Hirschmann Capital

Investor Summary

Brian Hirschmann, CFA, serves as Managing Partner of the Hirschmann Partnership. Prior to founding HP in 2014, Hirschmann worked as an associate at Goldman Sachs Principal Strategies (GSPS), a multi-billion dollar hedge fund, whose alumni include Robert Rubin, Tom Steyer, Daniel Och and Eddie Lampert. Following his tenure at GSPS, Hirschmann joined Hotchkis and Wiley Capital Management in Los Angeles, where he became an equity owner and was responsible for over $1 billion in long-term investments. He graduated with distinction from Yale University, where his investment approach was influenced by Professor Robert Shiller and Professor David Swensen. Brian Hirschmann is described as the second-largest investor in the fund, demonstrating significant alignment of interests.

Fund Strategy

The Hirschmann Partnership aims to outperform US and global equities over the long-term while earning attractive tax-efficient absolute returns, modeled after Warren Buffett's 1960s investment partnerships. The Fund typically invests in undervalued equities after performing rigorous fundamental analysis, generally avoiding shorts and leverage. The fund employs concentration, typically holding only five to ten best investment ideas to maximize returns while maintaining prudent diversification. The current investment focus is heavily weighted toward gold mining equities, particularly gold mine developers listed on the Toronto Stock Exchange, which are described as extremely undervalued and trading at significant discounts to intrinsic value.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
18.6%	-	7.6%

Executive Summary

Hirschmann Partnership returned 7.6% in H1 2026 versus 10.2% for the S&P 500, bringing since-inception annualized returns to 18.6% net of fees. The Fund maintains a 101% allocation to gold mining equities, with the portfolio trading at an average 19% of intrinsic value. Manager Brian Hirschmann anticipates a severe U.S. sovereign debt crisis driven by unsustainable fiscal dynamics, with 30-year TIPS yields breaching 3% and government debt on track to reach 150% of GDP in a typical recession. Additional risks include vulnerable U.S. housing and equity markets at record valuations, plus China's unsustainable investment-dependent economy accounting for 30% of global growth. The Fund is positioned to benefit as gold becomes a primary haven asset when confidence in Treasuries deteriorates. Key contributors included GME S (construction permit received), GME S2 (investment from major producer), and GME F (project authorization). The manager models a 42% IRR at current gold prices, with substantial upside as gold demand surges during the anticipated crisis. The strategy maintains zero management fees with only performance-based compensation.

