Atai Capital Management, an investment management firm, recently released its second-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund returned 32.8% in the second quarter, net of all fees, bringing the YTD returns to 29.4% net of all fees. This is compared to a 10.9% total return for the S&P 500, an 8.5% total return for the Russell 2000, and a 15.5% total return for the Russell Microcap for the quarter and 6.2%, -1.8% and -1.1%, respectively, for YTD. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its second-quarter 2025 investor letter, Atai Capital Management highlighted stocks such as Cable One, Inc. (NYSE:CABO). Cable One, Inc. (NYSE:CABO) is a US-based data, video, and voice services provider. The one-month return of Cable One, Inc. (NYSE:CABO) was 9.75%, and its shares lost 56.71% of their value over the last 52 weeks. On August 15, 2025, Cable One, Inc. (NYSE:CABO) stock closed at $153.99 per share, with a market capitalization of $866.8089 million.
Atai Capital Management stated the following regarding Cable One, Inc. (NYSE:CABO) in its second quarter 2025 investor letter:
“I first wrote about Cable One, Inc. (NYSE:CABO) in our Q1 2023 letter, nearly three years ago. I won’t rehash the full thesis here and would point you to that letter for more detail, but at a high level, we invested in Cable One under the belief that its rural Hybrid Fiber-Coaxial (HFC) network would remain defensible against both fiber overbuilders, such as AT&T, and fixed wireless access (FWA) providers like T-Mobile, enabling Cable One to continue subscriber, revenue, and EBITDA growth (even if at a slower pace).
