Crescat’s strategies continue to receive global recognition for their strong performance. Through December 31st, all five of Crescat’s funds ranked among the top 10 hedge funds for 2025 according to Preqin, a leading independent provider of alternative asset data and analytics.
The most recent month’s performance is based on estimates which may change. Past performance does not guarantee future results. Net returns reflect the reinvestment of dividends and earnings and the deduction of all expenses and fees (including the highest management fee and incentive allocation charged, where applicable). Data shown is generated by Preqin, a leading provider of data and intelligence for the alternative assets industry. Fund managers, including Crescat, report their performance information to Preqin. Crescat pays an annual fee to Preqin to have access to the database, which gives us the ability to generate this report. The rankings are versus all 1,142 hedge funds in the Preqin database and YTD performance updated through December 2025 as of 1/21/2026. No award or ranking should be construed as a guarantee that you will experience a certain level of results, nor should it be construed as a current or past endorsement of Crescat. Additional important disclosures are found below.
Crescat Precious Metals Fund
#1 Performing Out of All 9 Natural Resource Hedge Funds in eVestment
#6 Performing Out of All 1,984 Sector Focused Hedge Funds in eVestment
Based on performance since Crescat Precious Metals Fund inception (August 1, 2020) fund universe includes all natural resource and sector-focused funds in the eVestment database. *See important disclosures below. Past performance does not guarantee future results. Investing involves risk, including risk of loss.
Crescat’s activist metals strategy—Crescat Precious Metals Fund and Crescat Institutional Commodity Fund—is focused on precious and critical metals mining. Based on our analysis, it is still early in the macro cycle for mining stocks today. We believe there is strong value and high future growth potential in the premier explorers and developers. In our analysis, we have many years ahead of us with favorable tailwinds for the mining stocks, with a backdrop of unsustainable global debt and deficits, and necessary inflation. Meanwhile, demand for metals has been skyrocketing from central banks, re-industrialization, electrification, data centers, and defense. There is a structural global metals shortage after more than a decade of underinvestment in exploration and development. We don’t believe the market fully appreciates the 15-year lead times on average to take a metal deposit from discovery into production. We are confident that these imbalances will benefit our highly curated activist-oriented portfolio for years to come.
Crescat Global Macro Fund Achieves 20 Years of Exceptional Performance
January 1, 2026, marked 20 years of our flagship Crescat Global Macro Fund, our most comprehensive strategy with exposure to all the firm’s macro themes. Why Choose Crescat’s Global Macro Hedge Fund?
- 20-Year Leading Track Record: Category-leading annualized net return and downside capture ratio over multiple market cycles.
- All-Season Performance: The fund’s goal is to perform across bull, bear, and sideways markets.
- Low Correlation to Traditional Benchmarks: Provides important differentiation from the crowd.
- Active, High-Conviction Positioning: A multi-asset portfolio built around forward-looking macro themes.
- Global Opportunity Set: Ability to position long and short across geographies, sectors, and asset classes.
Strong Absolute Returns & Strong Downside Capture Ratio
Our two macro funds—Crescat Global Macro and Crescat Institutional Macro—along with the Long/Short Fund, are a way for investors to potentially capitalize on downturns in mega-cap tech as well as hedge against valuation risks in the S&P 500 and NASDAQ 100. The chart below, pulled from eVestment, highlights not only the Global Macro and Long/Short Funds’ exceptional returns over 20-years, but also the strength in down markets.
Based on performance since Crescat Global Macro Fund inception (January 1, 2006) fund universe includes all discretionary global macro funds in the eVestment database. Past performance does not guarantee future results. Investing involves risk, including risk of loss. See below for additional important disclosures.
Positive Returns in Down Markets
The downside capture ratio here shows how the Crescat Global Macro Fund performed on average since its inception during down months compared to the benchmark. A negative downside capture ratio shows that the fund gained on average in months when both the global hedge fund benchmark and the market went down. For example, a downside capture of minus 41.8% vs. the S&P 500 means that when the S&P 500 fell 10% on average, the fund gained 4.2%. Alternatively, a downside capture of minus 84.4% vs. the HFRX Global Hedge Fund Index illustrates that the fund gained 8.4% on average when that index fell 10%.
