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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"LENS ETF surged +56.96% in its debut year, dramatically beating the broader market by exploiting a multi-year commodity super-cycle. The managers anticipate the rally will broaden from precious metals into energy and industrial metals in 2026."
In its inaugural year since launching in late January 2025, the LENS ETF delivered a +56.96% market price return (+56.79% NAV), heavily outperforming the Solactive GBS US 500 Index (+14.10%). Performance was led by the 'Geopolitical & Fiscal Risks' sub-theme, which benefited from gold and silver hitting all-time highs amidst tariff-induced inflation worries and geopolitical uncertainties. The 'Build the Future' sub-theme (copper and platinum) also contributed positively, while the 'Energy is Life' exposure was scaled back early in the year due to sluggish oil demand. Sarmaya Partners remains highly confident in its commodity super-cycle thesis and expects the commodity rally to broaden into energy and industrial metals in 2026.
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