Update: FY2025 results for my concentrated Italian small-cap “fun fund”

**Performance (FY2025, as of 31/12/2025)** * FY2025 (TWR): **+41.96%** * Since inception 01/2021 (TWR): **+139.87%** * Annualized performance (TWR): **+19.25%** * IRR (money-weighted): **24.69%** **Positions** * NewPrinces (BIT:NWL) — **23.69%** * Generalfinance (BIT:GF) — **22.63%** * REVO Insurance (BIT:REVO) — **13.02%** * Garofalo Health Care (BIT: GHC) — **11.40%** * Cy4gate (BIT:CY4) — **9.42%** * CASH - **19.84%** **Full-year returns** * 2025: +41.96% * 2024: +26.96% * 2023: +20.06% * 2022: -24.13% * 2021: +24.17%