ROCKLINC Partners Fund

Investor Summary

Jonathan M. Wellum, MBA MA CFA, serves as President, Chief Executive Officer & PM with over 25 years of investment experience and recipient of Canada's Top 40 under 40. He is the Founder, President, and Chief Executive Officer of ROCKLINC Investment Partners Inc., an independent investment management firm focused on building high-quality portfolios for long-term wealth growth. He has twice been recognized as Fund Manager of the Year and holds multiple degrees including a Bachelor of Commerce and MBA from McMaster University, a Bachelor of Science from the University of Waterloo, and a Master of Arts in Theology from Trinity Seminary, alongside the CFA designation.

Fund Strategy

ROCKLINC is anchored to the time tested principles of value investing, buying assets below their long‑term intrinsic value and patiently holding until the value has been realized. The firm focuses on creating portfolios of high quality assets customized to client needs of protecting and growing wealth efficiently. The investment philosophy emphasizes investing only in safe, well-capitalized companies run by competent management within stable environments, maintaining concentrated portfolios to focus on best ideas, adopting medium to long-term holding periods (ideally 'forever'), ensuring a margin of safety by buying at discounts to intrinsic value, and considering current macroeconomic conditions to contextualize investments.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
8.9%	0.31%	0.31%

Executive Summary

ROCKLINC delivered 1.05% returns in Q1 2026 amid a challenging market environment, with precious metals royalty companies driving outperformance as gold and silver rallied strongly. The manager presents a compelling case for precious metals ownership based on America's deteriorating fiscal position, where liabilities have expanded four times faster than GDP since 2010, reaching $108.5 trillion in total obligations. Gold rose 8.20% quarterly while silver gained 5.30%, continuing historic rallies driven by monetary debasement concerns and industrial demand. Energy was the standout sector performer, gaining 29-37% on geopolitical tensions and oil price spikes above $100, though the manager expects reversal following Middle East conflict resolution. Technology sectors declined sharply on AI valuation concerns and sector rotation. The portfolio maintains significant precious metals exposure through royalty companies offering low-risk cash flows with metal price leverage. With equity markets near all-time highs and valuations stretched, the manager emphasizes capital preservation while remaining alert to opportunities during market dislocations.

Forward Outlook

The manager expects continued strength in precious metals given fiscal conditions, anticipates energy sector reversal following Middle East conflict resolution, and remains cautious on stretched equity valuations while maintaining focus on high-quality businesses with strong fundamentals.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 29 2026	2026 Q1	AEM.TO, BUR.L, CCO.TO, CSL, KNSL, MELI, NOW, PLD, ROP, ROYP, SII.TO	deficits, energy, Fiscal, gold, materials, Precious Metals, royalties, Silver	CSL	ROCKLINC advocates precious metals as essential hedge against America's $108.5 trillion fiscal crisis, where liabilities grew four times faster than GDP since 2010. Gold and silver royalty companies drove Q1 outperformance amid historic metal rallies. Energy surged on Middle East tensions but reversal expected. Technology declined on AI concerns. Portfolio maintains defensive positioning with significant precious metals allocation.
Jan 15 2026	2025 Q4	AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO	active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value	SII	ROCKLINC's Partners Fund delivered 20.3% returns in 2025, driven by strategic precious metals exposure during gold's 64.5% surge. The firm launched a new active ETF while maintaining disciplined value investing principles. With markets at all-time highs, they hold elevated cash levels and precious metals positions as hedges, focusing on quality businesses with strong fundamentals and reasonable valuations.
Oct 16 2025	2025 Q3	AEM.TO, AMZN, BN, BUR.L, CCO.TO, FNV.TO, GROY, HCU.V, KPG.AX, MKL, OR.V, RGLD, ROP, SSL.TO, TSU.TO, WPM.TO	Canada, ETFs, gold, Mining, Resources, royalties, value	RGLD SSL RGLD SSL	Rocklinc delivered exceptional Q3 performance driven by gold royalty positions as gold surged 55% to record highs. Launching new active ETF while maintaining defensive cash positioning given elevated market valuations. Strong outperformance reflects disciplined value approach and precious metals allocation amid global debt concerns and central bank gold accumulation trends.
Jul 14 2025	2025 Q2	AEM.TO, AMZN, APOG, BIP.TO, BN.TO, BUR.L, CCO.TO, FNV.TO, GROY, META, MKL, MSFT, OR.TO, RGLD, ROP, SAND.TO, TSU.TO, WPM.TO	AI, Canada, energy, gold, Mining, nuclear, Precious Metals, uranium	CCO CN CCO.TO	ROCKLINC capitalizes on the resource boom driven by AI and the energy transition, exposing green agenda hypocrisy that demands massive mining increases while demonizing these industries. Strong Q2 performance led by precious metals royalties and nuclear exposure, with gold outperforming markets over 25 years. Maintaining elevated cash levels given market valuations while diversifying globally.
Apr 10 2025	2025 Q1	AAPL, AEM.TO, AMZN, BIP.TO, BN.TO, BUR.L, FNV.TO, GROY, KPGHF, MEG.TO, MKL, OR.TO, PGR, RGLD, ROP, SSL.TO, SU.PA, TSU.TO, WPM.TO	Canada, gold, inflation, Precious Metals, royalties, tariffs, value	KPGHF	ROCKLINC's Q1 2025 newsletter emphasizes precious metals as superior inflation protection, with gold outperforming the S&P 500 over 25 years. The fund maintains 22% cash amid tariff volatility while precious metals royalties drive outperformance. Key addition Kelly Partners Group represents accounting consolidation opportunity. Strategy focuses on capital protection and opportunistic deployment during government-induced market turbulence.
Jan 17 2025	2024 Q4	AAPL, ADSK, AEM, AMZN, BN, BRK-B, BUR.L, CCO, DHR, FNV, GROY, MEG.TO, MKL, OR.TO, RGLD, ROP, SAND, SE, TSU.TO, WPM	Canada, gold, inflation, insurance, Precious Metals, Quality, royalties, value	MKL	ROCKLINC delivered solid 17.4% annual returns through disciplined value investing, avoiding momentum-driven markets. The fund emphasizes quality businesses and precious metals as hedges against persistent inflation and government fiscal irresponsibility. With 30% cash and focus on hard assets, the manager positions defensively while waiting for better opportunities in overvalued markets.
Oct 17 2024	2024 Q3	AAPL, ADSK, AEM.TO, ALS.TO, AMZN, APG, BAM, BUR, CCO.TO, CHD, DHR, FNV.TO, GROY, MEG.TO, MKL, OR.TO, RGLD, ROP, SE, SSL.TO, SU.TO, TSU.TO, WPM.TO	Canada, energy, gold, infrastructure, Litigation, Precious Metals, royalties, value	BUR	ROCKLINC delivered 3.8% in Q3 by adding to undervalued positions trading at 15-25% discounts to intrinsic value. Initiated Burford Capital and Markel while exiting TD Bank. Gold exposure expanded as precious metals surge 40%+ annually. Portfolio maintains 19% cash amid global debt crisis and high valuations, focusing on hard assets and currency hedges over leveraged financials.
Jul 8 2024	2024 Q2	AAPL, ADSK, ALS.TO, AMZN, APG, BEPC, BIP, BN, CCO.TO, CHD, DHR, FNV, GLEN.L, MEG.TO, OR.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM	Canada, energy, gold, inflation, infrastructure, oil, Precious Metals, value	MEG.TO	ROCKLINC Partners Fund delivered 1.6% in Q2 with 8.1% YTD returns, maintaining 23% cash for opportunistic deployment. Portfolio concentrated in undervalued precious metals royalties, energy, and infrastructure companies trading at 15-30% discounts to intrinsic value. Manager positioned for continued government fiscal irresponsibility driving demand for tangible assets while awaiting better entry points in elevated valuation environment.
Apr 25 2024	2024 Q1	AAPL, ADSK, AEM, ALS.TO, AMZN, APG, BEPC, BIP, BN, CCO.TO, DHR, FNV, GROY, MEG.TO, OR.TO, RGLD, ROP, SSL.TO, TSU.TO, WPM	Automation, Canada, energy, gold, infrastructure, oil, Precious Metals, value	APG	ROCKLINC delivered 6.5% in Q1 while maintaining 22% cash for opportunities. The manager sees substantial discounts in precious metals, infrastructure, and energy holdings. Gold's new highs validate the currency debasement thesis. Recent additions include APi Group and Cameco. Strategy emphasizes hard asset-backed businesses with pricing power positioned to benefit from fiscal irresponsibility and structural trends.
Jan 23 2024	2023 Q4	AAPL, ADSK, AEM, ALS.TO, AMZN, BEPC, BIP, DHR, FNV, GOOGL, ICE, MEG.TO, OR.TO, PGR, RGLD, ROP, SAND, SU.PA, TSU.TO, WPM	Copper, Data centers, Electrical Grid, gold, infrastructure, royalties, technology, value	FNV SU.PA	ROCKLINC delivered 9.1% returns in 2023 despite headwinds from rising rates impacting infrastructure and precious metals holdings. Manager sees Franco-Nevada's Cobre Panama closure as creating attractive entry point. Portfolio positioned for electrical grid modernization theme through Schneider Electric. Maintains patient approach with 30% cash, targeting quality businesses at substantial discounts to intrinsic value.
Oct 17 2023	2023 Q3	AAPL, ADSK, AEM, ALS.TO, AMT, AMZN, BEPC, BIP, DHR, FNV, MEG.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM	Canada, energy, gold, infrastructure, interest rates, Specialty Insurance, value	TSU.TO	ROCKLINC Partners Fund sees substantial discounts emerging in quality businesses due to rising rates. The fund maintains 30% cash to capitalize on opportunities in infrastructure, precious metals, and specialty insurance companies trading 25-40% below intrinsic value. With rates approaching peak levels, the manager expects rate-sensitive holdings to benefit as monetary conditions eventually ease.
Jul 19 2023	2023 Q2	AAPL, ADSK, AEM.TO, ALS.TO, AMT, AMZN, BEP, BIP, CSGP, DHR, FNV, LIN, MEG.TO, OR.TO, RGLD, ROP, SAND, SU.TO, TSU.TO, WPM	Currency, energy, Esg, infrastructure, Precious Metals, rates, real estate, value	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	ROCKLINC Partners Fund delivered 6.2% year-to-date returns through concentrated holdings in infrastructure, technology, and precious metals. With 33% cash positioning, the fund awaits better entry points while maintaining exposure to hard assets as hedges against currency debasement. Interest rate peaks expected within three months should benefit core infrastructure and precious metals positions.
Apr 17 2023	2023 Q1	AAPL, ADSK, ALS.TO, AMZN, CNQ.TO, FNV.TO, GLEN.L, ICE, LIN, MEG.TO, OR.TO, PGR, ROP, SU.TO, WPM.TO	Banking Crisis, Critical Minerals, Energy Transition, gold, inflation, oil, royalties	ALS.TO	ROCKLINC returned 5.33% in Q1 2023, benefiting from precious metals and infrastructure exposure. Manager sees major opportunity in critical minerals driven by energy transition, with copper demand doubling by 2035. Added Altius Minerals royalty company with 20% historical returns. Maintains 26.4% cash for opportunities while avoiding banks due to debt bubble concerns.
Jan 17 2023	2022 Q4	ADSK	-	-
Oct 19 2022	2022 Q3	SU CN	-	-
Nov 7 2022	2022 Q2	AAPL	-	-
Apr 18 2022	2022 Q1	FNV CN	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 29 2026

