Gold Generated Nearly 90 Percent of This Hedge Fund’s Returns in Q3

Noster Capital was essentially flat for the third quarter, returning -0.3% and underperforming the S&P 500's 5.5% return. However, the fund is up an impressive 28.3% year to date, outperforming the S&P 500's 20.8% return by 7.5%.

Noster Capital is also outperforming the S&P on a cumulative basis since refining its strategy in 2019, returning 129% versus the index's 93% return.

In their third-quarter letter to investors, which was obtained by Hedge Fund Alpha, Pedro de Noronha and Diego Tremiterra noted that the U.S. equity markets soared to record highs on the back of robust performances from the Magnificent Seven, most of which are trading at extremely expensive valuations.

They actually didn't follow the herd into these stocks, choosing instead to follow...