3 days ago
5
Soumya Eswaran
Thu, November 27, 2025 astatine 8:02 AM CST 4 min read
Prosper Stars & Stripes, a long/short equity fund, precocious released its third-quarter 2025 capitalist letter. A transcript of the missive tin beryllium downloaded here. In the 3rd 4th of 2025, Prosper Stars & Stripes achieved a nett instrumentality of +9.8%. In comparison, its long/short equity hedge money adjacent group, arsenic indicated by the HFRX Equity Hedge (Total) Index (the “HFRX”), reported a full instrumentality of +3.8%. Additionally, the long-only small-cap Russell 2000 Index (the “Russell”) had a full instrumentality of +12.4%. Year to date, the money returned +8.6% compared to a full instrumentality of +13.6% for the HFRI and +10.4% for the Russell. The Composite’s agelong publication delivered beardown show successful some the 3rd 4th and year-to-date 2025. The abbreviated publication detracted from show some successful the 3rd 4th and year-to-date successful 2025. In addition, delight cheque the fund’s apical 5 holdings to cognize its champion picks successful 2025.
In its third-quarter 2025 capitalist letter, Prosper Stars & Stripes highlighted stocks specified arsenic TAT Technologies Ltd. (NASDAQ:TATT). TAT Technologies Ltd. (NASDAQ:TATT) provides solutions and services to the commercialized and subject aerospace and crushed defence industries. The one-month instrumentality of TAT Technologies Ltd. (NASDAQ:TATT) was -11.81%, and its shares gained 73.27% of their worth implicit the past 52 weeks. On November 26, 2025, TAT Technologies Ltd. (NASDAQ:TATT) banal closed astatine $38.24 per share, with a marketplace capitalization of $495.232 million.
Prosper Stars & Stripes stated the pursuing regarding TAT Technologies Ltd. (NASDAQ:TATT) successful its 3rd 4th 2025 capitalist letter:
"TAT Technologies Ltd. (NASDAQ:TATT) was the apical contributor successful the agelong publication during the 3rd 4th of 2025. As an underfollowed aerospace Original Equipment Manufacturer (“OEM”) and Maintenance, Repair, and Operations (“MRO”) work provider, TATT operates successful 4 niche categories: thermal solutions (~41% of revenues), auxiliary powerfulness units (~27%), landing cogwheel (~5%) and leasing & trading (~14%). We judge the landing cogwheel conception is entering into a large MRO cycle, and TATT already has 2 strategical agreements successful spot with Embraer for their E170 and E175 craft and Gulfstream for their G400 and G500 concern jets. We judge the astir important maturation conception is the auxiliary powerfulness units (“APUs”), peculiarly for the B737 and A320 household of craft and the B777. According to the company, these “platforms” person a Total Addressable Market (“TAM”) of astir $2.5 billion, and TAT Technologies has little than 1% stock contiguous with a extremity of reaching 5 to 10% share. The company’s presumption successful the manufacture is supported by a licence statement with Honeywell, the OEM for the powerfulness units. Although determination are a mates non-licensed APU MRO providers, TATT becomes Honeywell’s approved supplier of aftermarket work and support. Recent results enactment our multi-year thesis connected the sanction with Q2 2025 revenues expanding 18% year-on-year, and the backlog expanding $85m to scope $524m oregon astir 3x existent yearly sales. Gross margins person sequentially improved for 4 consecutive quarters and EBITDA margins reached 14% successful Q2. We judge the marketplace underestimates TATT’s multi-year maturation potential. We deliberation our $39m of FY27 EBITDA is simply a conservate estimate. At a tenable 15x multiple, just worth is successful the debased $50s per stock and we expect TATT to leverage its level for further concern wins and acquisitions that volition adhd much worth to the banal arsenic it develops."
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