Old West Investment Management

Investor Summary

Old West Investment Management was founded in 2008 by Joseph Boskovich Sr. and Jr., who bring extensive institutional experience from Aletheia where they grew assets from $80 million to over $10 billion. The team includes seasoned professionals like Chad Cook (CCO/CFO) with PwC background, Brian Laks CFA (Co-CIO) from NWQ, and Sheila Cu (COO/Head Trader) from Aletheia. The firm employs six staff members managing 550 clients through 326 accounts with average account size of $706,430. Founded on Code of the West values, the firm is committed to treating investors as they themselves would like to be treated.

Fund Strategy

Old West's investment process is grounded in Ben Graham's philosophy that 'Investing is most intelligent when it is most business-like'. The firm views stocks and bonds as ownership or creditor stakes in actual businesses, focusing on buying securities at a price significantly below their intrinsic value to ensure a margin of safety and buffer against uncertainties. A focus on people forms the core of Old West's investment process, believing that the soundest way to protect and grow capital is by aligning with management teams who have high stock ownership and smart pay. The firm seeks a margin of safety in terms of price paid relative to business value received.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
15.46%	16.01%	16.01%

Executive Summary

Old West All Cap Opportunity returned 16.01% net in Q1 2026, driven primarily by energy holdings that benefited from oil's surge from $61 to $118 per barrel following Middle East military action. The manager had positioned in energy stocks at multi-year lows earlier in the year based on valuations and supply constraints. Top contributors included Canadian Natural Resources, Tidewater, and Suncor Energy, all benefiting from higher oil prices and strong operational execution. Mining positions, previously strong performers, sold off on war fears despite sound structural theses. The portfolio maintains significant exposure to metals and mining, particularly copper, which the manager views as critical for an electrified, AI-driven world. Natural gas positions reflect the manager's conviction that power demand from datacenter buildouts will drive prices higher despite current weakness. The core investment thesis centers on physical assets and infrastructure benefiting from AI's growing demands on the physical economy, positioning the portfolio at the intersection of artificial intelligence and tangible infrastructure assets.

Forward Outlook

The largest gaps between price and value over the next decade may be found at the intersection of artificial intelligence and the physical economy. As AI grows more capable, the economy becomes more physical, not less. The owners of physical assets and infrastructure may find themselves in a position not unlike the owners of steel, oil, and rail in an earlier era.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Mar 31 2026	2026 Q1	BRKR, CNQ, SSNC, SU, TDW, TMQ	AI, Copper, energy, Geopolitical, Mining, Natural Gas, Physical Infrastructure	CNQ TDW SU BRKR SSNC TMQ	Old West returned 16% in Q1 as energy holdings surged on Middle East conflict driving oil from $61 to $118. Portfolio positioned at intersection of AI and physical economy, owning energy, mining, and infrastructure assets. Manager believes AI's growth makes economy more physical, not less, creating opportunities in copper, natural gas, and critical materials.
Jan 30 2025	2024 Q4	AEM, AFMJF, Gold, JOE, NGXXF, VIRT, WLDBF	Copper, Entertainment, gold, Media, Metals, Mining, value	WLDBF	Value-focused fund with concentrated exposure to metals mining and unique intellectual property assets. Core thesis on supply-demand imbalances driving metal prices higher while WildBrain's children's entertainment franchises trade at significant discount to intrinsic value. Recent portfolio moves include rotating from Barrick Gold to Agnico Eagle Mines to reduce geopolitical risk while maintaining mining exposure.
Oct 23 2024	2024 Q3	ADMLF, AFMJF, FLMMF, WDOFF, WLDBF	Concentration, Mining, Owner-Managers, Quality, value	-	Old West All Cap Opportunity is a concentrated value strategy focused on owner-managed businesses trading below intrinsic value. The portfolio shows strong mining sector concentration with four of five top holdings in metals and mining. Despite trailing benchmarks in the recent period, the fund has delivered superior long-term performance since inception.
Apr 14 2024	2024 Q1	AAPL, ADMLF, AMZN, APMRF, BHP, FLMMF, GOOGL, LUNMF, MSFT, MTXXY, NGEXF, NVDA, ORCL, TSLA, TSM	AI, commodities, Copper, Data centers, Industrial, Metals, Mining, value	FILO.TO NGEX.TO ALPHA.L MLX.AX ADT1.L	Old West sees a generational opportunity in industrial metals driven by massive AI infrastructure spending while supply constraints create scarcity pricing. The fund holds concentrated positions in high-grade copper, tin, and silver miners trading at attractive valuations. Despite elevated market multiples and consumer stress, manager believes this is an ideal time for value-oriented stock picking in overlooked resource companies.
Feb 19 2024	2023 Q4	UHAL	Commercial real estate, commodities, Debt crisis, gold, Owner Operators, small cap, Valuations, value	UHAL	Value-focused manager warns of bubble-like market concentration and unsustainable $34 trillion government debt dynamics. Expects Fed to lose rate control, forcing debt monetization that benefits their metals exposure in coming commodity super cycle. Prefers owner-operated companies like U-Haul over overvalued tech giants. Commercial real estate debt crisis brewing with $1 trillion in maturities ahead.
Jan 7 2024	2023 Q3	ADT.AX	commodities, Copper, credit, Energy Transition, interest rates, Mining, Silver, uranium	ADT.AX	Old West maintains concentrated commodity exposure believing metals are at 50-year lows relative to equities while energy transition drives unprecedented demand. Rising rates create economic stress and potential debt crisis, forcing Fed back to QE and driving commodity prices higher. Portfolio focuses on uranium, copper, tin, and silver producers with strong fundamentals but lacking investor awareness.
Jan 7 2024	2023 Q2	SMRT	growth, interest rates, real estate, small cap, technology, value	SMRT	Value manager warns of AI bubble and overvalued markets while highlighting SmartRent as compelling growth opportunity in rental housing technology. Despite market risks from rising rates and expensive valuations, maintains defensive positioning with select high-conviction ideas offering significant upside potential in undervalued situations.
Jan 7 2024	2023 Q1	AFM.TO, BG, FIL.TO, SMRT, WILD.TO	Agriculture, Banking, commodities, interest rates, Mining, Owner Managers, small cap, value	-	Value-focused manager positioned in commodity producers and undervalued businesses while avoiding speculative excess. Warns of systemic banking risks but expects difficult environment to favor active stock picking over passive investing. Key holdings include copper miner Filo Mining, tin producer Alphamin, and agribusiness Bunge. Portfolio built around owner/managers with strong balance sheets and business moats.
Jan 7 2024	2022 Q4	AEM, Gold, MAI CN, NG, SA, WDO CN	-	-
Jan 7 2024	2022 Q3	FIL CN	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Mar 31 2026

