Manole Capital: Q2'25 Investor Newsletter

Summary

  • The US economy remains resilient, with Q2 2025 GDP rebounding to +2.4% despite ongoing volatility and geopolitical risks.
  • We expect continued market volatility, which plays to our strengths in disciplined, alpha-generating FINTECH investing, focused on free cash flow and durable business models.
  • Inflation is moderating but remains above the Fed’s target; we anticipate a patient, data-driven approach to future rate cuts.
  • We remain optimistic about generating alpha in the FINTECH sector, maintaining our long-term focus and commitment to client value despite macro uncertainties.

Five stacks of coloured coins with a graph line above

Richard Drury

Manole Capital Management

2nd Quarter 2025 Investor Newsletter

July 2025

Macro Thoughts:

Despite its challenges, the US economy remains the envy of the world. It is driven by resilience, innovation, and ingenuity, and we do not see anything that changes that opinion. While

This article was written by

Manole Capital Management is a boutique asset manager, based in Tampa, Florida. Launched in 2015, Manole Capital exclusively focuses on the emerging FINTECH industry. Warren joined Goldman Sachs Asset Management in 1994, following graduation from Lehigh University. On GSAM's Growth Equity team, Warren was a portfolio manager on various '40 Act mutual funds, as well as having primary responsibility for certain companies in the financial and technology sectors. After nearly 20 years at GSAM, Warren left and joined Logan Circle Partners in 2013. Leveraging his accounting background from Lehigh University, Warren received his Certified Public Accountant license in 1998. In 2004, Warren received the Chartered Financial Analyst designation.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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