sankai/iStock via Getty Images The following segment was excerpted from the Atai Capital Management Q3 2025 Letter. The portfolio's top contributor for the quarter was BK Technologies Corp (BKTI) ("BKT"), which is a position I have not mentioned previously, and we'll cover in more detail shortly. Other notable contributors included Bel Fuse (BELFB) and an undisclosed position. Detractors for the quarter consisted of a large undisclosed position and AstroNova (ALOT). As mentioned in prior letters, partn ...

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 ...