Dear investors,
Dear prospective customers,
Welcome to the manager's commentary for the reporting month of December for the Hard Value Fund, your fund for financial sustainability.
The final month of 2025 was a positive one for investors in the Hard Value Fund, as we closed the year just below our all-time high. The current geopolitical situation between the United States and Venezuela promises an eventful start to 2026.
Particularly during the reporting month, the gold and gold mining sectors, as well as aviation and defense, dominated. Our largest holding in the Hard Value Fund, Fresnillo, also generated a value increase of over 25% during the reporting month and remains at the top of the fund. The aerospace company SAAB also benefited significantly during this period
The nuclear and fossil energy sector had a successful year. Profits were realized particularly in December, resulting in a significantly negative reporting month for EQT. Short-term price fluctuations are not a fixed component of our analysis. Our quantitative and qualitative value analysis is based on current news and usable key figures from the company's website and has a long-term focus. The resulting fair value calculation allows us to participate in companies over the long term, as long as they trade below their calculated fair value.
According to our analysis, we increased our cash ratio in rising markets during the reporting month and now hold around 10% in cash.
You can find the exact performance figures in the displayed key performance indicators:
– R-tranche: +3.1% per month, +27.12% year-to-date, +57.23% since inception
– I-Tranche: +3.14% per month, +27.44% year-to-date, +60.74% since inception
– S-Tranche: +3.25% per month, +30.83% year-to-date, +68.58% since inception
The momentum continues: We saw further inflows this month and are delighted to welcome new investors. Our assets under management currently amount to approximately €31.5 million. We've also reached another small milestone and are pleased to announce three years of track record
I would like to invite you to our 2026 annual update webinar on February 4, 2026, to gain deep insights into the inner workings of the Hard Value Fund.
Warm regards
Patrick Grewe
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Warm regards
Patrick Grewe
Your asset manager
Patrick Grewe