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 |
|---|---|---|---|---|---|---|
As of Jul 25, 2026
The LENS ETF's core thesis is that the global economy has entered a structural, multi-year secular super-cycle favoring tangible assets, natural resources, and energy security over financial assets. During the second quarter of 2026, the fund posted a decline of 15.58% on a NAV basis, underperforming broad U.S. equities due to pullbacks across all three of its primary sub-themes: Geopolitical & Fiscal Risks, Energy is Life, and Build the Future. This decline was driven by a consolidation in gold and silver, alongside a roundtrip in oil prices following easing tensions in the Middle East. Despite this near-term volatility, the manager views the pullback as a healthy consolidation similar to historical cycles. Positioning remains strongly oriented toward real assets, with gold, silver, and energy service names representing major exposures. Moving forward, the manager expects unsustainable fiscal deficits, rising global populism, and urgent energy security needs to reignite the secular commodity bull run, driving the next leg of growth in the tangible era.
The global economy has shifted from cooperation to competition, driving a multi-year secular super-cycle in tangible assets, natural resources, and energy security.
The manager expects a strong rebound in the second half of the year as unsustainable fiscal health and deficit spending reignite the gold bull, while strategic demand for energy security continues to drive steady consumption of oil and gas. Pullbacks will be recognized as resets before the next leg higher.
Moderate Conviction Bullish
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