2026 Q1

AEM.TO, BUR.L, CCO.TO, CSL, KNSL, MELI, NOW, PLD, ROP, ROYP, SII.TO

deficits, energy, Fiscal, gold, materials, Precious Metals, royalties, Silver

CSL

ROCKLINC advocates precious metals as essential hedge against America's $108.5 trillion fiscal crisis, where liabilities grew four times faster than GDP since 2010. Gold and silver royalty companies drove Q1 outperformance amid historic metal rallies. Energy surged on Middle East tensions but reversal expected. Technology declined on AI concerns. Portfolio maintains defensive positioning with significant precious metals allocation.

Jan 15 2026

2025 Q4

AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO

active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value

SII

ROCKLINC's Partners Fund delivered 20.3% returns in 2025, driven by strategic precious metals exposure during gold's 64.5% surge. The firm launched a new active ETF while maintaining disciplined value investing principles. With markets at all-time highs, they hold elevated cash levels and precious metals positions as hedges, focusing on quality businesses with strong fundamentals and reasonable valuations.

Oct 16 2025

2025 Q3

AEM.TO, AMZN, BN, BUR.L, CCO.TO, FNV.TO, GROY, HCU.V, KPG.AX, MKL, OR.V, RGLD, ROP, SSL.TO, TSU.TO, WPM.TO

Canada, ETFs, gold, Mining, Resources, royalties, value

RGLD
SSL
RGLD
SSL

Rocklinc delivered exceptional Q3 performance driven by gold royalty positions as gold surged 55% to record highs. Launching new active ETF while maintaining defensive cash positioning given elevated market valuations. Strong outperformance reflects disciplined value approach and precious metals allocation amid global debt concerns and central bank gold accumulation trends.

Jul 14 2025

2025 Q2

AEM.TO, AMZN, APOG, BIP.TO, BN.TO, BUR.L, CCO.TO, FNV.TO, GROY, META, MKL, MSFT, OR.TO, RGLD, ROP, SAND.TO, TSU.TO, WPM.TO

AI, Canada, energy, gold, Mining, nuclear, Precious Metals, uranium

CCO CN
CCO.TO

ROCKLINC capitalizes on the resource boom driven by AI and the energy transition, exposing green agenda hypocrisy that demands massive mining increases while demonizing these industries. Strong Q2 performance led by precious metals royalties and nuclear exposure, with gold outperforming markets over 25 years. Maintaining elevated cash levels given market valuations while diversifying globally.

Apr 10 2025

2025 Q1

AAPL, AEM.TO, AMZN, BIP.TO, BN.TO, BUR.L, FNV.TO, GROY, KPGHF, MEG.TO, MKL, OR.TO, PGR, RGLD, ROP, SSL.TO, SU.PA, TSU.TO, WPM.TO

Canada, gold, inflation, Precious Metals, royalties, tariffs, value

KPGHF

ROCKLINC's Q1 2025 newsletter emphasizes precious metals as superior inflation protection, with gold outperforming the S&P 500 over 25 years. The fund maintains 22% cash amid tariff volatility while precious metals royalties drive outperformance. Key addition Kelly Partners Group represents accounting consolidation opportunity. Strategy focuses on capital protection and opportunistic deployment during government-induced market turbulence.

Jan 17 2025

2024 Q4

AAPL, ADSK, AEM, AMZN, BN, BRK-B, BUR.L, CCO, DHR, FNV, GROY, MEG.TO, MKL, OR.TO, RGLD, ROP, SAND, SE, TSU.TO, WPM

Canada, gold, inflation, insurance, Precious Metals, Quality, royalties, value

MKL

ROCKLINC delivered solid 17.4% annual returns through disciplined value investing, avoiding momentum-driven markets. The fund emphasizes quality businesses and precious metals as hedges against persistent inflation and government fiscal irresponsibility. With 30% cash and focus on hard assets, the manager positions defensively while waiting for better opportunities in overvalued markets.

Oct 17 2024

2024 Q3

AAPL, ADSK, AEM.TO, ALS.TO, AMZN, APG, BAM, BUR, CCO.TO, CHD, DHR, FNV.TO, GROY, MEG.TO, MKL, OR.TO, RGLD, ROP, SE, SSL.TO, SU.TO, TSU.TO, WPM.TO

Canada, energy, gold, infrastructure, Litigation, Precious Metals, royalties, value

BUR

ROCKLINC delivered 3.8% in Q3 by adding to undervalued positions trading at 15-25% discounts to intrinsic value. Initiated Burford Capital and Markel while exiting TD Bank. Gold exposure expanded as precious metals surge 40%+ annually. Portfolio maintains 19% cash amid global debt crisis and high valuations, focusing on hard assets and currency hedges over leveraged financials.

Jul 8 2024

2024 Q2

AAPL, ADSK, ALS.TO, AMZN, APG, BEPC, BIP, BN, CCO.TO, CHD, DHR, FNV, GLEN.L, MEG.TO, OR.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM

Canada, energy, gold, inflation, infrastructure, oil, Precious Metals, value

MEG.TO

ROCKLINC Partners Fund delivered 1.6% in Q2 with 8.1% YTD returns, maintaining 23% cash for opportunistic deployment. Portfolio concentrated in undervalued precious metals royalties, energy, and infrastructure companies trading at 15-30% discounts to intrinsic value. Manager positioned for continued government fiscal irresponsibility driving demand for tangible assets while awaiting better entry points in elevated valuation environment.

Apr 25 2024

2024 Q1

AAPL, ADSK, AEM, ALS.TO, AMZN, APG, BEPC, BIP, BN, CCO.TO, DHR, FNV, GROY, MEG.TO, OR.TO, RGLD, ROP, SSL.TO, TSU.TO, WPM

Automation, Canada, energy, gold, infrastructure, oil, Precious Metals, value

APG

ROCKLINC delivered 6.5% in Q1 while maintaining 22% cash for opportunities. The manager sees substantial discounts in precious metals, infrastructure, and energy holdings. Gold's new highs validate the currency debasement thesis. Recent additions include APi Group and Cameco. Strategy emphasizes hard asset-backed businesses with pricing power positioned to benefit from fiscal irresponsibility and structural trends.

Jan 23 2024

2023 Q4

AAPL, ADSK, AEM, ALS.TO, AMZN, BEPC, BIP, DHR, FNV, GOOGL, ICE, MEG.TO, OR.TO, PGR, RGLD, ROP, SAND, SU.PA, TSU.TO, WPM

Copper, Data centers, Electrical Grid, gold, infrastructure, royalties, technology, value

FNV
SU.PA

ROCKLINC delivered 9.1% returns in 2023 despite headwinds from rising rates impacting infrastructure and precious metals holdings. Manager sees Franco-Nevada's Cobre Panama closure as creating attractive entry point. Portfolio positioned for electrical grid modernization theme through Schneider Electric. Maintains patient approach with 30% cash, targeting quality businesses at substantial discounts to intrinsic value.

Oct 17 2023

2023 Q3

AAPL, ADSK, AEM, ALS.TO, AMT, AMZN, BEPC, BIP, DHR, FNV, MEG.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM

Canada, energy, gold, infrastructure, interest rates, Specialty Insurance, value

TSU.TO

ROCKLINC Partners Fund sees substantial discounts emerging in quality businesses due to rising rates. The fund maintains 30% cash to capitalize on opportunities in infrastructure, precious metals, and specialty insurance companies trading 25-40% below intrinsic value. With rates approaching peak levels, the manager expects rate-sensitive holdings to benefit as monetary conditions eventually ease.

