Sprott Focus Trust offers high-insider-alignment exposure to discounted, high-ROIC real-asset cyclicals with a modeled $11.55 five-year probability-weighted price.
Overview
Sprott Focus Trust (FUND) is a Nasdaq-listed closed-end fund offering concentrated exposure to North American and international real-asset and cyclical value equities rather than operating-company earnings. The portfolio is heavily weighted to Basic Materials and Energy, while its permanent-capital structure allows management to hold less-liquid small- and micro-cap securities without forced selling. **The investment case rests on cheap, productive underlying holdings and unusually strong insider alignment:** the portfolio trades at approximately 10.45x weighted average P/E and 1.92x to 2.01x P/B, while weighted ROIC is 23.11% and leverage is only 1.77x. FY 2025 investment revenue rose 10.1% to $21,796,543, diluted EPS recovered to $1.81 from $0.07 in FY 2024, and NAV returned 22.55%, versus 17.15% for the Russell 3000. As of July 17, 2026, shares were $9.92 against $10.82 NAV, a discount of roughly 8.3%; the modeled probability-weighted five-year share price is $11.55, supported by distributions and potential discount narrowing. Near-term catalysts are commodity supply deficits, fiscal debasement, electrification demand, insider buying, and buybacks.