Leopold Fund Survives July AI Stock Drawdown

Leopold Aschenbrenner sent limited partners a letter detailing a July drawdown in AI holdings that produced a 67 percent month-to-date loss. The fund completed a block trade that eliminated all leverage and avoided liquidation. It will now operate an unlevered public book. Multiple public posts confirm the letter also noted an 80 percent gain year-to-date. Reactions on X highlighted the move away from margin and the fund's prior growth under heavy AI exposure.