BIT Capital Quarterly Report Equity Q1 2025

The first quarter of 2025 was marked by a pronounced shift in sentiment in capital markets. US technology stocks came under particular pressure – partly triggered by a reassessment of AI investment narratives following the DeepSeek release from China. What began in January as a sector rotation developed, under increasing pressure from macroeconomic factors and political uncertainty, into a broad risk-off movement. After an initially volatile sideways move at the start of the year, escalating US tariff threats, declining US economic data, and uncertainty around US monetary policy created an increasingly tense market environment with significant correction from mid-February onwards.

The Quarterly Report Equity discusses the concrete measures we took to position our portfolios defensively, how our funds performed relative to broad technology indices, and which tactical allocation decisions at the single-stock level contributed to this outcome.

Note: The full quarterly report is available in German only.