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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Tactile Fund delivered a strong 20.5% return in 2025 by focusing on high-quality physical assets that hedge against inflation, dollar devaluation, and AI disruption."
Tactile Fund completed its first year of operation with a net return of 20.5% (4.5% in Q4 2025), outperforming its benchmark, the MSCI World Sm+MicroCap NR, which returned 19.2%. The manager emphasizes a portfolio constructed around high-quality physical assets (railways, land, infrastructure, and food production) to hedge against structural inflation, USD devaluation, and AI-driven tech disruption. Winners in 2025 included Swiss Alpine railways, Australian/Kiwi agriculture, and American shipbuilders. Laggards included North American food/agriculture (such as J.G. Boswell and Gruma, which the manager still views as highly attractive value investments) and European luxury holdings. The fund's inaugural audit is underway and is expected to wrap up in late March.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Tactile Fund delivered a strong 20.5% return in 2025 by focusing on high-quality physical assets that hedge against inflation, dollar devaluation, and AI disruption....
Growth Outlook
Market outlook remains above average conviction: Tactile Fund delivered a strong 20.5% return in 2025 by focusing on high-quality physical assets that hedge against inflation, dollar devaluation, and AI disruption....
Risk Appetite
Risk appetite posture is moderate conviction: Tactile Fund delivered a strong 20.5% return in 2025 by focusing on high-quality physical assets that hedge against inflation, dollar devaluation, and AI disruption....
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Tactile Fund delivered a strong 20.5% return in 2025 by focusing on high-quality physical assets that hedge against inflation, dollar devaluation, and AI disruption....
Forward Guidance
Forward guidance signal: Tactile Fund delivered a strong 20.5% return in 2025 by focusing on high-quality physical assets that hedge against inflation, dollar devaluation, and AI disruption....
Language Signal
Tone analysis indicates above average conviction language: Tactile Fund delivered a strong 20.5% return in 2025 by focusing on high-quality physical assets that hedge against inflation, dollar devaluation, and AI disruption....
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Tactile Fund delivered a strong 20.5% return in 2025 by focusing on high-quality physical assets that hedge against inflation, dollar devaluation, and AI disruption....
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Tactile Fund delivered a strong 20.5% return in 2025 by focusing on high-quality physical assets that hedge against inflation, dollar devaluation, and AI disruption....
Time Horizon
Investment time horizon reflects a high conviction orientation. Tactile Fund delivered a strong 20.5% return in 2025 by focusing on high-quality physical assets that hedge against inflation, dollar devaluation, and AI disruption....
