Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 39.3% | 4.6% | 4.6% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 39.3% | 4.6% | 4.6% |
Fairlight Alpha Fund returned 4.6% net in Q1 2026 versus -4.4% for the S&P 500, driven primarily by oil and gas exposure through Valeura Energy and new infrastructure position Cematrix Corporation. The quarter was marked by significant geopolitical volatility as Middle East conflict led to closure of the Strait of Hormuz and oil price spikes above $160/barrel. The manager believes oil prices will remain elevated longer than markets expect due to potential permanent infrastructure damage. New position Cematrix offers exposure to US infrastructure replacement needs with 25% annual revenue growth and attractive 6x EBITDA valuation. Beng Kuang Marine continued its asset-light transformation with strong margin expansion. Junior gold miners lagged despite manager's view they remain cheap on free cash flow basis. The fund maintains its focus on global microcap opportunities where company-specific factors dominate macro themes, enhanced by AI-assisted research processes. Despite ongoing volatility, the manager sees abundant opportunities through intensive global idea generation.
Focus on microcap and obscured global investments where idiosyncratic company-specific factors drive returns independent of broader macro themes, using intensive research including AI-enhanced analysis to identify undervalued opportunities across multiple regions and sectors.
Manager expects continued volatility but remains optimistic about finding opportunities in microcap and obscured investments where idiosyncratic moves dominate macro themes. Plans to intensively search for ideas using all available means including AI-enhanced analysis. Believes oil prices likely to remain higher for longer than markets anticipate.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 28 2026 | 2026 Q1 | 5LY SI, CVX.TO, MMY.TO, VLE.TO | AI, energy, global, gold, infrastructure, Microcap, Mining, oil | - | Fairlight outperformed in volatile Q1 2026 driven by oil exposure and new infrastructure play Cematrix Corporation. Middle East conflict spiked oil prices above $160/barrel with manager expecting sustained elevation. Focus remains on global microcap opportunities where idiosyncratic factors dominate macro themes, using AI-enhanced research to identify undervalued companies across regions and sectors. |
| Jan 23 2026 | 2025 Q4 | ALLOG.PA, MMY.TO, SHEL.DE, SRB.L | AI, commodities, Gold Miners, small caps, technology, value |
SRB LN SLYG GR BOF |
Fairlight Alpha delivered 66.2% returns in 2025 through concentrated positions in undervalued junior gold miners and niche technology companies. The fund exploits market mispricings created by AI capital allocation shifts that are driving a hidden recession in traditional sectors while creating opportunities in overlooked, fundamentally strong businesses trading at attractive valuations. |
| Oct 25 2025 | 2025 Q3 | BEZ.SI | AI, global, gold, infrastructure, Mining, small caps, technology, value |
BEZ SP BEZ SP |
Fairlight delivered 16.8% net returns in Q3 2025, driven by broad-based performance including cheap junior gold miners and turnaround story Beng Kuang Marine. Manager sees parallels between AI boom and 1990s internet overbuild, selectively investing in infrastructure plays with downside protection. Portfolio remains attractively valued despite strong performance through active rotation and optimization. |
| Aug 10 2025 | 2025 Q2 | AAPL, ARCHOS.PA, SRB.L | AI, Gold Miners, infrastructure, Mining, small caps, technology, value |
TSSI US SRB LN TSS LOGIC.PA SRB.L |
Fairlight delivered 9.3% net returns in Q2 through selective AI infrastructure and gold mining investments. Successfully rotated out of TSS after 300% gain, while gold miners remain undervalued at 3-4x earnings despite $3,400 gold. Building offshore maritime theme positions. Elevated market valuations present risk, but continued aggressive idea generation across global small-cap opportunities drives outlook. |
| Apr 17 2025 | 2025 Q1 | GBR.AX, MCB.TO, MNM.TO, MSFT, NVDA, ODY.AX, SRB.L, TSLA, VLE.TO | AI, defense, energy, gold, tariffs, value, volatility |
