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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Elevated sovereign debt burdens and persistent monetary debasement necessitate heavy portfolio exposure to asset-light royalty models, critical energy infrastructure, and precious metals over leveraged financial institutions."
ROCKLINC Partners Fund generated a net return of 1.64% in the third quarter of 2026, bringing its one-year net compound return to 1.15% and its net annualized return since its September 29, 2017 inception to 8.35%. The portfolio closed the quarter holding 83.4% of assets in publicly traded equities, 14.0% in cash and short-term money market instruments including three short-term corporate bonds yielding 3.0% to 3.5%, and 2.6% in two private equity investments. Cash levels reflect a deliberate reserve target of 10% to 20% to exploit dislocations across public equity markets amid elevated valuations. The manager's macro framework highlights growing sovereign debt burdens, expanding government shares of gross domestic product, and the ongoing structural debasement of fiat currencies by central banks. With global debt standing near 350% of GDP, the fund maintains significant exposure to real assets and monetary hedges, led by a 28.9% sector allocation to precious metals and a 10.6% allocation to base metals, uranium, and agricultural materials. Rising bond yields and geopolitical unrest reinforce a defensive stance toward leveraged financials, favoring businesses with asset-light operations, contractual cash flows, and robust balance sheets. Portfolio activity remained stable during the quarter, with no significant alterations to existing positions. The top 12 holdings comprise 72.22% of total fund assets and 86.6% of equity weighting, led by Trisura Group at 9.58%, Wheaton Precious Metals at 8.37%, Franco-Nevada at 8.08%, and Markel Group at 6.53%. Core exposure remains focused on royalty aggregators across mining and biopharma, alongside compounders such as Cameco, Altius Minerals, and Amazon.
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