| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| 2025 |
|---|
| 19.1% |
Appleseed Fund generated a 19.14% return over 12 months ended September 30, 2025, outperforming the Morningstar Global Markets Index return of 16.64%. The fund's core thesis centers on gold's continued outperformance through this decade, driven by persistent inflation above the Federal Reserve's 2% target, foreign central bank accumulation, and declining U.S. relative economic power. Gold has risen 60% year-to-date to $4,250/ounce, representing the best calendar-year performance since 1979. The fund expects continued Federal deficit spending financed by money printing, similar to but exceeding the Great Financial Crisis response. Key portfolio positioning includes overweight allocations to physical gold trusts, uranium trusts, and companies with non-U.S. dollar cash flows. The managers favor consumer staples, healthcare, and agriculture sectors while maintaining exposure to inexpensive value stocks. Primary risks include potential government interference with gold ownership and Bitcoin potentially replacing gold as a store of value. The fund may trim gold positions for rebalancing purposes given the significant price appreciation.
Gold will continue its historic bull market driven by persistent inflation, declining U.S. relative power, foreign central bank accumulation, and fiscal deficit spending financed by money printing, with the fund maintaining significant precious metals exposure despite potential short-term volatility.
The fund expects gold to continue outperforming all other asset classes through the balance of this decade despite short-term uncertainty. They remain positioned for an inflationary, slow growth economy and believe inflation is not under control as most long-term drivers are secular rather than cyclical.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Nov 17 2025 | 2025 Q3 | AER, AGNC, CAG, CC, CCJ, CCNE, DEA, DSX, EL, GXO, LULU, NICE, RHHBY, SONY, SSNC, STAN.L, SWK, TWO, WCC, WMMVY | commodities, Dollar, global, gold, inflation, value | - | Appleseed Fund delivered 19.14% returns driven by their gold-centric thesis as the metal surged 60% year-to-date to $4,250/ounce. The fund expects continued gold outperformance through this decade based on persistent inflation, foreign central bank buying, and U.S. fiscal deficit spending. Portfolio remains overweight gold, uranium, and non-dollar cash flow companies while favoring defensive sectors. |
| Apr 30 2025 | 2025 Q1 | 005930.KS, AER, BABA, BW.TO, CF, DG, LITE, MOS | commodities, Dollar, Foreign Equities, Geopolitical, gold, inflation, real assets, tariffs | - | Pekin Hardy Strauss sees the post-WWII dollar-dominated system collapsing into a fragmented, inflationary world driven by rising tariffs, capital flight, and fiscal constraints. They position in real assets like gold, foreign equities, and real estate while avoiding bonds and expensive U.S. tech stocks, expecting international markets to outperform as dollar hegemony ends. |
| Nov 13 2024 | 2024 Q3 | AER, AGNC, ARDX, CCJ, CF, DG, DLTR, DSX, EL, GRVY, HLF, HUM, MOS, MRC, MSFT, NVDA, SFM, SNV, SRUUF, WLFC | commodities, defensives, energy, inflation, Mining, nuclear, uranium, value |
CCJ SRUUF |
Appleseed Fund delivered 20.46% returns while positioning for a nuclear renaissance driven by uranium supply deficits and surging electricity demand from data centers and EVs. Added Cameco and Sprott Uranium Trust to capitalize on structural uranium shortages. Maintains defensive positioning with gold and Treasuries, expecting persistent inflation from fiscal deficits to favor hard assets. |
| May 15 2024 | 2024 Q1 | AER, AGNC, ARDX, BEI.TO, CCJ, CF, DG, EVR, GNK, HLF, HUM, ITRN, MOS, RHHBY, SFM, VFC, WCC | Defensive, gold, healthcare, inflation, value |
HUM AGNC |
Appleseed Fund delivered 17.36% returns while positioning defensively for continued inflation and monetary debasement. Gold represents the core thesis, rising 20% on central bank demand and Chinese flows, with the fund expecting decade-long outperformance versus the S&P 500. New positions in beaten-down healthcare and mortgage REITs complement overweight allocations to Treasuries and physical gold. |
| Dec 31 2023 | 2023 Q4 | - | - | - | |
| Oct 30 2023 | 2023 Q3 | DG, GNK, WCC | - | - | |
| Apr 25 2023 | 2023 Q1 | MDT, SNV, SWK | - | - | |
| Jan 31 2023 | 2022 Q4 | BBBY, CF, MOS | - | - | |
