MO Portfolio
The Macro Ops Portfoliont_header_1nt_header_2nt_header_3nt_header_4nt_header_5nt_header_6nt_header_7nt_header_8nt_header_9nt_header_10nt_header_11nt_header_12nt_header_13nt_header_14nt_header_15Option 1nt_header_17nt_header_18nt_header_19
PDF: https://tinyurl.com/mo-portfolio-pdf
2025 YTD Return24.05%
Total Notional Exposure237.47%
Equity Exposure80.88%
Futures/Forex Exposure156.59%
Current Cash Value (%)35.00%
Total Capital At-Risk (%)10.17%TTM 3YR Total Return97.94%
Total Drawdown Risk (%)23.62%Rolling 3YR CAGR25.56%
Futures, Bonds & FXTickerContractsCapitalNotionalActual RiskDD RiskCost BasisCurrent PriceCurrent Stop-LossInitial Stop-LossCurrent P&LR-Multiple (Curr.)Total NotionalTotal RiskTotal Drawdown Risk
Note: Cost Basis Reflects Rolled Contract Cost Basis156.59%-0.47%1.76%
Micro E-mini S&P 500 FuturesMESU2025 10$316,212.507.58%0.56%0.83%$6,095.00$6,324.25$5,628.00$4,831.753.76%0.18
Mexican Peso Futures6MU202545$1,196,775.0028.67%-0.08%0.40%$0.052310$0.053190$0.0525$0.04891.68%0.26
Swiss Franc Futures6SU202514$2,219,525.0053.17%-0.63%0.26%$1.247100$1.26830$1.2622$1.18461.70%0.34
Euro FX Futures6EU202519$2,803,806.2567.17%-0.32%0.28%$1.170000$1.18055$1.1757$1.10860.90%0.17
Micro Gold FuturesMGCQ202512$400,560.009.60%0.24%0.27%$3,329.003,338.00$3,245.00$3,245.000.27%0.11
EquitiesTickerSharesCapitalNotionalActual RiskDD RiskCost BasisCurrent PriceCurrent Stop-LossInitial Stop-LossCurrent P&LR-Multiple (Curr.)Total NotionalTotal RiskTotal Drawdown Risk
Aerospace & Defense80.88%10.65%21.86%
Rheinmetall AGRHM150$299,570.507.18%-3.97%1.05%$600.38$2,000.41$1,707.74$504.13233.19%14.54
Amentum Holdings, Inc.AMTM6,754$163,510.363.92%0.71%0.84%$23.40$24.21$19.00$19.003.46%0.18
Rocket Labs USARKLB2,426$86,495.402.07%-0.09%0.69%$22.13$35.66$23.70$14.6661.14%1.81
Rocket Labs USA (Second leg)RKLB2,528$90,148.482.16%0.47%0.63%$33.00$35.66$25.26$25.268.06%0.34
Intermap TechIMP.TSX38,128$61,626.251.48%0.43%0.54%$1.50$1.62$1.02$1.027.80%0.25
Metals & Mining
Emerita Resources CorpEMO.TSXV84,375$86,783.242.08%2.59%2.08%$1.28$1.03$0.00$0.00-19.65%-0.20
Emerita Resources Corp (Second leg)EMO.TSXV79,556$81,827.201.96%1.91%1.96%$1.00$1.03$0.00$0.002.62%0.03
Andean Precious MetalsAPM95,657$228,398.795.47%-0.05%2.61%$1.23$2.39$1.25$0.8594.91%3.13
Intrepid PotashIPI3,956$144,911.793.47%0.04%0.40%$32.83$36.63$32.40$28.2511.57%0.83
Platinum & Palladium Sprott ETFSPPP13,260$159,650.403.82%0.44%1.00%$10.28$12.04$8.90$8.9017.12%1.28
Idaho Strategic ResourcesIDR10,630$138,827.653.33%0.45%0.22%$13.94$13.06$12.19$12.19-6.31%-0.50
Magna MiningNICU.TSXV66,557$90,949.382.18%0.46%0.82%$1.14$1.37$0.85$0.0020.12%0.20
Magna Mining (Second leg)NICU.TSXV48,037$65,642.161.57%0.50%0.59%$1.28$1.37$0.85$0.856.50%0.19
Distric MetalsDMX.TSXV159,954$86,960.262.08%1.87%2.08%$0.49$0.54$0.00$0.0011.41%0.11
Sylvania PlatinumSLP.L 1,626$155,426.893.72%0.68%1.07%$85.41$95.59$68.00$68.0011.92%0.58
Valterra PlatinumVALT.L33$152,313.443.65%0.75%0.77%$4,592.72$4,615.56$3,638.74$3,638.740.50%0.02
Amerigo Resources, LTD.ARG.TSX64,895$108,225.882.59%0.50%0.53%$1.65$1.67$1.33$1.331.14%0.06
Oil & Gas / Energy
TidewaterTDW3,380$162,611.803.90%0.69%0.80%$46.70$48.11$38.22$38.223.02%0.17
Sprott Uranium ETXU.UN.TSX12,304$215,138.095.15%0.21%0.61%$16.14$17.49$15.43$13.198.33%0.46
Other
Uber Inc.UBER1,670$156,362.103.75%0.63%0.67%$92.60$93.63$76.80$71.001.11%0.05
Block, INC.XYZ1,039$71,929.971.72%0.45%0.63%$61.91$69.23$44.00$44.0011.82%0.41
iShares Bitcoin TrustIBIT9,147$568,830.2213.63%1.00%1.25%$61.05$62.19$56.50$56.501.87%0.25
OptionsTickerContractsCapitalNotionalActual RiskDD RiskCost BasisCurrent (Mid) PriceCurrent Stop-LossInitial Stop-LossCurrent P&LR-Multiple (Curr.)Total NotionalTotal RiskTotal Drawdown Risk
0.00%0.00%
Cash Net Interest
Cash Value (as of 10/31)1,774,754
IBKR Interest on Cash4.00%
YTD Interest Received$16,921
Day 87

