| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
2025 served as another reminder of markets' ability to climb the Wall of Worry, with the S&P 500 gaining nearly 18% despite significant headline risks including tariff disruptions, geopolitical tensions, and Federal Reserve leadership uncertainty. Economic growth remained intact, supported by easing financial conditions, AI-related capital expenditures, and a resilient consumer. A notable shift occurred as non-U.S. equities outperformed, with developed international markets gaining over 30% and emerging markets rising more than 33%, demonstrating that international stocks can run without dethroning U.S. leadership. Within asset classes, diversification proved its value as leadership rotated beyond U.S. large caps. Small caps surged 40% from April lows, infrastructure delivered strong double-digit returns, and precious metals shone with silver gaining nearly 150% for the year. Fixed income asserted its stabilizing role during volatility periods. Looking ahead to 2026, expectations for moderate growth, contained inflation, and gradual monetary easing provide a constructive backdrop, though uncertainty around political transitions and affordability pressures persist.
Despite significant headline risks including geopolitical tensions, tariff disruptions, and Federal Reserve leadership uncertainty, markets demonstrated resilience with the S&P 500 gaining nearly 18% in 2025, marking the third consecutive year of double-digit gains.
Looking ahead, expectations for moderate growth, contained inflation, and gradual monetary easing provide a constructive backdrop, even as uncertainty around elections and policy decisions remains. The tension between strong fundamentals and uneasy sentiment is likely to persist in 2026, particularly as affordability pressures, political transitions, and global risks remain in focus.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 9 2026 | 2025 Q4 | 000660.KS, 005930.KS | diversification, Fed policy, fixed income, geopolitics, infrastructure, international, Precious Metals, small caps | - | Diversification proved its value across asset classes in 2025, with leadership rotating beyond U.S. large cap stocks. Non-U.S. equities outperformed, with developed international gaining over 30% and emerging markets rising more than 33%. Portfolios built for balance and resilience captured gains while mitigating volatility during periods of stress. Infrastructure delivered strong double-digit returns, supported by structural demand tied to data centers, energy transition, and modernization. The sector benefited from ongoing investment needs in critical infrastructure systems. Gold's safe haven status and central bank purchases provided a strong tailwind that was accelerated by retail purchases. Over the year, gold ETFs saw net flows exceed $40 billion, demonstrating continued investor appetite for the precious metal. Silver shone brightest over the quarter, reiterating its status as gold's riskier and perhaps undervalued counterpart by gaining more than 50% over the quarter and nearly 150% over the year. Small caps surged following the April selloff, gaining more than 40% from the lows. However, that rally was concentrated in lower-quality names, with the Russell 2000 significantly outpacing the higher-quality S&P 600. |
| Oct 13 2025 | 2025 Q3 | - | Artificial Intelligence, fiscal policy, gold, inflation, interest rates | - | The Feds cautious rate cuts amid political tension have supported markets, but valuations remain stretched. Fiscal stimulus through tax cuts and refunds is boosting GDP and corporate profits. AI-driven productivity gains continue to shape earnings, while gold rallies as a hedge against policy and geopolitical risk. |
| Jul 11 2025 | 2025 Q2 | - | asset allocation, diversification, planning, portfolios, risk management | - | The letter focuses on holistic portfolio allocation amid elevated macro uncertainty and dispersion across asset classes. Management emphasizes diversification, risk management, and long-term planning rather than tactical forecasting. Asset allocation is framed as the primary determinant of investor outcomes. |
| Apr 11 2025 | 2025 Q1 | - | - | - | |
| Jan 13 2025 | 2024 Q4 | - | - | - | |
| Oct 17 2024 | 2024 Q3 | - | - | - | |
| Jul 12 2024 | 2024 Q2 | - | - | - | |
| Apr 15 2024 | 2024 Q1 | - | - | - | |
| Jan 12 2024 | 2023 Q4 | - | - | - | |
| Oct 19 2023 | 2023 Q3 | - | - | - | |
| Jul 14 2023 | 2023 Q2 | - | - | - | |
| Apr 26 2023 | 2023 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
DiversificationThe Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. |
Risk Management Portfolio Construction Concentration |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
InfrastructureDigital 9 Infrastructure holds telecom infrastructure assets including Arqiva stake. Despite poor 2025 performance, potential capital returns and asset sales could unlock value. Infrastructure assets provide defensive characteristics. |
Telecom Infrastructure Digital Infrastructure | |
SilverSilver surged 220% since April 2024, generating powerful sell signal for precious metals. Performance mirrors 1979 parabolic blow-off that marked end of gold bull market. Retail demand peaked with reports of long lines at dealers globally before recent 40% decline from highs. |
Precious Parabolic Retail Blow-off | |
Small CapsSmall caps getting strong start in 2026 supported by easing monetary conditions and constructive fiscal backdrop. Small caps more sensitive to economic cyclicality which is overdue for expansion. Expected to grow at better pace than large caps in 2026 after long period of underperformance. |
Value Growth Cyclical Monetary Policy Fiscal Policy | |
| 2025 Q3 |
AI Investment |
|
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
| 2025 Q2 |
Allocation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| 000660.KS | SK Hynix has solidified its leadership in high-bandwidth memory (HBM), emerging as the exclusive HBM supplier for Microsoft's in-house AI accelerator and securing roughly two-thirds of NVIDIA's anticipated HBM4 demand for its next-generation platforms at meaningfully higher price points and margins than prior generations. |
| 005930.KS | Top gainers included Samsung (+38% in U.S. dollar terms) |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