| Apr 30 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
DollarDollar depreciated -9% against trading partners in 2025, worst year since 2017. De-dollarization trend accelerating as world shifts away from US. Reduced net dollar exposure from 25% to 8% following geopolitical tensions and superpower positioning concerns. |
Depreciation De-dollarization Reserves Geopolitical |
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 | |
InflationInflation has continued to be a persistent feature in Japan and has prompted changes in both corporate and consumer behavior. Importantly, inflation has fed through to corporate earnings and equity performance. Companies that have successfully passed on higher costs to consumers have benefited from improved operating margins. |
Inflation Corporate Earnings Operating Margins Consumer Behavior Cost Pass-through | |
UraniumDemand surging from nuclear restarts and new construction while supply faces operational challenges. Google, Meta partnerships signal corporate adoption of nuclear power. Sprott Physical Uranium Trust resumed buying 10 million pounds since June, helping drive 45% price increase. |
Nuclear SMR Utilities Physical | |
| 2025 Q1 |
Defense SpendingThe entire world is rapidly rearming off an extremely low base of defense spending. This exposure focuses on companies that make armaments for nation state security and materially outperformed for the year. |
Defense Armaments Rheinmetall Palantir RTX |
DollarDollar depreciated -9% against trading partners in 2025, worst year since 2017. De-dollarization trend accelerating as world shifts away from US. Reduced net dollar exposure from 25% to 8% following geopolitical tensions and superpower positioning concerns. |
Depreciation De-dollarization Reserves Geopolitical | |
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 | |
InflationInflation has continued to be a persistent feature in Japan and has prompted changes in both corporate and consumer behavior. Importantly, inflation has fed through to corporate earnings and equity performance. Companies that have successfully passed on higher costs to consumers have benefited from improved operating margins. |
Inflation Corporate Earnings Operating Margins Consumer Behavior Cost Pass-through | |
Trade PolicyRecent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. |
Tariffs International Growth Cooperation Impact | |
| 2024 Q3 |
Data CentersSupply constraints curtailing infrastructure buildout rate, but compute capacity is being used immediately upon coming online. This differs from dot-com bubble when dark fiber was installed ahead of need. Labor, power and land shortages creating bottlenecks. |
Supply Constraints Utilization Bottlenecks Infrastructure |
InflationInflation has continued to be a persistent feature in Japan and has prompted changes in both corporate and consumer behavior. Importantly, inflation has fed through to corporate earnings and equity performance. Companies that have successfully passed on higher costs to consumers have benefited from improved operating margins. |
Inflation Corporate Earnings Operating Margins Consumer Behavior Cost Pass-through | |
NuclearPosition in Uranium Energy as the largest licensed uranium miner in the U.S., positioned to benefit from renewed focus on nuclear power as long-term energy solution and U.S. efforts to strengthen domestic nuclear fuel supply chains for national security. |
Uranium Mining Nuclear Power Energy Security Domestic Supply National Security | |
UraniumDemand surging from nuclear restarts and new construction while supply faces operational challenges. Google, Meta partnerships signal corporate adoption of nuclear power. Sprott Physical Uranium Trust resumed buying 10 million pounds since June, helping drive 45% price increase. |
Nuclear SMR Utilities Physical | |
| 2024 Q1 |
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 |
HealthcareHealthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. |
M&A Product Approval Earnings Biotech | |
InflationInflation has continued to be a persistent feature in Japan and has prompted changes in both corporate and consumer behavior. Importantly, inflation has fed through to corporate earnings and equity performance. Companies that have successfully passed on higher costs to consumers have benefited from improved operating margins. |