Jul 19 2023

2023 Q2

AAPL, ADSK, AEM.TO, ALS.TO, AMT, AMZN, BEP, BIP, CSGP, DHR, FNV, LIN, MEG.TO, OR.TO, RGLD, ROP, SAND, SU.TO, TSU.TO, WPM

Currency, energy, Esg, infrastructure, Precious Metals, rates, real estate, value

ROCKLINC Partners Fund delivered 6.2% year-to-date returns through concentrated holdings in infrastructure, technology, and precious metals. With 33% cash positioning, the fund awaits better entry points while maintaining exposure to hard assets as hedges against currency debasement. Interest rate peaks expected within three months should benefit core infrastructure and precious metals positions.

Apr 17 2023

2023 Q1

AAPL, ADSK, ALS.TO, AMZN, CNQ.TO, FNV.TO, GLEN.L, ICE, LIN, MEG.TO, OR.TO, PGR, ROP, SU.TO, WPM.TO

Banking Crisis, Critical Minerals, Energy Transition, gold, inflation, oil, royalties

ALS.TO

ROCKLINC returned 5.33% in Q1 2023, benefiting from precious metals and infrastructure exposure. Manager sees major opportunity in critical minerals driven by energy transition, with copper demand doubling by 2035. Added Altius Minerals royalty company with 20% historical returns. Maintains 26.4% cash for opportunities while avoiding banks due to debt bubble concerns.

