Phoenician Capital

    Letters

    Quarterly investor letters

    Every quarter John Khabbaz writes to Phoenician Capital's investors about results, what we bought and sold, and why. These are the public editions of those letters, newest first.

    Q3 2026 ·

    Nine times earnings in a market at twenty-six

    In the third quarter of 2026 the partnership returned +0.5%, bringing its net return for the first nine months to +7.2%, against +12.8% for the S&P 500. The letter introduces Modern Dental Group, reports a takeover proposal for Ashtead Technology, and compares the portfolio's valuation with the index.

    Read the Q3 2026 letter

    Q1 2026 ·

    A completed cycle: seven years in goeasy

    In the first quarter of 2026 the partnership declined by about 7.8%, against a 4.3% fall in the S&P 500 Total Return Index. The letter looks back on goeasy, an investment first made in 2019, and explains why volatile prices had created capital to deploy.

    Read the Q1 2026 letter

    Q4 2025 ·

    2025 in review

    The partnership returned (4.2%) in the fourth quarter of 2025 and 34.0% for the full year, against 17.9% for the S&P 500 Total Return Index. The letter reviews the year's top contributors and detractors and the plans for Phoenician Intelligence in 2026.

    Read the Q4 2025 letter

    Q3 2025 ·

    Trimming winners and replanting

    In the third quarter of 2025 the partnership rose 11.6%, against 8.1% for the S&P 500 Total Return Index. We trimmed goeasy, Mader Group and Dino Polska after large gains and made two new investments, RS Technologies and Synektik.

    Read the Q3 2025 letter

    Q2 2025 ·

    Letting quality and time compound

    In the second quarter of 2025 the partnership rose 21.1%, against 10.9% for the S&P 500 Total Return Index. The gains came from companies owned for years. The letter also sets out the Goodfood lesson, the ASA International board seat and the launch of Phoenician Intelligence.

    Read the Q2 2025 letter