Latest ArticlesLeaven Partners Q4 2025 Letter To PartnersJan. 18, 2026 8:50 PM ETLeaven Partners9 FollowersFollow

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CommentsSummaryIn the fourth quarter of 2025, fund assets appreciated by 4.2%, while over the three-year period, the fund is up 71.3% compared to the S&P 500.Leaven Partners short position in the Japanese yen was the winner in the quarter and the quarter's gains came entirely from our short yen position.By systematically choosing when to be long or short the Japanese yen, I believe we can reduce the short-term currency volatility to more manageable levels.Rather than forecasting where the yen should trade, we let actual price trends guide us; it guarantees we will be on the right side during the majority of the move.Because we have an asset that is priced in yen with the knowledge that we will want all of our assets in dollars, we have an asset/currency mismatch.

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While the performance of our core holdings 3 was largely unchanged during the quarter, we realized losses on several market hedge positions initiated in late November and unwound in early December. Such whipsaws are

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