Global – October 31, 2026 -- BlackBird Financial reports a 62.2% return for 2025, which it attributes to a risk framework built on capital preservation and run by Judah Spinner without reckless leverage or concentrated bets on unproven technologies.
Fund buys only below intrinsic value under a margin-of-safety rule
Spinner applies "margin of safety investing," a concept inherited from Benjamin Graham. Every holding must trade well below its intrinsic value, which gives the fund a cushion against miscalculation or market downturns. The fund contrasts this with momentum strategies that depend on continued price appreciation.
Portfolio holds fewer than ten positions with capped position sizes
No single investment may exceed a defined percentage of assets under management. The concentrated book of fewer than ten holdings lets the team monitor each one closely while still spreading exposure across sectors and market capitalizations. Spinner calls the approach "quality over quantity."
Team treats market corrections as buying windows
Spinner and his team use downturns to acquire quality companies at discounted prices. He traces this contrarian stance to mentorship from Charles Dayan in his teenage years, and says it protected fund performance during market turmoil while creating opportunities to deploy capital.
Analysts test each investment against four economic scenarios before committing capital
Before deploying capital, the team projects performance under recession, stagflation, rapid deflation and structural disruption.
Operational risk, management risk and industry disruption risk receive equal attention alongside financial risk. Management teams face the same scrutiny as financial statements. Spinner looks for operators with demonstrated integrity, long-term thinking and skin in the game.
BlackBird says avoiding catastrophic losses allows capital to compound over extended periods, and that this has produced superior risk-adjusted returns. The figures are self-reported by the fund.