SBGL.L MMY.AX VLE.TO |
Fairlight delivered 18.7% returns in Q1 2025 versus -4.9% for S&P 500, driven by junior gold miners as gold hit $3,341. Fund adapting to new market regime marked by Magnificent Seven decline, tariff volatility, and defensive sector outperformance. Strategy focuses on domestic businesses with tariff protection, targeted hedging, and gold mining positions for capital protection with upside capture. |
| Feb 8 2025 | 2024 Q4 | ALOFI.PA, COST, MMY.TO, SRB.L, WMT | Food, gold, growth, Mining, small caps, value |
MMY.TO SRB.L BOFI.V ALLOG.PA |
Fairlight Alpha Fund targets small-cap value inflections, currently emphasizing junior gold miners benefiting from rising commodity prices and niche growth companies. Despite Q4 underperformance, the fund maintains strong long-term returns with 36.1% annualized gains since inception. Key positions include low-cost gold producers and high-growth food processor BranchOut Food serving major retailers. |
| Nov 6 2024 | 2024 Q3 | ALLOG.PA, CZBS, MCB.TO, MMY.V, SRB.L | commodities, global, gold, Mining, small caps, value |
MCB.TO MMY.V SRB.L ALLOG.PA |
Fairlight Alpha delivered -13% in Q3 but maintains 38% annualized returns since inception through concentrated small-cap value investing globally. The fund is capitalizing on junior gold miners trading at 3-4x forward earnings despite gold's 134% eight-year rally. Holdings include Monument Mining, Serabi Gold, and Logic Instrument, with the manager seeing continued opportunities from market volatility creating mis-pricings across sectors. |
| Jul 30 2024 | 2024 Q2 | BQE.V | AI, growth, Mining, small caps, technology, value, water | BQE.V | Fairlight Alpha delivered 14.6% Q2 returns through bottom-up stock picking, focusing on undervalued growth companies. The fund highlighted water treatment and AI as key themes, with BQE Water as a specific investment benefiting from mining industry regulations. Despite macro uncertainty, the manager continues finding attractive opportunities across sectors through fundamental analysis rather than market timing. |
| May 3 2024 | 2024 Q1 | GOOGL, NVDA, TSLA | AI, Bottom-up, growth, small caps, technology, value | CYV.OL | Fairlight Alpha delivered 14.5% in Q1, outperforming markets through bottom-up small-cap investing. The fund targets companies where strategic shifts have already produced visible financial results, particularly in AI-adjacent businesses. With 42.6% annualized returns since inception, the strategy emphasizes undervalued small caps over macro themes, finding opportunities in overlooked global markets. |
| Jan 27 2024 | 2023 Q4 | CZBS, MCB.TO, MFBP | Automation, Community Banks, growth, small caps, technology, value |
CZBS MFBP MCB.TO |
Fairlight Alpha targets undervalued small-caps trading at 6.8x with 27.8% growth. Key positions include ECIP banks doubling in size at 5x earnings and drilling automation technology removing workers from dangerous oil operations. Technology investments offer 50%+ growth in AI ecosystems. Rate normalization should benefit banks while technological advances create broad opportunities despite geopolitical uncertainties. |
| Oct 31 2023 | 2023 Q3 | - | Asia, growth, Long/Short, Quality, technology, value | - | Fairlight Alpha Fund combines value, growth, and quality metrics in a long-short equity strategy delivering 43.3% annualized returns since 2019. The fund maintains 98% long exposure concentrated in Technology (68%) across Asia-focused positions, significantly outperforming benchmarks despite Q3 2023 weakness. |
| Jul 25 2023 | 2023 Q2 | 0327.HK, INT.ST, OPRA | AI, global, small caps, stock picking, technology, value |
OPRA 0327.HK CINT.ST |
Global small-cap technology fund leveraging AI tailwinds and high market dispersion. Key holdings include Opera (AI-enhanced browsers), Pax Global (POS technology), and emerging opportunities across multiple geographies. Manager remains fully invested despite volatility, focusing on bottom-up stock picking in undervalued businesses with unique products and significant growth potential. |
