Sarmaya Partners

Many of my friends and contacts have been praising our first commentary where we laid out the thesis for our central theme – The Return to Tangibles (#RTT). For those who missed it, these two charts encapsulate Sarmaya Partners’ approach to the prevailing RTT theme. The first chart demonstrates the power that identifying the next big theme can yield. Our investment focus is exclusively on the RTT theme, a new commodity super-cycle that started in 2021-2022, through a concentrated portfolio. The second chart shows “how the rubber meets the road” through our sub-themes that drill down to the exposures we build and actively manage. We’re only at the beginning of the Return to Tangibles – an extended multi-year cycle!

Meaning of Veterans Day to me: On Veterans Day, I find myself filled with an overwhelming sense of gratitude and pride, thinking about the service and sacrifice my father and grandfather made. Having a grandfather and a dad who served is incredibly special to me. It's not just the fact that you both wore the uniform—it’s what you represent in my life, the lessons you’ve taught me, and the strength I feel knowing that I come from a family that values honor, courage, and service to others. Even though you are not here with me and my family, I am so grateful for you both and proud to be part of a family that has given back meaningfully. I am also humbled by all who have served and continue to serve to keep us safe. Grandad: served in the Army during WW II and in Korea Father: served in the Air Force during the Vietnam War Picture of my grandfather in Italy during WW II.

Meaning of Veterans Day to me: On Veterans Day, I find myself filled with an overwhelming sense of gratitude and pride, thinking about the service and sacrifice my father and grandfather made. Having a grandfather and a dad who served is incredibly special to me. It's not just the fact that you both wore the uniform—it’s what you represent in my life, the lessons you’ve taught me, and the strength I feel knowing that I come from a family that values honor, courage, and service to others. Even though you are not here with me and my family, I am so grateful for you both and proud to be part of a family that has given back meaningfully. I am also humbled by all who have served and continue to serve to keep us safe. Grandad: served in the Army during WW II and in Korea Father: served in the Air Force during the Vietnam War Picture of my grandfather in Italy during WW II.

I hope this message finds all my family and friends well. With the upcoming election just around the corner, I wanted to take a moment to share a thought that I’m sure resonates with many—how much I’m looking forward to the conclusion of this election season. Whoever you are aligned with, it is your right to vote for what resonates with your views and beliefs.?Election cycles bring a unique energy and sense of anticipation. Still, they also often come with a fair share of stress, distractions, and uncertainty, particularly for those who work in fields impacted by policy shifts and market fluctuations. I’m eager to see this period of political debate and decision-making end so we can all refocus on the road ahead with greater clarity and renewed dedication to our families and professions. I look forward to collaborating with you on the initiatives and opportunities that will undoubtedly follow in the post-election landscape. Until then, let’s keep pushing forward, knowing that soon we’ll be on the other side, ready to tackle the challenges and opportunities that await. All the best, Karl R.S. Engelmann

Thank you for an amazing week Dubai! It was a whirlwind week - from an engaging and impactful AIM Summit, to meeting old friends and making great new connections, to the productive meetings, the sights, the food and the fantastic people. Where else can you find 100% solid gold soccer ?? cleats for sale?! Perfect pic opportunity for us gold bulls. We head back home excited about the opportunities here and look forward to being back soon. And I got to try dateseed coffee for the first time! #ReturnToTangibles Karl R.S. Engelmann Oliver Merten, CFA, CFP?

A great first day at the AIM Summit in Dubai! Karl R.S. Engelmann and I got front row seats in a small group discussion with former US House Speaker Kevin McCarthy. He discussed the challenges posed by high sovereign debt and deficit levels, and the tough choices needed to get them under control. We were grateful for the opportunity to join the session and left affirming our thesis on the case for Gold, driven by geopolitical factors, inflation not having been fully subdued, and rising fiscal risks. Looking forward to tomorrow! #ReturnToTangibles

Good morning Dubai!! Karl R.S. Engelmann and I are in Dubai at the AIM Summit. The day kicked off with a great TV interview with Razan Mohamed of Asharq Business ?????? ????? discussing our Return to Tangibles commodity super-cycle theme covering gold, Copper, oil and gas, and uranium. I’ll post the link to the interview when it’s available. Ping me if you’re at the conference or in Dubai this week. Would love to connect! #ReturnToTangibles

LinkedIn Friends, Karl R.S. Engelmann and I will be in Dubai for the AIM Summit during the week of October 21-25 and would love to meet up for coffee or lunch if you're at the conference or in the area that week! Also, we'd love to be introduced to your contacts while there that you think we should meet. See y'all there! The #ReturnToTangibles theme continues! #AIMSummit #Dubai