Ashi Sae Yang/iStock via Getty Images Performance During the fourth quarter of 2025, Night Watch Investment Management LP depreciated by -1.80% net of fees. 2025 performance ended at 23.61%. Despite high single stock volatility in Q4, we ended the quarter roughly flat. Overall, we are very happy with how 2025 transpired. Similar to 2024, our performance was broad-based and not dependent on one or two securities. Notable Positions Haypp (HAYPP) was our top performer of the year. Haypp is the largest e-co ...