| Apr 16 2023 | 2023 Q1 | CZBS, MFBP, OPRA | Asia, Banking, Crisis, global, technology, value | OPRA | Fairlight outperformed in Q1 despite banking sector turmoil, trimming community bank exposure while holding Opera Ltd which doubled on strong fundamentals. Manager sees regime change in banking with deposit competition intensifying. Asian markets offer better value than US following China reopening. Maintaining full investment with enhanced geographic diversification to capitalize on global mispricings. |
| Jan 16 2023 | 2022 Q4 | CZBS, MFBP, OPRA | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilMiddle East conflict led to closure of Strait of Hormuz and oil price spikes to over $160/barrel for Dubai Brent. Manager believes oil prices likely to remain higher for longer than markets anticipate due to potential permanent damage to infrastructure and wells. Held Valeura Energy prior to crisis which benefited from elevated prices. |
Oil Geopolitical Energy Conflict Pricing |
GoldGold reached intraday highs of $5,595/oz in January before becoming more volatile, possibly due to crowded trades. Currently stabilized in $4,500-$4,800/oz range. Junior gold miners remain very cheap on free cash flow to valuation basis despite recent volatility and energy cost concerns. |
Gold Precious Metals Miners Volatility Valuation | |
AIManager has been experimenting extensively with AI for idea generation and analysis over 12-18 months. Views AI as powerful partner for brainstorming but notes it lacks human intuition, overlooks nuanced data, and defaults to safe consensus. Describes it as incredibly useful tool despite limitations. |
AI Technology Analysis Research Tools | |
InfrastructureCematrix Corporation represents exciting opportunity in specialist cellular concrete products for infrastructure projects including tunnels, bridge embankments, highway walls, and slope stabilization. Business has low correlation with geopolitical events and benefits from aging infrastructure replacement needs in the US. |
Infrastructure Construction Concrete Replacement US | |
| 2025 Q4 |
AIManager draws parallels between today's AI-driven environment and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuations. Physical constraints like energy intensity and grid limitations complicate AI scalability assumptions. |
Artificial Intelligence Valuations Infrastructure Energy Semiconductors |
EnergyAI infrastructure's profound energy intensity creates economic sensitivity to power pricing and grid reliability. Rising electricity prices in data-center regions and utility capacity constraints introduce uncertainty that complicates AI economics and scalability assumptions. |
Data Centers Electricity Grid Power Utilities | |
ValueManager emphasizes discipline in seeking businesses mispriced relative to long-term intrinsic value, focusing on companies with strong fundamentals, balance sheets, and competitive positions rather than narrative momentum. Approach remains grounded in intrinsic value despite market preference for growth themes. |
Intrinsic Value Fundamentals Balance Sheets Discipline | |
| 2025 Q3 |
AIManager draws parallels between current AI boom and internet infrastructure buildout of late 1990s, noting potential for overcapacity similar to fiber optic crash. Discusses surge in CapEx for data centers, GPUs, and compute infrastructure, with companies like Meta investing hundreds of billions. Emphasizes looking for AI names with growth, cheapness, quality, and momentum while avoiding overvalued areas. |
Data Centers GPUs Infrastructure Overcapacity CapEx |
GoldGold price rose from $2,650/oz to $3,800/oz during quarter, now at $4,020/oz as of writing. Junior gold miners performed well and remain exceptionally cheap at 2.0-2.5x free cash flow despite gold appreciation. Monument Mining rerated 50% after strong earnings but still undervalued, while Serabi Gold positioned for potential rerating with locked-in higher selling prices. |
Junior Miners Gold Miners Valuation Free Cash Flow Rerating | |
ValuePortfolio is cheaper now than beginning of quarter despite strong performance due to rotation and optimization. Beng Kuang Marine exemplifies value approach - trades at mid-single digits earnings multiple despite dramatic turnaround to asset-light, high-margin services business. Manager seeks growth, cheapness, quality, and momentum across investments. |
