Praetorian Capital, an investment management company, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund appreciated by 5.70% in the third quarter. The Fund’s concentrated portfolio and emphasis on asymmetric opportunities are likely to result in notable volatility. In the third quarter, core positions appreciated moderately, whereas the Event-Driven book produced a negligible gain. For more information on the fund’s top picks in 2025, please check its top ...