| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.1% | 0.7% | 20.3% |
| 2025 | 2024 |
|---|---|
| 20.3% | 17.4% |
ROCKLINC delivered strong performance in Q4 2025, with the Partners Fund returning 0.7% quarterly and 20.3% annually, significantly outperforming benchmarks. The firm's strategic allocation to precious metals royalty companies drove outperformance as gold gained 64.5% and silver surged 147.5% for the year. In November, ROCKLINC launched the Principled Equity Fund ETF, capitalizing on Canada's leadership in active ETF adoption. The firm maintains a disciplined value approach, avoiding overvalued securities while focusing on companies with strong fundamentals and reasonable valuations. Key risks include elevated market valuations and potential corrections, while opportunities exist in broader market participation beyond concentrated mega-cap stocks. ROCKLINC holds significant precious metals exposure as a hedge against currency debasement and maintains elevated cash levels for opportunistic deployment. The portfolio spans quality businesses across sectors including materials, financials, and technology, with concentrated positions in companies like Trisura, Markel Group, and Wheaton Precious Metals. Management remains focused on capital protection while positioning for long-term wealth creation through patient, fundamental-driven investing.
ROCKLINC focuses on building portfolios of exceptional businesses with strong fundamentals, reasonable valuations, and durable competitive advantages, while maintaining significant exposure to precious metals and hard assets as hedges against monetary policy risks and government deficit spending.
The firm remains cautiously optimistic, maintaining focus on fundamental quality while preparing for potential market corrections. They expect to keep cash levels elevated given current valuations and continue building positions in precious metals and hard assets as hedges against currency debasement.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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 | Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores… |
| Oct 16 2025 | 2025 Q3 | RGLD, SSL CN | gold, inflation hedge, Precious Metals, Royalty Companies, Value Investing |
RGLD SSL RGLD SSL |
Rocklinc emphasizes gold royalties and hard assets as hedges against debt, inflation, and global instability. The firm expects continued upside from the Royal GoldSandstorm merger… |
| Jul 14 2025 | 2025 Q2 | - | Balance Sheets, cash flows, downside protection, Resilience, volatility | CCO CN | The letter emphasizes portfolio resilience in an environment defined by geopolitical shocks, shifting interest-rate expectations, and episodic risk-off sentiment. Management highlights the importance of owning… |
| Apr 10 2025 | 2025 Q1 | KPG AU | - | - | - |
| Jan 17 2025 | 2024 Q4 | MKL | - | - | - |
| Oct 17 2024 | 2024 Q3 | BUR | - | - | - |
| Jul 8 2024 | 2024 Q2 | APG, MEG CN | - | - | - |
| Apr 25 2024 | 2024 Q1 | APG, MEG CN | - | - | - |
| Jan 23 2024 | 2023 Q4 | SU FP | - | - | - |
| Oct 17 2023 | 2023 Q3 | TSU CN | - | - | - |
| Jul 19 2023 | 2023 Q2 | CSGP | - | - | - |
| Apr 17 2023 | 2023 Q1 | ALS CN | - | - | - |
| 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 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
ETFsThe fund's strategy focuses on closed-end funds rather than ETFs, but operates in the broader fund ecosystem. They compare performance against closed-end fund indices and utilize various fund structures in their investment approach. |
Closed-End Funds Fund Discounts Fund Selection Alternative Structures |
GoldGold experienced its best annual return since 1979 driven by seemingly insatiable appetite, entering bubble territory. The precious metal drove the Small Resources index to a 45.3% increase in the December half. |
Gold Precious Metals Bubble Resources | |
Precious MetalsThe precious metals sector experienced dramatic outperformance in 2025, with the FTSE/JSE Precious Metals and Mining index more than tripling. This was the primary driver of South African equity market returns and the main reason for the Hedge Fund's underperformance relative to its benchmark. |
Platinum Mining South Africa Commodities | |
SilverSilver was the fund's largest weighting for several years and a top contributor in 2025. Physical silver shortages catapulted prices higher in Q4, reaching record levels. The managers completely sold their silver position near quarter end due to rapid price appreciation. |
Physical Silver Shortages Record Levels Precious Metals Hedge | |
UraniumNexGen Energy progressed closer to federal approval for its world-class Arrow deposit and provided fantastic drill results from Patterson Corridor East. The company raised nearly $1 billion in fresh equity capital to be shovel ready for construction upon federal approval. |
Nuclear Mining Energy Uranium Development | |
ValueBlue Tower focuses on value investing with international diversification. The manager notes that the valuation spread between cheap and expensive stocks is one of the greatest in market history, creating a favorable environment for their value-oriented approach. |
Value International Cheap Expensive Valuation | |
| 2025 Q3 |
GoldGold experienced its best annual return since 1979 driven by seemingly insatiable appetite, entering bubble territory. The precious metal drove the Small Resources index to a 45.3% increase in the December half. |
Gold Precious Metals Bubble Resources |
Precious MetalsThe precious metals sector experienced dramatic outperformance in 2025, with the FTSE/JSE Precious Metals and Mining index more than tripling. This was the primary driver of South African equity market returns and the main reason for the Hedge Fund's underperformance relative to its benchmark. |
Platinum Mining South Africa Commodities | |
| 2025 Q2 |
Resilience2025 tested the fund's thesis severely with a bankruptcy, major customer losses, and cyber-attacks, yet delivered 17.45% net returns. The manager emphasizes that edge comes from exploiting inefficiency rather than avoiding adversity, demonstrating portfolio resilience through active management. |
