Crossroads Capital LLC, an investment management firm, released its fourth quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund increased 2.7% net of fees and expenses in Q4 2025, bringing its annualized return to 37.7% net. Since its inception, the fund has returned 21.2% gross and 17.1% net. As of the end of December 2025, the fund’s total non-delta adjusted gross and net leverage were recorded at 89.7% and 72.1%, respectively. After a strong Q3, November revealed how quickly market sentiment can change due to AI bubble concerns, Federal Reserve uncertainty, and an increasingly bearish position. Q4 revealed the increasingly volatile nature of the market while also showing reflexes rather than restraint. The company is cautiously optimistic that the positive trend in the broader market and the growing interest in small-cap stocks will hold in 2026, giving it the much-needed boost that Crossroads has been hoping for for a long time. In addition, please check the fund’s top five stocks to know its best in 2025.
In a letter to investors in the fourth quarter of 2025, Crossroads Capital of Calumet, Inc. (NASDAQ: CLMT ) highlighted stocks like Calumet, Inc. (NASDAQ: CLMT ) is a specialty product and renewable fuel producer serving a variety of consumer and industrial markets. On February 27, 2026, Calumet, Inc. (NASDAQ: CLMT ) stock closed at $26.96 per share. Calumet, Inc. (NASDAQ: CLMT )’s one-month return was 18.61%, and its shares have gained 100.30% over the past 52 weeks. Calumet, Inc. (NASDAQ: CLMT ) has a market capitalization of $2.34 billion.
Crossroads Capital made the following comments about Calumet Inc. (NASDAQ: CLMT ) in its fourth quarter 2025 investor letter:
“We were the only meaningful opponent Calumet, Inc. (NASDAQ: CLMT ), which we sold after the company’s disastrous DOE debt announcement and an unnecessary and frankly ATM proposal that eroded confidence in our management. A constructive macro environment has given them some leverage as the year has ended, but we have lost confidence in the team’s ability to manage capital going forward.”
Calumet, Inc. (NASDAQ: CLMT ) is not on our list of the 30 most popular stocks among hedge funds. According to our database, 17 hedge fund portfolios held Calumet, Inc. at the end of the fourth quarter. (NASDAQ: CLMT ) compared to 18 in the previous quarter. While we have Calumet, Inc. as an investment. (NASDAQ: CLMT) potential, we believe some AI stocks offer more potential and lower risk. If you’re looking for the most undervalued AI stocks that stand to benefit significantly from Trump-era tariffs and the offshore trend, check out our free report Best short-term AI stocks.
