Conviction-Based Global Macro Investing
The Crescat Institutional Macro Fund is Crescat’s Institutional cross-asset hedge fund, which strives to capitalize on macro themes globally across all major liquid asset classes, including equities, commodities, currencies, and fixed income.
Why Choose the Crescat Institutional Macro Fund?
- Institutional Structure, Proven Strategy: Built on the robust performance and disciplined investment process of the Global Macro Fund, limited to Qualified Purchasers.
- Multi-Asset Global Exposure: Ability to allocate both long and short across equities, sovereign bonds, currencies, and commodities to exploit opportunities and hedge macro risks.
- Macro-Driven, Research-Led: Investment process blends proprietary macro models, fundamental analysis, and technical overlays to construct thematically aligned portfolios.
- Convex Risk/Reward Profile: Strategy aims for asymmetric returns with active downside mitigation, especially during periods of macro dislocation and monetary disorder.
Why Invest Now?
- End of Easy Money Era: Central banks are cornered—persistently high inflation, record global debt, and eroding fiscal credibility point to a structural shift in capital markets.
- Macro Volatility Is the Opportunity: With rising dispersion and policy divergence, the macro environment is ripe for active, thematic investing across global assets.
- Gold, Commodities, and Hard Assets Repricing: As real interest rates compress and global demand realigns, hard assets and resource-based equities present compelling upside.
- Strategic Hedge Against Systemic Risk: The fund is built to perform across market conditions, including tail events—debt crises, inflation spikes, currency shocks, and financial repression.
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 | Canaccord, RJO’Brien |
| Custodian | Canaccord, RJO’Brien |
| Auditor | Deloitte |
| GIPS Verifier | Ashland |
Annualized Net Returns (as of 9/30/25 Estimates)
| CIMF | CIMF Ex SP* | HFRX GL | S&P 500 | |
| 1-Year Return | 53.7% | 55.3% | 5.8% | 17.6% |
| 5-Year Return | N/A | N/A | N/A | N/A |
| 10-Year Return | N/A | N/A | N/A | N/A |
| Since Inception | 11.8% | 11.3% | 6.0% | 21.0% |
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.
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/