Valuation Turnaround Asset-light Margins Multiple | |
| 2025 Q2 |
AIThe fund identified opportunities in AI infrastructure businesses, particularly those supplying computing power, energy, pipes, cooling systems, and concrete structures for AI data centers. They invested in TSS, Inc., which showed exceptional growth with revenues up 523% year-over-year in Q1, driven by systems integration segment growth of 264%. |
Infrastructure Data Centers Systems Integration Computing Power |
Gold MinersJunior gold miners are viewed as undervalued call options on gold prices, trading at 3-4x earnings multiples despite gold rising to $3,400/oz. The fund owns miners with improving production and declining all-in sustaining costs, providing significant margin of safety against gold price declines. |
Junior Miners Gold AISC Production Growth Valuation | |
InfrastructureThe fund sees opportunities in infrastructure businesses benefiting from AI data center construction and general infrastructure investment. They focus on companies supplying essential components like pipes, cooling systems, and concrete structures that have lagged the broader infrastructure rally. |
Data Centers Construction AI Infrastructure Components | |
| 2025 Q1 |
GoldGold prices rose significantly to $3,341 per ounce, driving strong performance in junior gold mining positions. Monument Mining and Serabi Gold appreciated 60.7% and 43.3% respectively, benefiting from higher gold prices, increased production efficiency, and higher ore grades. These businesses generate substantial cash flow at current gold prices with large margins of safety. |
Gold Miners Junior Miners Commodities Mining Services Gold |
AIThe emergence of models like DeepSeek, which delivers competitive performance using a fraction of the compute power required by systems like GPT, Claude, or Gemini, underscores how quickly the technological landscape can shift. This rapid evolution makes it nearly impossible to forecast long-term trends such as GPU demand with confidence, creating headwinds for companies like Nvidia. |
Semiconductors GPUs Cloud Data Centers Technology | |
Trade PolicyRecent tariff announcements have contributed to market volatility and are likely to reduce global trade and introduce greater friction into supply chains. The fund is adapting by focusing on quality domestic, national, or regional businesses with limited exposure to cross-border tariffs and the ability to grow within their own markets. |
Tariffs Onshoring Industrial Policy Sanctions Global | |
Defense SpendingLogic Instrument, a robust device manufacturer based in France, has recently received contracts from the French and German military. In this new world of increased military spending outside of the US, they are a likely beneficiary of trends toward greater defense investment. |
Defense Government IT Defense Electronics Europe Military | |
OilThe fund is monitoring Valeura Energy Inc., which acquired Thai offshore licenses at a strikingly low entry price. The company has restructured operations, holds $238 million in cash with no debt, and increased production by 12% in 2024 with a 2P reserves replacement ratio of 245%. Additional exploration drilling is planned for 2025. |
Oil Exploration & Production Offshore Producers Energy Asia | |
| 2024 Q4 |
GoldThe fund owns junior gold mining stocks including Monument Mining Limited and Serabi Gold plc, benefiting from rising gold prices and increasing production. Both companies are enjoying record revenues and cashflows as gold prices have risen from $1,912 in Q3 2023 to $2,886 currently, while maintaining low all-in sustaining costs. |
Gold Miners Junior Miners Commodities Mining Production |
FoodBranchOut Food Inc. is a new position producing freeze-dried healthy food using fresh produce from Peru. The company has grown revenue from $2.8 million in 2023 to a forecast $8 million in 2024, with customers including Walmart and Costco, and expects to turn cashflow positive in Q1 2025. |
Food Distribution Peru Growth Processing Retail | |
| 2024 Q3 |
GoldGold has risen 134% over eight years with acceleration in the last two. Junior gold miners have underreacted to this price appreciation, creating significant opportunities. The manager views gold miners as having call option-like characteristics with theoretically unlimited upside as gold prices rise. |