Jan 17 2023

Oct 19 2022

Nov 7 2022

Apr 18 2022

QUARTER	THEMES	TAGS
2026 Q1	Gold Gold is positioned as the ultimate hedge against monetary debasement, with the manager arguing that when liabilities grow four times faster than GDP, governments will resort to money printing. Gold cannot be printed and has preserved purchasing power throughout history during inflationary periods. The manager notes gold rose from $1,096.20 in 2010 to $4,325.60 in 2025, delivering 8.96% annual returns.	Gold Monetary Debasement Inflation Hedge
	Silver Silver has more than doubled over the past year (+121.17%) and is viewed as having both safe-haven appeal and industrial leverage. The manager cites a five-year structural deficit and increasing demand from digitization, AI, data centers, solar panels, EV production and robotics as fundamental drivers that have repriced the metal.	Silver Industrial AI Solar EV
	Precious Metals Precious metals are described as essential given America's fiscal condition, providing portfolio insurance when confidence in fiat institutions erodes and restoring optionality in an era of financial repression. The manager maintains significant weight in precious metals despite market volatility, viewing them as one of the few places where wealth can be preserved.	Precious Metals Portfolio Insurance Fiat Preservation
	Energy Energy was the standout performer in Q1 2026, with Canadian energy gaining +29.0% and US energy +37.2%. Oil prices surged 77.24% quarterly due to geopolitical tensions and the closure of the Strait of Hormuz, pushing crude above $100 per barrel. The manager expects a reversal based on the end of war and hostilities in the Middle East.	Energy Oil Geopolitical Middle East Commodities
	Gold Royalties Precious metals royalty companies were the standout driver of outperformance, delivering exceptional results amid strong gold and silver rallies. Their unique business model of providing capital to miners in exchange for royalties generates attractive, low-risk cash flows with meaningful upside leverage to metal prices while requiring minimal operational risk exposure.	Royalties Gold Mining Cash Flow Leverage
	AI AI is mentioned in the context of industrial demand for silver and platinum, with both metals being critical to AI spending through data centers. However, there are concerns about AI disruption to software business models and valuation compression in the technology sector, with Information Technology declining -22.5% in Canada and -9.3% in the US.	AI Data Centers Technology Disruption Valuations
2025 Q4	AI AI has been integrated into RGA's research process over three years, serving as force multipliers for human judgment rather than replacements. The firm uses AI tools like NotebookLM, Gems in Gemini, and Claude Code for efficiency and risk analysis. While acknowledging AI's transformative potential, they believe current market narratives swing to unhelpful extremes, creating investment opportunities.	Artificial Intelligence Machine Learning Automation Technology Innovation
	Software Software companies face structural headwinds from AI lowering barriers to entry and increasing customer bargaining power. Many companies have been running with excess headcount and may experience pricing pressure that can be countered with lower costs to serve. The market is pricing in these headwinds as evidenced by significant downward re-rating of major financial data and software providers.	Software Technology SaaS Enterprise Software Pricing
	Semiconductors Lattice Semiconductor represents an under-appreciated AI winner with immediate gains and longer-term optionality. The company's focus on efficiency rather than maximal performance positions it favorably for AI servers, particularly in security functions as Root of Trust chips. FPGAs are valuable for security due to their programmability and ability to chase moving targets.	Semiconductors FPGAs AI Infrastructure Security Efficiency
	Logistics Amazon's logistical prowess represents one of the foremost moats in business that can be enhanced with AI. The company is uniquely positioned to dominate the coordination layer across its entire logistics network through better orchestration of assets and buildout of sophisticated robotics. This represents an example of the application layer built on AI infrastructure.	Logistics Supply Chain Automation E-commerce Infrastructure
2025 Q3	Gold Gold hit record highs over $4,200 in 2025, increasing 55% year-to-date and outperforming major indices. Driven by profligate government spending, unprecedented global debt levels of $337 trillion, inflationary money printing, and heightened geopolitical risk. Central banks have aggressively accumulated over 1,300 tonnes in 2025, the most since the 1970s.	Gold Central Banks Inflation Debt Geopolitical
	Gold Royalties Rocklinc focuses on gold royalty and streaming companies as preferred exposure method. Royal Gold announced acquisition of Sandstorm Gold at 21% premium, creating combined entity with 393 high-quality streams and royalties. Model provides leverage to gold prices without mining operational costs and risks.	Royalties Streaming Royal Gold Sandstorm Mining
	ETFs Launching Rocklinc Principled Equity Fund (RKLC) as actively managed value ETF with maximum 20 positions. Canada leads globally in active ETF adoption with 30% of assets actively managed versus 8% in US. ETF structure provides intraday liquidity, tax efficiency, and lower costs while showcasing value investing expertise.	Active ETFs Value Canada Liquidity Management
	Canada Canada experiencing worst G7 economic performance with ten years of declining GDP per capita despite vast natural resources. Federal policies created barriers to capital flow through regulatory complexity and delays. Investment in mining/oil/gas down 50% with $670 billion in missed investments and 670,000 lost jobs.	GDP Resources Regulation Investment Policy
2025 Q2	Nuclear The nuclear power industry is undergoing a renaissance as nations embrace nuclear energy to address climate challenges. Nuclear provides reliable 24/7 baseload energy with near-zero carbon emissions. The next wave of growth will come from power-hungry data centers, with major tech companies signing long-term nuclear power purchase agreements.	Uranium Data Centers Baseload Energy Nuclear Renaissance SMR
	Uranium Current uranium production falls short of utility needs due to a decade of underinvestment following Fukushima. Developing new mines takes 10-15 years, exacerbating the supply deficit. Existing uranium miners are well-positioned to capitalize on favorable market dynamics as prices incentivize production ramp-up.	Supply Deficit Mining Nuclear Fuel Long-term Contracts Price Recovery
	Gold Gold rose 5.73% in Q2 and 42.17% over the past year, reaching $3,303 per ounce. Gold has outperformed the S&P 500 over the past 25 years with a 10.33% compound annual growth rate versus 7.14% for the S&P 500. The firm maintains confidence in precious metals as a store of value amid government corruption and currency devaluation.	Store of Value Currency Devaluation Precious Metals Inflation Hedge Government Corruption
	Gold Royalties Significant allocation to precious metals royalty companies was the primary driver of outperformance. Many precious metals mining and royalty companies are attractively valued and well-positioned to benefit from global instability, tariff changes, and rising precious metals prices.	Royalty Companies Mining Exposure Precious Metals Global Instability Attractive Valuations
	AI The rise of AI and robotics is transforming industries and driving unprecedented demand for resources. Data centers processing AI models consume massive electricity, often terawatts annually. A single ChatGPT query consumes 2.9 watt-hours of electricity, nearly 10 times a Google search, scaling to massive energy footprints.	Data Centers Energy Consumption Digital Transformation Computational Needs Resource Demand
	Data Centers Data centers are being built at record pace to process vast computational needs of AI models. Global data center energy consumption was 460 TWh in 2024, projected to double by 2030. Energy consumption from data centers is expected to account for about half of electricity growth in the United States until 2030.	Energy Growth Infrastructure Build-out Electricity Demand AI Processing Power Requirements
	Energy Transition The green agenda exposes hypocrisy as the push for renewables requires an explosion in mining and fossil fuel consumption. Achieving net-zero by 2050 requires a sixfold increase in critical mineral production. EVs require three times the copper of gas-powered cars, and lithium demand is projected to surge 40% by 2030.	Critical Minerals Mining Demand Resource Requirements Green Hypocrisy Commodity Intensive
	Canada Canada with its vast natural resources should be one of the world's wealthiest nations. Abundant reserves of oil, natural gas, minerals, forests, and hydroelectric potential provide competitive advantages. However, policies like Bill C-69 have chased billions in investment out of Canada, with opposition parties citing $500 billion net outflow since 2015.	Natural Resources Investment Outflow Regulatory Burden Energy Independence Economic Policy
2025 Q1	Gold Gold increased 19% during the quarter and 40.7% over the past twelve months, finishing at $3,124. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector. Gold has outpaced the S&P 500 over the past 25 years with 9.87% annual compound growth versus 7.76% for the S&P 500.	Gold Precious Metals Inflation Currency Store of Value
	Gold Royalties The large weighting in precious metals royalty companies was the largest contributor to outperformance. Many precious metals mining companies and royalty businesses are attractively valued relative to gold and silver prices. These businesses are positioned to benefit from global turmoil, tariff adjustments, overindulgent governments and rising precious metals prices.	Royalties Mining Gold Miners Precious Metals Valuations
	Tariffs With heightened concerns around tariffs, the manager is focused on protecting capital and being opportunistic as stock markets tumble. Direct exposure to tariffs and escalation of trade tensions remains very small. The tariff fallout remains fluid, promising volatility ahead that requires discipline and focus on fundamentals rather than headlines.	Trade Policy Volatility Protection Economic Policy
	Inflation Gold serves as a more accurate barometer of inflation than government CPI calculations. The manager notes that gold averaged 9.7% per year in Canadian dollars over 15 years, indicating the Canadian dollar has been losing more than the government's reported inflation rate of 2-3% per year. This explains why things are more expensive than government disclosures suggest.	Currency Purchasing Power CPI Monetary Policy
2024 Q4	Gold Gold finished up 27% over the past twelve months, continuing to power ahead despite the strong USD, indicating all fiat currencies are losing ground to hard assets. Many precious metals mining companies and royalty businesses are undervalued relative to the price of gold and silver, trading at discounts to intrinsic value.	Gold Precious Metals Royalties Hard Assets Inflation
	Inflation Inflation is remaining intractably high despite the largest rise in interest rates experienced over the past two years. Reckless spending by governments continues, with the US adding to its massive $36 trillion debt at a rate of over $2 trillion per year. Gold has averaged 8.6% per year in Canadian dollars over the past 15 years, providing a more accurate measure of inflation than government CPI calculations.	Inflation Government Spending Debt Interest Rates CPI
	Value The manager refuses to chase stocks and will not buy stocks based on momentum. The basket of companies owned represent reasonable value and possess characteristics to outperform broader indexes. Markel Group trades at 15-year low valuations despite consistent results, at 18x earnings compared to 10-year median of nearly 28x.	Value Valuation Momentum Fundamentals Discipline
	Quality Focus remains on economic fundamentals of businesses owned, looking for businesses that are growing quickly, have strong balance sheets and are trading at attractive prices. Investment criteria includes good returns on capital without using too much leverage, ample reinvestment opportunities, and management teams with talent and integrity.	Quality Balance Sheets Returns Management Growth
2024 Q3	Gold Gold jumped 13.4% during the quarter and is up 42.5% over the past twelve months, finishing at $2,634. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector. Many precious metals mining companies and royalty businesses are undervalued relative to gold and silver prices.	Gold Royalties Gold Miners Precious Metals Inflation Hedge Currency Debasement
	Litigation Funding Burford Capital represents the world's leading litigation funder, providing capital to corporations and law firms for commercial litigation in exchange for a share of damages. The business has deployed $1.6 billion over 15 years, returning $2.9 billion with an 86% cumulative return on invested capital and 27% internal rate of return.	Legal Finance Alternative Assets Commercial Litigation Non-recourse Capital
	Infrastructure The manager maintains significant weightings in infrastructure businesses which have added substantial value over the past few years. These companies are viewed as providing essential services with strong long-term secular growth trends and natural currency hedges through revenue diversification.	Essential Services Hard Assets Currency Hedge Secular Growth
	Energy Oil prices averaging $70-75 per barrel are very profitable for the industry and companies owned in portfolios. Continued geopolitical shocks will increase oil prices and drive up investment values. The manager continues looking for ways to profit from what they call the short-sighted green agenda.	Oil Energy Transition Geopolitical Risk Commodity Prices
2024 Q2	Gold Manager believes gold will continue rising due to global central banks being net buyers since 2014, declining US dollar reserve status with 44+ nations executing trade settlements in non-US dollars, and BRICS economies now larger than G-7. Physical gold increasingly being repatriated from Western exchanges to Eastern markets.	Central Banks Reserve Currency BRICS Physical Gold Eastern Markets
	Oil Oil sector positioned to benefit from geopolitical tensions and supply constraints. Manager highlights MEG Energy as pure-play oil sands producer with low breakeven costs and expects Trans Mountain pipeline expansion to improve Canadian heavy oil pricing differentials.	Geopolitical Risk Supply Constraints Oil Sands Pipeline Infrastructure Heavy Oil
	Infrastructure Infrastructure businesses struggled in 2023 due to higher interest rates but rebounded late in the year. Manager maintains positions in Brookfield Infrastructure and other infrastructure companies as interest rate sensitive businesses continue to face headwinds.	Interest Rates Brookfield Rate Sensitivity Utilities Capital Intensive
	Inflation Manager expects inflation to remain stubbornly high due to reckless government spending and massive fiscal deficits. Views all fiat currencies as losing value against tangible assets due to fiscally irresponsible governments and central bank money printing.	Government Spending Fiscal Deficits Fiat Currency Tangible Assets Money Printing
2024 Q1	Gold Gold jumped 7.6% during the quarter and 23.5% over the past twelve months, finishing at a new high of $2,220.37. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector through royalty companies and leading miners.	Gold Precious Metals Royalties Inflation Hedge Currency
	Infrastructure The manager maintains large weightings in infrastructure businesses that added significant value over the past five and ten years. These businesses struggled in 2023 due to rising interest rates but rebounded in the first quarter as fundamentals took over.	Infrastructure Brookfield Utilities Interest Rates Hard Assets
	Oil Oil jumped 16.5% during the quarter and 8.4% year-over-year. Current oil prices averaging $85-$90 per barrel are very profitable for the industry and companies owned in portfolios. Continued geopolitical shocks will only increase oil prices and drive up investment values.	Oil Energy Geopolitical Commodities MEG Energy
	Automation The fund invested in Gastronomous Technologies, bringing automation to the quick service restaurant industry with automated grilling machines and coffee systems. Automation in QSR has been slow but offers significant benefits including reduced labor costs, enhanced food safety, and increased efficiency.	Automation QSR Technology Labor Efficiency
2023 Q4	Gold Royalties Franco-Nevada faced significant challenges when climate activists forced closure of Cobre Panama mine, representing 18% of NAV. Manager views this as creating attractive opportunity with potential upside if mine reopens. Continues building positions in precious metals royalty companies including Franco-Nevada, Wheaton Precious Metals, and others.	Franco-Nevada Wheaton Royalties Panama Copper
	Grid Upgrade Schneider Electric positioned to benefit from massive electrical grid modernization needs. Over 70% of US electrical grid is over 25 years old, requiring $700 billion in upgrades. Company provides critical infrastructure solutions for grid management, renewable integration, and data center power requirements.	Schneider Infrastructure Transmission Modernization Power
	Data Centers Growing demand for data centers driven by digitization and AI adoption. Schneider Electric serves as backbone provider for data center design, construction, and management. Rising AI workloads creating additional demand for new and upgraded data center infrastructure.	AI Digitization Power Infrastructure Technology
	Copper Copper demand expected to far outstrip supply due to electrification and climate goals. Franco-Nevada's Cobre Panama exposure provides leverage to copper prices. Manager bullish on copper over long-term horizon given grid modernization and electric vehicle requirements.	Electrification Supply Mining Climate Infrastructure
2023 Q3	Gold Manager maintains large positions in precious metals royalty companies including Franco-Nevada, Gold Royalty Corp., Osisko Royalties, Royal Gold, Sandstorm Gold, Wheaton Precious Metals and Agnico Eagle Mines. These companies are trading at substantial discounts to intrinsic value and are positioned to benefit from global turmoil and overindulgent governments.	Gold Miners Gold Royalties Precious Metals Inflation Hedge Hard Assets
	Infrastructure The fund holds significant weightings in infrastructure businesses including Brookfield Infrastructure and American Tower Corporation. These capital-intensive businesses have struggled in 2023 due to rising interest rates but continue to grow steadily and are trading at attractive prices.	Infrastructure Spending Utilities Real Estate Capital Intensive Interest Rate Sensitive
	Oil Oil jumped 28.8% during the quarter driven by political assault on the oil and gas industry and government policies restricting capital investments. The manager sees elevated oil prices as sustainable and rewarding for oil companies, with direct investments in MEG Energy and indirect exposure through infrastructure firms.	Energy Oil Services Exploration & Production ESG Impact Geopolitical Risk
	Rates Interest rates continued to jump with 10-year yields reaching highest levels in over 23 years. The manager believes rates are approaching their peak and expects the financial system will eventually buckle under the weight of these rates due to massive global debt.	Interest Rates Central Banks Monetary Policy Debt Burden Financial System
2023 Q2	Mortgage The Biden administration implemented new mortgage pricing policies that penalize borrowers with high credit scores and large down payments while subsidizing those with poor credit. This woke policy reverses creditworthiness incentives and will likely lead to greater homeownership gaps and increased poverty, similar to previous failed housing initiatives.	Credit Scores Housing Policy FHFA Homeownership Subsidies
	Commercial Real Estate CoStar Group dominates the $180 trillion commercial real estate data market with proprietary databases and marketplaces that are essential for industry operations. The company benefits from high switching costs, 95% renewal rates, and strong pricing power during market stress periods.	Data Information Services Real Estate Marketplaces Monopoly
	Gold Gold and silver continue to be viewed as long-term hedges against fiat currency debasement. The fund maintains significant positions in precious metals royalty companies including Franco-Nevada, Wheaton Precious Metals, Royal Gold, Sandstorm Gold, Osisko Royalties and Agnico Eagle Mines.	Precious Metals Royalties Currency Hedge Inflation Protection Hard Assets
	Oil Oil prices fell 33.5% year-over-year due to recession fears and strategic reserve releases, but long-term fundamentals remain strong due to ESG-driven capital restrictions and geopolitical tensions. Current weakness presents buying opportunities in the sector.	Energy ESG Impact Supply Constraints Strategic Reserves Geopolitical Risk
	Dollar The US dollar faces increasing headwinds as BRICS nations develop alternative currencies and countries pursue de-dollarization strategies. Multiple developments including China-Brazil currency deals and Saudi Arabia accepting non-dollar payments signal potential dollar weakness ahead.	Reserve Currency BRICS De-dollarization Petrodollar Currency Risk
	Rates Interest rates continued rising during the quarter with the 10-year US treasury up 82 basis points year-over-year. Global debt levels are unsustainable at current rate levels, and the manager expects rates to plateau and eventually decline as economic slowdown forces central bank policy reversal.	Central Banks Debt Sustainability Economic Slowdown Monetary Policy Rate Cycle
2023 Q1	Critical Minerals High demand for copper, lithium, cobalt and nickel driven by electric vehicle production and renewable energy infrastructure. Copper demand expected to nearly double to 50M metric tons by 2035. Supply shortages likely as new mines take years to develop.	Copper Lithium Cobalt Nickel Mining
	Energy Transition Government commitments to reduce emissions driving massive demand for critical metals. EU banning petrol/diesel cars by 2035, China targeting 40% EV sales by 2030, US targeting 50% emission-free vehicles by 2030.	Electric Vehicles Renewable Energy Paris Climate Accords Infrastructure
	Gold Gold increased 7.6% during quarter, finishing at $1,969.80 near all-time highs. Manager believes long-term trends for precious metals are upward and continues building positions in this sector.	Gold Precious Metals Inflation Hedge
	Oil Oil fell 5.8% in quarter and 24.6% year-over-year. Political decisions restricting capital investment in oil and gas favor green agenda on unreasonable timeframe. OPEC production cuts in April drove prices back above $80.	Oil Energy OPEC Production
	Inflation All fiat currencies will continue losing value against tangible assets as governments print record amounts of money to support indebted economies. Real interest rates expected to remain negative below true inflation levels.	Inflation Fiat Currency Money Printing Real Assets