Inflation Corporate Earnings Operating Margins Consumer Behavior Cost Pass-through |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Nov 13, 2024 | Fund Letters | Appleseed Fund | CCJ | Cameco Corporation | Energy | Uranium | Bull | NYSE | Canada, commodity, Energy security, Equity, Mining, nuclear energy, supply deficit, uranium | Login |
| Nov 13, 2024 | Fund Letters | Appleseed Fund | SRUUF | Sprott Physical Uranium Trust | Financials | Asset Management & Custody Banks | Bull | OTC | Canada, Commodity Trust, Hard Asset, inflation hedge, Nuclear Fuel, Physical Uranium, Spot Price, trust | Login |
| May 2, 2024 | Fund Letters | Appleseed Fund | HUM | Humana Inc. | Health Care | Managed Health Care | Bull | NYSE | contrarian, Government Health Insurance, healthcare, managed care, Medical Loss Ratios, Medicare Advantage, Value | Login |
| May 2, 2024 | Fund Letters | Appleseed Fund | AGNC | AGNC Investment Corp. | Real Estate | Mortgage REITs | Bull | NASDAQ | agency RMBS, discount to book value, fixed income, high dividend yield, Mortgage Securities, REIT, Spread Normalization | Login |
| TICKER | COMMENTARY |
|---|---|
| AER | Airline leasing business AerCap contributed 1.4% to the Fund's returns |
| CCJ | According to data reported by Cameco, term prices rose roughly 7% during the quarter to $81.55 per pound, narrowing the gap with spot prices, which ended the quarter at $81.60. |
| EL | Estée Lauder is in the midst of a turnaround, and fiscal 1Q26 results (ended September 30) results provided outperformance against many of the key touchpoints: sales, margins, China, US and Travel Retail. News flow since then points to a successful 11/11 for EL in China (25% of company sales), continued stabilization in the US and a Travel Retail channel that is no longer declining. Beauty overall is a one of the more resilient categories, enjoying both volume and value growth, and a hallmark of the 2025 holiday season is the K shaped economy and consumer behavior – as a major player in luxury beauty EL is at the nexus of these trends. Stock performance reflects optimism regarding continued progress driven by internal initiatives as well as optimism regarding the broader beauty market. |
| LULU | This downward pressure was partially mitigated by the 28% increase in Lululemon's stock from our purchase price of $162 per share. |
| NICE | NICE, a software company providing contact center solutions, lost investor confidence due to concerns over AI disruption. However, we believe that the company should see AI transform its business model and drive long-term growth. |
| RHHBY | Roche (RHHBY) was another positive performer in 2025, driven by a robust pipeline of new and innovative drugs making it to market and favorable regulatory approvals. |
| SONY | Japan's Sony, whose diversified media, entertainment and technology businesses are headlined by its PlayStation franchise, traded lower after the spinout of its Sony Financial Group. Additionally, the sharp rise in DRAM prices created uncertainty around margin pressure in the company's gaming division, further weighing on the share price. |
| SSNC | SS&C Technologies Holdings Inc represents 2.68% of top holdings |
| STAN.L | Standard Chartered was the largest contributor to the Fund's performance in 2025. It contributed 8.5% to NAV. Inclusive of dividends, the shares doubled in value. We took some gains towards the end of the year, selling $2mn worth of shares. We continue to trim the position as the shares rise. The success of Standard Chartered's turnaround became evident during the year. It is generating a decent return on equity. The bank is now well-placed to benefit from its strong position in high growth markets particularly leveraging its cross-border trade network in Corporate Banking as well as a compelling proposition in Wealth & Retail Banking. At the beginning of 2025, the shares traded at less than 0.7x book value. They now trade at 1.2x book value and 10.6x 2026 estimated earnings. The shares still trade below fair value and the company continues to buy back its own shares. |
| WCC | Electrical products distributor WESCO International outperformed in Q4 after reporting solid Q3 results and raising 2025 guidance. Better-than-expected organic growth was driven by its rapidly expanding data center business, which reached nearly 20% of total revenue. |
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