2026 Q1

BRKR, CNQ, SSNC, SU, TDW, TMQ

AI, Copper, energy, Geopolitical, Mining, Natural Gas, Physical Infrastructure

CNQ
TDW
SU
BRKR
SSNC
TMQ

Old West returned 16% in Q1 as energy holdings surged on Middle East conflict driving oil from $61 to $118. Portfolio positioned at intersection of AI and physical economy, owning energy, mining, and infrastructure assets. Manager believes AI's growth makes economy more physical, not less, creating opportunities in copper, natural gas, and critical materials.

Jan 30 2025

2024 Q4

AEM, AFMJF, Gold, JOE, NGXXF, VIRT, WLDBF

Copper, Entertainment, gold, Media, Metals, Mining, value

WLDBF

Value-focused fund with concentrated exposure to metals mining and unique intellectual property assets. Core thesis on supply-demand imbalances driving metal prices higher while WildBrain's children's entertainment franchises trade at significant discount to intrinsic value. Recent portfolio moves include rotating from Barrick Gold to Agnico Eagle Mines to reduce geopolitical risk while maintaining mining exposure.

Oct 23 2024

2024 Q3

ADMLF, AFMJF, FLMMF, WDOFF, WLDBF

Concentration, Mining, Owner-Managers, Quality, value

Old West All Cap Opportunity is a concentrated value strategy focused on owner-managed businesses trading below intrinsic value. The portfolio shows strong mining sector concentration with four of five top holdings in metals and mining. Despite trailing benchmarks in the recent period, the fund has delivered superior long-term performance since inception.

Apr 14 2024

2024 Q1

AAPL, ADMLF, AMZN, APMRF, BHP, FLMMF, GOOGL, LUNMF, MSFT, MTXXY, NGEXF, NVDA, ORCL, TSLA, TSM

AI, commodities, Copper, Data centers, Industrial, Metals, Mining, value

FILO.TO
NGEX.TO
ALPHA.L
MLX.AX
ADT1.L

Old West sees a generational opportunity in industrial metals driven by massive AI infrastructure spending while supply constraints create scarcity pricing. The fund holds concentrated positions in high-grade copper, tin, and silver miners trading at attractive valuations. Despite elevated market multiples and consumer stress, manager believes this is an ideal time for value-oriented stock picking in overlooked resource companies.

