Voss Capital, LLC, an funding administration firm, launched its third-quarter 2025 investor letter. A duplicate of the letter might be downloaded right here. Voss Capital’s funds, Voss Worth Fund, LP, and the Voss Worth Offshore Fund, Ltd returned +5.0% and +4.9% to traders internet of charges and bills respectively, within the third quarter in comparison with a +12.4% return for the Russell 2000 Index, +12.6% return for the Russell 2000 Worth Index, and +8.3% return for the S&P 500 Index. The Voss Worth Grasp Fund’s complete gross publicity stood at 205.4% and the web lengthy publicity was 95.8% as of September 30, 2025. The load of the fund’s high 10 longs was 77.8% and the highest 10 shorts have been -43.5%. As well as, you may examine the fund’s high 5 holdings to find out its greatest picks for 2025.
In its third-quarter 2025 investor letter, Voss Capital highlighted shares resembling Five9, Inc. (NASDAQ:FIVN). Five9, Inc. (NASDAQ:FIVN) is an clever cloud software program supplier for contact facilities. The one-month return of Five9, Inc. (NASDAQ:FIVN) was -13.69%, and its shares misplaced 52.10% of their worth during the last 52 weeks. On December 01, 2025, Five9, Inc. (NASDAQ:FIVN) inventory closed at $19.86 per share, with a market capitalization of $1.553 billion.
Voss Capital said the next relating to Five9, Inc. (NASDAQ:FIVN) in its third quarter 2025 investor letter:
“Take for example, Five9, Inc. (NASDAQ:FIVN), whose subscription progress went from 16% in Q2 to 10% in Q3 and the inventory has extrapolated the deceleration with minimal terminal money flows assumed. Our learn of the enterprise’s future is extra optimistic, and we imagine some constructive AI proof factors are nonetheless stacking up in FIVN’s favor. Whereas the “land and develop” AI story is taking longer to materialize within the P&L attributable to advanced implementation cycles, the underlying demand stays sturdy—Enterprise AI income grew over 40% once more within the quarter and Enterprise AI bookings grew over 80% y/y. We see the present progress headwinds as minor execution points reasonably than positive indicators of structural obsolescence.
