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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Jemekk Hedge Fund posted a positive 5.51% in Q3 2025 (15.80% YTD), trailing benchmarks due to defensive hedging, but remains constructive on select Canadian financials, gold, and resilient consumer cyclicals."
The Jemekk Hedge Fund Q3 2025 Commentary, authored by Gerard Ferguson and newly promoted Co-CIO Rick Ummat, outlines a solid performance with a 5.51% gain for the quarter and 15.80% year-to-date. While these returns lagged major indices like the S&P TSX Composite and S&P 500 due to defensive hedges and short books, the managers maintain a constructive long-term outlook. Key market drivers identified include lower interest rates anticipated in late 2025 and 2026, resilient earnings growth, and strong institutional fund flows. Portfolio positioning has naturally increased net long exposure to 79%, with Financials remaining the largest sector concentration at 33%, featuring core holdings like Fairfax Financial Holdings (FFH). Materials, specifically gold and silver, represent the second largest sector at 16%, though the fund reduced exposure in select names like Franco-Nevada and Agnico Eagle. Additionally, Consumer Cyclicals make up 13% of the portfolio, anchored by core holdings like Walmart and Amazon. The fund plans to moderate its net long exposure entering Q4 while retaining index shorts to hedge against potential macroeconomic volatility and trade policy disruptions from the US administration.
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