Gold Miners Junior Miners Commodities AISC Production |
ValueThe manager sees many areas of good value in sectors and specific companies across North America, Europe and Asia. Volatility and uncertainty around the US election and market movements have created what they believe are mis-pricings in the market. |
Mispricing Undervalued Opportunity Volatility Sectors | |
| 2024 Q2 |
WaterMining activities intersect aquifers and cause water contamination through leaching harmful materials, surface water runoff, and tailings. BQE Water Inc. tackles this large problem with technologies that reduce contaminants to very low concentrations. Increasing regulations regarding water purity put companies like BQE in strong positions as the industry lags behind compliance requirements. |
Water Treatment Mining Environmental Regulations Technology |
AIThe continuing evolution of intelligent technologies, machine learning and AI represents a macro trend impacting many businesses. Technical improvements in backpropagation, transformers, BERT and self-attention mechanisms have created the current step-change in AI technologies and Large Language Models like GPT and Claude. This is directly or indirectly impacting many businesses across seemingly unrelated areas. |
Machine Learning Technology LLM Innovation Automation | |
Small CapsThe first half of the year was very positive for small cap investors, particularly for certain names that had exceptional performance. Many of these were initially far too cheap to their true value, particularly when factoring in business growth. The manager continues to find interesting ideas across many markets and sectors despite market increases. |
Valuation Growth Opportunity Performance Markets | |
| 2024 Q1 |
AIManager sees AI as creating once-in-a-lifetime opportunities similar to the rise of personal computing and the internet. They are investing in AI-adjacent businesses rather than obvious names like Nvidia or Alphabet, focusing on companies where AI growth and financial results are already visible. AI will likely affect every stock they own, with examples like McCoy Global positioned to benefit from AI in oil drilling processes. |
Machine Learning Data Centers Infrastructure Software Growth |
Small CapsThe manager explicitly states that smaller cap companies are still relatively undervalued compared to larger ones. They focus on a universe of over 70,000 stocks to search for value and growth, emphasizing bottom-up stock picking rather than macro investing. They seek companies where strategic shifts have occurred and results are already visible in financial statements. |
Valuation Bottom-up Stock Picking Undervalued Growth | |
| 2023 Q4 |
Community BanksECIP banks like Citizens Bancshares and M&F Bancorp are leveraging preferred stock as AT1 capital to double their balance sheets. These banks are priced around 5x earnings despite having growth ahead and extremely high capital adequacy levels, with CZBS reporting 19% CET1 ratio. |
ECIP CDFI MDI Capital Growth |
AutomationMcCoy Global represents drilling automation technology that removes workers from dangerous red zones on oil rigs. The company aims to reduce teams from 8 staff to 2-3 through automated processes, saving lives while reducing accidents in hydrocarbon drilling operations. |
Drilling Safety Technology Oil Equipment | |
TechnologyTechnology companies like Shelly Group offer extraordinary opportunities with 50%+ growth rates despite high valuations in AI and robotics ecosystems. The shift toward intangible assets creates accounting distortions that may undervalue technology companies' true earnings power. |
Growth AI Software Intangible Valuation | |
| 2023 Q2 |
AIThe fund benefited from AI tailwinds through technology positions, particularly Opera which released AI functionality in browsers. The manager views AI as driving significant market cap gains across major tech companies and creating opportunities for businesses that can quickly develop AI-enhanced products. |
Artificial Intelligence Browser Technology Software |