QUARTER

THEMES

Gold

Gold is positioned as the ultimate hedge against monetary debasement, with the manager arguing that when liabilities grow four times faster than GDP, governments will resort to money printing. Gold cannot be printed and has preserved purchasing power throughout history during inflationary periods. The manager notes gold rose from $1,096.20 in 2010 to $4,325.60 in 2025, delivering 8.96% annual returns.

Gold Monetary Debasement Inflation Hedge

Silver

Silver has more than doubled over the past year (+121.17%) and is viewed as having both safe-haven appeal and industrial leverage. The manager cites a five-year structural deficit and increasing demand from digitization, AI, data centers, solar panels, EV production and robotics as fundamental drivers that have repriced the metal.

Silver Industrial AI Solar EV

Precious Metals

Precious metals are described as essential given America's fiscal condition, providing portfolio insurance when confidence in fiat institutions erodes and restoring optionality in an era of financial repression. The manager maintains significant weight in precious metals despite market volatility, viewing them as one of the few places where wealth can be preserved.

Precious Metals Portfolio Insurance Fiat Preservation

Energy

Energy was the standout performer in Q1 2026, with Canadian energy gaining +29.0% and US energy +37.2%. Oil prices surged 77.24% quarterly due to geopolitical tensions and the closure of the Strait of Hormuz, pushing crude above $100 per barrel. The manager expects a reversal based on the end of war and hostilities in the Middle East.

Energy Oil Geopolitical Middle East Commodities

Gold Royalties

Precious metals royalty companies were the standout driver of outperformance, delivering exceptional results amid strong gold and silver rallies. Their unique business model of providing capital to miners in exchange for royalties generates attractive, low-risk cash flows with meaningful upside leverage to metal prices while requiring minimal operational risk exposure.

Royalties Gold Mining Cash Flow Leverage

AI

AI is mentioned in the context of industrial demand for silver and platinum, with both metals being critical to AI spending through data centers. However, there are concerns about AI disruption to software business models and valuation compression in the technology sector, with Information Technology declining -22.5% in Canada and -9.3% in the US.

AI Data Centers Technology Disruption Valuations

2025 Q4

AI

AI has been integrated into RGA's research process over three years, serving as force multipliers for human judgment rather than replacements. The firm uses AI tools like NotebookLM, Gems in Gemini, and Claude Code for efficiency and risk analysis. While acknowledging AI's transformative potential, they believe current market narratives swing to unhelpful extremes, creating investment opportunities.

Artificial Intelligence Machine Learning Automation Technology Innovation

Software

Software companies face structural headwinds from AI lowering barriers to entry and increasing customer bargaining power. Many companies have been running with excess headcount and may experience pricing pressure that can be countered with lower costs to serve. The market is pricing in these headwinds as evidenced by significant downward re-rating of major financial data and software providers.

Software Technology SaaS Enterprise Software Pricing

Semiconductors

Lattice Semiconductor represents an under-appreciated AI winner with immediate gains and longer-term optionality. The company's focus on efficiency rather than maximal performance positions it favorably for AI servers, particularly in security functions as Root of Trust chips. FPGAs are valuable for security due to their programmability and ability to chase moving targets.

Semiconductors FPGAs AI Infrastructure Security Efficiency

Logistics

Amazon's logistical prowess represents one of the foremost moats in business that can be enhanced with AI. The company is uniquely positioned to dominate the coordination layer across its entire logistics network through better orchestration of assets and buildout of sophisticated robotics. This represents an example of the application layer built on AI infrastructure.

Logistics Supply Chain Automation E-commerce Infrastructure

2025 Q3

Gold

Gold hit record highs over $4,200 in 2025, increasing 55% year-to-date and outperforming major indices. Driven by profligate government spending, unprecedented global debt levels of $337 trillion, inflationary money printing, and heightened geopolitical risk. Central banks have aggressively accumulated over 1,300 tonnes in 2025, the most since the 1970s.

Gold Central Banks Inflation Debt Geopolitical

Gold Royalties

Rocklinc focuses on gold royalty and streaming companies as preferred exposure method. Royal Gold announced acquisition of Sandstorm Gold at 21% premium, creating combined entity with 393 high-quality streams and royalties. Model provides leverage to gold prices without mining operational costs and risks.

Royalties Streaming Royal Gold Sandstorm Mining

ETFs

Launching Rocklinc Principled Equity Fund (RKLC) as actively managed value ETF with maximum 20 positions. Canada leads globally in active ETF adoption with 30% of assets actively managed versus 8% in US. ETF structure provides intraday liquidity, tax efficiency, and lower costs while showcasing value investing expertise.

Active ETFs Value Canada Liquidity Management

Canada

Canada experiencing worst G7 economic performance with ten years of declining GDP per capita despite vast natural resources. Federal policies created barriers to capital flow through regulatory complexity and delays. Investment in mining/oil/gas down 50% with $670 billion in missed investments and 670,000 lost jobs.

GDP Resources Regulation Investment Policy

2025 Q2

Nuclear

The nuclear power industry is undergoing a renaissance as nations embrace nuclear energy to address climate challenges. Nuclear provides reliable 24/7 baseload energy with near-zero carbon emissions. The next wave of growth will come from power-hungry data centers, with major tech companies signing long-term nuclear power purchase agreements.

Uranium Data Centers Baseload Energy Nuclear Renaissance SMR

Uranium

Current uranium production falls short of utility needs due to a decade of underinvestment following Fukushima. Developing new mines takes 10-15 years, exacerbating the supply deficit. Existing uranium miners are well-positioned to capitalize on favorable market dynamics as prices incentivize production ramp-up.

Supply Deficit Mining Nuclear Fuel Long-term Contracts Price Recovery

Gold

Gold rose 5.73% in Q2 and 42.17% over the past year, reaching $3,303 per ounce. Gold has outperformed the S&P 500 over the past 25 years with a 10.33% compound annual growth rate versus 7.14% for the S&P 500. The firm maintains confidence in precious metals as a store of value amid government corruption and currency devaluation.

Store of Value Currency Devaluation Precious Metals Inflation Hedge Government Corruption

Gold Royalties

Significant allocation to precious metals royalty companies was the primary driver of outperformance. Many precious metals mining and royalty companies are attractively valued and well-positioned to benefit from global instability, tariff changes, and rising precious metals prices.

Royalty Companies Mining Exposure Precious Metals Global Instability Attractive Valuations

AI

The rise of AI and robotics is transforming industries and driving unprecedented demand for resources. Data centers processing AI models consume massive electricity, often terawatts annually. A single ChatGPT query consumes 2.9 watt-hours of electricity, nearly 10 times a Google search, scaling to massive energy footprints.

Data Centers Energy Consumption Digital Transformation Computational Needs Resource Demand

Data Centers

Data centers are being built at record pace to process vast computational needs of AI models. Global data center energy consumption was 460 TWh in 2024, projected to double by 2030. Energy consumption from data centers is expected to account for about half of electricity growth in the United States until 2030.

Energy Growth Infrastructure Build-out Electricity Demand AI Processing Power Requirements

Energy Transition

The green agenda exposes hypocrisy as the push for renewables requires an explosion in mining and fossil fuel consumption. Achieving net-zero by 2050 requires a sixfold increase in critical mineral production. EVs require three times the copper of gas-powered cars, and lithium demand is projected to surge 40% by 2030.

