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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 3, 2026
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.
The Fund is positioned for a severe U.S. sovereign debt crisis through concentrated exposure to gold mining equities trading at deep discounts to intrinsic value, expecting gold to serve as a primary haven asset as confidence in U.S. Treasuries deteriorates.
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.
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