TechnologyThe portfolio has a bias toward technology stocks across IT services, electronic equipment, and software. The manager notes technology businesses are encompassing wider areas and many holdings have significant technological aspects to their products and services. |
Software IT Services Electronic Equipment Innovation | |
Small CapsThe manager specifically highlights high valuation dispersion in the small-cap and micro-cap segment, viewing this as creating good opportunities for stock pickers. They are finding interesting ideas across multiple geographies in smaller companies. |
Valuation Dispersion Stock Picking Micro Cap | |
| 2023 Q1 |
Community BanksManager holds ECIP community banks MFBP and CZBS, which received preferred capital and additional funding through the CDFI program. While these banks have appreciated significantly and are viewed as good long-term investments, the manager has reduced exposure due to increasing competition for deposits and pressure on net interest margins from rising rates. |
ECIP CDFI Deposits Interest Margins Small Banks |
Credit StressThe letter extensively discusses the banking crisis with failures of Silicon Valley Bank, Signature Bank, First Republic, and Credit Suisse. Manager draws parallels to 2008 crisis and believes a regime change has occurred in financial markets, with depositors becoming more concerned about safety and larger institutions gaining competitive advantages. |
Banking Crisis SVB Credit Suisse Deposits Financial Stress | |
GamingOpera's GX browser has surpassed 20 million gamer users by providing specific functionality for gamers including free VPN, gaming graphics, ad blockers, and social media integrations. This vertical represents significant growth potential as Opera looks to monetize this user base and expand to other specialized browser verticals. |
Opera Browser Gaming Users Monetization VPN |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 25, 2023 | Fund Letters | Fairlight Alpha Fund | OPRA | Opera Ltd. | Communication Services | Internet & Direct Marketing Retail | Bull | NASDAQ | AI integration, ARPU growth, Browser, Gaming, market share expansion, Software, technology | Login |
| Jul 25, 2023 | Fund Letters | Fairlight Alpha Fund | 0327.HK | Pax Global | Information Technology | Technology Hardware, Storage & Peripherals | Bull | HKEX | Android, China, growth, Hardware, payment processing, POS Technology, Retail Solutions, Value | Login |
| Jul 25, 2023 | Fund Letters | Fairlight Alpha Fund | CINT.ST | Intellego Technologies | Materials | Specialty Chemicals | Bull | Nasdaq First North Growth Market | Early stage, healthcare, industrial applications, Photochromic Technology, specialty chemicals, Sweden, technology, UV Protection | Login |
| Apr 28, 2026 | Fund Letters | Fairlight Alpha Fund | - | Cematrix Corporation | Other | Construction Materials | Bull | Toronto Stock Exchange | Cellular Concrete, construction materials, defensive, growth, infrastructure, Tunnels, US, Value | Login |
| Apr 28, 2026 | Fund Letters | Fairlight Alpha Fund | - | Beng Kuang Marine Limited | Other | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | asset-light, FPSO, margin expansion, Marine services, Oil & Gas Equipment, recurring revenue, Singapore, turnaround | Login |
| Jan 23, 2026 | Fund Letters | Andrew Martin | SRB LN | Serabi Gold plc | Materials | Gold | Bull | New York Stock Exchange | cashflow, Gold, Mining, production growth, valuation | Login |
| Jan 23, 2026 | Fund Letters | Andrew Martin | BOF | BranchOut Food Inc. | Consumer Staples | Packaged Foods | Bull | OTC | consumer, Food tech, growth, patents, Scalability | Login |
| Jan 23, 2026 | Fund Letters | Andrew Martin | SLYG GR | Shelly Group SE | Information Technology | Consumer Electronics | Bull | Xetra | compounding, Distribution, IoT, Smart home, Software | Login |
| Oct 25, 2025 | Fund Letters | Andrew Martin | BEZ SP | Beng Kuang Marine Ltd. | Energy | Marine | Bull | Singapore Exchange | — | Login |
| Oct 25, 2025 | Fund Letters | Andrew Martin | BEZ SP | Beng Kuang Marine Ltd. | Energy | Marine | Bull | Singapore Exchange | — | Login |
| Aug 10, 2025 | Fund Letters | Fairlight Alpha Fund | TSS | TSS, Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Neutral | NASDAQ | AI infrastructure, data centers, Equity, growth, Systems Integration, technology | Login |
