Letters:

Interviews and Live Streams:

Charts and Research:

  • “The US Stock market is at risk of P/E deflation. Just look at the relationship between CPI and the earnings yield (inverse of P/E) of the S&P 500 Index over the last seven decades.” – @crescatkevin

  • “The US Treasury just issued over $1 trillion worth of bonds and notes just in the last 4 months. Largest amount for such a period of time ever recorded in history.  Meanwhile, the Fed is talking about tapering….. Good luck with that.” – @TaviCosta

  • “How’s no one talking about this? The Industrial and Commercial Bank of China with $5.24T in assets is in free fall. This is the largest bank in the world. Every other major Chinese bank looks just as dismal. Hard to believe something more systemic isn’t going on.” – @TaviCosta

Please reach out to either Marek Iwahashi or Cassie Fischer, information below, with questions and investment inquiries. Thank you for being a Crescat subscriber, we look forward to continuing the year strong.

Sincerely,
Crescat Capital LLC

Kevin C. Smith, CFA
Member & Chief Investment Officer

Tavi Costa
Member & Portfolio Manager

For more information including how to invest, please contact a client service specialist:

Marek Iwahashi
[email protected]
303-271-9997

or

Cassie Fischer
[email protected]
303-350-4000

Linda Carleu Smith, CPA
Member & COO
[email protected]
(303) 228-7371

© 2020 Crescat Capital LLC

Important Disclosures
Performance data represents past performance, and past performance does not guarantee future results. An individual investor’s results may vary due to the timing of capital transactions. Performance for all strategies is expressed in U.S. dollars. Cash returns are included in the total account and are not detailed separately. Investment results shown are for taxable and tax-exempt clients and include the reinvestment of dividends, interest, capital gains, and other earnings. Any possible tax liabilities incurred by the taxable accounts have not been reflected in the net performance. Performance is compared to an index, however, the volatility of an index varies greatly and investments cannot be made directly in an index. Market conditions vary from year to year and can result in a decline in market value due to material market or economic conditions. There should be no expectation that any strategy will be profitable or provide a specified return. 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. 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.

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. SMA composite performance results are time weighted net of all investment management fees and trading costs including commissions and non-recoverable withholding taxes. Investment management fees are described in Crescat’s Form ADV 2A. The manager for the Crescat Large Cap strategy invests predominatly in equities of the top 1,000 U.S. listed stocks weighted by market capitalization.  The manager for the Crescat Precious Metals strategy invests predominantly in a global all-cap universe of precious metals mining stocks.

Hedge Fund disclosures: Only accredited investors and qualified clients will be admitted as limited partners to a Crescat hedge fund. For natural persons, investors must meet SEC requirements including minimum annual income or net worth thresholds. Crescat’s hedge 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. The SEC has not passed upon the merits of or given its approval to Crescat’s hedge funds, the terms of the offering, or the accuracy or completeness of any offering materials. A registration statement has not been filed for any Crescat hedge fund with the SEC. Limited partner interests in the Crescat hedge funds are subject to legal restrictions on transfer and resale. Investors should not assume they will be able to resell their securities. Investing in securities involves risk. Investors should be able to bear the loss of their investment. Investments in Crescat’s hedge funds are not subject to the protections of the Investment Company Act of 1940. Performance data is subject to revision following each monthly reconciliation and annual audit. Current performance may be lower or higher than the performance data presented. The performance of Crescat’s hedge funds may not be directly comparable to the performance of other private or registered funds. Hedge funds may involve complex tax strategies and there may be delays in distribution tax information to investors.

Investors may obtain the most current performance data, private offering memoranda for 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 [email protected]. See the private offering memorandum for each Crescat hedge fund for complete information and risk factors.

Bloomberg News, eVestment, and Capital Finance International Award Disclosure
Bloomberg and eVestment peer analysis and selection criteria is based on returns. The Bloomberg return table was compiled from people familiar, investor letters and other Bloomberg News reporting. The report is written by editor Melissa Karsh of Bloomberg News to acknowledge returns for month and year to date. Crescat Capital did not submit payment, outside of our employees’ Bloomberg and eVestment subscriptions, for consideration or placement in these rankings. Our ranking may not be representative of any one client’s experience since it reflects the returns of a hypothetical, full fee-paying investor who has invested since inception. Ranking is not indicative of future performance. The displayed table is based on US submissions only and the number of submissions varies on a week-by-week basis. Crescat reports performance estimates and finalized numbers to Bloomberg and eVestment as they are released and displays both favorable and unfavorable months at the discretion of the Bloomberg News team. Crescat Capital is not affiliated with Bloomberg News.

Crescat was awarded the Best Global Macro Investment Strategy US 2021 by an expert judging panel at Capital Finance International (“CFI”). The judging panel’s full report can be found here. Crescat Capital did not submit payment for consideration of the award and is not affiliated with CFI. The CFI judging panel uses a wide range of criteria to help it reach informed decisions. In granting an award, some of the more important factors taken into consideration are risk management, performance and value creation, quality and permanency of investment team, investment strategy, analytics and research, innovation, client service, and strength of nominations. CFI readers, subscribers and staff working for organizations that contribute and support CFI’s publication voted for Crescat to be nominated. Then, CFI’s judging panel, using the factors above, granted Crescat the award. Past performance is not indicative of future results.

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