Crescat Capital Quarterly Letter Q1 2018

With the Fed locked into a rate hike and quantitative tightening plan in the face of rising inflationary pressures in the US, the next several months and quarters should prove an excellent time for hedge fund short-selling strategies. Several asset bubbles already began to burst in February this year. Crescat’s hedge funds had strong absolute and relative performance that month. We believe there is much more to play out. Read the letter»

Crescat Capital Quarterly Letter Q2 2018

Our three best macro ideas today are complementary plays on the unwinding of currency and financial asset bubbles at a likely peak of the global capital cycle, the most leveraged in history:

Read the letter»

Crescat CIO Kevin Smith Interviewed on Bloomberg TV

Crescat’s Chief Investment Officer Kevin Smith discusses his outlook on China’s Currency and Credit issues. 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.

Below is a brief strategy description that differentiates each of our products:

Crescat Global Macro: A diversified, multi-asset class long/short global hedge fund that trades and invests in highly liquid global assets including equities, commodities, currencies, and fixed income securities.

Crescat Long/Short: A diversified global long/short equity hedge fund that trades and invests in highly liquid large- and mid-cap global equities.

Crescat Large Cap: A diversified large-cap, long-only separately managed account (SMA) strategy that trades and invests in predominantly US-listed large cap global equities.

Really like this chart courtesy of Bloomberg GTV>GO. Shows that we have not had capitulation selling yet. Expecting further downside in the $SPX.

Selling pressure and valuations still far from capitulation levels. Historic market top likely made going into October with record hedge fund net longs per HFR. https://t.co/JGCuWwOjGr

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