Feb 19 2024

2023 Q4

UHAL

Commercial real estate, commodities, Debt crisis, gold, Owner Operators, small cap, Valuations, value

UHAL

Value-focused manager warns of bubble-like market concentration and unsustainable $34 trillion government debt dynamics. Expects Fed to lose rate control, forcing debt monetization that benefits their metals exposure in coming commodity super cycle. Prefers owner-operated companies like U-Haul over overvalued tech giants. Commercial real estate debt crisis brewing with $1 trillion in maturities ahead.

Jan 7 2024

2023 Q3

ADT.AX

commodities, Copper, credit, Energy Transition, interest rates, Mining, Silver, uranium

ADT.AX

Old West maintains concentrated commodity exposure believing metals are at 50-year lows relative to equities while energy transition drives unprecedented demand. Rising rates create economic stress and potential debt crisis, forcing Fed back to QE and driving commodity prices higher. Portfolio focuses on uranium, copper, tin, and silver producers with strong fundamentals but lacking investor awareness.

Jan 7 2024

2023 Q2

SMRT

growth, interest rates, real estate, small cap, technology, value

SMRT

Value manager warns of AI bubble and overvalued markets while highlighting SmartRent as compelling growth opportunity in rental housing technology. Despite market risks from rising rates and expensive valuations, maintains defensive positioning with select high-conviction ideas offering significant upside potential in undervalued situations.

Jan 7 2024

2023 Q1

AFM.TO, BG, FIL.TO, SMRT, WILD.TO

Agriculture, Banking, commodities, interest rates, Mining, Owner Managers, small cap, value

Value-focused manager positioned in commodity producers and undervalued businesses while avoiding speculative excess. Warns of systemic banking risks but expects difficult environment to favor active stock picking over passive investing. Key holdings include copper miner Filo Mining, tin producer Alphamin, and agribusiness Bunge. Portfolio built around owner/managers with strong balance sheets and business moats.

