High-Conviction Activist Exposure to Gold, Silver, and Other Critical Metals
The Crescat Precious Metals Hedge Fund is a tactical, long-biased strategy focused on unlocking value and growth in critical minerals, including the large precious and base metals markets. Through a disciplined activist approach and deep geologic expertise, the fund seeks to generate strong absolute returns and hedge against long-term inflationary risks.
Why Choose Crescat’s Precious Metals Hedge Fund?
- Expert Leadership: Led by Portfolio Manager Kevin Smith, working alongside world-renowned exploration geologist Dr. Quinton Hennigh as Geologic and Technical Advisor.
- Extensive Portfolio: Emphasis on high-growth through exploration and development with activist stakes in a broad portfolio of mining companies targeting 300+ million gold-equivalent resource ounces.
- Activist Capital Deployment: CPMF leads or co-leads private placements in public companies—often at negotiated terms including discounts and warrants—positioning for outsized equity returns.
- Unmatched Exploration Exposure: Over 100 drill rigs operating annually across our portfolio companies — more greenfield exploration than all the major gold mining companies combined.
- Value-Driven Activism: Friendly activist strategy designed to unlock shareholder value through technical guidance and capital allocation.
Why Invest Now?
- New Momentum in Gold Prices: Institutions and family offices have been underallocated to gold and are now scrambling to catch up.
- Impending M&A Wave: Major producers face a looming reserves crisis, due to more than a decade of underinvestment, portending a wave of buyouts of the world’s leading exploration and development companies.
- Value + Growth Opportunity: High-quality mining stocks remain undervalued despite macro tailwinds, including rising metal prices.
- Supportive Central Bank Policy: Global central banks have been increasing their gold reserves, reinforcing long-term price support.
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 | 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)
| CPMF | CPMF Ex SP* | XAU | S&P500 | |
| 1-Yr | 31.73% | 25.3% | 42.6% | 12.1% |
| 5-Yr | N/A | N/A | N/A | N/A |
| 10-Yr | N/A | N/A | N/A | N/A |
| Since Inception | 26.2% | 24.9% | 5.9% | 13.0% |
Past performance is not indicative of 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/