| Aug 10, 2025 | Fund Letters | Andrew Martin | TSSI US | TSS, Inc. | Information Technology | IT Consulting & Other Services | Bull | NASDAQ | growth, infrastructure, rerating, valuation, Volatility | Login |
| Aug 10, 2025 | Fund Letters | Andrew Martin | SRB LN | Serabi Gold plc | Materials | Gold | Bull | NYSE | cashflow, Exploration, Gold, Margins, Mining | Login |
| Aug 10, 2025 | Fund Letters | Fairlight Alpha Fund | SRB.L | Serabi Gold plc | Materials | Gold | Bull | London Stock Exchange | Brazil, Equity, gold mining, junior miners, Low-cost producer, Precious Metals, production growth | Login |
| Aug 10, 2025 | Fund Letters | Fairlight Alpha Fund | LOGIC.PA | Logic Instrument | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Euronext Paris | Defense, Equity, Europe, Industrial, Moat, niche market, Rugged Devices | Login |
| Apr 17, 2025 | Fund Letters | Fairlight Alpha Fund | MMY.AX | Monument Mining Limited | Materials | Gold | Bull | Australian Securities Exchange | asset monetization, Australia, cash flow generation, Commodity Leverage, gold mining, Junior Miner, Mill Leasing, Murchison Project, Operational Restart | Login |
| Apr 17, 2025 | Fund Letters | Fairlight Alpha Fund | VLE.TO | Valeura Energy Inc. | Energy | Oil & Gas Exploration & Production | Bull | Toronto Stock Exchange | Asset Acquisition, cash generation, deep value, Exploration Drilling, Offshore Production, Oil & Gas, Reserves Replacement, Share Buyback, Tax Loss Utilization, Thailand | Login |
| Apr 17, 2025 | Fund Letters | Fairlight Alpha Fund | SBGL.L | Serabi Gold plc | Materials | Gold | Bull | London Stock Exchange | Brazil, capital return, cash flow generation, Commodity Leverage, gold mining, Junior Miner, operational efficiency, Ore Sorting Technology, Private Equity Investment | Login |
| Feb 8, 2025 | Fund Letters | Fairlight Alpha Fund | SRB.L | Serabi Gold plc | Materials | Gold | Bull | London Stock Exchange | AISC Reduction, Brazil Operations, cash generation, gold mining, Mine Exploration, Ore Sorting, production growth, technology implementation | Login |
| Feb 8, 2025 | Fund Letters | Fairlight Alpha Fund | ALLOG.PA | Logic Instrument S.A. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Euronext Paris | Defense, Europe, Few Competitors, High Growth, Industrial, niche market, Rugged Devices, undervalued | Login |
| Feb 8, 2025 | Fund Letters | Fairlight Alpha Fund | BOFI.V | BranchOut Food Inc. | Consumer Staples | Packaged Foods & Meats | Bull | TSX Venture Exchange | cash flow positive, Cost advantage, Costco, Food Technology, Freeze-dried, growth, Peru Operations, Walmart | Login |
| Feb 8, 2025 | Fund Letters | Fairlight Alpha Fund | MMY.TO | Monument Mining Limited | Materials | Gold | Bull | TSX Venture Exchange | AISC, cash generation, commodity, Flotation Processing, gold mining, Low-cost producer, Mine Exploration, Sulphide Ore | Login |
| Nov 6, 2024 | Fund Letters | Fairlight Alpha Fund | MMY.V | Monument Mining Limited | Materials | Gold | Bull | TSX Venture Exchange | Call Option Characteristics, commodity, debt-free, gold mining, Junior Miner, Low-cost producer, Malaysia, Value | Login |
| Nov 6, 2024 | Fund Letters | Fairlight Alpha Fund | SRB.L | Serabi Gold | Materials | Gold | Bull | London Stock Exchange | Brazil, cash generation, gold mining, Junior Miner, Licensing Catalyst, production growth, UK Listed, Value | Login |
| Nov 6, 2024 | Fund Letters | Fairlight Alpha Fund | ALLOG.PA | Logic Instrument | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Euronext Paris | defense technology, france, Industrial Hardware, M&A growth, margin expansion, MIL-STD-810, Rugged computing, Specialized Equipment | Login |
| Nov 6, 2024 | Fund Letters | Fairlight Alpha Fund | MCB.TO | McCoy Global | Energy | Oil & Gas Equipment & Services | Bull | Toronto Stock Exchange | Canada, Data Analytics, Drilling Technology, Energy Services, Hardware, innovation, Oil & Gas Equipment, SaaS | Login |
| Jul 30, 2024 | Fund Letters | Fairlight Alpha Fund | BQE.V | BQE Water Inc. | Industrials | Environmental & Facilities Services | Bull | TSX Venture Exchange | environmental services, high switching costs, Mining, Proprietary technology, recurring revenue, Regulatory tailwinds, Value, water treatment | Login |
