Massif Capital Q3 2025 Letter Highlights: 36.1% Net Return, Best Quarter Yet, and 14.6% Annualized Net-of-Fees Returns Since Inception.

Massif Capital's Real Assets Strategy returned 36.1% net of fees in Q3 2025, bringing YTD returns to 41.5%. This was the fund's best quarter to date, with since-inception annualized net-of-fees returns at 14.6%. The strategy aims to generate uncorrelated, risk-adjusted returns, focusing on alpha and risk-adjusted returns. Jensen's Alpha measures the investment's performance beyond its risk level and market movements, with a positive value indicating skilled management and a negative value suggesting underperformance.