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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"ROCKLINC's portfolio targets six macro trends through concentrated exposure to AI infrastructure, gold royalties (31.5% allocation), nearshoring logistics, uranium, and specialty insurance. Q2's -1.5% return reflected a 14% gold correction, but the manager sees exceptional upside ahead given record global debt and currency debasement pressures."
ROCKLINC's Q2 2026 strategy centers on six macro trends: digitization, debt, debasement, de-globalization, demographics, and dear valuations. The portfolio is allocated across Technology (Amazon, Apple, ServiceNow, MercadoLibre, Roper), Commodities (Franco-Nevada, Wheaton Precious Metals, Agnico-Eagle, Royal Gold, Cameco), Infrastructure (Brookfield entities, TC Energy, Enbridge, Capital Power), Finance (specialty insurers Markel, Trisura, Kinsale, American Coastal; alternatives Sprott, Burford), Industrial (Schneider Electric, Rolls-Royce, Carlisle, Prologis), and Other (Royalty Pharma). Precious metals represent 31.5% of the portfolio, positioned as a hedge against record global debt ($353 trillion) and currency debasement. The fund returned -1.5% in Q2 amid a 14% gold correction but maintains an 8.4% annualized return since inception. Key drivers include AI infrastructure buildout, nearshoring logistics demand, uranium for data centres, and specialty insurance in a hardening market. Current valuations are close to historic lows for insurers, presenting optimal entry points. The manager holds 17.3% cash, ready to deploy during market dislocations, and remains confident in long-term fundamentals despite stretched broader market valuations.
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