ASB Partners October 2025 Performance
Dear Partners and Friends,
ASB Partners’ estimated net return was -7.2% in October and +10.4% YTD net of fees through 10/31/2025;
Please see the table below for relative performance
Click here for more information about the fund: ASB Partners Investor Package
Click here for the ASB Partners Q325 Letter
In October, one of the Fund’s larger positions missed its quarterly earnings estimate, which was the primary driver of the underperformance. This is a “feature” and not a “bug” of the stock market. It’s painful in the short run, but it can lead to severe mispricing of equities. Feel free to reach out to me if you would like more information about the situation.
Thanks,
Adam
Understood.