Summary. Fund Letters. Performance is compared to an index, however, the volatility of an index varies greatly and investments cannot be made directly in an index. The #1 performing Macro Hedge Fund for 2018 by BarclayHedge. Inflation. Interests in private funds are typically not listed on an exchange and are subject to legal restrictions on transfer and resale. Contact : Linda Smith. Current performance may be lower or higher than the performance data presented. These statements relate to future events or future performance. Crescat’s longest running strategy has outperformed the S&P 500 over the long term through multiple business cycles. We navigate the precious metals cycle through this long-only SMA strategy focused on a well-researched portfolio of global all-cap gold and silver mining equities. Investment results shown are for taxable and tax-exempt clients and include the reinvestment of dividends, interest, capital gains, and other earnings. The S&P 500 declined 2.4% in the same month as US election day neared. We think commodities will outperform equities in the following years. The strategy may also hold up to 20% equities outside of the large cap investible universe in companies that have the potential of becoming large cap companies. Both narratives have valid points and flaws. For more in-depth research, check our latest letter: A registration statement has not been filed for any of Crescat’s private funds with the SEC. Our goal is industry leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks. Crescat’s longest running strategy has outperformed the S&P 500 over the long term through multiple business cycles. Crescat Large Cap is a value oriented, long only, large cap equity separately manged account strategy that has outperformed the S&P 500 over multiple business cycles. As a result, Crescat beneficially owns and controls a total of 4,294,752 common shares and 4,294,752 warrants, representing 9.9% of the issued and Guided by Crescat’s fundamental stock-scoring model and macro themes, our equity-only hedge fund seeks to deliver alpha from long and short stock picking combined with intrepid navigation of the business cycle. Crescat just finished a strong June beating the S&P 500 Index and our other benchmarks across all four strategies for the month and year to date. This fund can be tactically net short in highly overvalued markets ahead of and during probable bear markets. An individual investor’s results may vary due to the timing of capital transactions. Investors may obtain the most current performance data and private offering memorandum for a Crescat fund by contacting Linda Smith at (303) 271-9997 or by sending a request via email to info@crescat.net. Web : http://www.crescat.net. The firm publishes equity research and manages private accounts for individuals and institutions based on multi-factor quantitative models that utilize both fundamental and technical indicators. Crescat Capital's November 2020 Performance Update - Investor Letter. Performance data represents past performance, and past performance does not guarantee future results. Others are included below. Winner of the 2015 Global Macro Fund of the Year – HedgeFund Intelligence Absolute Return Awards (under $500m) We think the pullback in Crescat’s strategies in November as a result provides an excellent entry point for existing and prospective investors. Bio. Smaller Cap Gold And Silver Miners Contributed To Crescat's Monthly Performance Our global fiat debasement theme was the standout performer for the month. crescat capital october performance update Dear Investors: Crescat’s three hedge funds surged in October to maintain their year-to-date performance leadership within the universe of managers. History: The firm was founded in 1998. In extreme times, this strategy can hold up to 50% cash and precious metals to protect against expected macroeconomic shocks and or economic downturns. ... performance or achievements of … 4.8K Follower s. Original Post. Today, stocks trade at record high valuations while commodities are historically undervalued in relation. The worst performing theme in August across all three strategies was our Global Fiat Debasement theme, yet it remains our top performing theme year to date across all three strategies and has begun performing well again today and should be … The manager for the Crescat Precious Metals strategy invests predominantly in a global all-cap universe of precious metals mining stocks. A key part of any discerning investor’s asset allocation. All five of the firm’s investment strategies substantially outperformed their benchmarks net of fees in 2020 and since inception. SMA composite performance results are time weighted net of all investment management fees and trading costs including commissions and non … About us. Crescat Portfolio Management is based out of Denver. The performance of Crescat’s hedge funds may not be directly comparable to the performance of other private or registered funds. Our mission is to grow and protect wealth over the long term. See Firm Presentation Here>>. Q1 2020 hedge fund letters, conferences and more. Prior to making any investment or hiring any investment manager you should strive to understand the strategy or private fund’s investment objectives, risks, fees and expenses carefully before investing. Crescat Precious Metals SMA: A core macro asset class for a variety of economic conditions. Crescat Capital LLC (“Crescat”) has made a strategic investment representing a 10.3% ownership of the Company and will have the option to participate in future financings to maintain its interest level for a three year period from