Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTSoumya EswaranThu, August 20, 2026 at 3:33 PM GMT+2 3 min readMassif Capital, an investment management company, released its "Massif Capital Real Assets Strategy" second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, the strategy fell 5.16% net of fees, bringing year-to-date returns to 10.7%. April and May were strong, but June losses in European energy and materials weighed on performance. Portfolio volatility reached an annualized 32.8% during the first half, compared with 16.2% from 2019 through 2025, as commodity sensitivity increasingly influenced returns. Massif noted that several holdings, including Lundin Mining and Equinox Gold, declined despite improving fundamentals, while European energy names were pressured by oil-price swings and geopolitical headlines. The firm believes markets continue to underprice broader volatility and macroeconomic risks, including higher rates, energy uncertainty, and a historically narrow equity risk premium. Massif remains positioned for dispersion rather than market direction, expecting security-level mispricing to eventually create attractive opportunities. For more information on the fund's best picks in 2026, please check its top five holdings. In addition, please check the portfolio's top five holdings to know its best picks in 2026.In its second-quarter 2026 investor letter, Massif Capital highlighted Enovix Corporation (NASDAQ:ENVX). Enovix Corporation (NASDAQ:ENVX) designs, develops, and manufactures lithium-ion battery cells in the United States and internationally. On August 19, 2026, Enovix Corporation (NASDAQ:ENVX) closed at $3.40 per share. One-month return of Enovix Corporation (NASDAQ:ENVX) was -21.66% and its shares lost 66.89% over the past 52 weeks. Enovix Corporation (NASDAQ:ENVX) has a market capitalization of $687.97 million.Massif Capital stated the following regarding Enovix Corporation (NASDAQ:ENVX) in its Q2 2026 investor letter:"Enovix Corporation (NASDAQ:ENVX) fell in three separate steps through June: 12.9% on June 7 when an outside investor exited its position citing the departure of a manufacturing-process lead ahead of a product launch, a further 9.2% on June 10 as investors read a soft Q2 revenue guide as limited visibility into its smartphone-battery qualification with Honor, and 10.2% on June 23 in a broad Nasdaq semiconductor selloff; the company's own Q1 disclosure had already flagged that Honor's qualification process was taking longer than anticipated."Enovix (ENVX) Jumps 14.4% Amid Special Dividend DeclarationEnovix Corporation (NASDAQ:ENVX) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Enovix Corporation (NASDAQ:ENVX) at the end of the first quarter which was 39 in the previous quarter. While we acknowledge the potential of Enovix Corporation (NASDAQ:ENVX) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info