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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 29, 2026
Tactile Fund returned 2.9% in Q2 2026, bringing year-to-date returns to 4.0%. The quarter saw partial unwinding of 2025 trends that included rising skepticism toward US equities and the dollar's reserve status, with the Iran conflict and high energy costs dampening appetite for vulnerable geographies like Western Europe. The fund added Grupo México, Mexico's largest public company, as a significant new position. Grupo México controls the world's largest and lowest-cost copper reserves through Southern Copper and ASARCO, while owning Mexico's most important rail networks. The company trades at more than 60% discount to net asset value and is evaluating rail acquisitions in Brazil and Argentina. Since inception, over 12% of the portfolio has been acquired or conducted major asset sales, with six holdings seeing catalyzing transactions in 18 months. This validates the desirability of companies owning extraordinary physical assets, though it limits long-term ownership opportunities. The portfolio remains positioned as a hedge against dollar weakness and technological disruption through ownership of rare, high-quality physical assets.
Tactile Fund invests in companies that own extraordinary, scarce physical assets trading at significant discounts to intrinsic value, with these assets serving as hedges against dollar weakness and technological disruption while attracting acquisition interest that validates their quality.
The manager expects Tactile Fund's collection of businesses owning extraordinary physical assets to continue proving useful as a hedge against long-term dollar weakness and technological disruption. Grupo México is positioned to grow its value by building on its dominant position in rare, high quality physical assets, particularly through potential rail acquisitions in Brazil and Argentina. The manager acknowledges mixed feelings about the strong acquisition interest in portfolio holdings, as it boosts short-term returns but deprives the fund of long-term ownership opportunities, though sales at prices that fully reflect quality and scarcity are acceptable outcomes.
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