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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Hirschmann Partnership maintains maximum conviction in gold mining equities at 101% exposure, positioned for an anticipated U.S. sovereign debt crisis. The portfolio trades at 19% of intrinsic value with a modeled 42% IRR at current gold prices."
Hirschmann Partnership returned 7.6% in H1 2026 versus 10.2% for the S&P 500, bringing since-inception annualized returns to 18.6% net of fees. The Fund maintains a 101% allocation to gold mining equities, with the portfolio trading at an average 19% of intrinsic value. Manager Brian Hirschmann anticipates a severe U.S. sovereign debt crisis driven by unsustainable fiscal dynamics, with 30-year TIPS yields breaching 3% and government debt on track to reach 150% of GDP in a typical recession. Additional risks include vulnerable U.S. housing and equity markets at record valuations, plus China's unsustainable investment-dependent economy accounting for 30% of global growth. The Fund is positioned to benefit as gold becomes a primary haven asset when confidence in Treasuries deteriorates. Key contributors included GME S (construction permit received), GME S2 (investment from major producer), and GME F (project authorization). The manager models a 42% IRR at current gold prices, with substantial upside as gold demand surges during the anticipated crisis. The strategy maintains zero management fees with only performance-based compensation.
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