Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

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

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.

2025 First Quarter Letter to Investors