March Mid-Month Net Performance Estimates (through 03/15/17) Crescat Global Macro: 0.3%. Deflation. https://www.crescat.net/march-research-letter/. The filing was for a pooled investment fund: hedge fund The notice included securities offered of Pooled Investment Fund Interests We think commodities will outperform equities in the following years. The S&P 500 declined 2.4% in the same month as US election day neared. Benchmark disclosures: When we provide S&P 500 Index performance information side by side with Crescat’s performance, please note that the S&P 500 Index is one of the most widely followed stock market indices in the world. Investing in securities involves risk. Crescat is a global macro asset management firm. As a fund, we are long high-quality gold & silver high-quality miners. 1560 Broadway Suite 2270 Denver, CO 80202 phone: 303 271 9997 fax: 303 271 9998 info@crescat.net Prior to making any investment or hiring any investment manager you should strive to understand the strategy or private fund’s investment objectives, risks, fees and expenses carefully before investing. Our Global Macro Hedge Fund is all about capitalizing on big-picture trends and imbalances while hedging risk. Dear Investors: Crescat’s three hedge funds surged in October to maintain their year-to-date performance leadership within the universe of managers. Crescat Capital LLC (“Crescat”) has agreed to make a strategic investment representing a 10.3% ownership of the Company post funding. We think the pullback in Crescat’s strategies in November as a result provides an excellent entry point for existing and prospective investors. Crescat’s longest running strategy has outperformed the S&P 500 over the long term through multiple business cycles. https://www.crescat.net/resources/due-diligence. Crescat's overweight of select smaller cap gold and silver miners, including activist positions, contributed greatly to the Global Macro Fund and the Long/Short Fund which saw estimated net returns of 16.6% and 13.1% respectively in June. We navigate the precious metals cycle through this long-only SMA strategy focused on a well-researched portfolio of global all-cap gold and silver mining equities. Denver, Colorado 80202. Crescat Large Cap: -0.1%. 1560 Broadway, Suite 2270. The setup is in place for a macro pivot in the relative performance of these two asset classes. Investors in the Long/Short Fund value the fund’s strong risk-adjusted returns, achieved with a focus on long and short equities. Performance data is subject to revision following each monthly reconciliation and/or annual audit. To be clear, we find ourselves right in between the two. Investors may obtain the most current performance data, private offering memoranda for a Crescat’s hedge funds, and information on Crescat’s SMA strategies, including Form ADV Part II, by contacting Linda Smith at (303) 271-9997 or by sending a request via email to lsmith@crescat.net. The #1 performing Macro Hedge Fund for 2018 by BarclayHedge. These statements relate to future events or future performance. Authored by Kevin Smith and Tavi Costa via Crescat Capital, Dear Investors: Markets are cyclical. Crescat Portfolio Management is based out of Denver. EDITOR NOTE: There are a number of ways to gauge gold performance against various other benchmarks. This brochure provides information about the qualifications and business practices of CPM and its parent, Crescat Capital LLC. Crescat’s activist fund is a large and significant capital deployment opportunity. For more in-depth research, check our latest letter: Crescat Capital LLC (“Crescat”) has made a strategic investment representing a 10.3% ownership of the Company and will have the option to participate in future financings to maintain its interest level for a three year period from today. Crescat Global Macro Fund is based out of Denver. Important Disclosures Regarding Performance and Private Offerings. Crescat Long/Short: -0.6%. Investment management fees are described in Crescat’s Form ADV 2A. Guided by Crescat’s fundamental stock-scoring model and macro themes, our equity-only hedge fund seeks to deliver alpha from long and short stock picking combined with intrepid navigation of the business cycle. The strategy may also hold up to 20% equities outside of the large cap investible universe in companies that have the potential of becoming large cap companies. Current performance may be lower or higher than the performance data presented. Low correlation to common Wall Street offerings. A registration statement has not been filed for any of Crescat’s private funds with the SEC. Given the exciting and timely opportunity in the early stages of what we believe is a new bull market for gold and silver, Crescat has started an activist fund to invest in the precious metals mining industry. Precious metals securities offer healthy long-term total return prospects with low correlation to more highly trafficked asset classes. Cash returns are included in the total account and are not detailed separately. For comparison of Crescat strategies to additional benchmarks, including hedge fund benchmarks with respect to Crescat’s hedge funds, please download the performance reports using the buttons above. The manager for the Crescat Precious Metals strategy invests predominantly in a global all-cap universe of precious metals mining stocks. See the private offering memorandum for each Crescat fund for complete information and risk factors. Crescat Capital is an award-winning global macro asset management firm founded