cemagraphics/E+ via Getty Images Dear Friends and Investors, During the third quarter of 2025, the Massif Capital Real Assets Strategy returned 36.1% net of fees, bringing our YTD returns to 41.5% net of fees. Gross-of-fees gains from the long book were 35.9% and short book gains were 0.73%. The Real Assets strategy has now been running for 27 quarters, and this was our best quarter to date, bringing our since-inception annualized net-of-fees returns to 14.6%. As investors in the fund and regular reader ...