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 |
|---|---|---|---|---|---|---|
The MJG partnership returned 3.45% in H1 2026, an anticlimactic follow-up to an exceptional 2025, but continues to outperform benchmarks over one-year, three-year, and ten-year horizons with 21.9% annualized returns over the past decade. Precious metals peaked in late January before plunging 28-52%, with miners declining 34-37%, validating the manager's precautionary reduction of precious metals exposure below 30% and cash build to 14% by year-end 2025. Copper remains the largest weighting at 34%, supported by strong fundamentals including energy transition demand, AI data center buildout, and persistent supply shortfalls, with the metal appreciating 10% in H1 2026 despite underwhelming equity performance. The partnership has increased cash to 22% as of June 30th, the highest level since inception, positioning for potential broad-based weakness while maintaining capacity for opportunistic deployment. Namibia has become the third largest jurisdiction weighting at 11%, offering diverse mineral endowment and political stability despite emerging resource nationalism risks. The manager continues the proven bottom-up approach of backing talented teams with quality assets at reasonable valuations.
The MJG partnership employs a bottom-up, people-first approach to investing in resource equities, backing talented, ethical, and well-incentivized management teams focused on assets with sufficient scale at reasonable valuations relative to fair or expected value.
The MJG partnership has entered a tricky period for mining investors, with ongoing geopolitical tensions, a strengthening US Dollar, and Fed rate hike expectations depressing sentiment. The TSX Venture has fallen 26% from its highs with accelerating selling pressure over the past eight weeks. While pain has mostly been confined to precious metals, the manager remains open to the possibility of broad-based weakness across the entire metals space in the months ahead. The elevated cash position will serve the partnership well by dampening potential downside and affording liquidity for opportunistic deployment. The partnership will continue its bottom-up, people-first approach to security selection, backing talented, ethical, and well-incentivized teams focused on assets that provide enough scale to matter at reasonable valuations.
As of Aug 7, 2026
Matt Geiger serves as CIO, founder, and Managing Partner of MJG Capital Fund. He studied at the Wharton School and has entrepreneurial experience including co-founding a technology company. Geiger began investing in fourth grade and his formative investing years occurred during the Chinese-driven commodity supercycle in the early 2000s. He emphasizes management quality as the single most important factor when assessing early-stage mining investments and has developed 25 red flags to avoid problematic management teams.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The manager demonstrates high conviction through concentrated positions in named holdings with detailed multi-page updates on seven featured investments. Specific position sizing is disclosed (copper 34%, precious metals below 30%, cash 22-27%, Namibia 11%). The letter includes explicit cost basis and current prices for all featured holdings, showing transparency and accountability. The manager uses strong declarative language about specific teams and assets, such as Koryx being one of the best positioned investments and Kenorland sitting comfortably as the largest gold-focused position. However, the 18-19 publicly traded positions and elevated cash weighting prevent this from reaching the 0.80+ range reserved for extreme concentration.
Growth Outlook
Market outlook remains moderate conviction: MJG Capital logged a stellar 109.26% return in 2025, but is cutting precious metals exposure to below 30% and raising cash to 14% to brace for a potential sector-wide correction, w...
Risk Appetite
Risk appetite posture is moderate conviction: MJG Capital logged a stellar 109.26% return in 2025, but is cutting precious metals exposure to below 30% and raising cash to 14% to brace for a potential sector-wide correction, w...
Capital Deployment
Cash increased from 14% at year-end 2025 to 22% as of June 30th, and further to approximately 27% after the Fox River takeover closed in early July. This represents a cash increase of 8-13 percentage points, well above the 5% threshold for aggressive de-risking. The manager explicitly describes this as the highest cash weighting since inception and frames it as defensive positioning ahead of potential broad-based weakness. Activity was relatively modest with no positions closed out in the period, though the manager did take profits in nine different holdings.
Forward Guidance
Forward guidance signal: MJG Capital logged a stellar 109.26% return in 2025, but is cutting precious metals exposure to below 30% and raising cash to 14% to brace for a potential sector-wide correction, w...
Language Signal
The letter contains a mix of directional language. Bearish language includes tricky period, depressing sentiment, pain, plunge, battered, abysmal, and sharp negative swing. Bullish language includes best positioned, spectacularly eventful, exquisitely timed, and strong fundamentals for copper. The balance tilts modestly bearish given the emphasis on defensive positioning and market challenges, but the manager maintains constructive views on specific holdings and copper fundamentals.
Perceived Risk
Perceived risk level is evaluated as high conviction. MJG Capital logged a stellar 109.26% return in 2025, but is cutting precious metals exposure to below 30% and raising cash to 14% to brace for a potential sector-wide correction, w...
Opportunity Density
The manager sees selective opportunities in defined areas, particularly in copper explorers and developers, and will consider selectively adding new precious metal positions following the correction. However, the elevated cash position and cautious tone suggest the manager is not finding abundant opportunities at current valuations. The language emphasizes patience and waiting for when it is most opportune to deploy, indicating a selective rather than rich opportunity environment. This falls in the 0.55-0.79 range for selective opportunities in defined areas.
Time Horizon
The manager demonstrates a multi-year investment horizon with detailed milestone timelines extending through 2027 and beyond for multiple holdings. The letter discusses Koryx advancing to a construction-ready stage in 2027, Kenorland's Frotet Project with permits potentially in hand by year-end 2027 and decline construction in 2028, and Bravo not needing to access capital markets until construction financing in 2028. The manager holds positions initiated as far back as 2019-2020 and describes Altius as a core, long-term position. The 15-year track record and emphasis on backing proven teams through full development cycles indicates a patient, multi-year approach, placing this in the 0.65-0.84 range.
Top Conviction Themes
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