Jacob Wackerhausen/iStock via Getty Images Dear Friends and Investors, During the fourth quarter of 2025, the Massif Capital Real Assets Strategy advanced 9.6% net of fees, lifting full-year performance to 50.0% net of fees. Gross gains from the long book totaled 13.3%, while the short book detracted 1.64%. The strategy has now completed its 28th consecutive quarter, with a since-inception annualized return of 15.6% net of fees. Performance leadership for the year remained concentrated. Equinox Gold (EQ ...