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.

Thematic (Sector/Industry)

United states Materials / 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.

2025 Year End Letter to Investors