Michigan, US, 15th July 2025, ZEX PR WIRE, Judah Spinner, Chief Investment Officer of BlackBird Financial LP, reported standout results for the first half of 2025. The fund delivered a net return of 34.4%, compared to the S&P 500’s 6.1%. The 28.3% performance advantage highlights the continued strength of Spinner’s value-focused investment strategy during a time of heightened market uncertainty.
“This was an extraordinary first half,” Spinner wrote in his semi-annual letter to clients. “Our results significantly outpaced the broader market, a reflection of the work we’ve done on the business fundamentals of our portfolio companies.”
During the first six months of 2025, BlackBird initiated positions in four new companies, an unusually high number for a fund known for its concentrated and deliberate style. Spinner noted that two additional companies are under active review, though no investment decisions have been made yet. He plans to provide more detail on these holdings in his February 2026 annual letter.
Markets Shrug Off Tariffs – For Now
Spinner’s letter offered a cautionary view of the current macroeconomic landscape, particularly the return of tariffs as a central policy tool under President Trump’s second administration. Although the White House scaled back its most aggressive proposals, the average U.S. tariff has surged to 18.8%, up from 2.4% a year ago, marking the highest level since the 1930s.
“While there may be arguments in favor of tariffs, someone ultimately bears their cost, and it won’t be the tooth fairy,” Spinner wrote. “Higher inflation later this year seems almost inevitable, with the natural consequences being rising interest rates and slower growth.”
What makes the tariff environment more concerning, Spinner added, is the underlying weakness in consumer spending, particularly among lower-income households. With core segments of the population already showing signs of financial strain, added pressure from trade costs could exacerbate economic fragility.
Despite these signals, the market continues to climb, with the S&P 500 reaching new all-time highs. Spinner remarked on the disconnect: “It’s interesting how the market continues to levitate in the face of these risks. It’s not a basis for action on our part, just a point of curiosity.”
Staying Disciplined Amid Noise
True to his long-standing investment philosophy, Spinner emphasized that BlackBird makes no decisions based on macroeconomic forecasting, not even his own. The firm remains fully grounded in bottom-up analysis, evaluating companies based on intrinsic value, business quality, and long-term opportunity.
Spinner’s cautious tone contrasts with prevailing market optimism, but it reflects the discipline that has underpinned BlackBird’s strategy since its founding. “We’re not in the business of predicting interest rates, tariffs, or politics,” he wrote. “We’re in the business of owning high-quality companies at attractive prices.”
Despite the uncertain backdrop, Spinner sees no reason to alter course. “Our job is to remain rational when others are overly fearful or overly confident. So far, that approach is serving us, and our investors, well.”
About Judah Spinner
Judah Spinner is the Founder and Chief Investment Officer of BlackBird Financial LP, a New Jersey-based hedge fund known for its value-oriented, fundamentals-first approach. Under his leadership, the fund has consistently delivered strong results by avoiding speculation and focusing on long-term business quality.
Looking Ahead
Investors can expect a more detailed breakdown of BlackBird’s portfolio changes and strategic outlook in the firm’s next annual letter, scheduled for February 2026. In the meantime, Spinner continues to monitor both macroeconomic developments and individual business opportunities, but remains firmly committed to his core principles.
“Our process hasn’t changed,” he concluded. “We focus on what we can understand, avoid what we can’t, and try to act with discipline regardless of headlines.”
To learn more visit: judahspinner.com