today. https://www.crescat.net/march-research-letter/. An actively managed portfolio of gold and silver mining stocks to navigate a variety of economic environments. Denver, Colorado 80202. To sum it up: The setup is in place for a macro pivot in the relative performance of these two asset classes. Different than our Precious Metals SMA, we accomplish this through negotiated private placement investments in public companies that can come with activist perks such as discounts, warrants, and anti-dilution rights. Dear Investors: Crescat’s three hedge funds surged in October to maintain their year-to-date performance leadership within the universe of managers. Hedge Fund disclosures: Crescat’s private 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 or under the securities laws of any state. Crescat Capital Up 40% In 2018 On Everything Bubble Short. Crescat is a global macro asset management firm. Separately Managed Account (SMA) disclosures: The Crescat Large Cap Composite and Crescat Precious Metals Composite include all accounts that are managed according to those respective strategies over which the manager has full discretion. Fax : 303-271-9998. Investors should be able to bear the loss of their investments. The setup is in place for a macro pivot in the relative performance of these two asset classes. Crescat Large Cap SMA: An actively managed portfolio of global large cap equities. Crescat's overweight of select smaller cap gold and silver miners, including activist positions, contributed greatly to the Global Macro Fund and the Long/Short Fund which saw estimated net returns of 16.6% and 13.1% respectively in June. United States. As a result of our focus, Crescat’s two precious metals strategies have been substantially outperforming their benchmark, the Philadelphia Gold and Silver Index, since their respective inceptions, especially during the recent industrywide pullback. Important Disclosures Regarding Performance and Private Offerings. Crescat’s newest strategy. Investing in securities involves risk. Crescat’s longest running strategy. ValueWalk. Follow. SMA composite performance results are time weighted net of all investment management fees and trading costs including commissions and non-recoverable withholding taxes. Cash returns are included in the total account and are not detailed separately. Therefore, the index is also representative of the broad global economy. The manager can hold a portion of the portfolio in cash and/or precious metals during expected market downturns. Today, stocks trade at record high valuations while commodities are historically undervalued in relation. Crescat Capital commentary for the fourth quarter ended December 31, 2020, discussing that gold and silver mining companies now trade with a higher free cash flow yield than tech stocks. Crescat Precious Metals Fund: The fund is dedicated to activist positions in the precious metals mining industry. Crescat Capital, LLC. While the companies in the S&P 500 are U.S. based, most of them have broad global operations. Email : lsmith@crescat.net. From a macro standpoint, gold prices are likely to be supported by this lack of past investment until these trends are dramatically reversed over the next several years. About Crescat Capital LLC. Precious metals securities offer healthy long-term total return prospects with low correlation to more highly trafficked asset classes. © 2008-2021 Crescat Capital LLC. https://www.crescat.net/resources/due-diligence. The firm last filed a Form D notice of exempt offering of securities on 2019-07-11. Dec. 16, 2020 11:10 AM ET 1 Comment 1 Like. Crescat Capital Reports November Performance - Gold Will Beat Stocks. For natural persons, investors must meet SEC requirements including minimum annual income or net worth thresholds. All five of the firm’s investment strategies substantially outperformed their benchmarks net of fees in 2020 and since inception. 1560 Broadway Suite 2270 Denver, CO 80202 phone: 303 271 9997 fax: 303 271 9998 info@crescat.net Crescat Capital LLC acquired 480,000 units priced at $0.55 each for consideration of $264,000 as well as 96,667 units priced at $0.60. Crescat Capital LLC (“Crescat”) has agreed to make a strategic investment representing a 10.3% ownership of the Company post funding. See Fund Presentation Here», A Collision of Macro Narratives – Two diverging schools of macro thoughts are prevalent today. All rights reserved. Investors should not assume they will be able to sell their securities. At the same time, the S&P 500 Index has declined 31.8% including dividends: Crescat Capital LLC 1560 Broadway Denver, CO 80202 (303) 271-9997 info@crescat.net www.crescat.net Crescat Global Macro Fund is based out of Denver. Separately Managed Account (SMA) disclosures: The Crescat Large Cap Composite and Crescat Precious Metals Composite include all accounts that are managed according to those respective strategies over which the manager has full discretion. Crescat Capital manages private hedge funds and separate accounts through its wholly owned subsidiary, Crescat Portfolio Management LLC, an investment adviser registered with the U.S. Securities and Exchange Commission. See the private offering memorandum for each Crescat fund for complete information and risk factors. It is a long-only, separately managed account (SMA) strategy. Crescat … Investors may obtain the most current performance data, private offering memoranda for a Crescat’s hedge funds, and information on Crescat’s SMA strategies, including Form ADV Part II, by contacting Linda Smith at (303) 271-9997 or by sending a request via email to lsmith@crescat.net. Investors in the