Investor letter, April 2026

The Fund sold its remaining position in Sprott Physical Gold Trust toward the beginning of the quarter, marking an exit from precious metals, though the author expresses hope to own them again.

“We sold our remaining position in the Sprott Physical Gold Trust (ticker: PHYS) toward the beginning of the quarter, marking our portfolio exit from precious metals. Gold and silver prices subsequently deflated from their early Q1 hysteria, although they remain significantly higher year-over-year.”