cemagraphics/E+ via Getty Images Dear Fellow Partners: The Summers Value Fund LP ("the Fund") returned 20.4% net 1 in Q3 2025, beating the Russell 2000 Index ETF (IWM), which returned 12.4%, and the Russell 2000 Value Index ETF (IWN), which returned 12.5%. Year-to-date, the Fund is up 4.9% net 1 , underperforming the IWM (10.3%), and the IWN (8.9%). Since inception, the Fund has delivered a 12.2% annualized net 1 return compared to 6.8% for IWM and 6.1% for IWN. Trailing Period Returns SummersValue Fu ...

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