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During the third quarter of 2025, the Massif Capital Real Assets Strategy delivered impressive returns, reaching 36.1% net of fees, which propelled its year-to-date performance to an outstanding 41.5% net of fees. This period marked the strategy's most successful quarter to date, culminating in an annualized net-of-fees return of 14.6% since its inception.

The strategy's success is not merely a matter of absolute returns; it excels in delivering superior risk-adjusted results, evidenced by a Sortino Ratio of 1.5, significantly higher than its benchmark. This indicates the fund's adeptness at managing downside risk while generating robust returns. A critical aspect of Massif Capital's approach involves a thorough assessment of whether these promising outcomes are due to market exposure or the fund's intrinsic investment capabilities. The fund meticulously evaluates its 'Alpha' contribution using Jensen's Alpha, a metric that helps distinguish between market-driven gains and genuine investment skill.

The performance at the individual stock level offers deeper insights into the strategy's efficacy, particularly in the gold and copper sectors. Gold investments, notably G-Mining Ventures (GMIN:CA) and Equinox Gold (EQX), collectively contributed a 17.1% portfolio-level return by the end of Q3. In copper, the strategy has outperformed both the metal and its producers, with core positions like Lundin Mining (OTCPK:LUNMF) and NGEX (NGEXF) yielding substantial returns. Looking ahead, Massif Capital anticipates a shift in leadership to its oil and natural gas investments in the fourth quarter, driven by a contrarian view on European energy confidence, amidst concerns over LNG supply, weather, and current storage levels.

The sustained success of the Massif Capital Real Assets Strategy reflects a profound understanding of market dynamics, meticulous risk management, and a forward-thinking approach to investment opportunities. By continuously adapting its portfolio to evolving market conditions and leveraging a keen eye for undervalued assets, the fund is well-positioned for continued growth and outperformance.