Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Cross Asset Strategy

<ul><li>At the current time, we find the rebound in US equity markets increasingly difficult to rationalize.</li><li>With trade war uncertainty still high, limited new stimulus from tax policy (especially given the high likelihood that no progress on meaningful spending cuts will be achieved), and a patient Fed, there’s little clarity on how growth or earnings can improve enough to justify what were already high valuation levels.</li><li>Cross-asset signals, such as tighter credit spreads and a falling dollar, highlight a disconnect between market optimism and the administration’s ongoing efforts to address trade imbalances.</li></ul>

At the current time, we find the rebound in US equity markets increasingly difficult to rationalize.With trade war uncertainty still high, limited new stimulus from tax policy (especially given the high likelihood that no progress on meaningful spending cuts will be achieved), and a patient Fed, there’s little clarity on how growth or earnings can improve enough to justify what were already high valuation levels.Cross-asset signals, such as tighter credit spreads and a falling dollar, highlight a disconnect between market optimism and the administration’s ongoing efforts to address trade imbalances.

Equity Bottom-Up

Lithium Americas Argentina Cor / Equity Bottom-Up

<ul><li>During the fourth quarter of 2024, the Massif Capital Real Assets Strategy was up 0.04% net of fees, with gross of fee gains from the long book of 0.18% and short book returns of 0.03%.</li><li>In 2024, the strategy was up 12.1% net of fees, with gross of fees gains from the long book of 12.1% and short book of 1.0%.</li><li>Through the 21st of January 2025, the portfolio is up 6.6%.</li></ul>

During the fourth quarter of 2024, the Massif Capital Real Assets Strategy was up 0.04% net of fees, with gross of fee gains from the long book of 0.18% and short book returns of 0.03%.In 2024, the strategy was up 12.1% net of fees, with gross of fees gains from the long book of 12.1% and short book of 1.0%.Through the 21st of January 2025, the portfolio is up 6.6%.

Massif Capital 4th Quarter 2024 Letter to Investors

Thematic (Sector/Industry)

<ul><li>Inflation and Market Dynamics: In this letter, we discuss persistent inflationary pressures and potential misallocation of capital in financial markets that could lead to future economic instability.</li><li>Of specific concern is persistent under-investment in the Real Asset Ecosystem, which includes commodity producers and industries with significant vertical linkages to commodities, an ecosystem of businesses that ensure sustainable economic growth and stability.</li><li><p>We review our Enviox and Siemens Energy investment thesis and explain continued confidence in our lithium investments despite widespread negative EV sentiment.</p></li></ul>

Inflation and Market Dynamics: In this letter, we discuss persistent inflationary pressures and potential misallocation of capital in financial markets that could lead to future economic instability.Of specific concern is persistent under-investment in the Real Asset Ecosystem, which includes commodity producers and industries with significant vertical linkages to commodities, an ecosystem of businesses that ensure sustainable economic growth and stability.We review our Enviox and Siemens Energy investment thesis and explain continued confidence in our lithium investments despite widespread negative EV sentiment.

Canada

Alphamin Resources Corporation is a tin concentrate producer from its high grade deposit at Mpama North, North Kivu DRC. The Company focuses on the production from its current mine and development of additional tin prospects. Alphamin Resources serves customers from Goma, Democratic Republic of Congo.

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Alphamin Resources (AFM CN)

2025 First Quarter Letter to Investors

At the current time, we find the rebound in US equity markets increasingly difficult to rationalize. With trade war uncertainty still high, limited...

Massif Capital Research

Massif Capital 4th Quarter 2024 Letter to Investors

During the fourth quarter of 2024, the Massif Capital Real Assets Strategy was up 0.04% net of fees, with gross of fee gains from the long book of...

Massif Capital Research

2nd Quarter 2024 Letter to Investors

In this letter, we discuss persistent inflationary pressures and potential misallocation of capital in financial markets that could lead to future...

Massif Capital Research

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