"The firm’s strong outperformance has been largely driven by our activist metals theme, which is currently the largest exposure across all funds. Our megacap tech short theme has also contributed to significant gains year-to-date in our macro and long/short funds thanks to successful positioning and trading early in February and April. At Crescat, our investment philosophy combines value-investing principles with macroeconomic themes, aiming to deliver high risk-adjusted returns over the long term. Our activist metals strategy evolved from the firm’s global fiat debasement theme with the launch of the Crescat Precious Metals Fund in August 2020, where we partnered with industry veteran exploration geologist Quinton Hennigh, PhD, as our advisor. The fund will complete its five-year track record at the end of this month. We believe it is on track to be one of the top-performing industry-focused funds — public and private — over that period in the mining-and-metals and resource fund categories." July Research Letter is live, “Discovery: The Foundation of Value Creation" @crescatkevin @TaviCosta