Praetorian Capital’s Q4 2025 investor letter reported a 0.21% appreciation in the fourth quarter, totaling a 12.39% return for 2025. The fund has seen a 37.12% annualized rate of return since its inception in 2019. The portfolio focuses on real assets outside of tech investments and seeks asymmetric opportunities.

The St. Joe Company (NYSE: JOE) was highlighted in Praetorian Capital’s investor letter, closing at $70.18 per share on February 13, 2026. The stock has a one-month return of 7.33% and is up 46.79% over the past twelve months, with a market cap of $4.06 billion. Praetorian Capital sees potential in JOE as an investment.

Praetorian Capital’s letter stated that The St. Joe Company (NYSE: JOE) owns 167,000 acres in the Florida Panhandle. Despite trading below liquidation value for years, the stock lacked a catalyst for growth. 28 hedge fund portfolios held JOE at the end of Q3 2025, suggesting interest in the stock’s potential.

In a bullish thesis on The St. Joe Company (NYSE: JOE), Praetorian Capital shared a positive outlook in its Q3 2025 letter. The firm believes in JOE’s potential, emphasizing the undervalued nature of the stock. For more investor letters and insights, visit the hedge fund investor letters Q4 2025 page.

Read more at Yahoo Finance: Here’s Why Praetorian Capital Favors St. Joe (JOE)