The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 29, 2026
Crescat Capital derives a $20,000 price target for gold based on two independent models: global M2 money supply growth versus above-ground gold stock, and a gold-to-S&P 500 ratio assuming a 50% market decline and dollar devaluation. The timeline is approximately four years, though geopolitical factors could accelerate this dramatically. Central banks have doubled their gold accumulation pace to 1,000 tonnes annually over the past four years, establishing gold as the de facto global reserve currency. The manager believes the US has entered a period of fiscal dominance where monetary policy has evolved into a debt management tool rather than an inflation-fighting mechanism. Unsustainable fiscal imbalances and rising M2 money velocity provide inflationary tailwinds. The activist metals exploration strategy remains the largest theme across five private funds, built over six years through PIPE deals creating new gold, silver, and copper discoveries. Recent pullbacks in precious metals provide opportunity for new investors. The Precious Metals Fund returned 52.0% over the trailing year despite a challenging Q2 2026, significantly outperforming benchmarks since inception.
Gold is poised to reach $20,000 per troy ounce within four to seven years driven by global M2 money supply growth, central bank accumulation, fiscal dominance, and potential dollar devaluation, with precious metals miners offering leveraged exposure to this thesis through an activist exploration and development strategy.
Manager maintains high conviction in $20,000 gold price target achievable within four to seven years through multiple pathways including fiscal and monetary drivers independent of stock market catalysts. Geopolitical game theory suggests the target could be achieved in a step function at any moment, driving urgency to position now. The manager views the recent pullback in precious metals as an excellent opportunity for new investors and remains focused on the activist metals portfolio as the most important means to deliver potential returns.
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