Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Troy Multi-Asset Strategy delivered 9-10% returns in 2025 amid significant market volatility and structural shifts. The strategy maintained defensive positioning at just over 40% equities while capitalizing on market dislocations, particularly during the February-April correction when US tariffs drove volatility. Gold was a standout performer, returning +65% in dollars as central bank demand broadened to include professional and retail investors. For the first time, central banks now hold more reserves in gold (24%) than US Treasuries (23%), reflecting accelerating de-dollarization trends. The dollar weakened -9% against trading partners, prompting a reduction in net dollar exposure from 25% to 8%. AI infrastructure buildout continues but faces supply constraints, while private market valuations appear excessive with OpenAI valued at $830bn despite limited monetization. The portfolio maintains significant liquidity (c. 20%) and short duration positioning to capitalize on future volatility while avoiding the most speculative areas of the market. Inflation remains above target despite central bank easing, raising concerns about structural price pressures.
Maintain defensive positioning amid elevated valuations and structural shifts in global monetary system, while selectively deploying capital during volatility with focus on assets outside AI narrative and those with resilient business models regardless of AI outcomes.
Remain defensive at just over 40% in equities with material duration risk from fiscal and geopolitical concerns. Strong position with c. 20% in liquidity to take advantage of volatility when it returns. Expect continued de-dollarization and structural inflation concerns.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 9 2026 | 2025 Q4 | V | AI, Dollar, Geopolitical, gold, inflation, Multi-Asset, Valuations | - | AI infrastructure buildout continues with supply constraints limiting growth rate. Training and inference demand remains strong, but monetization challenges persist with most users paying nothing. Private market valuations appear excessive with OpenAI valued at $830bn despite $20bn revenue run-rate. Gold 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. Dollar depreciated -9% against trading partners in 2025, worst year since 2017. De-dollarization trend accelerating as world shifts away from US. Reduced net dollar exposure from 25% to 8% following geopolitical tensions and superpower positioning concerns. Supply constraints curtailing infrastructure buildout rate, but compute capacity is being used immediately upon coming online. This differs from dot-com bubble when dark fiber was installed ahead of need. Labor, power and land shortages creating bottlenecks. Private markets represent greatest point of fragility with AI at intersection of many risks. Interconnectedness between public and private markets creates systemic concerns, particularly around excessive valuations in private funding rounds. |
| Oct 30 2025 | 2025 Q3 | AMD, GOOG, MSFT, ORCL | Capitalpreservation, diversification, inflation, Resilience, risk | - | The Trojan Fund reiterates its core objective of capital preservation with steady real returns across market cycles. The letter highlights caution toward overvalued assets, emphasizing resilience, downside protection, and diversification. Capital-focused investing remains relevant as macro uncertainty and valuation risk persist. |
| Jun 30 2025 | 2025 Q2 | - | - | - | |
| Mar 31 2025 | 2025 Q1 | - | - | - | |
| Dec 31 2024 | 2024 Q4 | - | - | - | |
| Jun 30 2024 | 2024 Q2 | - | - | - | |
| Mar 31 2024 | 2024 Q1 | - | - | - | |
| Dec 31 2023 | 2023 Q4 | - | - | - | |
| Sep 30 2023 | 2023 Q3 | - | - | - | |
| Jun 30 2023 | 2023 Q2 | - | - | - | |
| Mar 31 2023 | 2023 Q1 | - | - | - | |
| Dec 31 2022 | 2022 Q4 | - | - | - | |
| Sep 30 2022 | 2022 Q3 | - | - | - | |
| Jun 30 2022 | 2022 Q2 | - | - | - | |
| Mar 31 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
Data CentersSupply constraints curtailing infrastructure buildout rate, but compute capacity is being used immediately upon coming online. This differs from dot-com bubble when dark fiber was installed ahead of need. Labor, power and land shortages creating bottlenecks. |
Supply Constraints Utilization Bottlenecks Infrastructure | |
DollarDollar depreciated -9% against trading partners in 2025, worst year since 2017. De-dollarization trend accelerating as world shifts away from US. Reduced net dollar exposure from 25% to 8% following geopolitical tensions and superpower positioning concerns. |
Depreciation De-dollarization Reserves Geopolitical | |
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 | |
Private CreditThe space has become very popular with lots of LP money chasing returns. Some sponsors have paid extremely high prices and lent on unfavorable terms. Many have also lent into the AI/data-center space to businesses with questionable futures. |
Credit Lending Risk | |
| 2025 Q3 |
Capital |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| V | There were companies there such as Visa, which we own, as well as many we do not, and which would not likely be appropriate for this mandate. |
| 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 |
|---|---|---|---|
| No industry data available | |||