The 3Q25 Investor Note - titled Numb and Number - explores the echoes of the 1999 tech bubble in today's AI frenzy, detailing both the familiar script and the crucial differences in capital structure that make this cycle unique. From a Mash Global Multi-Asset portfolio positioning perspective, we're leaning into Real Assets, Digital and Healthcare. Read more, listen to an AI-generated audio overview, and review our factsheet.

MGM Fund returned +3.8% for the quarter, which was perhaps best described with one word - turbulence. Participate but with caution remains our mantra. We are increasing allocations to Real Assets in an Artificial Intelligence landscape.

2Q25 was a violent quarter, with a single tweet swinging markets 5 to 10% in either direction on any given day. Read the 2Q25 Factsheet for changes we've made along with the Investor Note for more.

An alpha of +2.0% during 1Q25. I continue to believe CY25 will reward prudent risk control unlike over the last few quarters.

DeepSeek's impact on the AI/LLM ecosystem is profound, especially on the current Nvidia and Hyperscaler thesis

An alpha of +3.5% during 4Q24. CY25 will reward prudent risk control unlike over the last few quarters. Read our Investor Note for more.

We delivered an outperformance of +3.5% during 4Q24. As we enter CY25, prudent risk control will matter more than in the recent past.

A few names surfacing in our Top Holdings, including a tactical hedge for the high uncertainty market setup. More in the 3Q24 Investor Note.

Elevated uncertainty in the near-term. A tactical hedge, some new names in our Mash portfolio.

It's Nvidia's playground and we are all playing in it. Over the last 6 months, roughly 60% of the S&P 500 returns have been driven by 5...