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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 23, 2026
Grey Owl All-Season Strategy (GOAS) returned -1.93% net of fees for the third quarter of 2026, bringing net performance through the first three quarters of the year to +3.91% net of fees, outpacing short-term Treasury bills. The strategy experienced a modest drawdown during the quarter as global equities gained 1.1% and broad markets contended with violent intramarket volatility. The fund navigated sharp quarterly reversals across primary asset classes, impacted by an initial underweight in commodities and an overweight stance in interest-rate-sensitive equities ahead of unexpected macroeconomic shifts. Macroeconomic conditions during the quarter were defined by an abrupt reacceleration in inflation, with headline CPI rising from 3.36% in July to 3.74% in September, fueled by crude oil climbing toward $100 per barrel amid disruptions in the Strait of Hormuz. Higher inflation drove long-dated US Treasuries down 9.0% and triggered credit spread widening among lower-rated corporate borrowers, particularly debt-funded neocloud infrastructure providers whose bond yields approached 15%. While economic growth remains supportive through year-end 2026 under the manager's quad framework, growth deceleration projected across early 2027 presents mounting cyclical risks. In response to these shifting macroeconomic currents, the portfolio executed decisive asset allocation rotations. Equity exposure was trimmed from 48% to 44%, reducing interest-rate-sensitive segments such as small caps, real estate, utilities, homebuilders, and dividend holdings, while redeploying into large-cap technology, healthcare, and global equities. Cash and fixed income were lowered from 42% to 32%, rotating out of long-duration paper into short-term and inflation-protected bonds alongside an 8% US dollar allocation and a 5% rate hedge. Allocations to gold and commodities were increased to 12%, with managed futures and alternatives raised to 12%.
The strategy employs an all-season macro framework designed to minimize drawdowns, outperform cash yields by several hundred basis points annually, and capture upside in risk-on market rallies.
Growth supports risk assets through year-end 2026, but markets face elevated vulnerability to an economic slowdown and inflation deceleration projected during the first half of 2027.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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