Qarlos Qastilla/iStock via Getty Images Dear Partners, Atai Capital experienced a gain of 10.7% in the third quarter net of all fees. This compares to a 8.1% gain for the S&P 500, a 12.4% gain for the Russell 2000, and a 17.0% gain for the Russell Microcap for the third quarter of 2025. Atai Capital Russell Micro Russell 2000 S&P 500 Q3-2025 10.7% 17.0% 12.4% 8.1% YTD 43.3% 15.7% 10.4% 14.8% Since Inception 84.0% 43.9% 44.0% 81.3% Annualized 24.9% 14.2% 14.2% 24.2% While I am pleased that w ...