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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Tactile Fund added Grupo México at a 60%+ discount to net asset value, gaining exposure to the world's largest, lowest-cost copper reserves and Mexico's dominant rail networks. Copper trades at record highs amid constrained supply, while rail expansion opportunities exist in Brazil and Argentina."
Tactile Fund returned 2.9% in Q2 2026, bringing year-to-date returns to 4.0%. The quarter saw partial unwinding of 2025 trends that included rising skepticism toward US equities and the dollar's reserve status, with the Iran conflict and high energy costs dampening appetite for vulnerable geographies like Western Europe. The fund added Grupo México, Mexico's largest public company, as a significant new position. Grupo México controls the world's largest and lowest-cost copper reserves through Southern Copper and ASARCO, while owning Mexico's most important rail networks. The company trades at more than 60% discount to net asset value and is evaluating rail acquisitions in Brazil and Argentina. Since inception, over 12% of the portfolio has been acquired or conducted major asset sales, with six holdings seeing catalyzing transactions in 18 months. This validates the desirability of companies owning extraordinary physical assets, though it limits long-term ownership opportunities. The portfolio remains positioned as a hedge against dollar weakness and technological disruption through ownership of rare, high-quality physical assets.
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