Forward Outlook

The manager expects a severe global downturn and U.S. sovereign debt crisis to be likely, driven by unsustainable fiscal dynamics, vulnerable housing and equity markets, and risks from China's investment-dependent economy. Gold mining equities are expected to perform very well in this environment as higher gold prices improve project economics and gold becomes a primary liquid haven as confidence in U.S. government debt declines. The tone is highly convicted and directionally bearish on conventional assets while bullish on gold and gold miners as crisis hedges.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 31 2026	2026 Q2	-	China, Credit Stress, gold, Gold Miners, Microcap, Recession, sovereign debt, value	-	Hirschmann Partnership maintains maximum conviction in gold mining equities at 101% exposure, positioned for an anticipated U.S. sovereign debt crisis. The portfolio trades at 19% of intrinsic value with a modeled 42% IRR at current gold prices. Manager expects gold to become the primary liquid haven as Treasury confidence deteriorates, with fiscal dynamics, record equity valuations, and China risks creating a severe global downturn catalyst.
Jan 30 2026	2025 Q4	-	Bearish, Crisis, Default, gold, inflation, Mining, sovereign debt, Valuations	-	Hirschmann Capital's ultra-bearish gold mining strategy delivered 63% returns in H2 2025 as gold allocations hit 40-year highs amid sovereign debt concerns. With US debt exceeding the critical 120% GDP threshold that has historically preceded all defaults, the Fund's undervalued gold miners are positioned to triple as projects advance and gold prices rise during the inevitable debt crisis.
Oct 30 2025	2025 Q3	-	Bearish Strategy, Gold Miners, small cap, Superbubble, value	NEM	Hirschmann Partnership posted 130-147% YTD gains through October 2025, outperforming the S&P 500 since inception despite an ultra-bearish strategy. The manager remains extremely bullish on undervalued gold mining equities, expecting gold prices to skyrocket when the US superbubble bursts, driving significant portfolio upside.
Jul 29 2025	2025 Q2	-	Crisis, Debt, gold, inflation, Mining, Recession, valuation	-	Hirschmann Partnership returned 68.0% in H1 2025 through concentrated gold mining equity exposure, positioning for imminent US superbubble collapse. Multiple recession indicators, extreme valuations, and dangerous debt levels support the ultra-bearish thesis. Gold miners remain undervalued despite rallies, offering protection against expected inflation crisis with potential 150%+ upside.
Apr 4 2025	2025 Q1	-	Gold Miners, Performance, small caps, value	-	Hirschmann Partnership delivered 28.7% in Q1 2025 versus S&P 500's -13.4% decline, continuing strong momentum from 2024's 61.8% gain. The fund targets undervalued small- and micro-cap equities globally through fundamental analysis, generating 11.9% annualized returns since 2014 inception despite significant volatility across market cycles.
Jan 31 2025	2024 Q4	-	Bubbles, Crisis, Developers, gold, Mining, TSX, value	-	Hirschmann Partnership targets undervalued gold mine developers ahead of an expected US superbubble burst. With equities at record valuations and debt crisis signals mounting, the fund is positioned in Toronto Stock Exchange developers trading at massive discounts to intrinsic value. These holdings should dramatically outperform as gold soars during the coming financial crisis.
Jul 26 2024	2024 Q2	-	Bubbles, Debt crisis, Gold Miners, inflation, Recession, small cap	-	Hirschmann Capital delivered 35.7% returns in H1 2024 through concentrated gold mining positions ahead of an expected US recession and debt crisis. With unemployment indicators flashing recession warnings and equity bubbles at record valuations, the fund is positioned for currency debasement through undervalued gold developers trading at massive discounts to producers.
Jun 7 2024	2024 Q1	-	Gold Miners, small caps, value	-	Hirschmann Partnership delivered 14.3% in Q1 2024, continuing its volatile small-cap value strategy. The fund has generated 6.3% annualized returns since 2014 inception, underperforming the S&P 500 but showing resilience through market cycles. Performance-based fees align manager interests with long-term value creation in discounted small and micro-cap equities.
Jan 30 2024	2023 Q4	-	Concentration, Debt crisis, Gold Miners, inflation, Recession, value	-	Hirschmann Capital delivered 81.2% returns in H2 2023 through concentrated gold mining positions. The manager expects an imminent US recession to trigger a government debt crisis with debt-to-GDP reaching 146%, forcing inflationary money printing. Gold miners remain undervalued despite strong fundamentals, positioning the fund for significant appreciation as investors flee to precious metals during the crisis.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 31 2026

2026 Q2

China, Credit Stress, gold, Gold Miners, Microcap, Recession, sovereign debt, value

Hirschmann Partnership maintains maximum conviction in gold mining equities at 101% exposure, positioned for an anticipated U.S. sovereign debt crisis. The portfolio trades at 19% of intrinsic value with a modeled 42% IRR at current gold prices. Manager expects gold to become the primary liquid haven as Treasury confidence deteriorates, with fiscal dynamics, record equity valuations, and China risks creating a severe global downturn catalyst.

Jan 30 2026

2025 Q4

Bearish, Crisis, Default, gold, inflation, Mining, sovereign debt, Valuations

Hirschmann Capital's ultra-bearish gold mining strategy delivered 63% returns in H2 2025 as gold allocations hit 40-year highs amid sovereign debt concerns. With US debt exceeding the critical 120% GDP threshold that has historically preceded all defaults, the Fund's undervalued gold miners are positioned to triple as projects advance and gold prices rise during the inevitable debt crisis.

Oct 30 2025

2025 Q3

Bearish Strategy, Gold Miners, small cap, Superbubble, value

NEM

Hirschmann Partnership posted 130-147% YTD gains through October 2025, outperforming the S&P 500 since inception despite an ultra-bearish strategy. The manager remains extremely bullish on undervalued gold mining equities, expecting gold prices to skyrocket when the US superbubble bursts, driving significant portfolio upside.

Jul 29 2025

2025 Q2

Crisis, Debt, gold, inflation, Mining, Recession, valuation

Hirschmann Partnership returned 68.0% in H1 2025 through concentrated gold mining equity exposure, positioning for imminent US superbubble collapse. Multiple recession indicators, extreme valuations, and dangerous debt levels support the ultra-bearish thesis. Gold miners remain undervalued despite rallies, offering protection against expected inflation crisis with potential 150%+ upside.

