Massif Capital Strategy Delivers Strong Returns

Massif Capital reports its Real Assets Strategy gained 9.6% net in Q4 2025 and 50.0% net for the full year, with a 15.6% annualized return since inception. Equinox Gold, G‑Mining and Lundin Mining supplied the largest contributions, while gold equities accounted for 23.7% of portfolio gains. The letter also outlines market positioning entering 2026, noting strong bullish sentiment and unusually bearish oil positioning.