3Q25 Letter

I’m pleased to share the third quarter 2025 update for the Longriver Partners Fund. You can read it here or in the Letters section of this site once you’ve registered.

After speaking with a good many prospective clients this quarter, I thought it would be helpful to reiterate the case for Longriver and illustrate it with an introduction to Plover Bay Technologies (1523 HK), an investment I made earlier this year. It is exactly the kind of owner-operator, high-return, asset-light business that exemplifies our strategy. It flies below the radar of most global (and local) investors, and I think its potential will only grow as it shrinks the form factor of its devices.

Prompted by a passing remark from Shinya Deguchi of Star Magnolia Capital at the Longriver Gathering, I also share my thoughts on running winners, and give a quick addendum on how the AI investment cycle appears to be inflecting from cash- to debt-funding.

Finally, a personal note. My dad, Professor Peter Frederick Rhodes, died suddenly on 13 July at the age of seventy-six. He was a giant in my life and inspired my love for travel and history. The picture above was taken in the Ural Mountains on the border between Europe and Asia, as we journeyed back from Oxford to Hong Kong after my graduation in 2011 - just one of the many adventures we shared together. I will miss him dearly.