Apr 4 2025

2025 Q1

Gold Miners, Performance, small caps, value

Hirschmann Partnership delivered 28.7% in Q1 2025 versus S&P 500's -13.4% decline, continuing strong momentum from 2024's 61.8% gain. The fund targets undervalued small- and micro-cap equities globally through fundamental analysis, generating 11.9% annualized returns since 2014 inception despite significant volatility across market cycles.

Jan 31 2025

2024 Q4

Bubbles, Crisis, Developers, gold, Mining, TSX, value

Hirschmann Partnership targets undervalued gold mine developers ahead of an expected US superbubble burst. With equities at record valuations and debt crisis signals mounting, the fund is positioned in Toronto Stock Exchange developers trading at massive discounts to intrinsic value. These holdings should dramatically outperform as gold soars during the coming financial crisis.

Jul 26 2024

2024 Q2

Bubbles, Debt crisis, Gold Miners, inflation, Recession, small cap

Hirschmann Capital delivered 35.7% returns in H1 2024 through concentrated gold mining positions ahead of an expected US recession and debt crisis. With unemployment indicators flashing recession warnings and equity bubbles at record valuations, the fund is positioned for currency debasement through undervalued gold developers trading at massive discounts to producers.

Jun 7 2024

2024 Q1

Gold Miners, small caps, value

Hirschmann Partnership delivered 14.3% in Q1 2024, continuing its volatile small-cap value strategy. The fund has generated 6.3% annualized returns since 2014 inception, underperforming the S&P 500 but showing resilience through market cycles. Performance-based fees align manager interests with long-term value creation in discounted small and micro-cap equities.

Jan 30 2024

2023 Q4

Concentration, Debt crisis, Gold Miners, inflation, Recession, value

Hirschmann Capital delivered 81.2% returns in H2 2023 through concentrated gold mining positions. The manager expects an imminent US recession to trigger a government debt crisis with debt-to-GDP reaching 146%, forcing inflationary money printing. Gold miners remain undervalued despite strong fundamentals, positioning the fund for significant appreciation as investors flee to precious metals during the crisis.

