Praetorian Capital, an investment management company, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Fund appreciated by 0.21% net of fees in the fourth quarter, bringing its 2025 returns to 12.39% net of fees. The Fund has compounded capital at an annualized net rate of 37.12% since its inception on January 01, 2019. Due to the Fund’s concentrated portfolio construction and focus on asymmetric opportunities, it will be volatile from quarter to quarter. In Q4, its core portfolio generated modest returns; however, the Event-Driven book detracted from performance. While the core portfolio positions appreciated in 2025, the Event-Driven book posted modestly positive returns. The firm primarily invests in real assets outside tech investments and believes that policymakers ignore real economic growth. In the changing landscape, the portfolio chose to capitalize on segments like brokers, exchanges, and other market intermediaries. Please review the Strategy’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Praetorian Capital highlighted stocks like The St. Joe Company (NYSE:JOE). The St. Joe Company (NYSE:JOE) is a real estate development, asset management, and operating company. On February 13, 2026, The St. Joe Company (NYSE:JOE) stock closed at $70.18 per share. One-month return of The St. Joe Company (NYSE:JOE) was 7.33%, and its shares are up 46.79% over the past twelve months. The St. Joe Company (NYSE:JOE) has a market capitalization of $4.06 billion.
Praetorian Capital stated the following regarding The St. Joe Company (NYSE:JOE) in its fourth quarter 2025 investor letter:
“The St. Joe Company (NYSE:JOE) owns approximately 167,000 acres in the Florida Panhandle. It has been widely known that JOE traded for a tiny fraction of its liquidation value for years, but without a catalyst, it was always perceived to be “dead money.”
