Q3 2025 Investor Letter for Truffle Portfolio

Dear Investors and Readers,

I’ve just published the Q3 2025 investor letter for Truffle Portfolio. This quarter, we cover:

• How the market shrugged off a wave of macro fears

• The rapid V-shaped recovery

• Key updates to our inflation positioning

• A case study on conviction: Heico

• Why “winner takes all” is not just a U.S. phenomenon

You can read the full letter here:

As always, thank you for your continued trust and support. If you have any questions or would like to discuss your portfolio, feel free to reach out to me directly.

Pete
Invest with Pete

🚨‼️ By the way, I’ll never PM anyone on telegram or any other social media platforms. If you receive any “Pete” messaging you, these are scammers impersonating me. Pls beware!

The information provided in this newsletter is for informational purposes only and does not constitute financial advice. Readers should seek their own independent financial advice before making any investment decisions. Please note that while Pete is a portfolio manager, the opinions expressed in this newsletter are his own and do not represent the views of any organization. Always perform your own research and due diligence before investing.