EQX - Massif Capital Q1 2024 Letter To Investors

2024-05-05 03:15:00 ET

Summary

• Massif Capital employs a long/short equity strategy focused on global opportunities in listed real assets, principally mining, energy, and infrastructure.
• Through the end of the first quarter of 2024, the Massif Capital Real Assets Strategy was up 0.96% net of fees, with gains from both the long and short books.
• Our largest positive returns in the first quarter came from our position in Siemens Energy (SMEGF).
• Dragging on results during the first quarter wasour position Enovix (ENVX).

Dear Investors,

Through the end of the first quarter of 2024, the Massif Capital Real Assets Strategy was up 0.96% net of fees, with gains from both the long and short books. As the letter is getting out after the close of April, it is worth highlighting that we were up 2.26% in April, with gains on both the long (up 1.93% gross of fees) and short (up 0.42% gross of fees) sides of the book, bringing our returns through the end of April to 3.14% net of fees....

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