Praetorian Capital
Our archive holds 8 letters from Praetorian Capital, behind 12 investment theses and positions in 8 companies. Every quote below is copied verbatim from the letter it came from.
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Performance
as of Sep 30, 2026 · net of fees · USD
- YTD+11.0%
| YTD | |
|---|---|
| Praetorian Capital | +11.0% |
Calendar years
- 2025+12.4%
- 2024−10.6%
- 2023+26.4%
- 2022+11.9%
- 2021+143%
- 2020+129%
- 2019+15.0%
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What they bought and sold · 5 moves
- September 2026
“As you can imagine, I used the decline during the third quarter to very aggressively buy shares in both companies.”
Read the letter - ExitedValero EnergySeptember 2026
“As these refiners traded up near to replacement cost, I chose to exit both positions as demand destruction is seemingly accelerating, and I have zero visibility into how long the supply side will remain subdued for.”
Read the letter - ExitedMarathon PetroleumSeptember 2026
“As these refiners traded up near to replacement cost, I chose to exit both positions as demand destruction is seemingly accelerating, and I have zero visibility into how long the supply side will remain subdued for.”
Read the letter - September 2026
“As you can imagine, I used the decline during the third quarter to very aggressively buy shares in both companies.”
Read the letter - AddedMarex Group plcJune 2026
“Fortunately, Marex (MRX – USA) powered higher on elevated volatility, though our Event- Driven book gave back prior gains.”
Read the letter
Companies held · 8
Every company Praetorian Capital has disclosed a position in across our archive, with the letter that last mentioned it.
- Berkshire Hathaway Inc.Jun 2026
- Hong Kong Stock ExchangeSep 2026
- Lincoln Educational ServicesSep 2026
- Marathon PetroleumSep 2026
- MarexSep 2026
- St. JoeSep 2026
- Universal Technical InstituteSep 2026
- Valero EnergySep 2026
Theses · 12
- September 2026
Lincoln Educational Services is viewed as a beneficiary of accelerating demand for trade-school training, AI-driven reskilling, campus expansion, and attractive long-term earnings multiples despite near-term enrollment softness.
Read the full thesis - September 2026
Universal Technical Institute is seen as a trade-school beneficiary of AI-driven reskilling demand, campus expansion, and cheap long-term cash earnings multiples despite temporary earnings pressure.
Read the full thesis - September 2026
St. Joe owns large Florida land holdings and is seen as cheap on AFFO with hidden asset value, strong growth, high ROIC, and inflation and migration tailwinds.
Read the full thesis - June 2026
St. Joe owns large Florida Panhandle भूमि and is viewed as undervalued with strong revenue growth, high ROIC, and inflation- and migration-driven upside.
Read the full thesis - June 2026
Lincoln Educational Services trains skilled trades and medical workers and is seen as a cheap, high-growth beneficiary of AI-driven reskilling with margin expansion potential.
Read the full thesis - June 2026
Universal Technical Institute trains skilled trades and medical workers and is expected to benefit from AI-driven reskilling, campus expansion, and margin growth.
Read the full thesis - March 2026
Marex Group plc is gaining share in trading solutions for mid-market clients, delivering strong ROE and earnings growth with attractive valuation and long-term compounding potential amid rising market volatility.
Read the full thesis - December 2025
The St. Joe Company is a Florida Panhandle landowner with attractive AFFO valuation, high ROIC, and tailwinds from inflation and migration driving growth.
Read the full thesis - December 2025
Marex Group plc is a brokerage gaining share and consolidating mid-market clients amid rising hedging demand, trading at a low multiple with high ROE and compounding potential.
Read the full thesis - September 2025
JOE is a strategically positioned land investment in the Florida Panhandle, poised for significant growth due to increasing demand, favorable taxation, and population migration from urban areas.
Read the full thesis - December 2024
The company JOE is poised for significant growth due to its extensive land ownership and business operations in rapidly developing Florida counties, with the potential for a 67% appreciation in net asset value next year.
Read the full thesis - December 2024
Valaris is a compelling investment opportunity due to its strong asset base, potential for significant cash flow growth, and downside protection from a robust backlog and balance sheet.
Read the full thesis
Letter archive · 8
2026
2025
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