| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.1% | - | - |
| 2022 |
|---|
| -0.4% |
Capicraft's Global Creator Fund delivered 32.66% returns in 2025, demonstrating the effectiveness of their multi-asset approach incorporating real assets. The manager remains constructive on current positioning as markets enter a new phase favoring commodities and emerging markets over US technology giants. Key themes include oil trading at extremely cheap inflation-adjusted levels with limited spare capacity, gold supported by central bank buying and investor underexposure, and rhodium positioned for hybrid vehicle growth despite trading 150% below 2022 peaks. China's excess capacity dumping and massive fiscal deficits create capital flows unlikely to benefit US markets. The Trump administration's pressure for accommodative monetary policy and a less independent Federal Reserve could weaken the dollar and pressure bonds while supporting precious metals and emerging markets. Geopolitical tensions, particularly potential Iranian regime change, add upside catalysts for commodities. The primary risk is oil price increases reigniting inflation and pressuring monetary policy, while overvalued technology stocks face multiple headwinds including AI narrative setbacks and higher rates.
Multi-asset portfolios incorporating real assets like commodities, precious metals, and emerging market exposure are positioned to benefit from a weaker dollar environment, geopolitical tensions, and the next phase of the commodity cycle, while traditional US equity indices face valuation and policy risks.
The manager remains constructive on current market dynamics and portfolio positioning. The next phase of the cycle is likely to favor industrial metals and commodities, with base metals already showing strong momentum. A weaker dollar environment could continue benefiting emerging markets and precious metals, while oil prices face upward pressure from geopolitical developments and supply constraints.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 16 2026 | 2025 Q4 | - | China, commodities, emerging markets, Geopolitical, global, Multi-Asset, oil, Precious Metals | - | Oil prices are extremely cheap in inflation-adjusted terms, with record short positions despite limited spare OPEC capacity and declining US rig counts. Natural decline rates… |
| Jul 11 2025 | 2025 Q2 | - | capital flows, dislocation, diversification, emerging markets, Precious Metals | - | The letter highlights global market dislocations driven by dollar weakness, tariffs, and shifting capital flows. Management favors assets outside the U.S., including precious metals and… |
| Dec 31 2024 | 2024 Q4 | LB | - | - | - |
| Oct 17 2024 | 2024 Q3 | - | - | - | - |
| Jul 18 2024 | 2024 Q2 | - | - | - | - |
| May 2 2024 | 2024 Q1 | - | - | - | - |
| Jan 15 2024 | 2023 Q4 | - | - | - | - |
| Nov 10 2023 | 2023 Q3 | RMH SJ, ZED SJ | - | - | - |
| Jul 17 2023 | 2023 Q2 | 37QB LN, BDORY, CCJ, RRC | - | - | - |
| Apr 14 2023 | 2023 Q1 | BUR | - | - | - |
| Jan 20 2023 | 2022 Q4 | - | - | - | - |
| Oct 18 2022 | 2022 Q3 | - | - | - | - |
| Jul 15 2022 | 2022 Q2 | - | - | - | - |
| Apr 14 2022 | 2022 Q1 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
ChinaChina's economic rebalancing appears to be moving forward. Market liquidity, anti-involution and a measured consumer policy are likely to drive a sustained market performance in 4Q. Fiscal support and ongoing reforms in China is supportive of a stronger currency. |
Growth Policy Currency |
Emerging marketsGlobal equities, especially those outside the U.S., powered equity returns. In emerging markets, shares of companies linked to commodities were the strongest performers as commodities rallied. Even after a strong year for international and emerging markets shares, we still see some of the best value in the world in these areas. |
International Commodities Non-US Best Value | |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
OilOil markets disrupted by closure of Straits of Hormuz affecting 20% of global production. Prices surged from $70 to $119.50 before retreating to $90. Market may be tighter than commonly believed despite IEA projections of surplus. Oil represents cheapest major asset class globally, trading at near-record lows relative to gold. |
Crude Brent WTI Hormuz Supply | |
Platinum Group MetalsRhodium is particularly well-suited for hybrid vehicles requiring catalysts at lower operating temperatures. The US has classified rhodium as a critical mineral with $64.3 billion potential GDP impact, yet prices trade 150% below 2022 levels despite recovery momentum. |
Rhodium Hybrid Vehicles Critical Minerals Catalysts PGM | |
| 2025 Q2 |
Dislocation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
