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_Subscript

December 12, 2025

Perfect 10 Investor Letter for November

November performance -0.19%, net return since inception +1.24%

Digest

Key points for November

The fund returned -0.19% in November
Key events included an equity market correction and a repricing of rate cut expectations
The market remains uncertain ahead of the release of delayed macro statistics

See the investor letter for more details.

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