US, China, Gold…Mispricings Abound – Q3 Letter

A breadth of deteriorating indicators is signaling an inflection point for the US stock market and economy. The percentage of inversions in the US yield curve surged to over 70% last month. …. Read the letter»

2 of World’s Top Funds in 2018 per Bloomberg

“As the dust settles on a troubled year for hedge funds, some managers escaped the wreckage and even thrived.” Read More»

CIO Kevin Smith Interviewed on Bloomberg TV

Crescat’s Chief Investment Officer Kevin Smith discusses global economy and Canadian housing bubble. Watch the Video»


Crescat is a global macro asset management firm. We develop tactical investment themes based on proprietary value-driven models. Our mission is to grow and protect wealth by capitalizing on the most compelling macro themes of our time. We aim for high absolute and risk-adjusted returns over the long term with low correlation to benchmarks.

Crescat’s firmwide global macro investment process applies to three Crescat strategies:

Crescat Global Macro: Crescat’s flagship cross-asset hedge fund strives to capitalize on macro themes globally across all major liquid asset classes including large- and mid-cap equities, commodities, currencies, and fixed income.

Crescat Long/Short: Crescat’s long/short equity hedge fund strives to capitalize on macro themes globally across liquid large- and mid-cap equities.

Crescat Large Cap: Crescat’s separately managed account (SMA) strategy strives to capitalize on macro themes globally through an actively managed, long-only equity portfolio of large cap equities. The strategy can also hold cash and precious metals.

We invite you to peruse our website for more information about our investment process, performance, investment outlook, and how to become a client.

Important Disclosures


The poster child for everything wrong today in the market.

Now stumbling while global equities make new highs.

Similar divergences preceded the Late-2015 selloff & early-2018 volmaggedon.

GDP Nowcast looks just awful.

Worse than Q4 2015.

To recall:

Every prior time >70% of the yield curve inverted a recession followed.

Almost certainly not different this time.

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