Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
MJG returned 3.45% in H1 2026 after an exceptional 2025, maintaining decade-long outperformance at 21.9% annualized. Precious metals collapsed 28-52% from January peaks as anticipated, validating defensive positioning. Copper remains the largest weighting at 34% with strong fundamentals despite equity underperformance. Cash increased to 22%, the highest since inception, positioning for potential broad weakness while preserving deployment capacity. The proven people-first, bottom-up approach continues unchanged.
Full Quick Take
MJG returned 3.45% in H1 2026 after an exceptional 2025, maintaining decade-long outperformance at 21.9% annualized. Precious metals collapsed 28-52% from January peaks as anticipated, validating defensive positioning. Copper remains the largest weighting at 34% with strong fundamentals despite equity underperformance. Cash increased to 22%, the highest since inception, positioning for potential broad weakness while preserving deployment capacity. The proven people-first, bottom-up approach continues unchanged.
MJG Capital logged a stellar 109.26% return in 2025, but is cutting precious metals exposure to below 30% and raising cash to 14% to brace for a potential sector-wide correction, while heavily prioritizing copper and capital-efficient prospect generators.
Full Quick Take
MJG Capital logged a stellar 109.26% return in 2025, but is cutting precious metals exposure to below 30% and raising cash to 14% to brace for a potential sector-wide correction, while heavily prioritizing copper and capital-efficient prospect generators.
