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...