Sam Fieler’s Equinox Partners returned 24.5% net for the third quarter, bringing its year-to-date return to a robust 54.4%. The hedge fund, which has been in business since 1987, besting the S&P 500, which rose 8.1% during Q3 for a year-to-date gain of 14.8%. Current assets under management (on a firm-wide basis) are close to $1 billion.
In their Q3 2025 letter to investors, which was obtained by Hedge Fund Alpha, the Equinox team reported that their positions in gold and silver miners almost exclusively drove their performance. Spot gold jumped 18% during the quarter, boosting Equinox’s mining portfolio to an impressive 40% gain. At the time of the Q3 letter, 78% of the fund’s capital was invested in the gold and silver sector.
Equinox’s views on gold
Fieler’s team noted that buying by central banks first drove the current gold market, although it has since transitioned into a dollar debasement trade driven by investors.
“This second phase of the gold bull market is more explosive than the first because it draws on the approximately $470 trillion of the world’s wealth, as opposed to the roughly $35 trillion of central bank balance sheets,” they added.
The Equinox team expects gold to replace the U.S. dollar as the world’s reserve currency, although they see the pace of this happening playing out in one of two different ways. The first is if President Donald Trump essentially forces the Federal Reserve to cut interest rates, fanning the “dollar debasement fire.”
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