Recurve Capital, an investment management company, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The composite rose moderately in the third quarter of 2025, returning +4% on a gross basis and +3% on a net basis compared to +8% return for the S&P 500 and +11% return for the Nasdaq. The AI theme gained momentum in late Q3, while many cyclical sectors of the market lagged. The letter focused on a thematic area of the investment process. In addition, you can chec ...

Core Insights - Alphyn Capital Management's Master Account returned 3.0% net in Q3 2025, underperforming the S&P 500 Index which returned 8.1% [1] - The top ten holdings represented approximately 68% of the portfolio, with around 17% held in cash as of Q3 2025 [1] - The market narrative during the quarter was influenced by advancements in AI, credit cycles, and geopolitical uncertainties [1] Company Focus: Cogent Communications Holdings, Inc. - Cogent Communications Holdings, Inc. (NASDAQ:CCOI) is highlighted as a key stock, providing high-speed Internet access, private network, and data center colocation services [2] - The stock experienced a one-month return of 15.10% but has lost 45.99% of its value over the past 52 weeks, closing at $44.14 per share with a market capitalization of $2.171 billion on October 27, 2025 [2] - The investment thesis for Cogent hinges on significant revenue growth from wavelength services, targeting approximately 500 installations per month with an average monthly revenue per wave of $2,000, leading to a potential revenue run rate of roughly $144 million at a contribution margin exceeding 90% [3]