SOM Commentary About 2025 Performance

Overview of 2025

Well, 2025 is over, and I can now evaluate the performance of my four-step framework. I made 14 trades in 2025, including the open ones, with 10 of them yielding positive returns so far and an average net gain of 170%. This result generally aligns with my strategies over the past 15 years. What’s different this year is that, unlike in the past, the gains were driven by two equity themes rather than macro trades (rates, FX, commodities). Luckily, these two equity-focused themes carried the performance.

SOM Macro Commentary; Review Of 2025 Performance jan 2026.pdf

Download PDF • 796KB