BIT Capital Quarterly Report Equity Q2 2025

The second quarter of 2025 began in the shadow of those macroeconomic burdens and political uncertainties that had already triggered a risk-off dynamic in the first quarter. Following the broad sell-off at the start of the quarter – triggered by historically high US tariffs on the so-called "Liberation Day" – a crisis of confidence emerged that affected equity, bond, and currency markets alike. Despite persistent macroeconomic and geopolitical risks, the market environment became increasingly constructive from mid-second quarter onwards.

The Quarterly Report Equity discusses how we responded to a market environment that was challenging both macroeconomically and geopolitically – from tactical hedging during the "Liberation Day" turbulence to targeted reallocation into undervalued technology stocks – and the impact these decisions had on the performance of our funds.

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