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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Capicraft lost 9% in Q2 as AI absorbed all capital while energy, uranium, and gold exposures suffered. Manager increased energy to 17% post-Iranian war, citing 1.5 billion barrel supply loss and tight physical markets."
Capicraft's Global Creator lost 9% in Q2 2026, giving back most of Q1 gains, as AI-driven capital flows dominated markets while the fund's energy, uranium, and precious metals exposures suffered. The manager increased energy exposure from 14% to 17% after the Iranian war began, arguing that Strait of Hormuz disruptions have created cumulative supply losses of 1.5 billion barrels and that physical oil markets remain tight despite narrative-driven price weakness. Uranium equities corrected sharply but underlying spot and contract prices remain elevated, with structural supply deficits intact. Gold fell 27% from February highs driven by liquidity shocks and dollar strength, but central bank buying continues to accelerate. The manager reduced precious metals from 18% to 10% and uranium from 9% to 7% ahead of corrections. On AI, the manager avoids direct exposure due to concerns about circular demand, uncertain end-user economics, and valuations pricing in perfection. Over 50% of the portfolio remains in energy, uranium, precious metals, and real assets—positioning that has underperformed but which the manager views as correctly positioned for structural supply constraints and geopolitical risks the market is ignoring.
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