Critical Minerals Mining Demand Resource Requirements Green Hypocrisy Commodity Intensive

Canada

Canada with its vast natural resources should be one of the world's wealthiest nations. Abundant reserves of oil, natural gas, minerals, forests, and hydroelectric potential provide competitive advantages. However, policies like Bill C-69 have chased billions in investment out of Canada, with opposition parties citing $500 billion net outflow since 2015.

Natural Resources Investment Outflow Regulatory Burden Energy Independence Economic Policy

2025 Q1

Gold

Gold increased 19% during the quarter and 40.7% over the past twelve months, finishing at $3,124. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector. Gold has outpaced the S&P 500 over the past 25 years with 9.87% annual compound growth versus 7.76% for the S&P 500.

Gold Precious Metals Inflation Currency Store of Value

Gold Royalties

The large weighting in precious metals royalty companies was the largest contributor to outperformance. Many precious metals mining companies and royalty businesses are attractively valued relative to gold and silver prices. These businesses are positioned to benefit from global turmoil, tariff adjustments, overindulgent governments and rising precious metals prices.

Royalties Mining Gold Miners Precious Metals Valuations

Tariffs

With heightened concerns around tariffs, the manager is focused on protecting capital and being opportunistic as stock markets tumble. Direct exposure to tariffs and escalation of trade tensions remains very small. The tariff fallout remains fluid, promising volatility ahead that requires discipline and focus on fundamentals rather than headlines.

Trade Policy Volatility Protection Economic Policy

Inflation

Gold serves as a more accurate barometer of inflation than government CPI calculations. The manager notes that gold averaged 9.7% per year in Canadian dollars over 15 years, indicating the Canadian dollar has been losing more than the government's reported inflation rate of 2-3% per year. This explains why things are more expensive than government disclosures suggest.

Currency Purchasing Power CPI Monetary Policy

2024 Q4

Gold

Gold finished up 27% over the past twelve months, continuing to power ahead despite the strong USD, indicating all fiat currencies are losing ground to hard assets. Many precious metals mining companies and royalty businesses are undervalued relative to the price of gold and silver, trading at discounts to intrinsic value.

Gold Precious Metals Royalties Hard Assets Inflation

Inflation

Inflation is remaining intractably high despite the largest rise in interest rates experienced over the past two years. Reckless spending by governments continues, with the US adding to its massive $36 trillion debt at a rate of over $2 trillion per year. Gold has averaged 8.6% per year in Canadian dollars over the past 15 years, providing a more accurate measure of inflation than government CPI calculations.

Inflation Government Spending Debt Interest Rates CPI

Value

The manager refuses to chase stocks and will not buy stocks based on momentum. The basket of companies owned represent reasonable value and possess characteristics to outperform broader indexes. Markel Group trades at 15-year low valuations despite consistent results, at 18x earnings compared to 10-year median of nearly 28x.

Value Valuation Momentum Fundamentals Discipline

Quality

Focus remains on economic fundamentals of businesses owned, looking for businesses that are growing quickly, have strong balance sheets and are trading at attractive prices. Investment criteria includes good returns on capital without using too much leverage, ample reinvestment opportunities, and management teams with talent and integrity.

Quality Balance Sheets Returns Management Growth

2024 Q3

Gold

Gold jumped 13.4% during the quarter and is up 42.5% over the past twelve months, finishing at $2,634. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector. Many precious metals mining companies and royalty businesses are undervalued relative to gold and silver prices.

Gold Royalties Gold Miners Precious Metals Inflation Hedge Currency Debasement

Litigation Funding

Burford Capital represents the world's leading litigation funder, providing capital to corporations and law firms for commercial litigation in exchange for a share of damages. The business has deployed $1.6 billion over 15 years, returning $2.9 billion with an 86% cumulative return on invested capital and 27% internal rate of return.

Legal Finance Alternative Assets Commercial Litigation Non-recourse Capital

Infrastructure

The manager maintains significant weightings in infrastructure businesses which have added substantial value over the past few years. These companies are viewed as providing essential services with strong long-term secular growth trends and natural currency hedges through revenue diversification.

Essential Services Hard Assets Currency Hedge Secular Growth

Energy

Oil prices averaging $70-75 per barrel are very profitable for the industry and companies owned in portfolios. Continued geopolitical shocks will increase oil prices and drive up investment values. The manager continues looking for ways to profit from what they call the short-sighted green agenda.

Oil Energy Transition Geopolitical Risk Commodity Prices

2024 Q2

Gold

Manager believes gold will continue rising due to global central banks being net buyers since 2014, declining US dollar reserve status with 44+ nations executing trade settlements in non-US dollars, and BRICS economies now larger than G-7. Physical gold increasingly being repatriated from Western exchanges to Eastern markets.

Central Banks Reserve Currency BRICS Physical Gold Eastern Markets

Oil

Oil sector positioned to benefit from geopolitical tensions and supply constraints. Manager highlights MEG Energy as pure-play oil sands producer with low breakeven costs and expects Trans Mountain pipeline expansion to improve Canadian heavy oil pricing differentials.

Geopolitical Risk Supply Constraints Oil Sands Pipeline Infrastructure Heavy Oil

Infrastructure

Infrastructure businesses struggled in 2023 due to higher interest rates but rebounded late in the year. Manager maintains positions in Brookfield Infrastructure and other infrastructure companies as interest rate sensitive businesses continue to face headwinds.

Interest Rates Brookfield Rate Sensitivity Utilities Capital Intensive

Inflation

Manager expects inflation to remain stubbornly high due to reckless government spending and massive fiscal deficits. Views all fiat currencies as losing value against tangible assets due to fiscally irresponsible governments and central bank money printing.

Government Spending Fiscal Deficits Fiat Currency Tangible Assets Money Printing

2024 Q1

Gold

Gold jumped 7.6% during the quarter and 23.5% over the past twelve months, finishing at a new high of $2,220.37. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector through royalty companies and leading miners.

Gold Precious Metals Royalties Inflation Hedge Currency

Infrastructure

The manager maintains large weightings in infrastructure businesses that added significant value over the past five and ten years. These businesses struggled in 2023 due to rising interest rates but rebounded in the first quarter as fundamentals took over.

Infrastructure Brookfield Utilities Interest Rates Hard Assets

Oil

Oil jumped 16.5% during the quarter and 8.4% year-over-year. Current oil prices averaging $85-$90 per barrel are very profitable for the industry and companies owned in portfolios. Continued geopolitical shocks will only increase oil prices and drive up investment values.

Oil Energy Geopolitical Commodities MEG Energy

Automation

The fund invested in Gastronomous Technologies, bringing automation to the quick service restaurant industry with automated grilling machines and coffee systems. Automation in QSR has been slow but offers significant benefits including reduced labor costs, enhanced food safety, and increased efficiency.

Automation QSR Technology Labor Efficiency

2023 Q4

Gold Royalties

Franco-Nevada faced significant challenges when climate activists forced closure of Cobre Panama mine, representing 18% of NAV. Manager views this as creating attractive opportunity with potential upside if mine reopens. Continues building positions in precious metals royalty companies including Franco-Nevada, Wheaton Precious Metals, and others.

Franco-Nevada Wheaton Royalties Panama Copper

Grid Upgrade

Schneider Electric positioned to benefit from massive electrical grid modernization needs. Over 70% of US electrical grid is over 25 years old, requiring $700 billion in upgrades. Company provides critical infrastructure solutions for grid management, renewable integration, and data center power requirements.

Schneider Infrastructure Transmission Modernization Power

Data Centers

Growing demand for data centers driven by digitization and AI adoption. Schneider Electric serves as backbone provider for data center design, construction, and management. Rising AI workloads creating additional demand for new and upgraded data center infrastructure.

AI Digitization Power Infrastructure Technology

Copper

Copper demand expected to far outstrip supply due to electrification and climate goals. Franco-Nevada's Cobre Panama exposure provides leverage to copper prices. Manager bullish on copper over long-term horizon given grid modernization and electric vehicle requirements.

Electrification Supply Mining Climate Infrastructure

2023 Q3

Gold

Manager maintains large positions in precious metals royalty companies including Franco-Nevada, Gold Royalty Corp., Osisko Royalties, Royal Gold, Sandstorm Gold, Wheaton Precious Metals and Agnico Eagle Mines. These companies are trading at substantial discounts to intrinsic value and are positioned to benefit from global turmoil and overindulgent governments.

Gold Miners Gold Royalties Precious Metals Inflation Hedge Hard Assets

Infrastructure

The fund holds significant weightings in infrastructure businesses including Brookfield Infrastructure and American Tower Corporation. These capital-intensive businesses have struggled in 2023 due to rising interest rates but continue to grow steadily and are trading at attractive prices.

Infrastructure Spending Utilities Real Estate Capital Intensive Interest Rate Sensitive

Oil

Oil jumped 28.8% during the quarter driven by political assault on the oil and gas industry and government policies restricting capital investments. The manager sees elevated oil prices as sustainable and rewarding for oil companies, with direct investments in MEG Energy and indirect exposure through infrastructure firms.

Energy Oil Services Exploration & Production ESG Impact Geopolitical Risk

Rates

Interest rates continued to jump with 10-year yields reaching highest levels in over 23 years. The manager believes rates are approaching their peak and expects the financial system will eventually buckle under the weight of these rates due to massive global debt.

Interest Rates Central Banks Monetary Policy Debt Burden Financial System

2023 Q2

Mortgage

The Biden administration implemented new mortgage pricing policies that penalize borrowers with high credit scores and large down payments while subsidizing those with poor credit. This woke policy reverses creditworthiness incentives and will likely lead to greater homeownership gaps and increased poverty, similar to previous failed housing initiatives.

