Crescat Capital's commentary for the month of April 2025, titled, "3 Of The Top 10 Hedge Funds In 2025."
We are thrilled to report that Crescat’s funds are off to a great start in 2025. All three Crescat funds rank in the top 10 of the 873 hedge funds in the Preqin database with year-to-date performance through March. The universe for comparison is all hedge funds globally tracked by Preqin with a minimum 3-year track record.
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Many of our long-held macro themes, which we have written about at great length in our investor letters, are just starting to play out in our view. While there is risk, we see a substantial opportunity to unlock further value ahead. For example, our long activist mining positions in precious and other critical metals represent our largest thematic exposure firmwide and have been the primary driver of our strong performance year-to-date across all funds. These positions are the sole focus of the Crescat Precious Metals Fund. We believe it is still very early in a new bull market for precious metals mining stocks, which remain historically undervalued.
Our short positions through put options in the S&P 500, Nasdaq 100, and Magnificent 7 stocks have been additional key contributors to the performance in the Long/Short and Global Macro funds year to date. Megacap tech stocks and the S&P 500 remain highly overvalued, in our analysis, and we believe there is more opportunity to profit from the short side in these funds.
With President Trump and Treasury Secretary Bessent, stock market turmoil is acceptable, i.e., short-term pain for long-term gain, with the strategic goal of resetting global trade, currency, and military alliances, restoring the US materials and industrial sectors, and reducing the unsustainable US fiscal and trade deficits, a Mar-a-Lago-style “New Bretton Woods” accord with big macro implications.
We will have a more traditional Crescat research-oriented letter out soon to update you on many of our themes. Please forgive us this time, as we have been extraordinarily busy with trading and a flurry of new mining deals.
10,000-Foot View of Crescat’s Activist Metals’ Portfolio
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Precious Metals Fund Performance Since Inception vs. Benchmarks
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Performance of All Crescat Strategies Since Inception
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We are excited about the opportunities in the markets ahead and encourage you to reach out to any of us listed below if you would like to learn more about how our investment vehicles might fit with your individual needs and objectives.
Sincerely,
Kevin C. Smith, CFA
Founding Member & Chief Investment Officer
Tavi Costa
Member & Macro Strategist
For more information, including how to invest, please contact:
Marek Iwahashi
Head of Investor Relations
(720) 323-2995
Linda Carleu Smith, CPA
Co-Founding Member & Chief Operating Officer
(303) 228-7371
© 2025 Crescat Capital LLC
