Massif Capital’s Q2 2026 Investor Letter

Massif Capital, an investment management company, released its “Massif Capital Real Assets Strategy” second quarter 2026 investor letter. In the quarter, the strategy fell 5.16% net of fees, bringing year-to-date returns to 10.7%. April and May were strong, but June losses in European energy and materials weighed on performance. Portfolio volatility reached an annualized 32.8% during the first half, compared with 16.2% from 2019 through 2025, as commodity sensitivity increasingly...