Long/Short Fund value the fund’s strong risk-adjusted returns, achieved with a focus on long and short equities. Given the exciting and timely opportunity in the early stages of what we believe is a new bull market for gold and silver, Crescat has started an activist fund to invest in the precious metals mining industry. There is no guarantee that the case studies discussed here are completely representative of our strategies or of the entirety of our investments, and we reserve the right to use or modify some or all of the methodologies mentioned herein. Crescat’s mission is to grow and protect wealth over the long term by deploying tactical investment themes based on proprietary value-driven equity and macro models. The S&P 500 declined 2.4% in the same month as US election day neared. Crescat Portfolio Management LLC (“CPM”) is an investment adviser registered with the United States Securities and Exchange Commission (“SEC”). The performance of Crescat funds may not be directly comparable to the performance of other private or registered funds. Prospective clients can obtain a compliant presentation and the firm’s list of composite descriptions by visiting our website at https://www.crescat.net/resources/due-diligence. We apply our investment process across a mix of asset classes and strategies to assist with each client’s unique needs and objectives: Crescat Global Macro Hedge Fund: Our flagship hedge fund invests long and short around the world to take advantage of opportunities in any asset class. Phone : 303-271-9997. Crescat Capital is an award-winning global macro asset management firm founded by Kevin C. Smith, CFA. EDITOR NOTE: There are a number of ways to gauge gold performance against various other benchmarks. The performance of Crescat funds may not be directly comparable to the performance of other private or registered funds. We are also excited to share that our Global Macro and Long/Short hedge funds made the top of Bloomberg News’ hedge fund monthly performance table for the third straight month and the fourth month this year with net performance of +8.5% and +11.2% respectively in August. Performance data is subject to revision following each monthly reconciliation and/or annual audit. Kevin C. Smith has been the principal executive officer and owner since inception. Crescat is a global macro asset management firm headquartered in Denver, Colorado. Performance data is subject to revision following each monthly reconciliation and annual audit. Crescat Long/Short Fund was down 9.9% net in January and is down another 5.5% MTD. Registration as an investment adviser does not imply a certain level of skill or training. We deploy tactical investment themes based on proprietary value-driven equity and macro models. Crescat Large Cap SMA: An actively managed portfolio of global large cap equities. Our mission is to grow and protect wealth, We aim for high absolute and risk-adjusted returns. We invite you to peruse our website for more information about our investment process, performance, investment outlook, and how to become a client. The gold-to-US stock ratio is one. The strategy exploits both cyclical and secular macro themes throughout global equity, commodity, currency, and fixed income markets. Market conditions vary from year to year and can result in a decline in market value due to material market or economic conditions. © 2008-2021 Crescat Capital LLC. There should be no expectation that any strategy will be profitable or provide a specified return. Crescat Capital LLC ("Crescat") has made a strategic investment representing a 10.3% ownership of the Company and will have the option to participate … Separately Managed Account (SMA) disclosures: The Crescat Large Cap Composite and Crescat Precious Metals Composite include all accounts that are managed according to those respective strategies over which the manager has full discretion. We are currently seeking a select group of right-minded institutional partners who can understand and appreciate the focus, scale, and timeliness of what we have set out to accomplish in this fund. Registration does not imply a certain level of skill or training. Since 2012, there has also been a declining trend of capital expenditures toward developing new mines. Investors may obtain the most current performance data and private offering memorandum for a Crescat fund by contacting us at (303) 271-9997 or by sending a request via email to info@crescat.net. Crescat Long/Short: -0.6%. 1560 Broadway, Suite 2270. We may disseminate information that is supplemental to the GIPS-compliant presentations included on our website. Crescat is infusing important growth capital into carefully vetted companies. Whalewisdom has at least 1 13D filings, and 2 Form 4 filings The strategy combines Crescat’s macro themes with bottom-up stock picking supported by the firm’s proprietary equity model. Smaller Cap Gold And Silver Miners Contributed To Crescat’s Monthly Performance. The SEC has not passed upon the merits of or given its approval to any of Crescat’s private funds, the terms of any offering, or the accuracy or completeness of any offering materials. Crescat has invested $1.1 million representing a 13.0% ownership position (post-investment) in the Company. This fund will devote a substantial allocation of its capital to activist positions in the gold and silver mining industry. The Tech Bust. Crescat Capital LLC acquired 480,000 units priced at $0.55 each for consideration of $264,000 as well as 96,667 units priced at $0.60. See the private offering Crescat Capital – August Performance Attribution. Along with Crescat Long/Short Fund, one of Bloomberg’s top performing hedge funds for 2018. Performance for all strategies is expressed in U.S. dollars. It is a suitable benchmark for Crescat Large Cap, Crescat Long/Short, and Crescat Global Macro performance composites which have also traded extensively in large, highly-liquid global equities through U.S.