Credit Scores Housing Policy FHFA Homeownership Subsidies

Commercial Real Estate

CoStar Group dominates the $180 trillion commercial real estate data market with proprietary databases and marketplaces that are essential for industry operations. The company benefits from high switching costs, 95% renewal rates, and strong pricing power during market stress periods.

Data Information Services Real Estate Marketplaces Monopoly

Gold

Gold and silver continue to be viewed as long-term hedges against fiat currency debasement. The fund maintains significant positions in precious metals royalty companies including Franco-Nevada, Wheaton Precious Metals, Royal Gold, Sandstorm Gold, Osisko Royalties and Agnico Eagle Mines.

Precious Metals Royalties Currency Hedge Inflation Protection Hard Assets

Oil

Oil prices fell 33.5% year-over-year due to recession fears and strategic reserve releases, but long-term fundamentals remain strong due to ESG-driven capital restrictions and geopolitical tensions. Current weakness presents buying opportunities in the sector.

Energy ESG Impact Supply Constraints Strategic Reserves Geopolitical Risk

Dollar

The US dollar faces increasing headwinds as BRICS nations develop alternative currencies and countries pursue de-dollarization strategies. Multiple developments including China-Brazil currency deals and Saudi Arabia accepting non-dollar payments signal potential dollar weakness ahead.

Reserve Currency BRICS De-dollarization Petrodollar Currency Risk

Rates

Interest rates continued rising during the quarter with the 10-year US treasury up 82 basis points year-over-year. Global debt levels are unsustainable at current rate levels, and the manager expects rates to plateau and eventually decline as economic slowdown forces central bank policy reversal.

Central Banks Debt Sustainability Economic Slowdown Monetary Policy Rate Cycle

2023 Q1

Critical Minerals

High demand for copper, lithium, cobalt and nickel driven by electric vehicle production and renewable energy infrastructure. Copper demand expected to nearly double to 50M metric tons by 2035. Supply shortages likely as new mines take years to develop.

Copper Lithium Cobalt Nickel Mining

Energy Transition

Government commitments to reduce emissions driving massive demand for critical metals. EU banning petrol/diesel cars by 2035, China targeting 40% EV sales by 2030, US targeting 50% emission-free vehicles by 2030.

Electric Vehicles Renewable Energy Paris Climate Accords Infrastructure

Gold

Gold increased 7.6% during quarter, finishing at $1,969.80 near all-time highs. Manager believes long-term trends for precious metals are upward and continues building positions in this sector.

Gold Precious Metals Inflation Hedge

Oil

Oil fell 5.8% in quarter and 24.6% year-over-year. Political decisions restricting capital investment in oil and gas favor green agenda on unreasonable timeframe. OPEC production cuts in April drove prices back above $80.

Oil Energy OPEC Production

Inflation

All fiat currencies will continue losing value against tangible assets as governments print record amounts of money to support indebted economies. Real interest rates expected to remain negative below true inflation levels.

Inflation Fiat Currency Money Printing Real Assets

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 29, 2026	Fund Letters	ROCKLINC Partners Fund	CSL	Carlisle Companies Incorporated	Building Products & Equipment	Building Products	Bull	New York Stock Exchange	barriers to entry, Building Products, capital allocation, construction materials, market leader, Non-Discretionary, premium pricing, Roofing, secular growth, Warranty	Login
Jan 15, 2026	Fund Letters	Jonathan Wellum	SII	Sprott Inc.	Financials	Asset Management	Bull	New York Stock Exchange	Assetmanagement, Commodities, Operatingleverage, Preciousmetals, uranium	Login
Oct 16, 2025	Fund Letters	Jonathan Wellum	RGLD	Royal Gold Inc.	Materials	Precious Metals & Mining	Bull	NASDAQ	cash flow, compounding, diversification, Gold, merger, Precious Metals, royalties	Login
Oct 16, 2025	Fund Letters	Jonathan Wellum	RGLD	Royal Gold Inc.	Materials	Precious Metals & Mining	Bull	NASDAQ	cash flow, compounding, diversification, Gold, merger, Precious Metals, royalties	Login
Oct 16, 2025	Fund Letters	Jonathan Wellum	SSL	Sandstorm Gold	Materials	Precious Metals & Mining	Bull	-	—	Login
Oct 16, 2025	Fund Letters	Jonathan Wellum	SSL	T	Materials	Materials	—	-	Sandstorm’s merger premium reflects strong portfolio quality and strategic fit with royal gold. combined, They form a scale leader poised for further inorganic growth.	Login
Jul 14, 2025	Fund Letters	Jonathan Wellum	CCO CN	Cameco, Corp.	Energy	Coal & Consumable Fuels	Bull	New York Stock Exchange	energy, Mining, Nuclear, SMR, uranium	Login
Jun 1, 2025	Fund Letters	ROCKLINC Partners Fund	CCO.TO	Cameco Corporation	Energy	Uranium	Bull	Toronto Stock Exchange	AI power demand, Canada, Commodity Producer, data centers, energy infrastructure, Mining, nuclear energy, Nuclear Renaissance, uranium, vertical integration	Login
Mar 1, 2025	Fund Letters	ROCKLINC Partners Fund	KPGHF	Kelly Partners Group Holdings Ltd.	Financials	Professional Services	Bull	ASX	Accounting, Australia, consolidation, Fragmented Market, partnership model, professional services, recurring revenue, Succession Planning, Tax Services, US Expansion	Login
Dec 31, 2024	Fund Letters	ROCKLINC Partners Fund	MKL	Markel Group	Financials	Property & Casualty Insurance	Bull	NYSE	Berkshire Model, Book Value, capital allocation, combined ratio, Excess Surplus Lines, Investment Float, ROE, specialty insurance, underwriting, value investing	Login
Sep 30, 2024	Fund Letters	ROCKLINC Partners Fund	BUR	Burford Capital Ltd.	Financials	Specialized Finance	Bull	NYSE	alternative investments, Commercial Litigation, high-ROIC, Legal Services, Litigation Finance, Non-recourse Funding, Specialized Finance, Uncorrelated Returns	Login
Jun 30, 2024	Fund Letters	ROCKLINC Partners Fund	MEG.TO	MEG Energy Corp	Energy	Oil & Gas Exploration & Production	Bull	Toronto Stock Exchange	Canadian oil, energy, Free Cash Flow, Heavy Oil, Low-cost producer, Oil sands, operational excellence, Pipeline infrastructure, SAGD Technology, Share Buybacks	Login
Mar 31, 2024	Fund Letters	ROCKLINC Partners Fund	APG	APi Group Corporation	Industrials	Commercial Services & Supplies	Bull	NYSE	acquisition strategy, Commercial Services, Fire Protection, HVAC, Infrastructure Maintenance, inspection services, Life Safety Services, recurring revenue, regulatory compliance, Service Transformation	Login
Dec 31, 2023	Fund Letters	ROCKLINC Partners Fund	SU.PA	Schneider Electric SE	Industrials	Electrical Equipment	Bull	Euronext Paris	AI, data centers, Digitalization, Electrical Grid, Electrification, Europe, Grid modernization, infrastructure, Microgrids, network effects, renewable energy, software platform	Login
Dec 31, 2023	Fund Letters	ROCKLINC Partners Fund	FNV	Franco-Nevada Corporation	Materials	Gold	Bull	NYSE	Base Metals, contrarian, Copper, dividend, Electrification, Gold, Mining, Panama, political risk, Precious Metals, Royalty, Streaming, Value	Login
Sep 30, 2023	Fund Letters	ROCKLINC Partners Fund	TSU.TO	Trisura Group Ltd	Financials	Insurance	Bull	Toronto Stock Exchange	Canada, conservative management, fee-based revenue, Fronting Business, growth, Niche markets, Reinsurance, specialty insurance, Surety Bonds, underwriting	Login
Jun 30, 2023	Fund Letters	ROCKLINC Partners Fund	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	CoStar Group	Real Estate	Real Estate Services	Bull	NASDAQ	commercial real estate, Data Analytics, economic moat, information services, market leader, marketplace, network effects, real estate technology, recurring revenue, SaaS	Login
Mar 31, 2023	Fund Letters	ROCKLINC Partners Fund	ALS.TO	Altius Minerals Corporation	Materials	Diversified Metals & Mining	Bull	Toronto Stock Exchange	Canada, Cobalt, Commodities, Copper, critical metals, energy transition, Ev batteries, Lithium, materials, Mining, Nickel, renewable energy, Royalty, Streaming	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 29, 2026

Fund Letters

ROCKLINC Partners Fund

CSL

Carlisle Companies Incorporated

Building Products & Equipment

Building Products

Bull

New York Stock Exchange

barriers to entry, Building Products, capital allocation, construction materials, market leader, Non-Discretionary, premium pricing, Roofing, secular growth, Warranty

Jan 15, 2026

Fund Letters

Jonathan Wellum

SII

Sprott Inc.

Financials

Asset Management

Bull

New York Stock Exchange

Assetmanagement, Commodities, Operatingleverage, Preciousmetals, uranium

Oct 16, 2025

Fund Letters

Jonathan Wellum

RGLD

Royal Gold Inc.

Materials

Precious Metals & Mining

Bull

NASDAQ

cash flow, compounding, diversification, Gold, merger, Precious Metals, royalties

Oct 16, 2025

Fund Letters

Jonathan Wellum

RGLD

Royal Gold Inc.

