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Stock impact report

Ace River Capital Q4 2025 Quarterly Letter [Seeking Alpha]

Vox Royalty Corp. - common stock (VOXR) 
Company Research Source: Seeking Alpha
The concentrated portfolio favors small- and micro-cap, asset-backed businesses with structural advantages and long reinvestment runways, intentionally avoiding software, finance, and insurance. Vox Royalty is the largest holding, up ~160% since Q4 2023, benefiting from gold price strength and a royalty-based model with expanding cash flow. RCI Hospitality faces legal and governance challenges, but core operations remain intact; current crisis valuation is seen as a buying opportunity. e-crow/iStock via Getty Images Dear Investors, For the fourth quarter of 2025, Ace River Capital Partners, L.P. (the "Fund") returned . Over the same period, the S&P 500 ( SPX ) and Russell 2000 ( RTY ) returned and , respectively. For the full year, the Fund returned , compared to for the S&P 500 and for the Russell 2000. While these results were clearly disappointing, the year was defined far more by valuation compression and idiosyncratic events than by any permanent impairment of underl Show less Read more
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