The David Lin Report · Thursday, July 16, 2026
Kai Hoffmann discussed his firm's mining equity fund, which is built with a base of large producers and developers, highlighting developers as his preferred space for leverage to gold prices. He also noted a small position in explorers and mentioned that while gold and silver are the main focus, they are also looking for copper opportunities.
“So we launched a mining equity fund with Long Only last year, and we just celebrated our first year. Congrats. Uh, it's a, you know, we built a pyramid. Like it's nothing new radical, but at the base, we have the big companies, we have the streamers, the big producers. Just to have a basis. And we've done very well over the last few months having those positions because there was a bit of stability. Um, of course, they came down with the gold price, but, uh, the streamers, the big producers were the bases. And then we have the developers. That's personally my favorite space. Is the developers. You get the most leverage, especially to gold price. And then the explorers. Like a small position. Uh, that we have right now.”
“Um, gold, silver, copper is the main focus. We have a uranium company in there. Kamiko, not a big secret. We're very transparent. We put out a newsletter every month. And we analyze every single stock that we own in the fund. But the developers, I think are the, you know, have the most leverage. But you know, they're the most hated perhaps. But they're, they're unloved right now by the market as well.”