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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Jemekk returned 1.1% in Q2 as hedging costs and gold weakness offset gains from Defence, Healthcare, and Telecom holdings. The fund maintains 72% net long with 18% in precious metals, positioned for Fed rate cuts in 2027 to revive the resource trade."
Jemekk Hedge Fund returned 1.1% in Q2 2026, lagging the S&P 500's 15.2% surge and the TSX's 7.0% gain, as index hedging and lack of bank exposure weighed on performance. The fund maintains 72% net long exposure with an 18% overweight to precious metals, despite gold declining 14% on rising rates. The managers remain committed to gold based on continued central bank reserve shifts away from USD, institutional fund flows, and expectations that labor market softening will enable Fed rate cuts in 2027. Three of four core themes performed well: Defence contributor MDA Space, Build Canada holding Telesat, and new Healthcare position Extendicare, which is capitalizing on 4% annual growth in Canada's 85+ population. The primary drag was hedging costs and gold equity weakness. Key risks include elevated geopolitics, untested AI-capex driven earnings, and rising rates, though the managers expect a return to the Q1 environment favoring resources in H2 2026. The fund has repositioned gold holdings toward mid-tier miners and reduced some hedges while maintaining tactical flexibility.
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