Recurve Capital’s Updates on Cogent Communications Holdings (CCOI)

Core Insights - Recurve Capital's third-quarter 2025 investor letter reported a composite return of +4% gross and +3% net, underperforming the S&P 500's +8% and Nasdaq's +11% returns [1] - The letter emphasized a thematic investment approach, particularly highlighting the momentum of AI stocks in late Q3 while noting that many cyclical sectors lagged [1] Company Analysis: Cogent Communications Holdings, Inc. (NASDAQ:CCOI) - Cogent Communications experienced a significant decline, with a one-month return of -52.75% and a 52-week loss of 76.99%, closing at $19.00 per share with a market capitalization of $934.471 million as of November 27, 2025 [2] - The investment management company expressed concerns regarding Cogent's performance, particularly noting a -59% drawdown in November alone, and emphasized the importance of transparency in assessing the situation [3] - Despite acknowledging Cogent's potential, the company indicated that certain AI stocks present greater upside potential and lower downside risk, suggesting a shift in focus towards AI investments [4]