Fairtree Wild Fig Multi Strategy Hedge Fund

Investor Summary

Bradley Anthony serves as Group Director and Multi-Strategy Portfolio Manager, having joined Fairtree in 2011. His extensive background spans banking and asset management since 1993, including senior roles at Cape of Good Hope Bank, BoE Asset Management, Rand Merchant Bank, FirstRand Alternative Investment Management, and Momentum Alternative Investments. Anthony holds degrees in Politics, Public Finance, Economic History, Financial Management, and Quantitative Studies, along with a Chartered Alternative Investment Analyst designation. Kurt van der Walt, CFA, serves as Multi-Strategy Portfolio Manager and has been managing the fund since 2013, bringing over a decade of experience managing the fund through various market cycles.

Fund Strategy

The objective of the fund is to generate absolute returns irrespective of market direction and create long-term wealth for investors. The portfolio is a multi-strategy hedge fund which allocates to a range of underlying best-in-class Fairtree hedge fund strategies across three asset classes (equity, fixed income and commodities). The portfolio targets a volatility profile between 12-15% which shapes how they blend the portfolio across asset classes. The Wild Fig strategy has two levels of portfolio management: Strategic Asset Allocation managed by the Wild Fig Multi Strategy team, and underlying alpha generation by independent portfolio teams without a centralized house view. The strategy is designed to deliver equity-like returns with meaningfully lower drawdowns by combining uncorrelated alpha streams across equities, fixed income and commodities.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	8.1%	9.8%

2025
9.8%

Executive Summary

The Fairtree Wild Fig Multi Strategy Hedge Fund delivered strong Q4 2025 performance with an 8.1% quarterly return and 9.8% for the full year, marking a recovery after a challenging start to 2025. The multi-strategy approach combines uncorrelated alpha streams across equities, fixed income and commodities to deliver equity-like returns with lower drawdowns. Performance was driven by equity strategies contributing 4.8% and fixed income strategies adding 3.5%, while commodities faced headwinds from supply-side constraints. The fund benefited from positioning in South African long/short strategies, global market exposure, and fixed income trades capturing the shift from restrictive to easing monetary conditions. Key market drivers included AI and technology themes, central bank policy easing, and strong commodity price performance in precious metals. The strategy maintains high diversification across asset classes and geographies, positioning for continued alpha generation through multiple uncorrelated sources while remaining defensive against potential geopolitical or supply shocks in 2026.

Core Thesis

The Fairtree Wild Fig Multi Strategy Hedge Fund seeks to deliver equity-like returns with meaningfully lower drawdowns by combining uncorrelated alpha streams across equities, fixed income and commodities, maintaining high diversification to pursue alpha across a broad opportunity set.

Forward Outlook

The strategy remains positioned as a valuable diversifier with the commodities component positioned for supply-driven upside should geopolitical or weather-related shocks re-emerge in 2026. The Fund continues to pursue its investment objective of compounding clients' capital over the long term through uncorrelated alpha streams across multiple asset classes.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jan 23 2026	2025 Q4	-	alpha, commodities, diversification, fixed income, global, Hedge Fund, Multi-Strategy, South Africa	-	Fairtree Wild Fig delivered 8.1% in Q4 and 9.8% for 2025 through diversified multi-strategy approach combining equity long/short, fixed income, and commodities. Strong performance driven by South African positioning, rate curve trades, and technology themes, while commodities faced supply constraints. Fund maintains diversified alpha generation across uncorrelated streams with defensive positioning for potential 2026 shocks.
Oct 31 2025	2025 Q3	300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE	AI, energy, global, Reform, semiconductors, technology, value	-	ACATIS capitalizes on AI infrastructure boom with strong semiconductor equipment exposure while navigating geopolitical shifts. September gains led by Lam Research, TSMC, and Lasertec reflect continued AI demand. New positions in Salesforce and Celestica target AI-driven efficiency and data center growth. Portfolio balances technology leadership with strategic materials exposure amid trade policy uncertainty.
Mar 13 2025	2025 Q1	1211.HK, 6857.T, 8035.T, AMAT, AMZN, ASML, AVGO, CRM, FTNT, GOOGL, INTU, LSEG.L, MDT, MSFT, NOW, NVDA, ORCL, SAP, TMO, ZS	AI, Bubble, Cloud, Electric Vehicles, growth, infrastructure, semiconductors, technology	AVGO ORCL ASML META 1211.HK MSFT	Growth Equity Strategy gained 4.3% in Q3 driven by AI infrastructure plays like Oracle and Broadcom. Manager trimmed winners after strong gains while adding Medtronic and BYD positions. Despite emerging AI bubble signs with some stocks up 40-100%, long-term AI adoption trends remain compelling. Strategy balances opportunities with rising risks through fundamental research and selective positioning.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jan 23 2026

2025 Q4

alpha, commodities, diversification, fixed income, global, Hedge Fund, Multi-Strategy, South Africa

Fairtree Wild Fig delivered 8.1% in Q4 and 9.8% for 2025 through diversified multi-strategy approach combining equity long/short, fixed income, and commodities. Strong performance driven by South African positioning, rate curve trades, and technology themes, while commodities faced supply constraints. Fund maintains diversified alpha generation across uncorrelated streams with defensive positioning for potential 2026 shocks.

