Active Global Macro Investing to Navigate Changing Economic Regimes
Built for long-term capital growth and protection across market environments
The Crescat Global Macro Hedge Fund is our flagship, cross-asset strategy designed to capitalize on major new macroeconomic trends. With the ability to invest across global equities, commodities, currencies, and fixed income—both long and short—our fund seeks to deliver high-conviction, uncorrelated returns through both strategic and tactical exposure to Crescat’s most compelling investment themes.
Why Choose Crescat’s Global Macro Hedge Fund?
- 20-Year Audited Track Record: Category-leading1 annualized net return since 2006 across multiple market cycles.
- Low Correlation to Traditional Benchmarks: Provides diversification when it’s needed most—during market downturns and regime shifts.
- Active, High-Conviction Positioning: A multi-asset portfolio built around forward-looking macro themes.
- Strong Performance in Bear Markets: Demonstrated strength in down markets with category-leading1 negative downside capture relative to the S&P 500 and the HFRX Global Hedge Fund Index.
- Global Opportunity Set: Ability to position long and short across geographies, sectors, and asset classes.
Why Invest Now?
- Valuations Are Stretched: U.S. equity markets appear historically overvalued amid elevated potential recession signals.
- 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: The fund actively seeks 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.
Fund Overview
| Minimum Investment | Main Class: $500,000, Institutional (Class 2): $1 Million, Institutional (Class 1): $5 Million |
| Management Fee | Main Class: 2%, Institutional (Class 2): 1.5%, Institutional (Class 1): 1.25% |
| Incentive Allocation | Main Class: 20%, Institutional (Class 2): 15%, Institutional (Class 1): 12.5% |
| High Water Mark | Yes |
| Liquidity | Monthly; 3-year partial lock-up. May redeem 25% of the account after Year 1 and Year 2. |
| Notice | 90 days |
| Payout Period | 120 days |
| Administrator | NAV Consulting |
| Prime Broker | JP Morgan, Canaccord, RJO’Brien |
| Custodian | JP Morgan, Canaccord, RJO’Brien |
| Auditor | Deloitte |
| GIPS Verifier | Ashland |
Annualized Net Returns (as of 9/30/2025 Estimates)
| CGMF | CGMF Ex SP* | HFRX GL | S&P500 | |
| 1-Yr | 33.3% | 36.9% | 3.3% | 12.1% |
| 5-Yr | 9.4% | 10.0% | 3.7% | 15.6% |
| 10-Yr | 4.9% | 5.2% | 1.8% | 12.3% |
| Since Inception (8/1/20) | 10.1% | 10.3% | 1.3% | 10.2% |
Past performance does not guarantee future results.
Important Disclosures
Discussion and details provided are for informational purposes only. The information contained here 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.
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.
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 investor’s results may vary due to the timing of capital transactions, high watermarks, and performance.
*Ex-Side Pocket 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.
Category-leading1 : Crescat Global Macro Fund (CGMF) has been “category leading” against the fund universe which includes all discretionary global macro funds with track record that goes back to at least January 1, 2006, in the eVestment database. Category leading as defined by Crescat in this case means the CGMF leads these funds as the number 1 performer (out of 18) for net annualized returns and downside capture when compared to the other funds in this category in the eVestment database (as of 11/30/2025).
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 please see our website: https://www.crescat.net/due-diligence/disclosures/