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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"LENS fell 15.37% in Q2 2026 as Iran war volatility triggered commodity consolidation, but the manager sees this as a healthy reset within the Return to Tangibles secular bull market. Energy security concerns from the Strait of Hormuz closure will drive strategic oil demand, while unsustainable fiscal deficits and central bank gold buying support precious metals."
LENS ETF returned -15.37% in Q2 2026 as the Iran war and Strait of Hormuz closure triggered a commodity volatility cycle that ultimately reinforced the manager's Return to Tangibles thesis. Oil peaked in early April and returned to pre-war levels by quarter-end, while gold sold off 26.2% from its January peak as inflation concerns temporarily recoupled it to real rates. The Geopolitical & Fiscal Risks sub-theme detracted most from performance as precious metals and miners consolidated, followed by Energy is Life as oil declined in June. The manager views these pullbacks as healthy consolidations within a secular bull market, similar to historical drawdowns in the 1970s gold cycle. Structural drivers remain intact: unsustainable fiscal deficits across developed nations point to higher structural inflation, the war has permanently shifted energy security priorities driving strategic reserve refills, and central bank gold buying continues independent of Fed policy. The manager maintains high conviction that the commodity super-cycle has only just begun, with tangible assets positioned to lead as the world transitions from cooperation to competition and state-driven resource security.
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