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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Myrmikan Research 2026 Q1 Investor Letter | Buyside Digest

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Primary Source Intelligence • Q1 2026 Letter Analysis

Myrmikan Research Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Myrmikan Research. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

Positioning StanceNEUTRAL

GeographyUS

Digest Analysis

Quick Take

"Gold's March selloff was liquidity-driven noise masking fundamental strength from geopolitical fracturing and inevitable Fed money printing to bail out collapsing private credit. Western hemisphere gold miners benefit from energy advantages and jurisdictional stability."

Executive Summary

Gold's March selloff was liquidity-driven noise masking fundamental strength from geopolitical fracturing and inevitable Fed money printing to bail out collapsing private credit. Western hemisphere gold miners benefit from energy advantages and jurisdictional stability. Unsustainable debt levels across all sectors ensure dollar debasement regardless of geopolitical outcomes, making gold the essential hedge.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

78%

CautiousHigh

High Conviction (78%)

High conviction score based on concentrated focus on gold thesis with specific price targets mentioned ($5,420 to $4,099), clear sector preferences for Western hemisphere miners, and decisive language about Fed policy inevitability. The manager makes falsifiable claims about monetary policy and geopolitical outcomes with strong directional conviction.

Growth Outlook

30%

BearishBullish

Bearish (30%)

The manager presents a structurally bearish view of markets driven by unsustainable debt levels, private credit collapse, and geopolitical fracturing. While seeing opportunity in gold, the overall market outlook is cautious given systemic risks and inevitable monetary debasement.

Risk Appetite

30%

DefensiveAggressive

Defensive (30%)

The manager maintains selective long exposure focused on gold and Western hemisphere miners while avoiding energy-dependent or geopolitically risky jurisdictions. This represents a defensive but not entirely risk-off positioning with clear sector preferences.

Capital Deployment

De-riskingDeploying

De-risking (0%)

No explicit cash level changes or position sizing information provided. The letter discusses market conditions and thesis development but does not indicate net deployment or de-risking activity during the period.

Forward Guidance

20%

CautiousExpansionary

Cautious (20%)

The manager expects to benefit from Fed money printing and gold's eventual recovery, but emphasizes selectivity in mining jurisdictions and waiting for market discrimination between energy-exposed versus advantaged producers. Deployment bias is cautious and selective.

Language Signal

35%

BearishBullish

Bearish (35%)

Language is dominated by risk terminology including 'collapse,' 'disaster,' 'crisis,' and 'fracturing,' though balanced by opportunity language around gold as a hedge and Western hemisphere advantages. Net bearish directional language prevails.

Perceived Risk

82%

Low RiskElevated

Elevated Risk (82%)

Very high perceived risk with detailed discussion of systemic threats including private credit collapse, unsustainable debt levels, geopolitical fracturing, and energy supply disruptions. The manager explicitly warns of 'snowballing disaster' and 'catastrophic deficits' with specific risk scenarios outlined.

Opportunity Density

35%

ScarceAbundant

Selective (35%)

Limited opportunity set focused primarily on gold and selective Western hemisphere miners. The manager emphasizes the need for discrimination and selectivity, suggesting most opportunities are either risky or overvalued, with few compelling ideas outside the core gold thesis.

Time Horizon

75%

Short-TermLong-Term

Decade+ (75%)

Multi-year thesis expecting structural changes in global monetary system and geopolitical order. The manager discusses long-term dollar decline, permanent shifts in trade relationships, and multi-year energy infrastructure development, indicating a 3-5 year investment horizon with no urgency for near-term catalysts.