| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 56 | $55.63 | $3,115 | 0.13% | $53.00 | $147 | +5.0% | — |
| HSA | 41 | $54.94 | $2,253 | 2.09% | $52.94 | $82 | +3.8% | — |
| RLT | 133 | $55.63 | $7,399 | 0.44% | $45.47 | $1,352 | +22.4% | — |
| Total | 230 | $12,767 | 0.28% | $1,581 | +14.1% | — |
In short: His fund — he's lead manager of INFL, "the Capital Light Real Asset Fund": ~5.5 years since inception, ~$1.65B AUM in the US and approaching $100M in Europe. The vehicle for the real-asset capital-light thesis.
INFL is the exchange-traded fund Davolos runs. It holds businesses that own scarce real assets but don't need much capital to grow — royalty companies, land and water owners, exchanges — so their cash flow rises with inflation. About $1.65B is invested in the US version, with a European version nearing $100M.
47:09I'm the lead manager on INFL, which is the Capital Light Real Asset Fund. It's about five and a half years now since inception. About 1.65 billion of AUM in the US and — approaching 100 million in Europe. — Sure. — And then we have some legacy mutual funds, the Kinetics mutual funds which, I know you actually love this concept, they embrace concentration.
In short: Talkington's vehicle for the whole real-assets complex: "I own INFL, which owns a basket of precious metals, base metals, energy names. To me that's a good way where I can own it over time and I don't get caught up if gold has a big drawdown, or silver, because they're diversified with energy, base metals and precious metals." Her gold view alongside it: it bounced off the 200-day last week "in the face of the yen intervention — the third time this year" — so she assigns some probability to a macro accident and wants the exposure without single-metal risk.
Bryn Talkington owns this fund rather than any single metal, and her reasoning is risk management. INFL holds a basket of precious metals, base metals and energy companies, so "I don't get caught up if gold has a big drawdown, or silver, because they're diversified."
Why hold the exposure at all: gold bounced off its 200-day average last week just as Japan intervened to support the yen for the third time this year. Currency interventions are a sign of strain in the financial system, so she wants a position that pays off if there's "a macro accident" — without betting the outcome on one metal.
In short: The firm's own active ETF, managed by James Davolos, presented as the answer to the "why do you now produce ETFs?" question: the sum of its holdings that are also S&P 500 constituents is a 0.57% index weight (0.59% of the Russell 1000), so most equity investors have essentially no countervailing exposure to commodity-price inflation. Framed as at minimum a "completion fund" supplying what the index is missing, and a better mousetrap than mining and chemicals companies that only pass for inflation hedges, ahead of a supply/demand shift across oil, gas, iron ore, copper, cobalt, lithium — plus land and water.
This is the firm's own actively managed ETF (run by James Davolos), and the commentary uses it to answer a client who asked why an index critic is now issuing index-style products. The answer: an ETF is just a container, and this one holds what the index doesn't.
The statistic that makes the case: add up every holding in this fund that is also in the S&P 500, and together they are 0.57% of that index. In other words, if you own the U.S. market, you own essentially nothing that benefits when commodity prices rise — and commodity inflation is one of the very few risks you cannot diversify away, because higher oil, copper, lithium and cobalt prices squeeze the margins of nearly every company in the index. Horizon Kinetics thinks the decade-long oversupply in hard commodities is turning, so at minimum the fund is a "completion fund" filling the hole in a normal portfolio — and better than the mining and chemical stocks that are usually mistaken for inflation protection, because those carry the operating costs that inflation also raises.
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