-listed securities. Jan. 01, 2019 4:45 AM ETACP, AIF, ANGL... 9 Comments 12 Likes. All rights reserved. Offers strong appreciation potential during both inflationary and recessionary environments. The Global Financial Crisis. Crescat is a global macro asset management firm. In our analysis, this relative performance was an end of cycle move for the S&P 500 but only an early inning correction for precious metals. Let us elaborate… Continue Reading Here», In this presentation, we tell the story behind Crescat’s history, investment process, and performance. Smaller Cap Gold And Silver Miners Contributed To Crescat's Monthly Performance Our global fiat debasement theme was the standout performer for the month. Current performance may be lower or higher than the performance data presented. It is a market-cap-weighted index of the 500 largest and most liquid companies listed on the NYSE and NASDAQ exchanges. The setup is in place for a macro pivot in the relative performance of these two asset classes. Mid-Month Performance Update. Portfolio allocations are determined at the time positions are initiated and may change over time. Case studies are included for informational purposes only and are provided as a general overview of our general investment process, and not as indicative of any investment experience. Crescat Global Macro Fund was down 13.1% net in January and is down another 5.9% net in February MTD. We share our top three themes today that we consider the macro trade of the century. It is considered representative of the US stock market at large. The S&P 500 declined 2.4% in the same month as US election day neared. Benchmark disclosures: When we provide S&P 500 Index performance information side by side with Crescat’s performance, please note that the S&P 500 Index is one of the most widely followed stock market indices in the world. 9.4K Followers. Our global themes are enhanced by expert fundamental analysis and stock picking. About Crescat Capital LLC Crescat is a global macro asset management firm founded in 1994 by Kevin Smith, CFA, headquartered in Denver, Colorado. The Crescat Global Macro Fund was:. 23rd Dec. Dear Investors: Markets are cyclical. Our Global Macro Hedge Fund is all about capitalizing on big-picture trends and imbalances while hedging risk. The investment objective is long term capital appreciation with low correlation to the S&P 500 Index. The Crescat Long/Short Hedge Fund strongly outperformed during two of the worst bear markets in history. March Mid-Month Net Performance Estimates (through 03/15/17) Crescat Global Macro: 0.3%. The manager navigates the cycle for gold and silver primarily through long-oriented exposures but may also employ shorts and modest leverage. As a fund, we are long high-quality gold & silver high-quality miners. Authored by Kevin Smith and Tavi Costa via Crescat Capital, Dear Investors: Markets are cyclical. Crescat Capital, LLC. Crescat’s activist fund is a large and significant capital deployment opportunity. Low correlation to common Wall Street offerings. The Crescat Capital portfolio manager gives his take on the flashing macro warning signals and why it is an explosive moment for gold, silver and bitcoin. February performance reports are now available for download from our website or via the buttons below. Investment management fees are described in Crescat’s Form ADV 2A. Last Updated: December 15, 2020 / Derek Wolfe. Crescat has been recognized for high achievement with the following awards:. Deflation. This brochure provides information about the qualifications and business practices of CPM and its parent, Crescat Capital LLC. Crescat Capital LLC and affiliates participated in the financing and have acquired a 9.9% stake of the issued and outstanding shares of BCM. In some cases, we are also bringing in new expertise to the board and technical team. LP is up approximately 40.5% net while Crescat Long/Short Hedge Fund LP is up 34.3%. - Crescat Capital LLC, a small fund with only $50 million under management, warns that a recession is coming in 2020 or 2021. Today, stocks trade at record high valuations while commodities are historically undervalued in relation. Crescat Long/Short Hedge Fund: The cure for the common index fund. The manager for the Crescat Large Cap strategy invests predominately in equities of the top 1,000 U.S. listed stocks weighted by market capitalization. With exceptionally strong fundamentals, this is where the real growth/value opportunity lies ahead. We are pleased to announce that Crescat’s hedge funds made the top of Bloomberg’s US hedge fund performance table for the second month in a … Crescat Large Cap: -0.1%. The End Game- Crescat Capital. Crescat Portfolio Management claims compliance with Global Investment Performance Standards (GIPS®). Any possible tax liabilities incurred by the taxable accounts have not been reflected in the net performance. Bubbles and busts. To be clear, we find ourselves right in between the two. High long-term return potential with inflation and recession protection. Crescat’s hedge funds are heavily tilted toward activist positions in this segment where we see the best growth opportunity and value today. Crescat is not required by law to follow any standard methodology when calculating and representing performance data.
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