Jan 7 2024

2022 Q4

AEM, Gold, MAI CN, NG, SA, WDO CN

Jan 7 2024

2022 Q3

FIL CN

QUARTER	THEMES	TAGS
2026 Q1	AI AI will lead to a period of scientific advancement comparable to the Renaissance or Industrial Revolution. The rise of AI agents creates new demand and strain on physical infrastructure. As AI grows more capable, the economy becomes more physical, not less.	Artificial Intelligence Physical Infrastructure Scientific Instruments
	Oil Oil surged from $61 to $118 per barrel in Q1 due to Middle East military action and closure of the Strait of Hormuz. Energy positions were built on valuations and supply constraints at multi-year lows with depressed earnings.	Crude Oil Energy Geopolitical Risk
	Natural Gas Natural gas closed near seventeen-month lows despite electricity shortages and massive datacenter buildouts requiring enormous power. Gas turbine manufacturers are sold out through the end of the decade, yet the primary fuel for dispatchable generation is priced as though none of this is happening.	Natural Gas Power Generation Data Centers
	Copper Copper is the metal that connects everything in an electrified, AI-driven world, running through every wire, motor, and data center. Supply is insufficient to meet future demand and prices are too low to incentivize new development.	Copper Electrification Supply Deficit
	Critical Minerals Large exposure to metals and mining where there is a combination of strong fundamental outlook and low valuation. Supply of many metals is insufficient to meet future demand, and prices must rise to levels that make development projects economical.	Mining Supply Shortage Development Projects
2024 Q4	Gold Portfolio has large exposure to metals and mining with strong fundamental outlook and low valuation. Supply of many metals is insufficient to meet future demand, and prices are too low to incentivize new development. Prices must rise to levels that make development projects economical.	Gold Miners Metals Mining Supply Demand
	Copper NGEx Minerals operates in Argentina and Chile where roughly 40% of the world's copper is produced. Part of portfolio's large exposure to metals and mining where supply is insufficient to meet future demand and prices are too low to give incentive for new development.	Copper Miners Supply Demand Mining Metals
	Media WildBrain is the largest owner of children's intellectual property outside major Hollywood studios, managing nearly 500 properties. Company produces children's content and distributes across broadcast platforms, streaming services, and AVOD network. Generates significant revenue through consumer products licensing.	Entertainment Streaming Content Licensing IP
	Tin Alphamin Resources owns and operates the highest-grade tin mine in the world. Strong demand for tin from future-facing industries like AI, data centers and renewable energy are confronting a fragile supply situation.	Mining Supply Demand Data Centers AI
2024 Q3	Mining The portfolio shows significant concentration in mining companies, with four of the top five holdings being mining-related businesses including Filo Corp, Alphamin Resources, Adriatic Metals, and Wesdome Gold Mines. These positions represent over 26% of the portfolio, indicating a strong thematic focus on the mining sector.	Gold Copper Battery Metals Junior Miners Mining Services
2024 Q1	Copper Manager expects near doubling of copper production over the coming decade due to electricity demand growth and power grid modernization. Supply challenges from declining production, worsening grades, and inadequate exploration spending suggest inability to meet demand. Copper price recently began showing strength as global mine supply issues started to bite.	Copper Miners Mining Services Critical Minerals Energy Transition Grid Upgrade
	Tin Strong demand from AI, data centers and renewable energy confronting fragile supply situation. Myanmar shut down largest tin mine, Indonesia exports dropped to nearly zero amid work approval delays. Manager expects strong upward pressure on tin price in coming years as current supply struggles and project slate is sparse and low quality.	Critical Minerals Data Centers AI Mining Services Battery Supply Chain
	Silver Manager particularly interested in silver which has large industrial component to its demand. Adriatic Metals highlighted as underfollowed European project with high-quality polymetallic deposit trading at low valuation. Silver expected to generate third of revenue with gold contributing another 25%.	Silver Miners Critical Minerals Industrial Metals Battery Supply Chain Energy Transition
	AI Money being invested in AI revolution is staggering with Taiwan Semiconductor investing $65 billion in Phoenix chip plant, Samsung investing $44 billion in Texas semiconductor hub, and Microsoft investing $100 billion in AI data center. These facilities are loaded with copper, tin, and silver, creating demand for industrial metals.	Data Centers Semiconductors Cloud Copper Critical Minerals
	Data Centers Microsoft building $100 billion AI data center that is 100 times more advanced than current cutting-edge data centers. Amazon Web Services, Oracle and others also building new data centers. These facilities require significant amounts of copper, tin, and silver for computing, storage and networking.	AI Cloud Semiconductors Copper Critical Minerals
2023 Q4	Value Manager emphasizes value investing as the best way to protect and grow capital, contrasting their approach with passive index investing in overvalued mega-cap tech stocks. Highlights preference for solid companies run by owner-operators trading at reasonable valuations.	Value investing Owner operators Undervalued Earnings multiples Fundamentals
	Gold Portfolio has significant exposure to metals producing companies positioned to benefit from a weakening dollar and pending commodity super cycle. Manager expects Fed to become buyer of last resort for government debt, which will be extremely bullish for gold and commodities.	Gold Commodities Metals Dollar weakness Super cycle
	Commercial Real Estate Manager highlights brewing crisis with $500 billion of commercial real estate debt coming due in 2024, followed by another $500 billion in 2025. Notes this issue is not getting sufficient attention from media focused on AI revolution.	Commercial real estate Debt maturity Crisis Refinancing Credit stress
2023 Q3	Commodities Old West has large weightings to commodity-related companies, believing commodities are near 50-year lows relative to equity markets. The rush to clean energy and billions being invested in technologies requiring various metals will drive much higher prices.	Metals Mining Supply Demand Pricing
	Energy Transition The firm focuses on metals critical to clean energy transition, particularly uranium, copper, tin and silver. They see growing demand from electrification and advanced technologies creating supply-demand imbalances.	Electrification Clean Energy Critical Minerals Nuclear Renewable
	Uranium Uranium was their first investment in this area, where a long industry downturn and skepticism about nuclear power led to supply destruction that is now confronting rapidly improving demand. They maintain core positions in high-quality producers, developers and processing companies.	Nuclear Supply Destruction Demand Producers Processing
	Copper Copper is considered the prime energy metal due to growing use for electrification. The firm prefers situations with company-specific value creation levers rather than solely commodity price leverage, particularly interested in the Lundin Group's South American consolidation.	Electrification Energy Metal South America Mining District Consolidation
	Silver Silver sees large and growing demand from the industrial sector, especially in advanced technologies where it is critical to a wide range of applications. Often overlooked compared to gold, but has significant industrial demand drivers.	Industrial Demand Advanced Technologies Applications Precious Metals Technology
	Credit Stress Rising interest rates are creating repercussions throughout the economy. Credit card delinquencies are at highest levels since 2012, car loan delinquencies at multi-year highs, and home loan applications have plummeted with rates reaching 7.5%.	Delinquencies Interest Rates Consumer Credit Housing Economic Impact
2023 Q2	AI Manager views AI as overhyped and reminiscent of the dotcom bubble. Notes that AI is not new but has become a buzzword driving valuations, with companies like Kroger mentioning AI eight times on recent calls despite no previous mention.	Technology Valuations Bubble
	Value Manager emphasizes being a value investor who is realistic about economic projections and valuations. Focuses on preserving capital while finding terrific ideas with great upside potential in undervalued situations.	Investing Capital Upside
	Rates Identifies interest rates as a major market risk, driven by massive global debt issuance. Notes that traditional buyers like China and Japan can no longer be depended upon, potentially resulting in higher rates for longer periods.	Debt Treasury Risk
	Commercial Real Estate Discusses investment in SmartRent, a technology company serving multifamily real estate operators. Highlights the company's smart home solutions for rental housing and strong customer relationships with top apartment REITs.	Technology Apartments Growth
2023 Q1	Value Manager emphasizes value investing approach focused on companies with owner/managers, strong balance sheets, actual earnings, and business moats. Expects value bias to serve well in difficult investing environment ahead. Believes active value investing will have revival after speculative bubble period.	Value Owner Managers Balance Sheets Moats Active
	Copper Bullish on copper driven by electrification and clean energy demand while supply constrained by underinvestment and declining grades. Filo Mining represents generational discovery with Lundin Group backing and BHP investment validating the project.	Copper Electrification Clean Energy Supply Mining
	Tin Sees secular growth in tin demand from semiconductors, solar ribbon, and electronic devices while supply fragile from China/Indonesia production declines. Current price unsustainably low with insufficient profitable production to meet demand.	Tin Semiconductors Solar Electronics Supply
	Agriculture Positive on agribusiness fundamentals with growing global population and wealth driving steady demand for essential food products. Bunge positioned as one of four rational competitors in giant global market with improving operations under new CEO.	Agriculture Food Population Global Demand
	Credit Stress Warns of banking sector stress following Silicon Valley Bank failure, viewing it as potential canary in coal mine for more trouble ahead. Attributes to extreme risk taking during zero interest rate period with trillions invested at unsustainable valuations.	Banking Credit Interest Rates Risk Valuations

