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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"MJG returned 3.45% in H1 2026 after an exceptional 2025, maintaining decade-long outperformance at 21.9% annualized. Precious metals collapsed 28-52% from January peaks as anticipated, validating defensive positioning."
The MJG partnership returned 3.45% in H1 2026, an anticlimactic follow-up to an exceptional 2025, but continues to outperform benchmarks over one-year, three-year, and ten-year horizons with 21.9% annualized returns over the past decade. Precious metals peaked in late January before plunging 28-52%, with miners declining 34-37%, validating the manager's precautionary reduction of precious metals exposure below 30% and cash build to 14% by year-end 2025. Copper remains the largest weighting at 34%, supported by strong fundamentals including energy transition demand, AI data center buildout, and persistent supply shortfalls, with the metal appreciating 10% in H1 2026 despite underwhelming equity performance. The partnership has increased cash to 22% as of June 30th, the highest level since inception, positioning for potential broad-based weakness while maintaining capacity for opportunistic deployment. Namibia has become the third largest jurisdiction weighting at 11%, offering diverse mineral endowment and political stability despite emerging resource nationalism risks. The manager continues the proven bottom-up approach of backing talented teams with quality assets at reasonable valuations.
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