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.

Thematic (Sector/Industry)

<ul><li>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 of fees.</li><li>Gross gains from the long book totaled 13.3%, while the short book detracted 1.64%.</li><li>The strategy has now completed its 28th consecutive quarter, with a since-inception annualized return of 15.6% net of fees.</li></ul>

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 of fees.Gross gains from the long book totaled 13.3%, while the short book detracted 1.64%.The strategy has now completed its 28th consecutive quarter, with a since-inception annualized return of 15.6% net of fees.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>After 5.5-months, SPX broke below its 20-dayMA in decisive fashion on Friday.6569 has been our level that needs to break in order for us to believe a pullback has begun</li>
<li>SPX made a low of 6551 on Friday (less than 20 points or 0.3% from our 6569 level), meaning it was NOT a decisive breakdown (in time or price).</li>
<li>As a result, our near-term bullish outlook since our 4/22/25 Compass remains intact, and it will stay that way as long as the SPX holds above 6550-6569.</li>
</ul>


After 5.5-months, SPX broke below its 20-dayMA in decisive fashion on Friday.6569 has been our level that needs to break in order for us to believe a pullback has begun
SPX made a low of 6551 on Friday (less than 20 points or 0.3% from our 6569 level), meaning it was NOT a decisive breakdown (in time or price).
As a result, our near-term bullish outlook since our 4/22/25 Compass remains intact, and it will stay that way as long as the SPX holds above 6550-6569.


6550-6569 S&P 500 Support Holding For Now; Still Bullish, But Late-October Consolidation Possible

Circle Internet Group / Technical Analysis

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.</li>
<li>Speculative growth themes (quantum,nuclear, hydrogen, space, robotics, drones, data centers, solar, biotech, WGMI,ARKK,ARKQ,ARKX,ARKW,ARKG, etc.) have been rolling, and we've been recommending them in this section every week for 1+ months.</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.
Speculative growth themes (quantum,nuclear, hydrogen, space, robotics, drones, data centers, solar, biotech, WGMI,ARKK,ARKQ,ARKX,ARKW,ARKG, etc.) have been rolling, and we've been recommending them in this section every week for 1+ months.


Downgrading Financials to Underweight; Growth Themes Galore; Health Care Breaking Out

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>The WTR Sustainable Index was up 2.7% W/W versus the S&amp;P 500 Index (up 3.4%), the Russell 2000 Index (up 3.0%), and the Nasdaq Index (up 4.2%).</li><li>Energy Technology (13.1% of the index) was up 4.8%, while Industrial Climate and Ag Technology (48.2% of the index) was up 3.8%, ClimateTech Mining was up 1.4%, and Advanced Transportation Solutions (20.8% of the index) was up 2.7%.</li><li>Top 10 Performers: QS, HYSR, AEVA, EFOI, COMM, WAVE, FTEK, AYRO, ENVX, AMSC</li></ul>

The WTR Sustainable Index was up 2.7% W/W versus the S&amp;P 500 Index (up 3.4%), the Russell 2000 Index (up 3.0%), and the Nasdaq Index (up 4.2%).Energy Technology (13.1% of the index) was up 4.8%, while Industrial Climate and Ag Technology (48.2% of the index) was up 3.8%, ClimateTech Mining was up 1.4%, and Advanced Transportation Solutions (20.8% of the index) was up 2.7%.Top 10 Performers: QS, HYSR, AEVA, EFOI, COMM, WAVE, FTEK, AYRO, ENVX, AMSC

Sustainable Investing Surveyor - Focus on AMRC

<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.

United States

Enovix Corporation provides electronic components. The Company focuses on development and production of advanced silicon-anode lithium-ion batteries. Enovix serves customers worldwide.

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Enovix (ENVX US)

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...

Massif Capital Research

6550-6569 S&P 500 Support Holding For Now; Still Bullish, But Late-October Consolidation Possible

6550-6569 $SPX Support Holding For Now; Still Bullish Near-Term and Intermediate-Term, But late-October Consolidation Possible Before Year-End...

Vermilion Research

Downgrading Financials to Underweight; Growth Themes Galore; Health Care Breaking Out

Downgrading Financials $XLF to Underweight; Growth Themes Galore: quantum, nuclear, hydrogen, space, robotics, drones, data centers, solar,...

Vermilion Research

Sustainable Investing Surveyor - Focus on AMRC

The WTR Sustainable Index was up 2.7% W/W versus the S&P 500 Index (up 3.4%), the Russell 2000 Index (up 3.0%), and the Nasdaq Index (up 4.2%).

Water Tower 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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