Oct 31 2025

2025 Q3

300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE

AI, energy, global, Reform, semiconductors, technology, value

ACATIS capitalizes on AI infrastructure boom with strong semiconductor equipment exposure while navigating geopolitical shifts. September gains led by Lam Research, TSMC, and Lasertec reflect continued AI demand. New positions in Salesforce and Celestica target AI-driven efficiency and data center growth. Portfolio balances technology leadership with strategic materials exposure amid trade policy uncertainty.

Mar 13 2025

2025 Q1

1211.HK, 6857.T, 8035.T, AMAT, AMZN, ASML, AVGO, CRM, FTNT, GOOGL, INTU, LSEG.L, MDT, MSFT, NOW, NVDA, ORCL, SAP, TMO, ZS

AI, Bubble, Cloud, Electric Vehicles, growth, infrastructure, semiconductors, technology

AVGO
ORCL
ASML
META
1211.HK
MSFT

Growth Equity Strategy gained 4.3% in Q3 driven by AI infrastructure plays like Oracle and Broadcom. Manager trimmed winners after strong gains while adding Medtronic and BYD positions. Despite emerging AI bubble signs with some stocks up 40-100%, long-term AI adoption trends remain compelling. Strategy balances opportunities with rising risks through fundamental research and selective positioning.

QUARTER	THEMES	TAGS
2025 Q4	Oil Oil represents the cheapest major asset class globally, trading at near-record lows relative to gold despite balanced fundamentals. The closure of the Straits of Hormuz has created the largest supply shock in industry history, with 20 million barrels per day disrupted. Non-OPEC supply growth is slowing dramatically, with U.S. shale production plateauing outside the Permian Basin.	Crude Oil Brent WTI Shale OPEC
	Natural Gas U.S. natural gas ranks in the 99.5th percentile of historical undervaluation relative to equities. Recent production growth has been concentrated entirely in the Permian Basin, with other shale basins declining. As the Permian's gas production plateaus, supply growth should slow significantly while LNG demand continues expanding.	Henry Hub LNG Permian Shale Gas
	Silver Silver surged 51% in Q4 and 140% for the year, staging a dramatic catch-up rally relative to gold. This marks the fifth such episode in 50 years, with previous instances in 1973, 1979, 2011, and 2020 all marking important turning points. The magnitude of silver's 220% rally since April matches the 1979 peak that signaled the end of the great gold bull market.	Silver Gold Ratio Precious Metals
	Copper Copper markets have moved back into surplus with exchange inventories rising to 1.2 million tonnes, levels last seen in 2003 when copper traded below $0.90 per pound. Despite strong performance in 2025, the fundamental outlook has shifted bearish as Chinese demand slows and new supply comes online.	Copper Base Metals China Demand
	Platinum Group Metals PGMs continued their powerful advance with platinum and palladium each surging 28% in Q4. The bearish narrative built on rapid EV adoption is unraveling as both the U.S. and Europe roll back policies designed to accelerate ICE vehicle phase-outs. The prolonged bear market was built on a flawed narrative that is now being rewritten.	Platinum Palladium Auto Catalysts EV Policy
	Commodities The commodity bull market has barely begun, with most commodities still 46% below historical nominal peaks and 73% below real peaks when adjusted for inflation. Commodities trade near the lowest levels relative to equities observed in more than a century, suggesting the cycle is only in its early innings rather than nearing completion.	Commodity Cycle Capital Cycle Valuation
	Uranium Uranium demand is surging while meeting a fragile supply base, creating fundamental tightness in the market. The nuclear renaissance is driving unprecedented demand growth as countries seek reliable baseload power to support energy security and decarbonization goals.	Uranium Nuclear Energy Security
2025 Q3	AI AI infrastructure companies like Lam Research, TSMC, and Palantir benefited from continued strong expansion. Bloom Energy supports data center expansion with reliable power supply for AI infrastructure. Salesforce reduced workforce as artificial intelligence reduces labor requirements.	Data Centers Semiconductors Infrastructure Automation Software
	Semiconductors Wafer equipment manufacturers performed very well in September, with Lam Research gaining 33.5% and Lasertec up 28.5%. TSMC continues to benefit from AI boom with analysts raising 2026 profit forecasts by 8-9% and revenue forecasts increased from 20% to 30%.	Semi Equipment Foundries Memory Chip Designers Manufacturing
	Energy Transition Argentina has lithium and copper for energy transformation. KGHM Polska Miedz is strategically important for digital infrastructure development in an era of deglobalization as the only notable copper producer in Europe.	Battery Metals Copper Lithium Infrastructure Critical Minerals
	Onshoring Argentina is pursuing radical market economy reforms supported by the US as a beacon model in South America. KGHM's strategic importance highlighted for European digital infrastructure in deglobalization era. Trump administration wants US energy self-sufficiency.	Supply Chain Manufacturing Energy Independence Policy
2025 Q1	AI The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with more signs of an AI bubble forming.	Infrastructure LLM Automation Investment Bubble
	Cloud Oracle's cloud infrastructure growth guidance was upgraded dramatically, with Oracle Cloud potentially becoming equal to or larger than Google Cloud Platform by FY29-30. Microsoft's Azure accelerated growth to 39% driven by AI demand and business digitalization.	Infrastructure Azure Oracle Growth Hyperscaler
	Semiconductors ASML's High NA EUV technology is key for future growth with strong competitive positioning for the next 10-15 years. Broadcom is gaining share with XPU customers and is positioned as a prime beneficiary of AI infrastructure buildout. The semiconductor cycle is driven by AI chip demand.	EUV Lithography XPU Manufacturing Equipment
	Electric Vehicles BYD's vertically integrated supply chain provides a 15-25% cost advantage over legacy OEMs while maintaining high-quality vehicles and gross margins comparable to Toyota. The company stands out as the most complete and defensible EV platform globally.	Integration Battery Manufacturing Cost Platform

