Crossroads Capital LLC, an investment management company, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund rose 2.7% net of fees and expenses in Q4 2025, bringing its annual return to 37.7% net. Since its inception, the Fund compounded at the rate of 21.2% gross and 17.1% net. By the end of December 2025, the Fund’s overall non-delta adjusted gross and net exposure were recorded at 89.7% and 72.1%, respectively. After a strong Q3, November revealed how rapidly market sentiment can shift due to AI bubble concerns, Federal Reserve uncertainty, and increasingly bearish positioning. Q4 revealed the market’s increasingly volatile nature while also demonstrating reflexivity rather than avoiding it. The firm remains cautiously optimistic that the positive trend in market breadth and a growing interest in small-cap stocks will carry into 2026, giving it a much-needed boost that Crossroads has long anticipated. In addition, please check the Fund’s top five holdings to know its best picks in 2025.
In its fourth-quarter 2025 investor letter, Crossroads Capital highlighted stocks like AST SpaceMobile, Inc. (NASDAQ:ASTS). AST SpaceMobile, Inc. (NASDAQ:ASTS) is a satellite communication company that designs and develops a constellation of BlueBird satellites. On February 27, 2026, AST SpaceMobile, Inc. (NASDAQ:ASTS) stock closed at $79.19 per share. One-month return of AST SpaceMobile, Inc. (NASDAQ:ASTS) was -24.26%, and its shares gained 209.09% over the past 52 weeks. AST SpaceMobile, Inc. (NASDAQ:ASTS) has a market capitalization of $30.1 billion.
Crossroads Capital stated the following regarding AST SpaceMobile, Inc. (NASDAQ:ASTS) in its fourth quarter 2025 investor letter:
“During the quarter AST SpaceMobile, Inc. (NASDAQ:ASTS) continued its transition from an R&D-oriented startup to a scaleup — a company that has validated its core technology and is now laser-focused on execution: expanding revenue, headcount, and market reach, all in compounding fashion. The milestone horizon has shifted accordingly, away from technological feasibility and toward launch cadence, manufacturing throughput, and expanded commercial agreements — each of which saw meaningful progress through the end of 2025 and into early 2026.
