Here’s Why Tapasya Fund Sold Topgolf Callaway (MODG)

14 hours ago 2

Soumya Eswaran

Fri, January 9, 2026 astatine 7:47 AM CST 3 min read

Tapasya Fund, an concern absorption company, released its 4th fourth 2025 capitalist letter. A transcript of the missive tin beryllium downloaded here. The steadfast celebrated its 3rd day successful August 2025 and is blessed with the fund’s performance. In 2025, the money performed good and achieved beardown implicit returns, outpacing the S&P 500 and respective different marketplace indices. The twelvemonth was marked by notable developments, particularly related to tariffs, which led to important fluctuations successful the market. There was a swift correction successful April, followed by a robust rebound. The taxable Artificial Intelligence (AI) has played a important relation successful supporting the marketplace done times of volatility to scope caller peaks, reaching implicit 38 caller all-time highs this year. Against this backdrop, the money returned 23.5% (net) successful 2025 compared to a 17.9% instrumentality for the S&P 500 Index (with Dividends). The firm's extremity is to debar immoderate sector-specific bubble bursts, reducing the effect connected the portfolio beyond wide marketplace downturns. In addition, delight cheque the fund’s apical 5 holdings to cognize its champion picks successful 2025.

In its fourth-quarter 2025 capitalist letter, Tapasya Fund highlighted stocks specified arsenic Topgolf Callaway Brands Corp. (NYSE:MODG). Headquartered successful Carlsbad, California, Topgolf Callaway Brands Corp. (NYSE:MODG) is simply a tech-enabled play and manner institution that manufactures and distributes play instrumentality and accessories. The one-month instrumentality of Topgolf Callaway Brands Corp. (NYSE:MODG) was 19.12%, and its shares gained 60.90% of their worth implicit the past 52 weeks. On January 8, 2026, Topgolf Callaway Brands Corp. (NYSE:MODG) banal closed astatine $13.58 per stock with a marketplace capitalization of $2.497 billion.

Tapasya Fund stated the pursuing regarding Topgolf Callaway Brands Corp. (NYSE:MODG) successful its 4th fourth 2025 capitalist letter:

"Topgolf Callaway Brands Corp. (NYSE:MODG) (Sold 2025): • Thesis & Outcome: The intent was a short-term holding (just implicit a year) expecting a divided of Topgolf and Callaway by mid-2025. The company's management, which has a past of faltering, failed to execute the split. • Takeaway: We incurred losses, but the tiny presumption size (<2%) minimized the interaction connected the wide portfolio. The concern was a mistake due to the fact that absorption failed to present connected the expected action."

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