard work of staying the course whether that means stepping back or leaning in. As we head into the second half of the year, we’ll continue doing what we’ve aimed to do every day since launch: protect, adapt, and grow.

To those already invested: thank you for your continued trust. Our strongest leads for new investors come from warm introductions from you. We appreciate the help.

To those watching from the sidelines: the Fund has limited capacity which means we may increase the minimum investment in the near future. Please reach out if you're considering an allocation.

Here’s to building on this momentum and to an even better second half of the year.

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.}