As we approach the final quarter of 2025, we are pleased to report that Valence Global Fund has achieved a positive return of +20.832% year-to-date, despite what has been one of the most volatile and treacherous years in recent memory for global markets.
We have done this without leverage, without exotic derivatives, and without the kind of financial engineering that often disguises fragility as sophistication. Instead, our results are the product of relentless discipline, deep research, and a fundamental approach to investing — the same principles we have adhered to since our founding.
The Power of Triangulation — Quantitative Meets Qualitative
At Valence, our investment process is rooted in triangulating quantitative and qualitative analysis. Numbers alone rarely tell the whole story, and narratives without numbers are just opinions. The real edge lies in the intersection — where rigorous financial modelling meets an intimate understanding of a company’s business model, culture, leadership, and competitive dynamics.
This approach is increasingly rare in today’s asset management landscape. In many firms, quantitative work is outsourced or delegated to junior analysts. Fund managers are often removed from the foundational analysis that should guide every investment decision.
In our view, quantitative work not done by the fund manager himself is merely a number. It lacks soul, context, and conviction. We do it differently. At Valence, our portfolio manager, Stanley is deeply involved in both the numerical and the narrative — much like Warren Buffett, who after more than half a century still reads reports, builds models, and studies businesses himself. It is this kind of commitment — to knowing what we own and why we own it — that allows us to navigate uncertainty with confidence.
Only Investing in What We Truly Understand
We are not interested in chasing trends, timing markets, or speculating on fads. Valence Global Fund invests only in businesses we deeply understand — companies with durable competitive advantages, strong balance sheets, and structural growth tailwinds that can compound value over many years.
Our horizon is measured not in quarters, but in decades. We believe that is the only way to truly harness the power of compounding — and the only way to create real wealth for our investors.
No Gates. No Illusions. No False Comfort.
We also want to reaffirm a principle that defines us as much as our investment philosophy: Valence Global Fund has no gate.
Our investors are free to redeem at any time. We do not bind you with restrictions or redemption caps. We believe our work must earn your trust every day — not lock it up behind contractual walls.
This matters. Because when a fund allows only 5–10% redemptions a year, it can say whatever returns it wishes. That’s how Bernard Madoff was able to report impressive numbers for two decades — until reality caught up.
We refuse to play that game. Our results are what they are — real, liquid, and transparent. We offer no guarantees about the future, only our commitment to continue doing the work as diligently and honestly as we know how.
Our Purpose: Absolute Returns, Not Relative Battles
Finally, we wish to be clear about our purpose. Eu Capital and Valence Global Fund do not exist to compete with indices or other funds. We find that meaningless. Benchmarking may be the language of the industry, but it is not the measure of a meaningful life.
We care only about absolute returns — about growing capital steadily and responsibly over time. And we believe that investing is not just about wealth creation, but about enabling a life that is rich, meaningful, and fulfilling.
A Closing Thought from Zhuangzi
We leave you with the words of the ancient sage Zhuangzi (莊子), whose wisdom continues to inspire how we think about both investing and life:
“The fish forgets itself in water, and man forgets himself in the Way.”
(魚相忘於江湖，人相忘於道術)
For us, this means that investing is not a contest. It is not about comparison or competition. It is about aligning ourselves with enduring principles, focusing on what truly matters, and letting results flow naturally from disciplined work and clear purpose.