- Q1 2026 Investor Letter Praetorian Capital retained a core book of inflation beneficiaries, volatility and exchange-volume exposures while trimming event-driven equities to preserve dry powder amid uncertainty over Hormuz. The fund argues Marex can compound through commodity-market volatility and consolidation, while building positions in emerging markets, precious-metals beneficiaries, St. Joe and refiners. Q1 2026 JOE $3.7BMRX $5.2B
One letter so far. We collect each new one as Praetorian Capital publishes it.
