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Massif Capital real assets strategy fell 5.2% in Q2 2026
The strategy’s annualized first-half volatility rose to 32.8%, versus 16.2% from 2019 through 2025, as commodity moves increasingly drove results.
Massif Capital’s Real Assets Strategy posted a 5.16% decline net of fees in the second quarter of 2026, according to the firm’s Q2 2026 investor letter shared via Yahoo Finance. The fund’s year-to-date return stood at 10.7% after the quarter.
The letter said strength in April and May was later offset by June losses tied to European energy and materials. It attributed the pressure to oil-price swings and geopolitical headlines, which weighed on related holdings.
Massif highlighted that portfolio volatility has climbed sharply, with annualized volatility reaching 32.8% during the first half, compared with 16.2% from 2019 through 2025. The firm also cited rising macroeconomic risks, including higher rates, energy uncertainty, and a historically narrow equity risk premium.
Massif pointed to holdings such as Lundin Mining and Equinox Gold that declined even as fundamentals improved, and it said it remains positioned for dispersion rather than market direction. The investor letter also references Enovix Corporation (NASDAQ: ENVX) as part of its discussion, noting Enovix closed at $3.40 on August 19, 2026, with a one-month return of -21.66% and a 52-week drop of 66.89%.
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