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Brandon Beylo

Value Investor

Brandon has been a professional investor focusing on value for over 13 years, spending his time in small to micro-cap companies, spin-offs, SPACs, and deep value liquidation situations. Over time, he’s developed a deeper understanding for what deep-value investing actually means, and refined his philosophy to include any business trading at a wild discount to what he thinks its worth in 3-5 years.

Brandon has a tenacious passion for investing, broad-based learning, and business. He previously worked for several leading investment firms before joining the team at Macro Ops. He lives by the famous Munger mantra of trying to get a little smarter each day.

AK

Investing & Personal Finance

AK is the founder of Macro Ops and the host of Fallible.

He started out in corporate economics for a Fortune 50 company before moving to a long/short equity investment firm.

With Macro Ops focused primarily on institutional clients, AK moved to servicing new investors just starting their journey. He takes the professional research and education produced at Macro Ops and breaks it down for beginners. The goal is to help clients find the best solution for their investing needs through effective education.

Tyler Kling

Volatility & Options Trader

Former trade desk manager at $100+ million family office where he oversaw multiple traders and helped develop cutting edge quantitative strategies in the derivatives market.

He worked as a consultant to the family office’s in-house fund of funds in the areas of portfolio manager evaluation and capital allocation.

Certified in Quantitative Finance from the Fitch Learning Center in London, England where he studied under famous quants such as Paul Wilmott.

Alex Barrow

Macro Trader

Founder and head macro trader at Macro Ops. Alex joined the US Marine Corps on his 18th birthday just one month after the 9/11 terrorist attacks. He subsequently spent a decade in the military. Serving in various capacities from scout sniper to interrogator and counterintelligence specialist. Following his military service, he worked as a contract intelligence professional for a number of US agencies (from the DIA to FBI) with a focus on counterintelligence and terrorist financing. He also spent time consulting for a tech company that specialized in building analytic software for finance and intelligence analysis.

After leaving the field of intelligence he went to work at a global macro hedge fund. He’s been professionally involved in markets since 2005, has consulted with a number of the leading names in the hedge fund space, and now manages his own family office while running Macro Ops. He’s published over 300 white papers on complex financial and macroeconomic topics, writes regularly about investment/market trends, and frequently speaks at conferences on trading and investing.

Macro Ops is a market research firm geared toward professional and experienced retail traders and investors. Macro Ops’ research has been featured in Forbes, Marketwatch, Business Insider, and Real Vision as well as a number of other leading publications.

You can find out more about Alex on his LinkedIn account here and also find him on Twitter where he frequently shares his market research.