Legacy Ridge Capital Administration, an funding administration firm, launched its This autumn 2025 investor letter. A replica of the letter will be downloaded right here. The Partnership returned 7% internet of a 1% efficiency price in 2025. Market volatility led to the Partnership’s weaker-than-expected efficiency final 12 months. The 12 months began strongly however confronted challenges after Liberation Day, regardless of properly investing through the market’s lows. The Partnership confirmed progress from November to mid-December. The letter additionally famous {that a} shift within the calendar finish date would have improved returns by over 4%, highlighting the unpredictable nature of concentrated worth investing. The portfolio is concentrated in 10 names, and the dividend yield is roughly 6%. Please evaluation the Partnership’s prime 5 holdings to realize insights into their key choices for 2025.
In its fourth-quarter 2025 investor letter, Legacy Ridge Capital Administration highlighted shares like Polaris Inc. (NYSE:PII). Polaris Inc. (NYSE:PII) is a powersports automobiles manufacturing firm. On February 3, 2026, Polaris Inc. (NYSE:PII) inventory closed at $67.20 per share. Polaris Inc. (NYSE:PII) delivered a -2.92% return prior to now month, and its shares are up 48.41% over the previous twelve months. Polaris Inc. (NYSE:PII) has a market capitalization of $3.78 billion.
Legacy Ridge Capital Administration acknowledged the next relating to Polaris Inc. (NYSE:PII) in its fourth quarter 2025 investor letter:
“A lot of the names we’ve owned for a number of years have had first rate efficiency, and regardless of earnings and dividends rising over that interval most have additionally benefited from a reasonable re-rating, thus narrowing the margin of security. Equally distributing extra money throughout our present portfolio doesn’t enchantment to us at this very second, however circumstances can change shortly and we’ve had quite a few bouts of idiosyncratic volatility in owned or adopted names within the current previous. And sitting on our ass(ets)—as Munger would say— doesn’t imply we’ve give up looking for nice alternatives. We’re discovering new concepts we predict are low cost, we simply aren’t discovering as many. Quite than make a brand new concept a 15%+ place in an effort to deploy extra of our money, which might make us uncomfortable, we initially make investments 10% or much less.