QUARTER

THEMES

Oil

Oil represents the cheapest major asset class globally, trading at near-record lows relative to gold despite balanced fundamentals. The closure of the Straits of Hormuz has created the largest supply shock in industry history, with 20 million barrels per day disrupted. Non-OPEC supply growth is slowing dramatically, with U.S. shale production plateauing outside the Permian Basin.

Crude Oil Brent WTI Shale OPEC

Natural Gas

U.S. natural gas ranks in the 99.5th percentile of historical undervaluation relative to equities. Recent production growth has been concentrated entirely in the Permian Basin, with other shale basins declining. As the Permian's gas production plateaus, supply growth should slow significantly while LNG demand continues expanding.

Henry Hub LNG Permian Shale Gas

Silver

Silver surged 51% in Q4 and 140% for the year, staging a dramatic catch-up rally relative to gold. This marks the fifth such episode in 50 years, with previous instances in 1973, 1979, 2011, and 2020 all marking important turning points. The magnitude of silver's 220% rally since April matches the 1979 peak that signaled the end of the great gold bull market.

Silver Gold Ratio Precious Metals

Copper

Copper markets have moved back into surplus with exchange inventories rising to 1.2 million tonnes, levels last seen in 2003 when copper traded below $0.90 per pound. Despite strong performance in 2025, the fundamental outlook has shifted bearish as Chinese demand slows and new supply comes online.

Copper Base Metals China Demand

Platinum Group Metals

PGMs continued their powerful advance with platinum and palladium each surging 28% in Q4. The bearish narrative built on rapid EV adoption is unraveling as both the U.S. and Europe roll back policies designed to accelerate ICE vehicle phase-outs. The prolonged bear market was built on a flawed narrative that is now being rewritten.

Platinum Palladium Auto Catalysts EV Policy

Commodities

The commodity bull market has barely begun, with most commodities still 46% below historical nominal peaks and 73% below real peaks when adjusted for inflation. Commodities trade near the lowest levels relative to equities observed in more than a century, suggesting the cycle is only in its early innings rather than nearing completion.

Commodity Cycle Capital Cycle Valuation

Uranium

Uranium demand is surging while meeting a fragile supply base, creating fundamental tightness in the market. The nuclear renaissance is driving unprecedented demand growth as countries seek reliable baseload power to support energy security and decarbonization goals.

Uranium Nuclear Energy Security

2025 Q3

AI

AI infrastructure companies like Lam Research, TSMC, and Palantir benefited from continued strong expansion. Bloom Energy supports data center expansion with reliable power supply for AI infrastructure. Salesforce reduced workforce as artificial intelligence reduces labor requirements.