QUARTER	THEMES	TAGS
2026 Q2	Gold Miners The Fund maintains a 101% allocation to gold mining equities (GMEs), primarily developers trading at an average 19% of intrinsic value. Key positive contributors included GME S (construction permit received), GME S2 (investment from large producer and favorable feasibility study), and GME F (project authorization received). The manager expects GMEs to perform well in a U.S. sovereign debt crisis as higher gold prices improve project economics and reduce required investor returns.	Gold Miners Junior Miners Gold Mining Services Critical Minerals
	Gold Gold fell 6.7% in H1 2026, but the manager maintains conviction that gold will serve as a haven during a U.S. sovereign debt crisis. Gold allocations remain about half their 1980 peak, providing substantial room for appreciation. The manager expects gold demand to surge as investors move from Treasuries into gold, with diversification value depending on performance in adverse scenarios rather than recent correlation patterns.	Gold Commodities Inflation Dollar
	Credit Stress The manager anticipates a severe U.S. sovereign debt crisis, noting that 30-year TIPS yields recently breached 3% and a Federal Reserve analysis attributed rising long-term Treasury rates to concerns about future inflation and deficits. A typical recession would push U.S. government debt to approximately 150% of GDP, a level at which sovereign defaults have been nearly universal. The manager expects a U.S. default through inflation as the more likely outcome.	Credit Stress Rates Inflation Volatility
	China China poses an additional risk to global growth due to unsustainable manufacturing and infrastructure investment. 2025 Chinese lithium battery production capacity was more than twice global demand, and the country added approximately 2.5 times as many urban-rail route-kilometers as the rest of the world combined despite large operating losses. Because China accounted for roughly 30% of global GDP growth in 2025, a Chinese investment slowdown would weaken the world economy and raise the risk of a global recession.	China Infrastructure Spending Battery Supply Chain Credit Stress
	Commercial Real Estate U.S. housing markets remain vulnerable with affordability near record lows, while days on market and the share of home listings with price cuts are rising. A substantial decline in the housing market could trigger a recession, which would push U.S. government debt to approximately 150% of GDP and increase the risk of a sovereign debt crisis.	Commercial Real Estate Mortgage Credit Stress
	Risk Appetite U.S. equities remain near record valuations according to several metrics that have historically helped predict long-term returns. A substantial decline in equity markets could trigger a recession and subsequent sovereign debt crisis. The manager positions the Fund as an ultra-bearish strategy designed to perform well when conventional financial assets struggle.	Risk Appetite Volatility Value
2025 Q4	AI The fund extensively analyzes whether current AI markets represent a bubble, comparing it to the late 1990s internet bubble. They discuss AI's impact on market capitalization and investment flows, noting both the transformative potential and speculative concerns around valuations and infrastructure investments.	Artificial Intelligence Bubble Valuations Infrastructure Technology
	Long/Short The fund operates as a global long/short strategy targeting risk-adjusted returns. The short book remained a headwind this quarter, particularly in Biotech and Materials sectors, though they saw encouraging gains across other sectors on the short side.	Hedge Fund Short Selling Risk Management Diversification
	Biotechnology Biotech was specifically mentioned as an area where their short book faced headwinds during the quarter. The fund also discusses biotech companies in the context of pattern recognition for short opportunities, particularly those going public via reverse mergers.	Biotech Short Positions Reverse Mergers Stock Promotion
2025 Q3	Gold Miners The manager remains extremely bullish on gold mining equities, viewing them as very undervalued. He expects gold prices to skyrocket when the US superbubble inevitably bursts, which would benefit the portfolio's gold mining positions.	Gold Mining Undervalued Superbubble Precious Metals
2025 Q2	Gold Gold remains extremely undervalued despite recent rallies, with the fund maintaining concentrated exposure to gold mining equities. The manager expects dramatic price increases during the looming inflation crisis as investors seek alternatives to bonds, equities, and bank accounts. Gold may increase more than 150% if conditions return to their peak during the 1965-82 US Great Inflation period.	Gold Miners Inflation Crisis Valuation Safe Haven
	Inflation The manager anticipates a looming inflation crisis driven by reckless US fiscal and trade policies. This crisis should trigger increased demand for gold as a safe alternative to traditional assets. The fund is positioned defensively for this expected inflationary environment through gold mining equity exposure.	Crisis Fiscal Policy Trade Policy Safe Haven Gold
	Credit Stress US government debt is at levels that have nearly always led to default, with surging bond yields potentially triggering a debt crisis. The 30-year bond yield reached its highest level since 2006, and the manager warns this is precisely how a debt crisis might begin during an expected recession.	Government Debt Default Bond Yields Debt Crisis Recession
2024 Q4	Gold Gold mining equities represent the core investment focus, with the fund concentrated in gold mine developers trading at significant discounts to intrinsic value. The manager expects gold prices to soar as US bubbles burst, creating exceptional opportunities in undervalued Toronto Stock Exchange developers.	Gold Miners Gold Mining Developers TSX
	Bubbles The manager identifies extreme investor euphoria with US equities at highest-ever valuations on nearly all reliable metrics. Multiple global real estate markets are characterized as bubbles, with seven of ten largest markets very overvalued, setting up for potential crashes as bond yields rise.	Valuations Real Estate Euphoria Crisis
2024 Q2	Gold Miners Fund is concentrated in gold mining equities (GMEs) which should appreciate dramatically in a crisis. Gold mine developers are underperforming producers by 54% since 2021, creating opportunities as this should reverse when gold prices improve and producers acquire developers.	Gold Mining Developers Producers Crisis
	Recession US recession remains likely due to weakening labor market with unemployment rate increases that have historically predicted all 11 prior recessions. Initial unemployment claims are rising faster than at the start of 4 of the last 8 recessions.	Unemployment Labor Market Economic Cycle Recession Indicators
	Inflation Core inflation remaining above 2% could limit Fed's ability to prolong bubbles with rate cuts. A USG debt crisis should cause currency debasement, driving up gold prices and GMEs.	Core Inflation Fed Policy Currency Debt Crisis
2023 Q4	Gold Miners The fund is 99.4% invested in gold mining equities with concentrated positions. Several holdings appreciated significantly in H2 2023, with the manager evaluating position sizing due to increased valuations. The portfolio includes companies with strong fundamentals, no debt, and substantial cash positions trading at low earnings multiples.	Gold Mining Precious Metals Commodities Value
	Recession The manager expects a US recession based on multiple indicators that predicted the last six recessions with no false positives, including yield curve inversion, Leading Economic Index decline, and unemployment metrics. The recession is attributed to delayed impact of 525bps Fed rate increases that can no longer be offset by pandemic stimulus.	Economic Cycle Indicators Fed Policy Unemployment
	Inflation A US government debt crisis is expected to result in skyrocketing inflation as the government prints money to pay its debt, similar to Argentina and Turkey. The manager believes fiscal austerity will be ineffective because it lowers growth and worsens budget deficits, leading to inflationary default rather than outright payment failure.	Monetary Policy Debt Crisis Currency Debasement Government

