Eschaton Opportunities Posts 93.1% YTD With Gains On This Tech Short

In their Q4 2025 investor  letter, Eschaton Opportunities Fund Management, disclosed 30% quarterly gains, lifting YTD performance to 93.1%. Both during the quarter and the whole year, the top contributors were precious metals. According to the hedge fund manager, gold and silver positions accounted for over three-quarters of the gains.

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The short book detracted from performance during the first three quarters. Only in the last quarter did the short book manage to break even. However, the $200 million firm’s positions in the emerging markets offset these losses. The remaining positives came from a weakened US dollar and the rise in the natural resources sector.

The fund emphasized the long book’s success. Due to poor short performance, they increased long exposure. As a result, portfolio net exposure grew by 20%. Currently, the fund is looking to add more to the short side, aiming to rebalance the exposure.

To postpone the taxes for the year, the Miami based firm waited until the end of 2025 to reduce its exposure to precious metals. After freeing some of the capital, the team reinvested it into cheap but promising stocks in emerging markets.

While precious metals did lead the charge, the stock-picking operations also delivered their fair share of gains. One of the examples that the fund pointed out was G Mining Ventures Corp. G Mining Ventures Corp rose 284%. This outperformed the VanEck Junior Gold Miners ETF, which grew 166%.