Data Centers Semiconductors Infrastructure Automation Software

Semiconductors

Wafer equipment manufacturers performed very well in September, with Lam Research gaining 33.5% and Lasertec up 28.5%. TSMC continues to benefit from AI boom with analysts raising 2026 profit forecasts by 8-9% and revenue forecasts increased from 20% to 30%.

Semi Equipment Foundries Memory Chip Designers Manufacturing

Energy Transition

Argentina has lithium and copper for energy transformation. KGHM Polska Miedz is strategically important for digital infrastructure development in an era of deglobalization as the only notable copper producer in Europe.

Battery Metals Copper Lithium Infrastructure Critical Minerals

Onshoring

Argentina is pursuing radical market economy reforms supported by the US as a beacon model in South America. KGHM's strategic importance highlighted for European digital infrastructure in deglobalization era. Trump administration wants US energy self-sufficiency.

Supply Chain Manufacturing Energy Independence Policy

2025 Q1

AI

The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with more signs of an AI bubble forming.

Infrastructure LLM Automation Investment Bubble

Cloud

Oracle's cloud infrastructure growth guidance was upgraded dramatically, with Oracle Cloud potentially becoming equal to or larger than Google Cloud Platform by FY29-30. Microsoft's Azure accelerated growth to 39% driven by AI demand and business digitalization.

Infrastructure Azure Oracle Growth Hyperscaler

Semiconductors

ASML's High NA EUV technology is key for future growth with strong competitive positioning for the next 10-15 years. Broadcom is gaining share with XPU customers and is positioned as a prime beneficiary of AI infrastructure buildout. The semiconductor cycle is driven by AI chip demand.

EUV Lithography XPU Manufacturing Equipment

Electric Vehicles

BYD's vertically integrated supply chain provides a 15-25% cost advantage over legacy OEMs while maintaining high-quality vehicles and gross margins comparable to Toyota. The company stands out as the most complete and defensible EV platform globally.

Integration Battery Manufacturing Cost Platform

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Sep 30, 2025	Fund Letters	Fairtree Wild Fig Multi Strategy Hedge Fund	AVGO	Broadcom Inc.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI infrastructure, Bull, data centers, Enterprise software, Networking, semiconductors, Xpu	Login
Sep 30, 2025	Fund Letters	Fairtree Wild Fig Multi Strategy Hedge Fund	ORCL	Oracle Corporation	Information Technology	Software	Bull	NYSE	AI training, Bull, cloud infrastructure, Database, hyperscaler, OpenAI, Software	Login
Sep 30, 2025	Fund Letters	Fairtree Wild Fig Multi Strategy Hedge Fund	ASML	ASML Holding N.V.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	Bull, China competition, Euv, High NA, Lithography, Netherlands, semiconductors	Login
Sep 30, 2025	Fund Letters	Fairtree Wild Fig Multi Strategy Hedge Fund	META	Meta Platforms, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, Bull, digital advertising, Facebook, Instagram, social media, user engagement	Login
Sep 30, 2025	Fund Letters	Fairtree Wild Fig Multi Strategy Hedge Fund	1211.HK	BYD Company Limited	Consumer Discretionary	Automobiles	Bull	HKEX	automotive, battery technology, Bull, China, Cost advantage, Electric Vehicles, vertical integration	Login
Sep 30, 2025	Fund Letters	Fairtree Wild Fig Multi Strategy Hedge Fund	MSFT	Microsoft Corporation	Information Technology	Software	Bull	NASDAQ	AI, Azure, Bull, Cloud computing, data centers, enterprise, Software	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Sep 30, 2025

Fund Letters

Fairtree Wild Fig Multi Strategy Hedge Fund

AVGO

Broadcom Inc.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI infrastructure, Bull, data centers, Enterprise software, Networking, semiconductors, Xpu

Sep 30, 2025

Fund Letters

Fairtree Wild Fig Multi Strategy Hedge Fund

ORCL

Oracle Corporation

Information Technology

Software

Bull

NYSE

AI training, Bull, cloud infrastructure, Database, hyperscaler, OpenAI, Software

Sep 30, 2025

Fund Letters

Fairtree Wild Fig Multi Strategy Hedge Fund

ASML

ASML Holding N.V.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

Bull, China competition, Euv, High NA, Lithography, Netherlands, semiconductors

Sep 30, 2025

Fund Letters

Fairtree Wild Fig Multi Strategy Hedge Fund

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st December 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Oil

Natural Gas

Silver

Copper

Platinum Group Metals

Commodities

Uranium

AI

Semiconductors

Energy Transition

Onshoring

AI

Cloud

Semiconductors

Electric Vehicles

Investor Pitches

Current Portfolio as of ( 31st December 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Bradley Anthony Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Fairtree Wild Fig Multi Strategy Hedge Fund