Praetorian Capital Up 23.71% YTD, On Precious Metals Bets

Praetorian Capital’s commentary for the month ended February 28, 2026.

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For the month of February, we were +10.96% MTD, bringing us to +23.71% YTD, net.

Performance was broad-based across our core themes: Precious Metals–related companies, International/EM, Refiners, and JOE.

We believe there has been a distinct shift in market leadership from Technology to Emerging Markets and Hard Assets, which have been our focus for some time.