QUARTER

THEMES

Gold Miners

The Fund maintains a 101% allocation to gold mining equities (GMEs), primarily developers trading at an average 19% of intrinsic value. Key positive contributors included GME S (construction permit received), GME S2 (investment from large producer and favorable feasibility study), and GME F (project authorization received). The manager expects GMEs to perform well in a U.S. sovereign debt crisis as higher gold prices improve project economics and reduce required investor returns.

Gold Miners Junior Miners Gold Mining Services Critical Minerals

Gold

Gold fell 6.7% in H1 2026, but the manager maintains conviction that gold will serve as a haven during a U.S. sovereign debt crisis. Gold allocations remain about half their 1980 peak, providing substantial room for appreciation. The manager expects gold demand to surge as investors move from Treasuries into gold, with diversification value depending on performance in adverse scenarios rather than recent correlation patterns.

Gold Commodities Inflation Dollar

Credit Stress

The manager anticipates a severe U.S. sovereign debt crisis, noting that 30-year TIPS yields recently breached 3% and a Federal Reserve analysis attributed rising long-term Treasury rates to concerns about future inflation and deficits. A typical recession would push U.S. government debt to approximately 150% of GDP, a level at which sovereign defaults have been nearly universal. The manager expects a U.S. default through inflation as the more likely outcome.

Credit Stress Rates Inflation Volatility

China

China poses an additional risk to global growth due to unsustainable manufacturing and infrastructure investment. 2025 Chinese lithium battery production capacity was more than twice global demand, and the country added approximately 2.5 times as many urban-rail route-kilometers as the rest of the world combined despite large operating losses. Because China accounted for roughly 30% of global GDP growth in 2025, a Chinese investment slowdown would weaken the world economy and raise the risk of a global recession.

China Infrastructure Spending Battery Supply Chain Credit Stress

Commercial Real Estate

U.S. housing markets remain vulnerable with affordability near record lows, while days on market and the share of home listings with price cuts are rising. A substantial decline in the housing market could trigger a recession, which would push U.S. government debt to approximately 150% of GDP and increase the risk of a sovereign debt crisis.

Commercial Real Estate Mortgage Credit Stress

Risk Appetite

U.S. equities remain near record valuations according to several metrics that have historically helped predict long-term returns. A substantial decline in equity markets could trigger a recession and subsequent sovereign debt crisis. The manager positions the Fund as an ultra-bearish strategy designed to perform well when conventional financial assets struggle.

Risk Appetite Volatility Value

2025 Q4

AI

The fund extensively analyzes whether current AI markets represent a bubble, comparing it to the late 1990s internet bubble. They discuss AI's impact on market capitalization and investment flows, noting both the transformative potential and speculative concerns around valuations and infrastructure investments.

Artificial Intelligence Bubble Valuations Infrastructure Technology

Long/Short

The fund operates as a global long/short strategy targeting risk-adjusted returns. The short book remained a headwind this quarter, particularly in Biotech and Materials sectors, though they saw encouraging gains across other sectors on the short side.

Hedge Fund Short Selling Risk Management Diversification

Biotechnology

Biotech was specifically mentioned as an area where their short book faced headwinds during the quarter. The fund also discusses biotech companies in the context of pattern recognition for short opportunities, particularly those going public via reverse mergers.

Biotech Short Positions Reverse Mergers Stock Promotion

2025 Q3

Gold Miners

The manager remains extremely bullish on gold mining equities, viewing them as very undervalued. He expects gold prices to skyrocket when the US superbubble inevitably bursts, which would benefit the portfolio's gold mining positions.

