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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 14, 2026
Jemekk Hedge Fund generated a net return of +1.20% in the third quarter of 2026, bringing year-to-date net performance to +6.09%. Fund results tracked closely alongside broader market indices, comparing to total returns of +1.62% for the S&P/TSX Composite and +2.30% for the S&P 500. Portfolio managers increased net long equity exposure into the high 70s by the end of the period, demonstrating an assertive deployment posture despite trimming index hedges at the end of the prior quarter. This left the strategy slightly exposed to late-September volatility, although disciplined hedging and resource strength preserved positive quarterly performance. The macroeconomic environment was characterized by heightened rotational volatility triggered by a geopolitical energy shock and hawkish monetary policy. The collapse of the US-Iran ceasefire shuttered the Strait of Hormuz and propelled Brent crude past US$100 per barrel, reigniting inflation concerns. Concurrently, the Federal Reserve under Chair Kevin Warsh implemented its first interest rate hike in three years, driving the US 10-year Treasury yield above 5.25%. Jemekk's core narrative themes—Canadian Defence, Domestic Infrastructure ('Build Canada'), Precious Metals, and Healthcare—faced mixed sector crosscurrents as rising yields punished rate-sensitive yield equities while lifting commodities. Portfolio activity reflected decisive capital allocation within priority themes. High-conviction gains in US technology leaders Microsoft and Meta Platforms, alongside a profitable trade in Shopify that was fully exited, provided substantial long-side alpha. Within Precious Metals, mid-tier producers outpaced senior miners, supporting an 18% sector allocation. In Defence, the managers defended their core holding in MDA Space through a steep pullback, citing accretive M&A that expands global reach and diversifies revenue. Additionally, the fund initiated a new long position in engineering giant WSP Global, capitalizing on unwarranted AI disruption fears to purchase premium infrastructure growth at trough multiples.
Capitalize on generational Canadian structural themes—including sovereign defence rearmament, domestic infrastructure renewal, and precious metals resource leverage—while maintaining tactical exposure to elite global compounders and active index hedging.
Heading into Q4 2026, the fund maintains a constructive posture with net long positioning in the high 70s, viewing robust US corporate earnings growth and attractive Canadian equity valuations as key market anchors. However, near-term trajectory remains highly contingent on energy inflation and the outcome of the US midterm elections. The strategy intends to lean into Precious Metals, Sovereign Defence, and select Resources, deploying macro index hedges to protect capital should financial conditions tighten further.
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