Crescat Capital Quarterly Investor Letter Q1 2017

Marek Iwahashi Quarterly Letter

May 01, 2017

Dear Investors:

Download Letter (PDF) By keeping interest rates on the world reserve currency too low for too long, the Federal Reserve has created speculative asset bubbles in far-reaching areas of the globe: Currency and credit bubbles in China Housing bubbles in Australia and Canada Worldwide gluts in industrial commodities including fossil fuels, iron ore, and steel US passive index and ETF ...

Crescat Capital Quarterly Investor Letter Q4 2016

Marek Iwahashi Quarterly Letter

January 10, 2017

Dear Investors:

Download Letter (PDF) Crescat’s hedge funds ended 2016 on a positive note after the Trump presidential victory shocked global financial markets. Our flagship Crescat Global Macro Fund was up 8.9% in November and 12.5% net from November 9th through year end. BarclayHedge named it the #4 performing macro fund for the month of November after awarding it as a top-ten ...

Crescat Capital Quarterly Investor Letter Q3 2016

Marek Iwahashi Quarterly Letter

October 03, 2016

Dear Investors:

Download Letter (PDF) Here we are again at the peak of another financial asset bubble. An important macro indicator based on the valuation of US-held global financial assets is signaling extreme caution. The chart below measures the valuation of all global financial assets (stocks, bonds, and cash) owned by US persons relative to their after-tax income. Unsustainable extremes in this ...

Crescat Capital Quarterly Investor Letter Q2 2016

Marek Iwahashi Quarterly Letter

June 30, 2016

Dear Investors:

Download Letter (PDF) The markets have been turbulent in the wake of the unexpected Brexit vote. Crescat’s hedge funds were well prepared for the shock based on our diversified global macro themes, well hedged long/short positioning, and disciplined risk model. As evidence, our Global Macro Fund posted gains on both Friday and Monday when the S&P 500 was down 3.6% ...

Crescat Capital Quarterly Investor Letter Q1 2016

Marek Iwahashi Quarterly Letter

March 16, 2016

Dear Investors:

Download Letter (PDF) We are pleased to announce that Crescat Global Macro Fund was recently named 2015 Global Macro Fund of the Year in the HedgeFund Intelligence Absolute Return Awards for its absolute and risk-adjusted performance among hedge funds less than $500 million. All three Crescat strategies posted gains through the first two months of 2016 while the S&P 500 ...

Crescat Capital Quarterly Investor Letter Q4 2015

Marek Iwahashi Quarterly Letter

December 17, 2015

Dear Investors:

Download Letter (PDF) With pockets of weakness being exposed in the financial markets, Crescat’s three strategies have delivered strong performance year to date. Through 11/30/15, our Global Macro Fund was up 15.3% net, Long/Short Fund was up 8.3% net, and Large Cap was up 3.3% net. Emerging market dislocations, including a currency devaluation in China, plunging oil and gas prices, ...

Crescat Capital Quarterly Investor Letter Q3 2015

Marek Iwahashi Quarterly Letter

August 26, 2015

Dear Investors:

Download Letter (PDF) China’s economic crisis is in full swing and Crescat has been well positioned for it. The People’s Bank of China has begun unpegging its currency this month, just as Crescat had been predicting. As we explain below, we think it is only the beginning of further yuan devaluation. Through today’s close, Crescat Global Macro Fund is up ...

Crescat Capital Quarterly Investor Letter Q2 2015

Marek Iwahashi Quarterly Letter

June 11, 2015

Dear Investors:

Download Letter (PDF) Performance Update  We are pleased to report that the Crescat Global Macro Fund was recently named one of the top-ten performing global macro hedge funds by BarclayHedge for the three years ended 3/31/2015. As shown in the table below, all three Crescat strategies performed strongly in Q1 while the S&P 500 Index gained just 1%. Global Macro, ...