Partnership Letter 2024

Principled Capital Members,

The fund became fully funded on August 31st, 2021, and since then has been deployed into the market. From inception to the close of 2024, your investment in Principled Capital earned 11x more gains than if you had invested in the S&P 500 over the same time period.

Performance Summary (unaudited):

Jan 1st 2024 to Dec 31st, 2024

S&P 500 (SPY): 23.72%

Principled Capital Partners: 134.85% (before fees)

Fund inception Sept 1st, 2021 to Dec 31st, 2024

S&P 500 (SPY): 29.36%

Principled Capital Partners: 321.69% (before fees)

Partnership Letter:

Happy New year to everyone! We celebrate another year of outsized returns as we continue to rise from the ashes of 2022… again a testament to you all who continue to trust me through both bad times and good. I reaffirm my commitment to you in managing your capital with as much wisdom as God will allow me.

The past year was a year of reaping rewards. We exited several of our most successful positions as they rose to levels of which I did not understand. I continue eyeing several different opportunities and will move forward with them as soon as the market supplies me with a reasonable price. Today we primarily hold Bitcoin, which I believe to be the worlds superior monetary asset, but will not hesitate to jump back into equities when great companies go on sale.

Similar to last year this is a shorter letter as there is not much to explain during good years other than to simply enjoy the ride! I will be sending out K1’s shortly, and as always feel free to reach out to me if you have any questions/concerns.

Thanks!

Paul Holtfrerich

Managing Partner, Principled Capital LLC