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Capital' 30th. First, let me highlight some particulars. Um as of March 27th, uh the price of Granny was 23.52, net asset value of 23.53, and total assets of 3.8 billion. The mid-cap Granny, Granny J, had assets uh I'm sorry, price of 24.53, NAV of 24.56, and net assets of 352 million. And the income-oriented fund had price of 18.84, net asset value of 18.87, and total assets of 40 44 million.
I want to notify you that we have been added to another advisor platform, Morgan Stanley. Um so thank you very much, Morgan Stanley. And Morgan Stanley joins many other advisor platforms that we're on, Stifel, Oppenheimer, RBC, Janney Montgomery, Carson, Raymond James, BNY Mellon, TD Ameritrade, Charles Schwab, Fidelity, UBS, LPL Financial.
And of course, uh we are available on many self-directed platforms as shown here. Over the past week, Granny fell 1.19% compared to a 2% decline for the S&P, or 91 basis points of relative outperformance. Granny J uh fell 1% compared to a flat Russell 2000 2500, or 110 basis points of underperformance.
And the income Granny fell 1.22% compared to a 2% decline for the S&P, or roughly 88 basis points of relative performance. And in on a year-to-date basis, Granny fell is down 5%, the S&P is down almost 7, which means 175 basis points of relative performance. Granny J is down 3.83%, the Russell 2500 is flat, so underperformance of 370 basis points.
And the income Granny is down 5% year-to-date compared to a 6.68% for the S&P 500, or 170 basis points of relative performance. So, let's talk about the macro. And the one macro thing I want to talk about is why the US can grow even with a $100 oil. Now, I know we're in the midst of a fog of war. And the S&P is down 8% in February.
And part of that has to do with the fact that oil is up 58%. Now, if you're pessimistic, you're not contrarian, because as you can see here, hedge funds have been shorting stock market at the same pace they did in April I'm sorry, in February 2020 and in April 2025. In other words, hedge funds are quite pessimistic about the US economic prospects because of this war.
So, I'm going to give you some thoughts on why I believe the US economy is more resilient than that. Now, this is I'm not an economist, so consider this good enough for government work. Here are the four points in a nutshell, why $100 oil doesn't break the US economy. And I'll go through each of these, but the point being the US is a lot more resilient than many people realize.
The first is that $100 oil today needs to be inflation adjusted. And when you do that, the oil price today is lower than it's been in the last 25 years. For instance, this is the nominal price of oil, you know, what you pay at the pump [clears throat] or per barrel of oil. And at $106, it's near the peaks that we saw in 2008 and 2022, both times putting a lot of stress on the economy.
But we have to remember, inflation uh reduces the present value of a dollar. And so when we inflation adjust crude prices, that's the lower chart here. And as you can see, the current price of oil is lower than it's been for most of the last 25 years. Again, that's good enough for government work. And here's another way to think of it.
Think of the energy intensity needed to produce a dollar of GDP. And as you can see, it's fallen sharply in the last 35 years. The second is that the war uh actually stimulates the economy. You know, firing bullets and ammunition um is expenditures, and that boosts GDP growth. In fact, if you look at the last say seven major US conflicts, the US has spent a trillion dollars inflation adjusted in many of these wars.
Of course, World War II, but Vietnam War, the Afghanistan War, the war in Iraq. And so that leads to a question, well, we've spent about 32 billion so far, but this could be a trillion dollars of spending. And on average, that works out to about 32 billion dollars a month. So, that's all adding to earnings growth right now.
So, the question is, how much would oil have to rise to offset that? Now, that's not a great comparison, by the way, cuz as I've explained before, the US is an exporter of oil. Therefore, rising oil is actually a boost to GDP. But let's ignore that for a moment. Here's a range of oil prices in gray, and then assuming 20 million barrels a day of consumption, how much does that increase the burden of oil to the economy?
And as you can see, the higher the oil price, of course, the higher the monthly burden. But to match the wartime boost of 32 billion, WTI has to go to roughly 125. Now, it could go there, but again, that would have to be uh a a meaningful increase from the levels here. So again, good enough for government work.
And then finally, keep in mind, stock markets are discounting mechanisms. And it turns out equity markets bottom very early in a war. In fact, over the seven major conflicts I've highlighted, okay, the stock market bottoms within 10% of the duration of that war. I know that might surprise you, but take a look.
This is the seven major conflicts. But even World War I and World War II, the market bottomed within 5 to 8 months. And those were for multiple four-year conflicts. So, bottom line, the US economy is resilient, but also, it's a reminder not to try to time the market. And as far as how markets are being positioned, um well, leading since the war started is energy.
That's not a surprise, but notice crypto has outperformed gold meaningfully, especially Ethereum. And then tech and rate proxies have outperformed. Um so putting it all together, this is really basically what we've been recommending on the Fundstrat side, energy, crypto, tech, and rate proxies. So, let's take look a energy and basic material stocks.
Bottom five are hyperscalers and momentum names. Same thing with Granny J. Top five performers are energy and basic materials. And the bottom five are basically AI momentum-related stocks. So, uh on a thematic basis, the PMI recovery continues to perform well, and then energy and cybersecurity, and easing financial conditions.
So, to me, this all points to the same notion that US relative growth is actually relatively resilient. Thanks for listening, and I'll speak to you soon.
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