Crossroads Capital LLC, an investment management company, has released its Q4 2025 Investor Letter. A copy of the letter is below. Downloaded from here. The fund grew 2.7% in the fourth quarter of 2025, excluding fees and expenses, for a net annualized return of 37.7%. Since its inception, the Fund has compounded a gross interest rate of 21.2% and a net interest rate of 17.1%. By the end of December 2025, the fund’s overall non-delta-adjusted gross and net exposures were 89.7% and 72.1%, respectively. After a strong third quarter, November revealed how quickly market sentiment can change due to AI bubble concerns, Federal Reserve uncertainty, and an increasingly bearish stance. The fourth quarter revealed the increasingly volatile nature of the market while demonstrating reflexivity rather than avoidance of it. The firm is cautiously optimistic that positive trends in market breadth and increased interest in small-cap stocks will carry over into 2026, providing the long-awaited tailwind that Crossroads has long expected. Plus, check out the fund’s top 5 holdings to find out the best stocks for 2025.
Crossroads Capital highlighted stocks such as AST SpaceMobile, Inc. (NASDAQ:ASTS) in its Q4 2025 Investor Letter. AST SpaceMobile, Inc. (NASDAQ:ASTS) is a satellite communications company that designs and develops the BlueBird satellite constellation. On February 27, 2026, AST SpaceMobile, Inc. (NASDAQ:ASTS) stock closed at $79.19 per share. AST SpaceMobile, Inc. (NASDAQ:ASTS)’s 1-month return is -24.26%, and the company’s stock has moved 209.09% over the past 52 weeks. AST SpaceMobile, Inc. (NASDAQ:ASTS) has a market capitalization of $30.1 billion.
Crossroads Capital said the following about AST SpaceMobile, Inc. (NASDAQ:ASTS) in its Q4 2025 investor letter:
“During the quarter AST Space Mobile Co., Ltd. (NASDAQ:ASTS) continued its transition from an R&D-oriented startup to a scale-up company. A company that has validated its core technology and is now focused on execution to grow revenue, headcount, and market reach all at compound interest. Correspondingly, milestone horizons have shifted from technical feasibility to expanded launch pace, manufacturing throughput, and commercial agreements, each with meaningful progress toward late 2025 and early 2026.