April: Riding the Swells, Navigating the Chop

As we close out April, the markets continue to remind us that clarity is a luxury—and discipline is a necessity. It’s been a month of sharp reversals, shifting narratives, and heightened uncertainty. But at Solimar Fund, we remain grounded in our process.

Our system doesn’t chase headlines or guess turning points—it follows the trend, adjusts with conditions, and aims to minimize risk while staying in position for gains.

That steady approach helped us navigate April’s turbulence: Solimar Fund returned 4.8% after fees, outperforming the S&P 500’s -0.9% return. The Fund is now up 5.9% YTD after fees, while the SPY is down -5.4%.

Finding The Trend

April was a test of conviction—for investors and systems alike. Sentiment whiplashed, headlines screamed recession one day and recovery the next, and price action remained jagged and unforgiving. But amidst the chaos, our system did exactly what it was built to do: analyze the data, assess the risk, and act decisively.

This month, that meant reentering the maelstrom.

After a relatively cautious posture in much of March, the algorithm turned up the dial in April—taking on more risk when the conditions aligned. It wasn’t reckless, but it wasn’t timid either. It was the kind of calculated engagement we aim for: assertive, yet risk-aware.

The payoff? We hit a big milestone this month: $100,000 invested 19 months ago at inception is now worth $152,062 which is roughly 33% annualized returns.

Outperformance like this isn’t just a lucky break—it’s the result of systematically identifying when the odds are in our favor and stepping in with discipline.

We often say our approach is about capturing “small bites of alpha.” This month was a clear example. These incremental edges—month after month, year after year—are what compound into durable, long-term outperformance.

That’s not hype; that’s math.

Meanwhile, we never lose sight of risk. Even while reengaging, our system constantly monitored volatility, adjusted exposure, and sought to sidestep the worst of the market’s shakeouts. It’s this dual mandate—grow capital and protect it—that gives us confidence in our process, regardless of market noise.

While much of the market continues to operate on emotion—fear, greed, indecision—our strategy is built to do the opposite. It sees through the fog, filters the noise, and acts based on evidence, not opinion. That’s why even in turbulent waters, we can sit back, trust the system, and stay focused on the long game.

Context Matters

We always like to zoom out and see where we stand in the broader hedge fund landscape. The chart below, sourced from Bloomberg, shows how major multi-strategy funds have been performing so far in 2025. With our April gains (4.8% after fees) and positive YTD performance (5.9% after fees), Solimar Fund is now competitive with some of the largest and most established players in the space—a testament to the power of our disciplined, data-driven approach in turbulent markets.

2025 Performance Comparison: Solimar Fund vs. SPY

• Solimar Fund YTD Performance after fees (1/1/25- 4/30/25): 5.9%

• SPY YTD Performance (1/1/25- 4/30/25): -5.4%

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- 4/30/25): 52.1%

• SPY Performance (10/1/23- 4/30/25): 29.7%

Looking Ahead: Plenty Of Runway.

We built Solimar Fund to navigate uncertainty—not avoid it. In a year when many are pulling back or sitting on their hands, we’re leaning into our edge: a disciplined system that adapts to changing market conditions, protects capital during drawdowns, and positions for outperformance when opportunities arise.

April was a clear example of that system at work. While many funds struggled to find footing, our strategy engaged with precision and delivered results. We’re not chasing every move, and we’re not trying to predict the future—we’re focused on capturing high-probability trends while staying vigilant about risk. And month by month, that discipline is stacking up.

To our current investors: If you’re considering increasing your allocation, this may be a compelling time to lean in. The system is performing, volatility is creating opportunity, and we believe our edge is showing through. The best time to up your investment is always, now.

To prospective investors: We’d love to bring you into the fold. The earlier you join, the more of the journey you’ll capture—and there’s still plenty of runway ahead.

As always, we’re grateful for your trust and partnership.
Let’s keep building—month by month, wave by wave.

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.}