01/26: Navigating the Precious Metals Surge
Portfolio Update. How manufacturing expansion and energy price floors are shaping our strategy for 2026.
Want more context? Track the journey so far here.
Index
Briefing
Every time we write this letter, we’re reminded of how much we truly love our work. This marks the 20th edition of this report.
We hope to continue publishing until we reach the 1,000th edition, a milestone that would represent a life well-lived and a century of investment publications. We’ll get there step by step, and today marks step #20.
The fund is up +5.80% year-to-date. We currently hold 17 positions, including 9 major holdings that range in weight from 5.40% to 12.83% of non-cash assets each.
While 7 of these 9 major holdings are in the green, the bulk of our returns can be attributed to Saturn Oil & Gas (SOIL). Currently making up 6.68% of the portfolio, SOIL has surged over 40%+ since we began building the position in late December at an average cost of C$2.38.
Annualizing a 40% return over such a short window marks a strong start to the year by any measure.
In this issue, we’ll discuss several holdings that have performed well early in the year. We’ll provide a macro overview followed by updates from our major positions as we move into earnings season.
We will also introduce a new 5%+ position and, as always, walk through our latest changes, increases, and decreases.
Along the way, we’ll share a few thoughts on conviction and where we’re headed next.
Please note that this update accurately reflects the portfolio changes within Equity Focus FIL, our regulated European hedge fund.
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📊 Portfolio Overview
YTD Performance Summary
Equity Focus* [A Shares] ➤ +5.80%
Equity Focus* [Y Shares] ➤ +5.75%
All-Weather Portfolio** ➤ +3.05%