Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Thematic (Sector/Industry)

<ul><li>Inflation and Market Dynamics: In this letter, we discuss persistent inflationary pressures and potential misallocation of capital in financial markets that could lead to future economic instability.</li><li>Of specific concern is persistent under-investment in the Real Asset Ecosystem, which includes commodity producers and industries with significant vertical linkages to commodities, an ecosystem of businesses that ensure sustainable economic growth and stability.</li><li>We review our Enviox and Siemens Energy investment thesis and explain continued confidence in our lithium investments despite widespread negative EV sentiment.</li></ul>

Inflation and Market Dynamics: In this letter, we discuss persistent inflationary pressures and potential misallocation of capital in financial markets that could lead to future economic instability.Of specific concern is persistent under-investment in the Real Asset Ecosystem, which includes commodity producers and industries with significant vertical linkages to commodities, an ecosystem of businesses that ensure sustainable economic growth and stability.We review our Enviox and Siemens Energy investment thesis and explain continued confidence in our lithium investments despite widespread negative EV sentiment.

Macroeconomics

<div><ul style="list-style-type: disc;"><li>Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry performance.</li><li>Interesting trends in the gold market: We examine gold prices and propose a shift from wealth-driven to fear-driven consumption patterns. We also identify several events that could reduce fear and slow gold price momentum.</li><li>The evolving situation at OCI: The fund holds a 6% position in OCI, a global fertilizer business that announced two significant asset sales in December 2023, from which we expect to receive a substantial capital return in 2024.</li></ul></div>

Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry performance.Interesting trends in the gold market: We examine gold prices and propose a shift from wealth-driven to fear-driven consumption patterns. We also identify several events that could reduce fear and slow gold price momentum.The evolving situation at OCI: The fund holds a 6% position in OCI, a global fertilizer business that announced two significant asset sales in December 2023, from which we expect to receive a substantial capital return in 2024.

Germany

Siemens Energy AG operates as a renewable energy company. The Company offers power generation and transmission, technical consultancy, and operation and maintenance services. Siemens Energy serves customers worldwide.

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Siemens Energy AG (ENR GR)

2nd Quarter 2024 Letter to Investors

In this letter, we discuss persistent inflationary pressures and potential misallocation of capital in financial markets that could lead to future...

Massif Capital Research

1st Quarter 2024 Letter to Investors

Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry...

Massif Capital Research

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