Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 30th September 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.2% | 3.0% | 11.2% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.2% | 3.0% | 11.2% |
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Oct 28 2025 | 2025 Q3 | BN, BUR LN, CCOI, CRTA, FFH CN, GOOG, MRO LN, PRX NA, ROKOB SS, TVK CN | Artificial Intelligence, Capital Allocation, Compounding, gold, infrastructure |
GOOGL BN MRO LN TVK CN CCOI FFH CN CRTA LN GOOGL BN MRO LN TVK CN BUR CCOI FFH CN CRTA LN |
The fund highlighted AI as both a direct and indirect driver of returns through holdings like Alphabet, Amazon, and Brookfield, emphasizing infrastructure-led investment in data… |
| Jul 9 2025 | 2025 Q2 | AMZN, BN, CCOI, FFH CN, FILA IM, KFS, KKR, KMX, OCSL | Discipline, free cash flow, moats, Quality, valuation |
FFH BN KKR KFS AMZN CCOI KMX OCSL |
The commentary focuses on high-quality businesses with durable competitive advantages and strong free cash flow generation. The manager stresses disciplined valuation, long-term ownership, and avoidance… |
| Jan 11 2025 | 2024 Q4 | AHT LN, AMZN, DSGR, EXO NA, FFH CN, GDX, GOOG, KKR, MRO LN, PRX NA | - | - | - |
| Oct 8 2024 | 2024 Q3 | AMZN, BN, CCOI, CRTA LN, FFH CN, GOOG, KKR, MRO LN, OCSL, PRX NA | - | - | - |
| Jul 10 2024 | 2024 Q2 | AMZN, BUR, COGT, ENOV, ESAB, EXO NA, FFH CN, GOOG, IAC, KKR, KMX, PROSY, TVK CN, W | - | - | - |
| Apr 15 2024 | 2024 Q1 | AMZN, CCOI, CRTA LN, DSGR, ESAB, EXO NA, FFH CN, KFS, KKR, LBRDA, OCSL | - | - | - |
| Nov 21 2023 | 2023 Q3 | 8L8 GR, AHT LN, BUR, CRTA LN, ENOV, FFH CN, IAC, KFS, KKR, KMX, PRX SW | - | - | - |
| Jun 7 2023 | 2023 Q2 | 1YL GR, ALVO, AMZN, BN, CCOI, EXO GR, FFX GR, IAC, SPX IND, W, WAND LN | - | - | - |
| Apr 30 2023 | 2023 Q1 | BAM, BUR, ENVX, EXO GR, FFX GR, KMX, PRX AJ, WAND LN | - | - | - |
| Dec 31 2022 | 2022 Q4 | ALVO, BN, EXO GR, FFX GR, GOOG, W, WAND LN | - | - | - |
| Oct 10 2022 | 2022 Q3 | AHT LN, AMZN, BUR, EXO NA, FFX GR, IAC, KMX, LBRDA, PSH LN, VMEO | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
| 2025 Q2 |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 28, 2025 | Fund Letters | Samer Hakoura | MRO LN | Melrose Industries PLC | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, annuity, Free Cash Flow, Margins, rerating, restructuring, Rrsps | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | KFS | Kingsway Financial Services, Inc. | Consumer Discretionary | Multi-line Insurance | Bull | NYSE | Acquisitions, EBITDA, Execution, Rollup, Smallcap | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | TVK CN | TerraVest Industries Inc. | Energy | Industrial Machinery | Bull | TSX | cross-selling, Defense, Financing-costs, Hydrogen, Integration, M&A, Reinvestment | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | AMZN | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | advertising, Automation, cloud, ecommerce, Freecashflow | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | CCOI | Cogent Communications Holdings, Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | backlog, Conversions, EBITDA, Execution, Installations, Margins, Wavelengths | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | CCOI | Cogent Communications Holdings, Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | cashflow, Fiber, Integration, Telecom, Wavelengths | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | FFH CN | Fairfax Financial Holdings Limited | Financials | Property & Casualty Insurance | Bull | TSX | Allocation, Book Value, buybacks, combined ratio, Earnings-quality, ROE, underwriting | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | KMX | CarMax, Inc. | Consumer Discretionary | Automotive Retail | Bear | NYSE | Autos, Competition, Credit, Margins, retail | Login |
