Key Takeaways
- • RPD Opportunity Fund delivered ~40% net return in 2025, with December posting +3.24% net, driven by security selection in deeply undervalued China internet and U.S. housing-related sectors plus selective enterprise software exposure.
- • RPD Fortress Fund generated +10.03% net for 2025 with +0.99% net in December, maintaining positive performance in 34 of 35 months since launch with 10.15% annualized compounding, 1.71% volatility, and 3.54 Sharpe ratio on a fully cash-secured, leverage-free basis.
- • Both funds executed the firm's contrarian deep value strategy with strict valuation discipline and conservative risk management, with Fortress demonstrating consistent low-volatility returns across varying market environments and Opportunity capturing asymmetric upside from re-rating of depressed positions.
- • RPD Fund Management, led by Chief Investment Officer Ahmet Okumus (formerly of Okumus Capital where AUM peaked at $1.2 billion), manages $61.1 million in gross assets across its flagship strategies.
Summary
RPD Fund Management LLC closed 2025 with robust results across both flagship funds, reinforcing the effectiveness of its disciplined, research-driven contrarian deep value approach. The RPD Opportunity Fund emerged as the top performer, posting approximately 40% net return for the full year after gaining 3.24% net in December. Performance was driven primarily by security selection rather than broad factor exposure, with significant gains concentrated in China internet equities and U.S. housing-related sectors that entered 2025 at depressed valuations. The fund also benefited from selective long exposure to enterprise software companies, which capitalized on severe sector-wide selloffs to capture additional upside.
The RPD Fortress Fund delivered more modest but consistently positive results, finishing 2025 with a +10.03% net return following a +0.99% December gain. The fund has now achieved positive monthly performance in 34 of 35 months since its launch, demonstrating remarkable consistency across varying market conditions. Since inception, Fortress has compounded at 10.15% net annually while maintaining exceptionally low risk metrics: 1.71% annualized volatility and a Sharpe ratio of 3.54. Notably, the fund operates entirely on a cash-secured basis without leverage, even on a notional basis, highlighting the conservative risk management framework underpinning returns.
According to Ahmet Okumus, Chief Investment Officer of RPD Fund Management, "2025 reinforced the importance of valuation discipline, risk control, and patience." The firm's investment philosophy proved resilient regardless of market direction, with each strategy performing distinctly according to design: Fortress delivering steady, low-volatility returns through market stress, while Opportunity captured asymmetric upside from deeply undervalued businesses. RPD Fund Management currently manages $61.1 million in gross assets across its strategies, building on the track record Okumus established previously at Okumus Capital, where assets under management peaked at $1.2 billion.
The RPD Fortress Fund delivered more modest but consistently positive results, finishing 2025 with a +10.03% net return following a +0.99% December gain. The fund has now achieved positive monthly performance in 34 of 35 months since its launch, demonstrating remarkable consistency across varying market conditions. Since inception, Fortress has compounded at 10.15% net annually while maintaining exceptionally low risk metrics: 1.71% annualized volatility and a Sharpe ratio of 3.54. Notably, the fund operates entirely on a cash-secured basis without leverage, even on a notional basis, highlighting the conservative risk management framework underpinning returns.
According to Ahmet Okumus, Chief Investment Officer of RPD Fund Management, "2025 reinforced the importance of valuation discipline, risk control, and patience." The firm's investment philosophy proved resilient regardless of market direction, with each strategy performing distinctly according to design: Fortress delivering steady, low-volatility returns through market stress, while Opportunity captured asymmetric upside from deeply undervalued businesses. RPD Fund Management currently manages $61.1 million in gross assets across its strategies, building on the track record Okumus established previously at Okumus Capital, where assets under management peaked at $1.2 billion.
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