Past performance is not a guarantee of future returns, with the US stock market at record valuations and at risk of a major correction. *Performance figures presented represent the fund’s net returns calculated without the impact of the San Cristobal Mining, Inc. (SCM) Side Pocket that was designated on July 1st, 2024. The SCM Side Pocket includes a private equity asset that is not available to new investors in the funds on or after July 1, 2024. This asset was included in the fund performance prior to that date. Excluding the SCM Side Pocket after that date provides a clearer view of the performance to investors coming into the funds after July 1, 2024. New investors cannot participate in the SCM Side Pocket and will not share in its potential gains or losses. Investors should consider both the overall performance and the performance excluding the side pocket when evaluating the fund’s returns. Fund performance, including the SCM Side Pocket, can be found on the firm’s website here: https://www.crescat.net/performance/. Returns for the most recent month are based on internal estimates which have the potential to change once finalized. Additional disclosures regarding risks and performance presented are found here: https://www.crescat.net/due-diligence/disclosures/
Why Invest Now?
- Valuations Are Stretched: U.S. equity markets appear historically overvalued amid rising geopolitical tension.
- Thematic Rotation Is Underway: Investors are beginning to move away from over-owned mega-cap tech into undervalued, inflation-protected sectors.
- Commodities Are Just Getting Started: Crescat offers unique exposure to activist precious and critical metals investments.
- Shorting Opportunities Abound: Our Macro and Long/Short funds actively seek to profit from speculative excess in overvalued sectors.
- Positioned for an Inflationary Decade: Our models point toward long-term structural inflation and a declining US dollar, favoring hard assets, foreign equity exposure, and selective industries.
How Can I Get Involved?
If you are interested in investing in any of our strategies, we encourage you to reach out to Crescat’s Head of Investor Relations, Marek Iwahashi, at [email protected]. For more information, you are welcome to review the fund’s fact sheets and performance reports, presentation decks, or schedule a call with our team to discuss how Crescat’s strategies may fit in your portfolio. For those interested in our most up-to-date views on the markets, macro environment, and our highest-conviction mining positions, we encourage you to watch our recent Crescat Live Market Call videos.
Crescat 2025 Hedge Fund Performance
Past performance does not guarantee future results. Investing involves risk, including risk of loss. See below for additional important disclosures.
Thank you for being a valued Crescat subscriber. We look forward to sharing many more years of growth and success across the firm.
Sincerely,
Crescat Capital LLC
Kevin C. Smith, CFA
Member & Chief Investment Officer
For more information including how to invest, please contact:
Marek Iwahashi
Head of Investor Relations
[email protected]
303-271-9997
© 2026 Crescat Capital LLC
Performance
Performance data represents past performance, and past performance does not guarantee future results. Performance data, including Estimated Performance, is subject to revision following each monthly reconciliation and/or annual audit. Individual performance may be lower or higher than the performance data presented. The currency used to express performance is U.S. dollars. Before January 1, 2003, the results reflect accounts managed at a predecessor firm. Crescat was not responsible for the management of the assets during the period reflected in those predecessor performance results. We have determined the management of these accounts was sufficiently similar and provides relevant performance information.
Performance data represents past performance, and past performance does not guarantee future results. Performance data is subject to revision following each monthly reconciliation and/or annual audit.
1 – Net returns reflect the performance of an investor who invested from inception and is eligible to participate in new issues and side pocket investments. Net returns reflect the reinvestment of dividends and earnings and the deduction of all expenses and fees (including the highest management fee and incentive allocation charged, where applicable). An actual client’s results may vary due to the timing of capital transactions, high watermarks, and performance.
2 – Performance figures presented Excluding SCM SP represent the fund’s net returns calculated without the impact of the San Cristobal Mining, Inc. side pocket that was designated on July 1st, 2024. The side pocket includes a private equity asset that is not available to new investors in the funds on or after July 1, 2024. Excluding these assets provides a clearer view of the performance to investors coming into the funds after that date. New investors cannot participate in the SCM Side Pocket and will not share in its potential gains or losses. Investors should consider both the overall performance and the performance excluding the side pocket when evaluating the fund’s returns.
