Merion Road Capital Management, an investment advisor, released its first-quarter 2025 investor letter. In the first quarter, Merion Road Small Cap Fund returned (7.8%) compared to (9.5%) return for the Russell 2000 Index. The decline was due to small-cap companies' continuous underperformance relative to their larger counterparts. The long-only portfolio of Merion Road declined (8.2%) during the quarter compared to the S&P 500’s (4.3%) return. The decline was primarily attributable to tech-oriented holdings and economically sensitive industrials. In addition, you can check the fund’s...
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