Even While Momentum Struggles Year-to-date, the fund now stands at +10.52% (MKT) compared to the S&P 500 at just +0.49% , a double-digit relative advantage through only two months. We are pleased to report a continued strength in February as the fund gained +3.23% (MKT) , while the S&P 500 declined approximately -0.4% for the month. This outperformance has been driven by a combination of structural positioning in precious metals and materials, an improving Energy allocation

Observing the Herd THE REPRICING OF PERFECTION It has been a few months since I last wrote an Observing the Herd. With the sharp repricing across software and SaaS, it feels like the right time to step back and reassess what is actually happening, at least in my view. We briefly discussed this in our last update , but I feel it is worth diving deeper given the pivotal technological change in which we now sit. For more than a decade, software was the market’s favorite child. A

Amidst Record Metal Volatility The chart reflects market prices (MKT). The fund’s expense ratio is 2.62%, which includes estimated dividends and interest expense on short positions. If this were excluded, the expense ratio would be 1.15%. The fund's inception was 4/2/2024. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's s