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.

Solimar Fund returned +2.6% after fees in October bringing our net year-to-date return to 26.6%—compared to the SPY’s 16.3% YTD*. Since inception on October 1, 2023, Solimar Fund has generated a return of +81.7% after fees in just over two years (10/1/23-10/31/25), as reported by our third-party fund administrator.

It’s a funny thing, growing a hedge fund.

When we launched Solimar, we assumed that if we built a fund with institutional-grade performance and process, institutional-grade capital would follow.

Investors would just show up. Inbox full. AUM soaring.

Reality, as it turns out, moves at a slower, steadier rhythm. And that’s probably a good thing. Growth, we’ve learned, doesn’t move at the speed of returns. It moves at the speed of relationships.

Every fund grows through what we call an AUM arc: a natural evolution of Ideal Capital Partners. It starts with your own capital (we’re all-in ourselves), then expands to friends and family. Later, at year two, you move into the fans and followers phase, the people watching quietly to see if the process and results are real. Repeatable.

That’s where we are now.

Here’s a recent epiphany as we journey across that AUM arc. The people who show up at year two are ready to play big and swing for the fences. They bring passion and quick decisions because they’re people who’ve already bet on themselves. Founders. Operators. Business owners. Movers. Shakers. Hard workers & Savers who’ve spent decades protecting what they’ve built and want to grow it wisely enough to make a difference.

We like to say Solimar Fund was built for outside investors: those who’ve worked hard, taken risks, and want their money working intelligently through any market. And in many ways, that’s true.

But if we’re being honest, in the beginning, it was built for us.

Between 2020 and 2023, coming off the chaos of the Covid crash, we weren’t setting out to build a fund. We were trying to build peace of mind.

We wanted a system that could grow our own accounts exponentially and improve our nightly sleep scores. Something that could turn recessions and crash events into opportunities, not setbacks.

Our north star was simple but ambitious: no down years, and the potential to double our capital every three or less. To achieve that, the system needed to be adaptive and smart enough to read the waves of the market to shift with them, automatically.

The fact that it’s actually doing that by staying adaptable, finding the right trends, and compounding through plenty of uncertainty, as designed, still feels a little surprising, in the most confidence-building way.

We’re still early in our story. The inbox isn’t overflowing, and that’s okay. The right people keep finding their way here, one conversation at a time.

And that gives us a lot of confidence in what comes next.

_{*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.}

A quick reminder for those who missed last month’s update: the Solimar Fund Founders’ Class will be closing soon.

Investors who invest before January 1st 2026 will lock in our original 0.5% management / 20% performance fee structure permanently for that investment and its future growth until redemption.

Starting in 2026, new investors and new capital will move to 1.5% management / 20% performance, still below industry averages.

This early window was created to honor those who believed in us from the beginning. With 81.7% net returns since inception (10/1/23–10/31/25), the system continues to perform as designed — steady, adaptive, and built for compounding.

If you’ve been considering an increase or a first allocation, this is the moment to secure Founders’ Class terms before they close.

_{*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. Investing in the Fund involves significant risk, including the possible loss of principal. The strategy may experience periods of negative performance. Investors should carefully review the Fund’s Memorandum before making any investment decision.}

_{*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. Investing in the Fund involves significant risk, including the possible loss of principal. The strategy may experience periods of negative performance. Investors should carefully review the Fund’s Memorandum before making any investment decision.}

As we enter year three, momentum is building. The foundation is strong, the system is proven, and now it’s time to scale, expanding our assets, our reach, and our impact. This next phase is about compounding what we’ve built and accelerating toward our long-term vision: helping more investors grow lasting, generational wealth.

To our current investors a BIG thank you. Your trust and referrals have fueled this growth, and many of our newest relationships began through your introductions. With room for just 100 total investors, space remains intentionally limited. Please continue to share Solimar with those who align with our mission.

Here’s to steady compounding, meaningful relationships, and the confidence to ride even bigger waves ahead.

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}