*Performance figures presented represent the fund’s net returns calculated without the impact of the San Cristobal Mining, Inc. (SCM) Side Pocket that was designated on July 1st, 2024. The SCM Side Pocket includes a private equity asset that is not available to new investors in the funds on or after July 1, 2024. This asset was included in the fund performance prior to that date. Excluding the SCM Side Pocket after that date provides a clearer view of the performance to investors coming into the funds after July 1, 2024. New investors cannot participate in the SCM Side Pocket and will not share in its potential gains or losses. Investors should consider both the overall performance and the performance excluding the side pocket when evaluating the fund’s returns.
Benchmarks
PHILADELPHIA STOCK EXCHANGE GOLD AND SILVER INDEX. The PHLX Gold/Silver Sector Index (XAU) is a capitalization-weighted index composed of companies involved in the gold or silver mining industry. The Index began on January 19, 1979.
S&P 500 INDEX. The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization.
S&P Select Industry Indices are designed to measure the performance of narrow GICS® sub-industries. The Metals and Mining Select Industry Index comprises stocks in the S&P Total Market Index that are classified in the GICS Aluminum, Coal & Consumable Fuels, Copper, Diversified Metals & Mining, Gold, Precious Metals & Mining, Silver and Steel sub-industries.
References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only. Reference to an index does not imply that the fund or separately managed account will achieve returns, volatility or other results similar to that index. The composition of an index may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking.
Hedge Fund disclosures: Only accredited investors and qualified clients will be admitted as limited partners to a CPM hedge fund. For natural persons, investors must meet SEC requirements including minimum annual income or net worth thresholds. CPM’s hedge funds are being offered in reliance on an exemption from the registration requirements of the Securities Act of 1933 and are not required to comply with specific disclosure requirements that apply to registration under the Securities Act. The SEC has not passed upon the merits of or given its approval to CPM’s hedge funds, the terms of the offering, or the accuracy or completeness of any offering materials. A registration statement has not been filed for any CPM hedge fund with the SEC. Limited partner interests in the CPM hedge funds are subject to legal restrictions on transfer and resale. Investors should not assume they will be able to resell their securities. Investing in securities involves risk. Investors should be able to bear the loss of their investment. Investments in CPM’s hedge funds are not subject to the protections of the Investment Company Act of 1940.
Those who are considering an investment in the Funds should carefully review the relevant Fund’s offering memorandum and the information concerning CPM. For additional disclosures including important risk disclosures and Crescat’s ADV click here.
Discussion and details provided are for informational purposes only. This letter is not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security, services of Crescat, or its Funds. The information provided in this letter is not intended as investment advice or recommendation to buy or sell any type of investment, or as an opinion on, or a suggestion of, the merits of any particular investment strategy. This letter may contain certain forward-looking statements, opinions and projections that are based on the assumptions and judgments of Crescat with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Crescat. Because of the significant uncertainties inherent in these assumptions and judgments, you should not place undue reliance on these forward looking statements, nor should you regard the inclusion of these statements as a representation by Crescat that these objectives will be achieved.
CPM has not sought or obtained consent from any third party to use any statements or information indicated herein that have been obtained or derived from statements made or published by such third parties.
All content posted on CPM’s letters including graphics, logos, articles, and other materials, is the property of CPM or others and is protected by copyright and other laws.
Ranking data shown is generated by Preqin, a leading provider of data and intelligence for the alternative assets industry. Fund managers, including Crescat, report their performance information to Preqin. Crescat pays an annual fee to Preqin to have access to the database, which gives us the ability to generate this report. No award or ranking should be construed as a guarantee that you will experience a certain level of results, nor should it be construed as a current or past endorsement of Crescat. Additional performance information can be found on Crescat’s website here: https://www.crescat.net/performance/
Protection in Down Markets Chart: Fund universe includes all discretionary global macro funds with track record that goes back to at least January 1, 2006, in the eVestment database. Performance figures presented represent the fund’s net returns, show the impact of fees and expenses and are calculated without the impact of the San Cristobal Mining, Inc. (SCM) Side Pocket that was designated on July 1st, 2024. Fund performance, including the SCM Side Pocket, can be found on the firm’s website here: https://www.crescat.net/performance/. Returns for the most recent month are based on internal estimates which have the potential to change once finalized. Additional disclosures regarding risks and performance presented are found here: https://www.crescat.net/due-diligence/disclosures/