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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"MJG Capital delivered 35.77% returns in H1 2025, outperforming through concentrated natural resource investing. The fund's copper and gold focus benefits from shifting capital flows away from overvalued US equities."
MJG Capital returned 35.77% in the first half of 2025, marking the strongest performance since 2H 2020 and outperforming the S&P 500 over ten years with 421.32% returns versus 259.36%. The fund maintains a concentrated portfolio of 16 publicly traded positions focused on natural resource equities, with copper comprising 35% and gold 23% of allocations. Key holdings include Koryx Copper advancing the Haib Project through permitting, Kenorland Minerals executing prospect generation at elite levels, and Bravo Mining benefiting from rebounding PGM prices. A significant development was Tether's acquisition of controlling stake in portfolio holding Elemental Altus, marking crypto capital's first meaningful entry into mining. The manager believes US equity dominance at 70% of global market cap is unsustainable, positioning the fund to benefit as capital flows toward neglected asset classes. The bottom-up, people-first investment approach continues generating alpha across market environments, with the prospect generation business model poised for renewed attention as speculative capital ventures into exploration.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High conviction evidenced by concentrated 16-position portfolio with named holdings and specific position sizes. Manager discusses detailed thesis for each major holding, provides specific cost basis figures, and expresses willingness to add to existing themes. The letter demonstrates deep knowledge of individual positions and clear investment rationale.
Growth Outlook
The manager expresses strong optimism about the opportunity set ahead, stating 'the best is yet to come' and that 'the wind appears to be increasingly at our back.' He views the current period as potentially marking a high-water mark for US equities, creating opportunities in neglected asset classes.
Risk Appetite
The fund maintains concentrated exposure with 16 positions and heavy weightings in copper (35%) and prospect generation (36%). The manager states they would not shy away from adding more copper exposure, indicating selective risk-taking within their mandate.
Capital Deployment
Limited net deployment activity described. The fund added one new position and added to seven existing positions while taking profits in six others. No major cash level changes mentioned, suggesting modest rotation rather than significant net deployment.
Forward Guidance
The manager plans to continue the same approach, stating they will 'conduct business as if nothing has changed.' While optimistic about the environment, the action bias is to maintain current strategy rather than aggressive deployment.
Language Signal
Language is predominantly positive with phrases like 'best is yet to come,' 'wind at our back,' and 'gratifying to share.' Risk language is present but balanced with opportunity framing. Overall tone is constructive about prospects.
Perceived Risk
Moderate risk acknowledgment around US market dominance being unsustainable and potential for crypto capital entry being a late-cycle indicator. Specific company-level risks discussed for individual holdings but no systemic alarm expressed.
Opportunity Density
Manager sees abundant opportunities in the natural resource space, stating the fund would not shy away from adding more positions in copper despite heavy existing exposure. Multiple catalysts and developments discussed across portfolio holdings suggest rich opportunity set.
Time Horizon
Multi-year investment horizon evidenced by holding periods spanning several years for major positions and willingness to hold through volatility. Manager references 'playing the long game' and discusses development timelines extending to 2027 for key holdings like Koryx Copper.
