Massif Capital’s Q1 2026 Investor Letter

In the first quarter of 2026, the Massif Capital Real Assets Strategy achieved a net gain of 16.0% after fees. This marks the 28th consecutive quarter for the strategy, which has reached an annualized return of 18.7% net of fees since its inception. Investments in mining and energy drove the strong performance in the first quarter. In April alone, the portfolio rose by 10.9% on a gross basis. This month was particularly favorable for real assets, with materials leading the way and energy remaining stable despite ongoing geopolitical turmoil. As previously mentioned, the portfolio is prepared for the long-term impact of the war, as the firm anticipates a significant transition from a geology-first to a geography-first commodity framework. In addition, please check the portfolio’s top five holdings to know its best picks in 2026.

A copy of Massif Capital’s Q1 2026 investor letter Q1 2026 investor letter can be downloaded here.

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