Anatomy of a Canadian Bear
Sixteen S&P/TSX Composite declines of 15% or more since 1979: how they start, how far they fall, and what ends them. The S&P/TSX Composite has...
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1Q2026 Letter to Investors
The first quarter's results were driven by mining and energy investments. The Norwegian upstream complex (Var Energi, Equinor, Aker BP), joined by...
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You’re Not Long Copper: The Exposure Is Not What You Thought It Was
The Commodity Purity Index (CPI, an unfortunate acronym) is a framework developed to measure, on a rolling basis, the extent to which the...
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2025 Year End Letter to Investors
During the fourth quarter of 2025, the Massif Capital Real Assets Strategy advanced 9.6% net of fees, lifting full-year performance to 50.0% net...
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Third Quarter 2025 Letter to Investors
During the third quarter of 2025, the Massif Capital Real Assets Strategy returned 36.1% net of fees, bringing our YTD returns to 41.5% net of fees.
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