Mining Fund Up 150% in 2025 Tapped Gold, Critical Metals for Robust Q1 Return

The Delbrook Resource Opportunities Master Fund, which returned a blistering 151% for 2025, gained 11.4% net for the first quarter of 2026. The fund did well in January and February, up 16% and 18.9%, respectively, but it hit the skids in March, returning -19.2%.

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Opportunity in volatility

According to Delbrook’s Q1 letter to investors, which was obtained by Hedge Fund Alpha, long positions in value-oriented precious metals positions drove the fund’s quarterly gains. The Delbrook team also made a tactical move into critical minerals in 2025, which has begun to pay off.

At the end of Q1, the Delbrook fund had a 72% net long exposure, higher than usual because of the...