Materials

Precious Metals & Mining

Bull

NASDAQ

cash flow, compounding, diversification, Gold, merger, Precious Metals, royalties

Oct 16, 2025

Fund Letters

Jonathan Wellum

SSL

Sandstorm Gold

Materials

Precious Metals & Mining

Bull

—

Oct 16, 2025

Fund Letters

Jonathan Wellum

SSL

Materials

—

Sandstorm’s merger premium reflects strong portfolio quality and strategic fit with royal gold. combined, They form a scale leader poised for further inorganic growth.

Jul 14, 2025

Fund Letters

Jonathan Wellum

CCO CN

Cameco, Corp.

Energy

Coal & Consumable Fuels

Bull

New York Stock Exchange

energy, Mining, Nuclear, SMR, uranium

Jun 1, 2025

Fund Letters

ROCKLINC Partners Fund

CCO.TO

Cameco Corporation

Energy

Uranium

Bull

Toronto Stock Exchange

AI power demand, Canada, Commodity Producer, data centers, energy infrastructure, Mining, nuclear energy, Nuclear Renaissance, uranium, vertical integration

Mar 1, 2025

Fund Letters

ROCKLINC Partners Fund

KPGHF

Kelly Partners Group Holdings Ltd.

Financials

Professional Services

Bull

ASX

Accounting, Australia, consolidation, Fragmented Market, partnership model, professional services, recurring revenue, Succession Planning, Tax Services, US Expansion

Dec 31, 2024

Fund Letters

ROCKLINC Partners Fund

MKL

Markel Group

Financials

Property & Casualty Insurance

Bull

NYSE

Berkshire Model, Book Value, capital allocation, combined ratio, Excess Surplus Lines, Investment Float, ROE, specialty insurance, underwriting, value investing

Sep 30, 2024

Fund Letters

ROCKLINC Partners Fund

BUR

Burford Capital Ltd.

Financials

Specialized Finance

Bull

NYSE

alternative investments, Commercial Litigation, high-ROIC, Legal Services, Litigation Finance, Non-recourse Funding, Specialized Finance, Uncorrelated Returns

Jun 30, 2024

Fund Letters

ROCKLINC Partners Fund

MEG.TO

MEG Energy Corp

Energy

Oil & Gas Exploration & Production

Bull

Toronto Stock Exchange

Canadian oil, energy, Free Cash Flow, Heavy Oil, Low-cost producer, Oil sands, operational excellence, Pipeline infrastructure, SAGD Technology, Share Buybacks

Mar 31, 2024

Fund Letters

ROCKLINC Partners Fund

APG

APi Group Corporation

Industrials

Commercial Services & Supplies

Bull

NYSE

acquisition strategy, Commercial Services, Fire Protection, HVAC, Infrastructure Maintenance, inspection services, Life Safety Services, recurring revenue, regulatory compliance, Service Transformation

Dec 31, 2023

Fund Letters

ROCKLINC Partners Fund

SU.PA

Schneider Electric SE

Industrials

Electrical Equipment

Bull

Euronext Paris

AI, data centers, Digitalization, Electrical Grid, Electrification, Europe, Grid modernization, infrastructure, Microgrids, network effects, renewable energy, software platform

Dec 31, 2023

Fund Letters

ROCKLINC Partners Fund

FNV

Franco-Nevada Corporation

Materials

Gold

Bull

NYSE

Base Metals, contrarian, Copper, dividend, Electrification, Gold, Mining, Panama, political risk, Precious Metals, Royalty, Streaming, Value

Sep 30, 2023

Fund Letters

ROCKLINC Partners Fund

TSU.TO

Trisura Group Ltd

Financials

Insurance

Bull

Toronto Stock Exchange

Canada, conservative management, fee-based revenue, Fronting Business, growth, Niche markets, Reinsurance, specialty insurance, Surety Bonds, underwriting

Jun 30, 2023

Fund Letters

ROCKLINC Partners Fund

CoStar Group

Real Estate

Real Estate Services

Bull

NASDAQ

commercial real estate, Data Analytics, economic moat, information services, market leader, marketplace, network effects, real estate technology, recurring revenue, SaaS

Mar 31, 2023

Fund Letters

ROCKLINC Partners Fund

ALS.TO

Altius Minerals Corporation

Materials

Diversified Metals & Mining

Bull

Toronto Stock Exchange

Canada, Cobalt, Commodities, Copper, critical metals, energy transition, Ev batteries, Lithium, materials, Mining, Nickel, renewable energy, Royalty, Streaming

TICKER	COMMENTARY
AEM.TO	Agnico-Eagle Mines Ltd (5.7%). Surging gold prices boosted assets under administration and inflows at Sprott, drove record quarterly royalty revenues at OR Royalties, and supported strong operational momentum and higher dividends at Agnico Eagle.
CCO.TO	Cameco Corp. (5.5%). Cameco and Burford offer significant upside tied to secular tailwinds in energy transition and complex litigation finance where Burford continues to dominate, despite the inevitable volatility in the business model.
CSL	Carlisle Companies has built a wonderful business predicated on the certainty of decay. No matter what is inside a building, be it an office, a school, or a data centre, one thing is certain: nothing inside should get rained on. When a roof leaks, it does not matter what time of year it is, what the latest inflation numbers are, or what the latest Bank of Canada rate decision was; a roof needs to be repaired immediately, regardless of the cost.
ROP	Roper Technologies Inc. Quality compounders like Roper and Prologis traded at valuations that continue to offer attractive long-term margins of safety despite mixed broader market sentiment.
SII.TO	Sprott Inc. Surging gold prices boosted assets under administration and inflows at Sprott, drove record quarterly royalty revenues at OR Royalties, and supported strong operational momentum and higher dividends at Agnico Eagle.
ROYP	Royalty Pharma plc reached new 52-week highs on resilient cash flows from its diversified biopharma royalty portfolio and continues to trade at a very attractive price.
NOW	ServiceNow Inc. ServiceNow faced some valuation pressure amid AI-related concerns, but we view the business's durable competitive advantages as intact at current levels.
MELI	MercadoLibre Inc. Technology and growth-oriented names (ServiceNow, MercadoLibre, Cameco, Burford Capital) showed varied performance.
KNSL	Kinsale Capital Group. Specialty insurers benefited from disciplined underwriting in a favorable pricing environment.
PLD	Prologis Inc. Quality compounders like Roper and Prologis traded at valuations that continue to offer attractive long-term margins of safety despite mixed broader market sentiment.
BUR.L	Burford Capital Ltd. Cameco and Burford offer significant upside tied to secular tailwinds in energy transition and complex litigation finance where Burford continues to dominate, despite the inevitable volatility in the business model.

TICKER

COMMENTARY

AEM.TO

Agnico-Eagle Mines Ltd (5.7%). Surging gold prices boosted assets under administration and inflows at Sprott, drove record quarterly royalty revenues at OR Royalties, and supported strong operational momentum and higher dividends at Agnico Eagle.

CCO.TO

Cameco Corp. (5.5%). Cameco and Burford offer significant upside tied to secular tailwinds in energy transition and complex litigation finance where Burford continues to dominate, despite the inevitable volatility in the business model.

CSL

Carlisle Companies has built a wonderful business predicated on the certainty of decay. No matter what is inside a building, be it an office, a school, or a data centre, one thing is certain: nothing inside should get rained on. When a roof leaks, it does not matter what time of year it is, what the latest inflation numbers are, or what the latest Bank of Canada rate decision was; a roof needs to be repaired immediately, regardless of the cost.

ROP

Roper Technologies Inc. Quality compounders like Roper and Prologis traded at valuations that continue to offer attractive long-term margins of safety despite mixed broader market sentiment.

SII.TO

Sprott Inc. Surging gold prices boosted assets under administration and inflows at Sprott, drove record quarterly royalty revenues at OR Royalties, and supported strong operational momentum and higher dividends at Agnico Eagle.

ROYP

Royalty Pharma plc reached new 52-week highs on resilient cash flows from its diversified biopharma royalty portfolio and continues to trade at a very attractive price.

NOW

ServiceNow Inc. ServiceNow faced some valuation pressure amid AI-related concerns, but we view the business's durable competitive advantages as intact at current levels.

MELI

MercadoLibre Inc. Technology and growth-oriented names (ServiceNow, MercadoLibre, Cameco, Burford Capital) showed varied performance.

KNSL

Kinsale Capital Group. Specialty insurers benefited from disciplined underwriting in a favorable pricing environment.

PLD

Prologis Inc. Quality compounders like Roper and Prologis traded at valuations that continue to offer attractive long-term margins of safety despite mixed broader market sentiment.

BUR.L

Burford Capital Ltd. Cameco and Burford offer significant upside tied to secular tailwinds in energy transition and complex litigation finance where Burford continues to dominate, despite the inevitable volatility in the business model.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Gold

Silver

Precious Metals

Energy

Gold Royalties

AI

AI

Software

Semiconductors

Logistics

Gold

Gold Royalties

ETFs

Canada

Nuclear

Uranium

Gold

Gold Royalties

AI

Data Centers

Energy Transition

Canada

Gold

Gold Royalties

Tariffs

Inflation

Gold

Inflation

Value

Quality

Gold

Litigation Funding

Infrastructure

Energy

Gold

Oil

Infrastructure

Inflation

Gold

Infrastructure

Oil

Automation

Gold Royalties

Grid Upgrade

Data Centers

Copper

Gold

Infrastructure

Oil

Rates

Mortgage

Commercial Real Estate

Gold

Oil

Dollar

Rates

Critical Minerals

Energy Transition

Gold

Oil

Inflation

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Jonathan Wellum Top Holdings

Recent Buys (13F)

Recent Sells (13F)