| Apr 18, 2024 | Fund Letters | Fairlight Alpha Fund | CYV.OL | Cyviz AS | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Oslo Stock Exchange | Audiovisual Technology, Blue Chip Clients, Command Centers, Corporate Solutions, growth, Hardware-Software, Meeting Room Technology, Microsoft Teams Integration, Norwegian, undervalued | Login |
| Jan 27, 2024 | Fund Letters | Fairlight Alpha Fund | CZBS | Citizens Bancshares | Financials | Regional Banks | Bull | NASDAQ | AT1 Capital, banking, Capital Treatment, CDFI, community banking, ECIP, financials, MDI, regional bank | Login |
| Jan 27, 2024 | Fund Letters | Fairlight Alpha Fund | MFBP | M&F Bancorp | Financials | Regional Banks | Bull | NASDAQ | AT1 Capital, banking, CDFI, community banking, ECIP, financials, MDI, Minority Banking, regional bank | Login |
| Jan 27, 2024 | Fund Letters | Fairlight Alpha Fund | MCB.TO | McCoy Global Inc. | Energy | Oil & Gas Equipment & Services | Bull | TSX | Automation, Canada, capital allocation, Drilling Technology, Energy Services, Oil & Gas Equipment, Safety Technology, Sensor Technology | Login |
| Apr 16, 2023 | Fund Letters | Fairlight Alpha Fund | OPRA | Opera Ltd | Communication Services | Internet Services & Infrastructure | Bull | NASDAQ | advertising, Browser, cash, Fintech, Gaming, growth, Mobile Applications, Software, technology, Value, VPN | Login |
| TICKER | COMMENTARY |
|---|---|
| VLE.TO | Aside from the outperformance of the oil and gas sector (we were holding Valeura Energy through last year and prior to the Middle East conflict), one of our best performers so far this year has been Cematrix Corporation. |
| CVX.TO | This is a new position for us built up in Q1 2026, in an exciting business that has a long-term inflection in its business strategy, pivoting more toward the manufacture of specialist cellular concrete products. The business has a great business model, that has strengthened from their purchase of a specialist low-density foam concrete, or cellular concrete manufacturer, with expertise in tunnel projects, as well as a wide variety of other infrastructure work such as bridge approach embankments, highway retaining walls, and slope stabilization. Annual revenue growth has been 25% since 2017 the company showed significant earnings growth last year, and even after the recent share price run up, our estimate of the valuation versus this year's EBITDA is less than 6× for Cematrix. Given the company's large order book we think that this growth will continue, the company itself has stated that they expect record results in Q2 2026. |
| 5LY.SI | A position from last year, Beng Kuang Marine Limited, has continued along its inflection path with an excellent move to purchase their partly owned subsidiary ASOM (Asian Offshore Services Management). They owned 49% of this subsidiary up until now, with it driving a core component of Beng Kuang's strategy to become more of an asset-light business. The decision was made by management in 2021 to shift away from this business to focus more on consulting and on-site repairs to FPSO and other types of energy production vessels. To illustrate this, gross margins in 2022 stood at 21.2% and in 2025 reached 37%, with this trend likely to continue for several more years, particularly after the ASOM transaction completes. In particular, note that in a recent press release the company stated that S$28 million of work at the ASOM subsidiary had already been secured this year, as compared to a total revenue of S$98 million last year, for the full year across the whole company. |
| MMY.TO | The laggards in the portfolio were the precious metal junior mining companies. We think the fall in these names is somewhat overblown, in particular the ones we own such as Monument Mining which have been increasing production through 2024 and 2025. Energy increases will have an impact on the AISC for these names, but as long as there isn't a complete loss of access to diesel or energy supplies they're still trading at cheap levels. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||