| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 86.57% | 18.99% | 18.99% |
LENS ETF delivered +18.62% returns in Q1 2026 as the Return to Tangibles theme accelerated into full gear. A Middle East war closing the Strait of Hormuz forced global recognition of energy dependence, catapulting energy stocks while gold consolidated after a historic run. The Energy is Life sub-theme contributed most to performance as oil and natural gas supply shocks highlighted the foundational role of tangible assets. Geopolitical & Fiscal Risks and Build the Future sub-themes also contributed positively. The manager views this crisis as the final catalyst putting the secular commodity super-cycle into high gear. Structural forces including higher inflation, fiscal unsustainability, and geopolitical risks remain intact. Active management reduced precious metals exposure during early quarter rallies while increasing energy exposure. Gold's March selloff is viewed as healthy consolidation within a longer bull market. The manager expects the tangible asset leadership to continue as commodities remain at historical lows relative to equities and the relative performance seen in prior cycles has not yet begun.
The Return to Tangibles commodity super-cycle, which began in 2021, kicked into full gear in Q1 2026 as a Middle East war forced global recognition of energy dependence and tangible asset leadership.
The Return to Tangibles is a multi-year secular theme that has only just begun. Q1 2026 will be remembered as the moment tangible assets came to the forefront. The structural forces of higher for longer inflation, elevated geopolitical and fiscal risks, and the world continuing to build the future are still unfolding. The pendulum has farther to swing as the tangible era continues to ascend.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 29 2026 | 2026 Q1 | - | commodities, energy, ETF, gold, inflation, oil, Tangibles, War | - | LENS delivered 18.62% as Middle East war triggered energy supply shock, validating the Return to Tangibles thesis. Energy leadership emerged while gold consolidated after historic run. Manager views crisis as catalyst for secular commodity super-cycle acceleration. Structural forces of inflation, fiscal risks, and geopolitical tensions support continued tangible asset outperformance versus traditional 60/40 portfolios. |
| Jan 14 2026 | 2025 Q4 | - | commodities, Geopolitical, gold, inflation, Mining, Silver, Tangibles, Trade Policy | - | LENS ETF's +56.79% inaugural year return validated the Return to Tangibles thesis as precious metals soared amid trade wars and inflation concerns. Gold and silver hit all-time highs while the fund's thematic positioning in Geopolitical & Fiscal Risk exposures drove outperformance. The manager expects 2026 to see commodity leadership broaden beyond precious metals as the secular trend continues. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilEnergy took leadership from gold in March as Middle East war forced recognition of global energy dependence. The Strait of Hormuz closure exposed how dependent modern economies remain on essential energy inputs. This crisis is the catalyst for a long-term secular energy bull market, especially for Asia where nations learned it's every nation for itself in energy crises. |
Oil Energy Strait of Hormuz Energy Security Supply Shock |
Natural GasNatural gas benefited alongside oil from the energy price/supply shock in March. The war demonstrated the foundational role of natural gas in modern economies. Production cannot be turned back on with a flip of a switch after conflicts end and will likely take months to restore. |
Natural Gas Energy Supply Shock Production | |
GoldGold sold off at war outset due to markets pricing out Fed rate cuts, deleveraging among hedge funds, and central bank selling. This decline is viewed as healthy consolidation within a longer secular gold bull market. Structural fundamentals supporting gold remain intact with unsustainable fiscal situations for developed nations. |
Gold Precious Metals Fed Fiscal Bull Market | |
SilverSilver participated in the January and February rally alongside gold before selling off in March during the war. The precious metals selloff is viewed as a reset that combines with fundamentally attractive ingredients to fuel the next leg of secular bull markets. |
Silver Precious Metals Rally Consolidation | |
CopperCopper contributed to returns as part of the Build the Future sub-theme alongside industrials. Industrial metals like copper are expected to begin showing leadership as the commodity complex broadens out beyond precious metals. |
Copper Industrial Metals Build the Future | |
CommoditiesThe Return to Tangibles commodity super-cycle that began in 2021 kicked into full gear in Q1 2026. Commodities are at historical bottom relative to S&P 500, and the relative performance seen in prior cycles has not even begun. The pendulum has farther to swing as tangible assets continue to ascend. |
Commodities Super-cycle Tangibles Relative Performance | |
InflationHigher for longer inflation is identified as one of the structural forces supporting the Return to Tangibles theme. The war will exacerbate borrowing needs for developed nations, adding to inflationary pressures in an already unsustainable fiscal environment. |
Inflation Fiscal Structural Forces | |
| 2025 Q4 |
PharmaceuticalsHealth care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. |
Pharmaceuticals Biotechnology Healthcare Drug Approvals |
TechnologySelected technology-related companies held across several funds contributed for the quarter, particularly established franchises such as Samsung Electronics and Alphabet. While the shares of both companies soared upward in price during the year, they remain reasonably valued relative to their near-term growth prospects. |
Technology Samsung Alphabet Hardware | |
DefenseDefense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in Q4. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals, and positions have been modestly trimmed. |
Defense BAE Systems Rheinmetall Defense Spending | |
IndustrialsIndustrials were mixed and faced a modest headwind. CNH Industrial detracted across the Funds, reflecting investors' continued concerns about the downturn of the Ag cycle and its impact on end-market demand. CNH remains significantly undervalued and positions are being added opportunistically. |
Industrials CNH Industrial Agriculture Machinery | |
ValuationDespite the outperformance of non-US equities this past year, the gap in valuation between US and non-US equities still remains quite significant and should serve well going forward given the non-US-centric postures of fund portfolios. High valuations across most asset categories, particularly publicly traded US equities, are noted as concerning. |
Valuation Non-US US Equities International |
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