| Oct 28, 2025 | Fund Letters | - | CRTA LN | Cirata plc | Information Technology | Application Software | Bear | NYSE | Bookings, cash burn, Data-integration, divestiture, Execution, growth, Tax-loss | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | OCSL | Oaktree Specialty Lending Corporation | Financials | Asset Management & Custody Banks | Bear | NASDAQ | BDC, Credit, Defaults, dividends, NAV | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | antitrust, backlog, CapEx, cloud, compounding, efficiency, Margins, monetization | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | BN | Brookfield Corporation | Financials | Alternative Asset Management | Bull | NYSE | Alternatives, buybacks, data centers, duration, Free Cash Flow, Fundraising, Insurance, renewables | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | MRO LN | Melrose Industries PLC | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, annuity, Free Cash Flow, Margins, rerating, restructuring, Rrsps | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | TVK CN | TerraVest Industries Inc. | Energy | Industrial Machinery | Bull | TSX | cross-selling, Defense, Financing-costs, Hydrogen, Integration, M&A, Reinvestment | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | BUR | Burford Capital Limited | Financials | Specialized Finance | Bull | NYSE | Commitments, Deployments, Enforcement, litigation, NAV, Optionality, Sovereign-risk | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | CCOI | Cogent Communications Holdings, Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | backlog, Conversions, EBITDA, Execution, Installations, Margins, Wavelengths | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | FFH CN | Fairfax Financial Holdings Limited | Financials | Property & Casualty Insurance | Bull | TSX | Allocation, Book Value, buybacks, combined ratio, Earnings-quality, ROE, underwriting | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | CRTA LN | Cirata plc | Information Technology | Application Software | Bear | NYSE | Bookings, cash burn, Data-integration, divestiture, Execution, growth, Tax-loss | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | FFH | Fairfax Financial Holdings, Ltd. | Financials | Property & Casualty Insurance | Bull | TSX | compounding, Float, Insurance, underwriting, Yields | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | antitrust, backlog, CapEx, cloud, compounding, efficiency, Margins, monetization | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | BN | Brookfield Corp. | Financials | Asset Management & Custody Banks | Bull | NYSE | Alternatives, Decarbonization, Fees, infrastructure, Insurance | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | BN | Brookfield Corporation | Financials | Alternative Asset Management | Bull | NYSE | Alternatives, buybacks, data centers, duration, Free Cash Flow, Fundraising, Insurance, renewables | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | KKR | KKR & Co., Inc. | Financials | Asset Management & Custody Banks | Bull | NYSE | Alternatives, compounding, Fees, Insurance, Privateequity | Login |
| TICKER | COMMENTARY |
|---|---|
| BN | Leading asset-rich alternative asset manager with deep domain expertise. Owns 73% of $84bn publicly-listed asset manager (Brookfield Asset Management) with significant value derived from asset-light, recurring management fee streams. We believe that deep domain expertise and best-in-class returns position Brookfield to benefit from multi-trillion-dollar wave of AI-related infrastructure investment. |
| CCOI | Every year is different and I endeavor to have great batting averages and great slugging percentages, but I also know that part of our strategy is to make bets on setups with relatively high variance, and we will get some of those wrong. My ongoing challenge as Recurve's manager is to size our investments appropriately given the opportunities, risks, and fundamental developments I see ahead for each of our portfolio companies. |
| GOOG | From the moment OpenAI hit the scene with ChatGPT 3.5 in the Fall of 2022, Google was a perceived loser and thousands of pontificators warned about the end of search. Fast forward three years and this was Google Search's fastest quarter of revenue growth since Q1 2022, when the reopening and pandemic were still considerable drivers of results. In parallel with the Search re-acceleration, Google has also emerged as a leader in AI itself. This combination has been potent for Google's stock and could not have opened on Search alone, given the terminal value fears. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||