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June 2025 Recap
All OWL Groups had positive performance in June, with Tech and Tiger Cubs leading the way. Energy/Cyclicals, Small-Cap, and Brazil also had a strong month. Our Biotech group was up 6% in June but still has the lowest YTD performance across our groups. While still positive, Our India and REIT groups underperformed for the month.
As a reminder, the table below is based on our “OWL Groups” – curated lists of over 500 managers frequently found in leading allocators’ portfolios. These lists are categorized by geography, sector, and style, enabling our users to easily monitor groups of managers and their underlying disclosed holdings. For our customers, we also provided a detailed table with a selection of the best and worst performing managers in June, using OWL's return estimates.
Source: OWL estimated returns of disclosed longs through 6/30/25
One manager with strong estimated performance in June was 22NW. Seattle-based 22NW was founded in 2014 by Aron English after serving in research roles at Meson Capital and RBF Capital.
22NW currently discloses 23 positions, mostly in US microcaps. OWL users can look at exposures across several factors including market cap, sector, and geography for thousands of managers on our platform, helping them better understand portfolio and strategy shifts over time. Our customer newsletter on Friday provided additional details on how 22NW’s exposures had changed over time.
The primary driver of 22NW’s June performance was Nektar Therapeutics, a clinical-stage biotech company whose stock was up 100%+ in June after it announced positive trial results on June 24th. Following the run up in shares, Nektar also announced the pricing of a $100 million public stock offering on July 1st.
Nektar Therapeutics Stock Price
Beyond Nektar, which is 22NW’s largest disclosed position, several of the fund’s other large positions had a strong month in June, including LB Foster (+15%), Sterling Infrastructure (+22%), and Anebulo Pharmaceuticals (+35%). For more details on 22NW’s estimated performance since 2017, as well as performance estimates for thousands of other managers, reach out!
Other News & Events
Featured Allocator | Maddie Wuelfing Rich of Berkeley Endowment Management Company
Featured Allocator | Christina Xing of the California Institute of Technology Investment Office
Featured Allocator | David Chiodo of Performance Equity Management
Featured Allocator | Christopher Goranov of the Cornell University Investment Office
Featured Allocator | David Tammaro of Pinegrove Venture Partners
About Old Well Labs
OWL is an intelligence platform built for allocators, by allocators. Leading endowments, foundations, and family offices use the system to find, monitor, and connect with thousands of fund managers globally. OWL's analytics engine has collected over one billion data points from 65 countries. We make it easy for allocators to find and track information about the managers they care about – not just positions but also performance analytics, people data, business information, and details about the manager investments of other allocators.
Disclaimers
Returns represent the return on invested capital of publicly disclosed long positions, as calculated by OWL. Actual returns may vary based on a number of factors, including (but not limited to) undisclosed positions, short exposure, non-equity holdings, cash holdings, and lagged disclosure of positions.
This newsletter and the material on the Old Well Labs platform are for informational purposes only and should not be considered investment advice or a recommendation of any particular security, manager, or strategy. Old Well Labs shall not be liable for any investment gain or loss that may occur from the use of this material. No part of this material may be reproduced in any form or used in any publication without express written permission from Old Well Labs.