Vox Royalty Corp Up 160% Since Q4 2023 as Fund’s Largest Holding
Ace River Capital's fourth-quarter 2025 letter shows Vox Royalty Corp has returned roughly 160% since Q4 2023, making it the fund's largest holding. Vox shares closed at $5.29 on February 9 with an 8.18% one-month gain and a 116.8% increase over the past year, on a $365 million market capitalization.
1. Fund Performance Highlight
In its fourth-quarter 2025 investor letter, Ace River Capital revealed that Vox Royalty Corp has become the largest position in its concentrated small-cap portfolio, delivering an approximate 160% return since the initial Q4 2023 purchase. This gain outpaced most holdings and underscored the firm’s conviction in royalty-based exposure to precious metals.
2. Royalty Model and Macro Drivers
Vox Royalty’s business model leverages a low-capital framework, earning royalties on production without operational risk. Continued record gold prices driven by inflation concerns, geopolitical tensions and policy uncertainty have underpinned revenue growth and cash flow expansion.
3. Market Metrics and Outlook
As of February 9, Vox shares traded at $5.29, reflecting an 8.18% one-month rise and a 116.8% year-over-year surge. The company’s $365 million market capitalization and clean balance sheet position it for further royalty acquisitions and long-term compound growth under current macro trends.