Liquid real assets with Will Thomson of Massif Capital; Natural gas, tungsten and tin | S07 E33
Episode publishedPodcast: The Acquirers PodcastThe Acquirers Podcast
Transcript preview
Preview only
I think we're live. This is Value After Hours. I'm Tobias Carlisle joined as always by my cohost, Jake Taylor. Our special guest today is Will Thompson of Massive Capital. Great name. He invests in liquid real assets. We're gonna find out what that is. How are you, Will?
I'm good. How are you?
Very well. Thank you. Thanks for joining us. Liquid real assets. What is that?
Yeah. So we we invest sort of along four industry verticals. So energy, which is everything from utilities to oil and natural gas to renewables. It is material it is chemicals, mining, construction equipment, that type or construction materials, and then sort of select industrials, which would be companies that provide services to those industries and then infrastructure. So what private companies or private equity talks about when they talk about real assets, we're investing in the same types of assets, except we're just doing it through the publicly traded companies that invest in them and a
It's been a tough decade for that style of investment. So you launched in 02/2016?
Yep.
So almost exact maybe maybe a decade in 2025. How have you survived or found good projects through what's been a pretty tough run for the old
economy? Yeah. So I think that that I think one of the edges that sort of we bring to the table is a very sort of different portfolio construction approach, which I think has yielded sort of benefits. So we've delivered 14.5% annualized net of fees, so pretty good. But the key has been having a concentrated portfolio. And so rather than being exposed to, say, commodity price beta in a dramatic way, we have picked individual companies that have very specific catalysts that we think will overcome any associated drag associated with commodities. And so what we found is that, especially in energy
Do you think it's what's more important, the asset or the management team?
Keep exploring with a free account.
A free account preserves the short preview. Upgrade to Pro for the full transcript and episode chat.