LAC - Massif Capital Q2 2024 Letter To Investors
2024-07-24 21:35:00 ET
Summary
- Through the end of the second quarter of 2024, the Massif Capital Real Assets Strategy was up 9.4% net of fees.
- Our most significant positive return in the second quarter came from our position in Enovix,.
- We had strong contributions from all our mining names except Lithium America and Lithium Argentina.
Dear Investors,
Through the end of the second quarter of 2024, the Massif Capital Real Assets Strategy was up 9.4% net of fees, with YTD gains from both the long and short books.
Our most significant positive return in the second quarter came from our position in Enovix ( ENVX ), which returned 6.7% for the portfolio. Siemens Energy ( SMEGF ), our best-performing position in the first quarter, maintained positive momentum, generating a portfolio-level return during the second quarter of 3.6%. We had strong contributions from all our mining names except Lithium America ( LAC ) and Lithium Argentina ( LAAC ), which dragged on portfolio returns by 3%.
| Annualized Returns Across Various Time Periods (As of 6/01/2024) |
| YTD |
| 3 Years |
| 5 Years |
| Since Inception |
| Massif Capital Real Assets Strategy (Net of Fees) |
| 9.4% |
| 3.1% |
| 10.3% |
| 9.7% |
| Performance of Massif Capital Universe |
| Massif Capital Universe (MktCap > $675 Mil) |
| 4.6% |
| 3.7% |
| 5.6% |
| 6.7% |
| Massif Capital Universe (MktCap < $675 Mil) |
| -13.7% |
| -10.3% |
| -4.1% |
| -2.6% |
| General Market Indicies |
| Russell 2000 |
| 1.7% |
| -2.7% |
| 7.0% |
| 9.3% |
| S&P 500 |
| 15.3% |
| 10.0% |
| 14.8% |
| 17.2% |
| S&P Real Assets Equity TR Index |
| -0.9% |
| 1.3% |
| 3.6% |
| 6.4% |
| Boomberg Total Return Commodities Index |
| 5.1% |
| 6.1% |
| 8.0% |
| 7.8% |
| Industry ETFS |
| iShares MSCI Global Energy Producers |
| 7.8% |
| 15.5% |
| 5.7% |
| 6.5% |
| iShares MSCI Global Metals and Mining |
| -5.2% |
| -2.9% |
| 6.3% |
| 8.1% |
| iShares Global Industrials |
| 6.0% |
| 4.3% |
| 8.1% |
| 10.6% |
| Alpha Vs. Russell 2000 |
| Real Assets Strategy (Net) |
| 7.1% |
| 6.4% |
| 5.3% |
| Massif Capital Universe (MktCap > $675 Mil) |
| 1.8% |
| 1.1% |
| 1.4% |
| Massif Capital Universe (MktCap < $675 Mil) |
| -16.5% |
| -7.7% |
| -6.5% |