Gold Mining Undervalued Superbubble Precious Metals

2025 Q2

Gold

Gold remains extremely undervalued despite recent rallies, with the fund maintaining concentrated exposure to gold mining equities. The manager expects dramatic price increases during the looming inflation crisis as investors seek alternatives to bonds, equities, and bank accounts. Gold may increase more than 150% if conditions return to their peak during the 1965-82 US Great Inflation period.

Gold Miners Inflation Crisis Valuation Safe Haven

Inflation

The manager anticipates a looming inflation crisis driven by reckless US fiscal and trade policies. This crisis should trigger increased demand for gold as a safe alternative to traditional assets. The fund is positioned defensively for this expected inflationary environment through gold mining equity exposure.

Crisis Fiscal Policy Trade Policy Safe Haven Gold

Credit Stress

US government debt is at levels that have nearly always led to default, with surging bond yields potentially triggering a debt crisis. The 30-year bond yield reached its highest level since 2006, and the manager warns this is precisely how a debt crisis might begin during an expected recession.

Government Debt Default Bond Yields Debt Crisis Recession

2024 Q4

Gold

Gold mining equities represent the core investment focus, with the fund concentrated in gold mine developers trading at significant discounts to intrinsic value. The manager expects gold prices to soar as US bubbles burst, creating exceptional opportunities in undervalued Toronto Stock Exchange developers.

Gold Miners Gold Mining Developers TSX

Bubbles

The manager identifies extreme investor euphoria with US equities at highest-ever valuations on nearly all reliable metrics. Multiple global real estate markets are characterized as bubbles, with seven of ten largest markets very overvalued, setting up for potential crashes as bond yields rise.

Valuations Real Estate Euphoria Crisis

2024 Q2

Gold Miners

Fund is concentrated in gold mining equities (GMEs) which should appreciate dramatically in a crisis. Gold mine developers are underperforming producers by 54% since 2021, creating opportunities as this should reverse when gold prices improve and producers acquire developers.

Gold Mining Developers Producers Crisis

Recession

US recession remains likely due to weakening labor market with unemployment rate increases that have historically predicted all 11 prior recessions. Initial unemployment claims are rising faster than at the start of 4 of the last 8 recessions.

Unemployment Labor Market Economic Cycle Recession Indicators

Inflation

Core inflation remaining above 2% could limit Fed's ability to prolong bubbles with rate cuts. A USG debt crisis should cause currency debasement, driving up gold prices and GMEs.

Core Inflation Fed Policy Currency Debt Crisis

2023 Q4

Gold Miners

The fund is 99.4% invested in gold mining equities with concentrated positions. Several holdings appreciated significantly in H2 2023, with the manager evaluating position sizing due to increased valuations. The portfolio includes companies with strong fundamentals, no debt, and substantial cash positions trading at low earnings multiples.

Gold Mining Precious Metals Commodities Value

Recession

The manager expects a US recession based on multiple indicators that predicted the last six recessions with no false positives, including yield curve inversion, Leading Economic Index decline, and unemployment metrics. The recession is attributed to delayed impact of 525bps Fed rate increases that can no longer be offset by pandemic stimulus.

Economic Cycle Indicators Fed Policy Unemployment

Inflation

A US government debt crisis is expected to result in skyrocketing inflation as the government prints money to pay its debt, similar to Argentina and Turkey. The manager believes fiscal austerity will be ineffective because it lowers growth and worsens budget deficits, leading to inflationary default rather than outright payment failure.

Monetary Policy Debt Crisis Currency Debasement Government

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Oct 30, 2025	Fund Letters	Brian Hirschmann	NEM	NEW Gold Mining Equities	Materials	Precious Metals & Mining	Bull	NYSE	Commodities, Gold, Hedge, inflation, Macro, Mining, valuation	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Oct 30, 2025

Fund Letters

Brian Hirschmann

NEM

NEW Gold Mining Equities

Materials

Precious Metals & Mining

Bull

NYSE

Commodities, Gold, Hedge, inflation, Macro, Mining, valuation

TICKER	COMMENTARY
No ticker commentary found.

TICKER

COMMENTARY

No ticker commentary found.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

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

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Gold Miners

Gold

Credit Stress

China

Commercial Real Estate

Risk Appetite

AI

Long/Short

Biotechnology

Gold Miners

Gold

Inflation

Credit Stress

Gold

Bubbles

Gold Miners

Recession

Inflation

Gold Miners

Recession

Inflation

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Brian Hirschmann Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On:

Subscribe to receive email notification and updates for:

Hirschmann Capital