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 Consulting. Individual results may vary. Past performance is not necessarily indicative of future results.

The numbers.

Solimar Fund returned -3.7% in November after fees. Not our finest moment, but year-to-date we’re still up 21.9% after fees. For those keeping track, the SPY’s was sitting at 16.6% at the end of Nov. 

Since our launch in October 2023, we are up 75% after fees in just over two years, as reported by our third-party fund administrator.

Not bad for a system that’s lived through real market chaos.

Down Months Happen. It’s What Happens Next That Counts.

November was our third down month of 2025. Not fun, but not unexpected either. After two years of live trading and years of development before that, the pattern is clear - about one in four months dips.

This isn’t a promise or a rule; it’s simply how a long-term, risk-managed strategy typically behaves over many observations. The broader scorecard still holds up: 73% monthly win rate and 100% annually*.

Our goal isn’t to eliminate every bad month. We work to make sure they don’t wreck the whole year. The system steps back when markets get choppy, and leans in when they clear up. It doesn’t predict. It adapts.

That discipline is why our roughest patches have often set up our best runs.

*Our long-term aspiration is to target compounded growth that could approximate a portfolio doubling every three years, though there is no guarantee such results will be achieved and individual results will vary based on entry point and length of investment.

Your Last Chance To Lock This In

December is the final month to join the Founders’ Class.

Here’s what that means:

Investors who commit capital before January 1st 2026 lock in our original fee structure. Not for a year. Not for a promotional period. For the entire life of your investment.

  • 0.5% management fee

  • 20% performance fee

Those terms stick with your money through every gain, every compound, every decade you leave it alone. Your early belief gets rewarded for as long as you stay invested.

Come 2026, new capital enters at our new standard fee schedule:

  • 1.5% management

  • 20% performance

Still competitive. Still reasonable. Just not founder reasonable

So where are we? 75% net returns in just over two years. A system that adapts instead of guesses. And a fee structure that vanishes in 25 days.

This isn’t a marketing promotion we can run again next year (nor would we want to). The Founders’ Class closes because it was designed to reward the people who believed early - and “early” ends December 31.

If you’ve been considering an initial allocation or adding to an existing position - this is the moment. The window is almost closed, and there’s no reopening it later with a good story.

If that sounds awesome, we’d love to chat and tell you more.

Looking Ahead: Year Three and Beyond

As we enter the last month of 2025, we’re holding on to what has carried us this far: discipline, adaptability, and the long view. We’re proud of the foundation Solimar has established and genuinely excited for what lies ahead.

We’re grateful for your trust and partnership, and we look forward to continuing to build something meaningful together. If you’d like to talk through the update or explore an allocation, we’re always here.

And if you haven’t yet, consider adding capital or referring a friend while the Founders’ Class window remains open.

Enjoy the ride!

Geoffrey & Tyler

2by2 Capital LLC | [email protected] | www.2by2Capital.com

Solimar Fund Fact Sheet

Lifetime Performance Comparison: Solimar Fund vs. SPY

  • Solimar Fund Net Lifetime Performance (10/1/23- 11/30/25): 75% after fees.

  • SPY Performance (10/1/23- 10/31/25): 59.8%

The SPY Index is presented solely as a broad equity market reference. The Fund does not attempt to replicate this index, and its strategy and risks differ materially. An investor cannot invest directly in an index.

Have questions? Let’s talk about whether this strategy aligns with your goals.
*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 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. 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.
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.

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Disclaimer
This fund is exclusively available for investment by accredited investors, as defined by applicable securities laws.

This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security.  Investing entails risks, including possible loss of principal. Investments in hedge funds are speculative and involve a higher degree of risk than more traditional investments. 

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.

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 quantitative 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.

© 2026 Solimar Fund LP, 2by2 Capital LLC : [email protected]..

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