by Kevin C. Smith, CFA. In our analysis, this relative performance was an end of cycle move for the S&P 500 but only an early inning correction for precious metals. As a result of our focus, Crescat’s two precious metals strategies have been substantially outperforming their benchmark, the Philadelphia Gold and Silver Index, since their respective inceptions, especially during the recent industrywide pullback. Crescat Portfolio Management is a hedge fund with 63 clients and discretionary assets under management (AUM) of $197,009,279 (Form ADV from 2020-09-10). History: The firm was founded in 1998. It is considered representative of the US stock market at large. Current performance may be lower or higher than the performance data presented. With exceptionally strong fundamentals, this is where the real growth/value opportunity lies ahead. To sum it up: Smaller Cap Gold And Silver Miners Contributed To Crescat's Monthly Performance Our global fiat debasement theme was the standout performer for the month. SMA composite performance results are time weighted net of all investment management fees and trading costs including commissions and non … The performance of Crescat funds may not be directly comparable to the performance of other private or registered funds. Crescat Capital Reports November Performance - Gold Will Beat Stocks. Today, stocks trade at record high valuations while commodities are historically undervalued in relation. Any possible tax liabilities incurred by the taxable accounts have not been reflected in the net performance. Crescat’s longest running strategy. Follow. Prospective clients can obtain a compliant presentation and the firm’s list of composite descriptions by visiting our website at https://www.crescat.net/resources/due-diligence. Smaller Cap Gold And Silver Miners Contributed To Crescat’s Monthly Performance. Crescat Capital, LLC. ValueWalk. See Firm Presentation Here>>. The S&P 500 declined 2.4% in the same month as US election day neared. The End Game- Crescat Capital. We are pleased to announce that Crescat’s hedge funds made the top of Bloomberg’s US hedge fund performance table for the second month in a … Our goal is industry leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks. Jan. 01, 2019 4:45 AM ETACP, AIF, ANGL... 9 Comments 12 Likes. © 2008-2021 Crescat Capital LLC. See Fund Presentation Here», A Collision of Macro Narratives – Two diverging schools of macro thoughts are prevalent today. Crescat Capital LLC and affiliates participated in the financing and have acquired a 9.9% stake of the issued and outstanding shares of BCM. We may disseminate information that is supplemental to the GIPS-compliant presentations included on our website. While the companies in the S&P 500 are U.S. based, most of them have broad global operations. Crescat Capital Up 40% In 2018 On Everything Bubble Short. Crescat Portfolio Management claims compliance with Global Investment Performance Standards (GIPS®). Therefore, the index is also representative of the broad global economy. Case studies are included for informational purposes only and are provided as a general overview of our general investment process, and not as indicative of any investment experience. Our mission is to grow and protect wealth over the long term. February performance reports are now available for download from our website or via the buttons below. Authored by Kevin Smith and Tavi Costa via Crescat Capital, Dear Investors: Markets are cyclical. We deploy tactical investment themes based on proprietary value-driven equity and macro models. ... performance or achievements of … Crescat Capital, LLC. Contact : Linda Smith. Crescat … The manager navigates the cycle for gold and silver primarily through long-oriented exposures but may also employ shorts and modest leverage. The Tech Bust. Market conditions vary from year to year and can result in a decline in market value due to material market or economic conditions. Our mission is to grow and protect wealth, We aim for high absolute and risk-adjusted returns. Today, stocks trade at record high valuations while commodities are historically undervalued in relation. Investment results shown are for taxable and tax-exempt clients and include the reinvestment of dividends, interest, capital gains, and other earnings. The Crescat Capital portfolio manager gives his take on the flashing macro warning signals and why it is an explosive moment for gold, silver and bitcoin. Mid-Month Performance Update. Crescat Capital commentary for the fourth quarter ended December 31, 2020, discussing that gold and silver mining companies now trade with a higher free cash flow yield than tech stocks. Let us elaborate… Continue Reading Here», In this presentation, we tell the story behind Crescat’s history, investment process, and performance. Crescat’s mission is to grow and protect wealth over the long term by deploying tactical investment themes based on proprietary value-driven equity and macro models. From a macro standpoint, gold prices are likely to be supported by this lack of past investment until these trends are dramatically reversed over the next several years. Interests in private funds are typically not listed on an exchange and are subject to legal restrictions on transfer and resale. This fund can be tactically net short in highly overvalued markets ahead of and during probable bear markets. Smaller Cap Gold And Silver Miners Contributed To Crescat's Monthly Performance Our global fiat debasement theme was the standout performer for the month. In