As of September 30, 2025, Book Value per Share stands at $21.36, reflecting a growth of 4.3% in the 3rd Quarter, which represents an overall increase in per-share Book Value of 142.7% since inception in the 4th Quarter of 2022.
- 3rd Quarter 2nd Quarter
- Statement of Changes in Equity (value in %)
- Unrealized & Realized Gains (Losses) on Securities 2.3 5.6
- Capital Allocation Adjustments on Securities (1) 2.2 0.6
- Non-Core Assets Valuations 0.1 3.0
- Other Non-Recurring Items (2) 1.1 0.0
- Other Equity Adjustments 1.3 0.2
- Total Change in per-share Book Value %4.3 %9.0
- $0.89 $1.69
Fair value-based data. Internal valuation only, not publicly traded. ⏐ Unaudited
Marketable Securities Portfolio — Quarterly Summary
No. of Securities
15
QRT Return*
5.5%
YTD Return**
15.2%
Turnover Ratio
Minimal (~5%)
* Returns are calculated using the time-weighted rate of return (TWR) methodology, net of external cash flows, and are reported based on the reference quarter.
** Year-to-date (YTD) returns are calculated from January 1, 2025 through the end of the reporting period.
Aggregated Portfolio Metrics
CAGR
12.7%
Annualized STDEV
8.9%
Sharpe Ratio
1.14
P/E Ratio
20.95
Based on Publicly Traded Securities Held ⏐ Since Inception (Q4 2022 - Q3 2025).