Core Insights - Tapasya Fund achieved a net return of 23.5% in 2025, outperforming the S&P 500's return of 17.9% [1] - The fund's performance was bolstered by the theme of Artificial Intelligence (AI), which helped the market reach over 38 new all-time highs in 2025 [1] - The fund aims to avoid sector-specific bubble bursts to mitigate the impact of general market downturns on its portfolio [1] Company Insights - Topgolf Callaway Brands Corp. (NYSE:MODG) experienced a one-month return of 19.12% and a 52-week gain of 60.90% [2] - As of January 8, 2026, Topgolf Callaway Brands Corp. had a market capitalization of $2.497 billion, with shares closing at $13.58 [2] - The investment in Topgolf Callaway Brands Corp. was deemed a mistake by Tapasya Fund due to management's failure to execute a planned split, resulting in losses, although the small position size minimized overall portfolio impact [3] Hedge Fund Insights - Topgolf Callaway Brands Corp. was held by 34 hedge fund portfolios at the end of Q3 2025, an increase from 28 in the previous quarter [4] - Despite recognizing the potential of Topgolf Callaway Brands Corp., the company believes that certain AI stocks present greater upside potential and lower downside risk [4]