Crescat Capital is an award-winning global macro asset management firm founded by Kevin C. Smith, CFA. The firm traces its roots to 1999 when Kevin launched his first discretionary managed account strategy that would later be followed by two hedge funds. All three strategies have successful long-term track records that have outperformed the S&P 500 net of fees since inception and have delivered substantial alpha through the time of this update. Please see the firm's website for the latest performance updates. Crescat’s edge is our ability to develop and profit from global macroeconomic themes. The themes are robust narratives that arise as we perform deeper research into the securities recommended by our quant models. Our proprietary quant models are built on value and behavioral investment principles. The themes are the real-world backstories that bring our models to life. By discerning the richest macro themes that our models are guiding us to and focusing our portfolios there, we believe we have an advantage over traditional quants who forgo in-depth research outside of their models and over traditional value managers who shun macro altogether.