Adversity Active Management Drawdowns Volatility |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 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 |
| 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 | SSL | Sandstorm Gold | Materials | Precious Metals & Mining | Bull | - | — | Login |
| TICKER | COMMENTARY |
|---|---|
| AAPL | The largest 10 companies, by market capitalization, had reached 40.7% of the S&P 500 by the end of 2025, up from roughly 30% at the end of 2021. At the top of this list are Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Broadcom (AVGO), Meta (META), and Tesla (TSLA). Apple: Market capitalization near $4 trillion. A double requires creating a company larger than the size of Walmart, JPMorgan, and Pfizer combined. |
| AEM.TO | Agnico-Eagle Mines (4.8%) |
| AMZN | We added to our holdings in Amazon.com Inc. |
| APG | APi Group contributed 0.41% with 3.85% ending weight. |
| BN.TO | Brookfield Corporation (7.5%) |
| BUR.L | Burford has compounded book value per share and realized cash proceeds from litigation matters settled and adjudicated ahead of my original underwriting assumptions. The best measure of fundamental progress of the core business ex YPF is the cash 'run-off' value of the existing book of claims, which incorporates both realizations (cash in) and deployments (cash out) as well as a rate of return assumption on those deployments. My estimate of that value has increased from c. $9 to c.$12.50 per share. Meanwhile the share price is essentially unchanged from our original purchase price of $9.50. |
| CCO.TO | Cameco Corp. (4.4%) |
| CSL | Carlisle Companies Inc. operates as a manufacturer and supplier of building envelope products and solutions. Overall third quarter results were positive as earnings surpassed the consensus. Growth in commercial re-roofing was offset by weakness in commercial new construction and soft residential demand. We decided to exit the Carlisle position because the housing market requires either improved affordability through increased supply or a more dramatic exogenous shock to rates before a sustained recovery can take hold. Carlisle's shares slipped by -2% while held in the quarter. |
| DHR | After lagging through the first three quarters of 2025, Danaher's stock rebounded during Q4 as bioprocessing, life science, and diagnostics demand continued to recover from a cyclical trough. On the 3Q25 call, management established conservative 2026 growth expectations. Revenue is expected to continue to lag long-term trends at 3-6% but improve throughout the year. |
| FNV.TO | Franco-Nevada Corporation (7.5%) |
| GROY | Gold Royalty Corp. (6.6%) |
| KNSL | Kinsale Capital Group operates in a large and steadily expanding corner of the U.S. insurance market. The excess and surplus (E&S) segment has grown steadily for years, and AM Best now estimates that direct premiums written are approaching $130 billion. Strong operating performance has not translated into a smooth stock chart. From its early-2024 peak, shares are down roughly 25%, including a decline of about 16% during 2025. Kinsale has deliberately confined itself to a focused set of E&S commercial lines where its underwriters believe they have an informational edge. |
| KPG.AX | Kelly Partners Group Holdings (5.1%) |
| MELI | E-commerce was another drag. Sea Limited and MercadoLibre struggled as investors became more cautious on discretionary spending and less willing to pay up for growth. |
| MKL | MKL produced excellent results in its insurance and investment operations. The insurance segment delivered a 93% combined ratio while the equity portfolio benefited from the year-end market rally. MKL's disciplined capital allocation, including significant stock buybacks, boosted their book value per share growth. |
| NOW | In the case of ServiceNow, the stock weakened following reports of a potential large acquisition while the company has also been challenged by bearish sentiment across the software as a service or SAAS segment. |
| PLD | Prologis, the largest owner of modern logistics and industrial properties globally sponsoring a REIT that was listed in China to focus on investing in strategic properties within the Greater Bay region. The offering further expands the $65 billion investment management platform at Prologis, which is likely to scale up more in the year ahead, alongside the company's focus on unlocking data center opportunities alongside institutional partners. |
| RGLD | Our three precious metals holdings in Royal Gold (RGLD), Triple Flag (TFPM) and Franco-Nevada (FNV) were responsible for a third of our gains this year. It has been a fascinating year for precious metals with gold up 64% and silver up 146% for the year! As we've discussed previously, our allocation to these companies was intended to serve as a hedge against macroeconomic volatility. This is likely the most fully valued part of the portfolio due to which our allocation to this basket is at the lower end of our targeted 10-15% allocation. |
| ROP | After a decade-long partnership with Roper Technologies, we have made a strategic decision to exit our position. Roper has an exceptional track record of compounding capital. However, our decision to sell is a reflection of our commitment to maintaining a portfolio of high conviction, high growth businesses. |
| RPRX | Thirty years later, the company he founded, Royalty Pharma, generates over $2bn per year in cash flow, produced by royalties on a highly diversified collection of drugs, including 7 of the top 30 in the US. The company has a 40-50% market share of all pharma royalties and remains dominant today, despite attempts at competition from large private equity firms like Blackstone. |
| TSU.TO | Trisura (10.5%) |
| WPM.TO | Wheaton Precious Metals (7.8%) |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
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