A 3-asset Permian Basin focused equity strategy with a fixed 45/45/10 split (TPL, LB, KRP), rebalanced quarterly to maintain weights and capture land/royalty income from the Permian energy ecosystem.

- The strategy picks three assets tied to the Permian Basin and assigns fixed weights: 45% to TPL, 45% to LB, and 10% to KRP. - Each quarter, it checks whether each holding still aligns with these targets. If prices moved and a weight drifts, it buys or sells accordingly to restore the 45/45/10 balance. - TPL (Texas Pacific Land) is a land-and-water rights business that generates fee income from land use and water activities; it tends to be a large, cash-flow-rich anchor. - LB (LandBridge Company LLC Class A) is another Permian-focused asset with a similar land/royalty orientation, helping diversify within the same theme. - KRP (Kimbell Royalty Partners) is a more traditional oil-and-gas royalty company, providing exposure to commodity-related cash flows without owning the wells themselves. - The overall aim is to capture stable, fee-ish income from land/right-of-way and water activities (TPL), additional royalty income from Permian assets (LB), and some commodity-driven upside from a royalty-focused energy company (KRP, albeit with higher volatility). - Risks include energy-price swings, concentration risk in one geographic area, liquidity differences (LB may be less liquid if it’s not a large public issue), and tax considerations (KRP often issues a K-1). Fees and exact tax treatment are not described here and should be checked in the fund’s materials.

Out-of-sample results show no edge vs the S&P 500. Strategy -15.5% annualized vs SPY +16.8%, 44% max drawdown, negative Calmar. Not proven; for reliable growth, invest in SPY or broad-market exposure.