13D Activist Fund is a mutual fund that focuses on companies that are targeted by shareholder activists. The Fund released its Q4 2025 investor letter. A copy of the letter can be downloaded here. In Q4 2025, the I share (DDDIX) returned 0.40%, net of fees and expenses, versus 2.19% for the Russell 2000 Index. YTD, the Fund returned 3.06% vs. the Index’s 12.81% return. It is extremely challenging for active funds to beat market-weighted indexes in a market dominated by large-cap firms. However, the level o ...