Slide 1: Sprott Real Asset Value+ Strategy
Sprott Real Asset Value+ Strategy July 2026 V2 6/15/2026
Slide 2: The Graham Principle
The Graham Principle “Investing is most intelligent when it is most businesslike.” – Benjamin Graham, Columbia University professor, investor and researcher Sprott Real Asset Value+ Strategy | 2
Slide 3: Portfolio Manager
Portfolio Manager Jason J. Stevens, CFA, Portfolio Manager Jason J. Stevens, CFA, acts as Portfolio Manager of the Sprott Real Asset Value+ Strategy and is a member of the Sprott Asset Management USA Investment Committee. Mr. Stevens has been with the firm since 2002. Originally recruited onto Sprot
Slide 4: Value+ Highlights
Value+ Highlights The Sprott Real Asset Value+ Strategy is a value and quality-oriented Strategy consistent with Sprott’s contrarian philosophy. • Objective: Above-average total returns over a five year+ investment horizon. • Actively managed to provide investors diversification and value-add to the
Slide 5: Top-Down Positioning, Bottom-Up Selection
Top-Down Positioning, Bottom-Up Selection Dual approach that simultaneously emphasizes risk management and opportunity exploitation. • Top-down strategic weightings: o Agribusiness o Energy o Metals/Mining o Real Asset Industries like global real estate, infrastructure and shipping. • Bottom-up sele
Slide 6: Portfolio Construction
Portfolio Construction Focused, All-Cap, Real Asset Portfolio* • Focused portfolio: Currently 25 positions • Bias towards mid-capitalization companies ($5-15 billion) • Strategic weighting ranges: o Agribusiness: 20-40% o Energy: 20-35% o Metals/Mining: 15-35% o Other Real Asset Investments: 0-25% •
Slide 7: Target Exposures
Target Exposures Agribusiness Energy Metals/Mining Target Range: 20-40% Target Range: 20-35% Target Range: 15-35% • Specialty Foods/Ingredients • Mineral & Royalty Interests • Royalty & Streaming • Crop Nutrients Click to edit Master title style • Conventional Oil & Gas • Diversified Mining • Precis
Slide 8: Performance
Performance Total Returns* (%) AS OF 6/30/2026 1 MO YTD Q2 2026 1 YR 3 YR 5 YR 10 YR S.I. Sprott Real Asset Value+ Strategy – Net of Fees1 -2.50 19.89 -1.94 29.12 18.65 11.12 10.23 7.95 Sprott Real Asset Value+ Strategy – Gross of Fees1 -2.35 20.68 -1.59 30.92 20.36 12.76 11.87 9.56 S&P Real Assets
Slide 9: Current Exposures
Current Exposures Sector Weightings* Top Ten Holdings* Cash 2.3% Texas Pacific Land Corp. Agribusiness Altius Minerals Corp. 22.0% Other 21.4% Quanta Services Inc. Franco-Nevada Corp. Corteva Inc. Cameco Corporation Cheniere Energy Inc. LandBridge Company LLC Energy CF Industries Holdings, Inc. 23.9
Slide 10: Selection Process
Selection Process Approach • We believe real asset businesses rarely maintain any pricing power and must rely on their business structure or unique assets to generate above-average returns on capital. • Identifying the value drivers of a company helps us identify their potential for persistent exces
Slide 11: Investment Assessment
Investment Assessment • Simple, easy-to-understand, transparent. • Growth & margins sufficient for consistent reinvestment. • Strong balance sheets, appropriately-financed. Successful • Distinct differentiators from peers. Business Model • Long-term focus. • Capable operators. • Proficient allocator
Slide 12: Selection Focus and Risk Management
Selection Focus and Risk Management Selection Focus • Operating Cash Flows • Strong operating margins • Returns on capital employed (RoCE) Risk Management Investment Level Portfolio Level Manager Level • Hurdle rates appropriate for investment • Strategic weightings in Agribusiness, • Investments ar
Slide 13: A Global Leader in Precious Metals and Critical Materials Investments
A Global Leader in Precious Metals and Critical Materials Investments US$65.1B in AUM1 Sprott (SII) is publicly listed on the NYSE and TSX Exchange Listed Products Managed Equities Private Strategies $56.7 Billion AUM $6.3 Billion AUM $2 Billion AUM • Physical Bullion Trusts • Flagship U.S. Gold Equ
Slide 14: Contact Details
Contact Details Sprott Asset Management USA Inc. 1910 Palomar Point Way, Suite 200 Carlsbad, CA 92008 www.sprott.com Jason J. Stevens, CFA Portfolio Manager Sprott Asset Management USA Inc. T: 800.477.7853 Email: jstevens@sprott.com Follow us on X @Sprott Follow us on LinkedIn https://www.linkedin.c
Slide 15: Important Disclosure
Important Disclosure Past performance is not an indication of future results. This presentation is intended solely for the use of Sprott Asset Management USA Inc. for use with investors and interested parties. Investments, commentary and statements are unique and may not be reflective of investments