Capicraft Investment Partners

• Capicraft Newsletter Third Quarter 2026 ↗ Capicraft argues that the AI infrastructure boom is constrained by electricity, cooling, copper, equipment and credit, leaving technology-led equity indices vulnerable to a reversal in capital spending. The portfolios remain overweight real assets, including energy, agricultural commodities and Bunge, while adding a small allocation to long-dated nominal government bonds as a counterweight to a growth slowdown. Third Quarter 2026 AMZN $2.9TGOOGL $3.5TMETA $1.6T +1
• Capicraft Newsletter ↗ Capicraft maintains a cautious stance on AI infrastructure, arguing that capital intensity, competition and circular demand could prevent technological usefulness from translating into shareholder returns. It increased energy exposure after the Hormuz disruption, retained uranium and precious-metals positions, and argues that depleted oil inventories and central-bank gold demand support the long-term thesis. Second Quarter / First Half 2026 —

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