extreme times, this strategy can hold up to 50% cash and precious metals to protect against expected macroeconomic shocks and or economic downturns. Separately Managed Account (SMA) disclosures: The Crescat Large Cap Composite and Crescat Precious Metals Composite include all accounts that are managed according to those respective strategies over which the manager has full discretion. Crescat Capital LLC ("Crescat") has made a strategic investment representing a 10.3% ownership of the Company and will have the option to participate … The firm publishes equity research and manages private accounts for individuals and institutions based on multi-factor quantitative models that utilize both fundamental and technical indicators. We invite you to peruse our website for more information about our investment process, performance, investment outlook, and how to become a client. Investors should be able to bear the loss of their investments. Crescat’s newest strategy. Crescat Precious Metals Fund: The fund is dedicated to activist positions in the precious metals mining industry. Crescat Long/Short Hedge Fund: The cure for the common index fund. Phone : 303-271-9997. Dec. 16, 2020 11:10 AM ET 1 Comment 1 Like. Registration as an investment adviser does not imply a certain level of skill or training. It is a suitable benchmark for Crescat Large Cap, Crescat Long/Short, and Crescat Global Macro performance composites which have also traded extensively in large, highly-liquid global equities through U.S.-listed securities. The manager can hold a portion of the portfolio in cash and/or precious metals during expected market downturns. The Crescat Global Macro Fund was:. Bio. An actively managed portfolio of gold and silver mining stocks to navigate a variety of economic environments. Investors may obtain the most current performance data and private offering memorandum for a Crescat fund by contacting Linda Smith at (303) 271-9997 or by sending a request via email to info@crescat.net. Crescat’s hedge funds are heavily tilted toward activist positions in this segment where we see the best growth opportunity and value today. Bubbles and busts. The manager for the Crescat Large Cap strategy invests predominately in equities of the top 1,000 U.S. listed stocks weighted by market capitalization. Crescat has been recognized for high achievement with the following awards:. This fund will devote a substantial allocation of its capital to activist positions in the gold and silver mining industry. Performance for all strategies is expressed in U.S. dollars. The investment objective is long term capital appreciation with low correlation to the S&P 500 Index. Crescat just finished a strong June beating the S&P 500 Index and our other benchmarks across all four strategies for the month and year to date. The worst performing theme in August across all three strategies was our Global Fiat Debasement theme, yet it remains our top performing theme year to date across all three strategies and has begun performing well again today and should be … Along with Crescat Long/Short Fund, one of Bloomberg’s top performing hedge funds for 2018. LP is up approximately 40.5% net while Crescat Long/Short Hedge Fund LP is up 34.3%. Registration does not imply a certain level of skill or training. We are also excited to share that our Global Macro and Long/Short hedge funds made the top of Bloomberg News’ hedge fund monthly performance table for the third straight month and the fourth month this year with net performance of +8.5% and +11.2% respectively in August. Portfolio allocations are determined at the time positions are initiated and may change over time. Crescat is a global macro asset management firm headquartered in Denver, Colorado. The setup is in place for a macro pivot in the relative performance of these two asset classes. Kevin C. Smith has been the principal executive officer and owner since inception. Crescat Long/Short Fund was down 9.9% net in January and is down another 5.5% MTD. Inflation. The performance of Crescat funds may not be directly comparable to the performance of other private or registered funds. 9.4K Followers. The SEC has not passed upon the merits of or given its approval to any of Crescat’s private funds, the terms of any offering, or the accuracy or completeness of any offering materials. Email : lsmith@crescat.net. Crescat Precious Metals SMA: A core macro asset class for a variety of economic conditions. Today, stocks trade at record high valuations while commodities are historically undervalued in relation. At the same time, the S&P 500 Index has declined 31.8% including dividends: Crescat Capital LLC 1560 Broadway Denver, CO 80202 (303) 271-9997 info@crescat.net www.crescat.net The S&P 500 declined 2.4% in the same month as US election day neared. - Crescat Capital LLC, a small fund with only $50 million under management, warns that a recession is coming in 2020 or 2021. All five of the firm’s investment strategies substantially outperformed their benchmarks net of fees in 2020 and since inception. Whalewisdom has at least 1 13D filings, and 2 Form 4 filings Fax : 303-271-9998. Crescat’s longest running strategy has outperformed the S&P 500 over the long term through multiple business cycles. Since 2012, there has also been a declining trend of capital expenditures toward developing new mines. Last Updated: December 15, 2020 / Derek Wolfe. Crescat Large Cap SMA: An actively managed portfolio of global large cap equities.
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