QUARTER

THEMES

AI

AI will lead to a period of scientific advancement comparable to the Renaissance or Industrial Revolution. The rise of AI agents creates new demand and strain on physical infrastructure. As AI grows more capable, the economy becomes more physical, not less.

Artificial Intelligence Physical Infrastructure Scientific Instruments

Oil

Oil surged from $61 to $118 per barrel in Q1 due to Middle East military action and closure of the Strait of Hormuz. Energy positions were built on valuations and supply constraints at multi-year lows with depressed earnings.

Crude Oil Energy Geopolitical Risk

Natural Gas

Natural gas closed near seventeen-month lows despite electricity shortages and massive datacenter buildouts requiring enormous power. Gas turbine manufacturers are sold out through the end of the decade, yet the primary fuel for dispatchable generation is priced as though none of this is happening.

Natural Gas Power Generation Data Centers

Copper

Copper is the metal that connects everything in an electrified, AI-driven world, running through every wire, motor, and data center. Supply is insufficient to meet future demand and prices are too low to incentivize new development.

Copper Electrification Supply Deficit

Critical Minerals

Large exposure to metals and mining where there is a combination of strong fundamental outlook and low valuation. Supply of many metals is insufficient to meet future demand, and prices must rise to levels that make development projects economical.

Mining Supply Shortage Development Projects

2024 Q4

Gold

Portfolio has large exposure to metals and mining with strong fundamental outlook and low valuation. Supply of many metals is insufficient to meet future demand, and prices are too low to incentivize new development. Prices must rise to levels that make development projects economical.

Gold Miners Metals Mining Supply Demand

Copper

NGEx Minerals operates in Argentina and Chile where roughly 40% of the world's copper is produced. Part of portfolio's large exposure to metals and mining where supply is insufficient to meet future demand and prices are too low to give incentive for new development.

Copper Miners Supply Demand Mining Metals

Media

WildBrain is the largest owner of children's intellectual property outside major Hollywood studios, managing nearly 500 properties. Company produces children's content and distributes across broadcast platforms, streaming services, and AVOD network. Generates significant revenue through consumer products licensing.

Entertainment Streaming Content Licensing IP

Tin

Alphamin Resources owns and operates the highest-grade tin mine in the world. Strong demand for tin from future-facing industries like AI, data centers and renewable energy are confronting a fragile supply situation.

Mining Supply Demand Data Centers AI

2024 Q3

Mining

The portfolio shows significant concentration in mining companies, with four of the top five holdings being mining-related businesses including Filo Corp, Alphamin Resources, Adriatic Metals, and Wesdome Gold Mines. These positions represent over 26% of the portfolio, indicating a strong thematic focus on the mining sector.

Gold Copper Battery Metals Junior Miners Mining Services

2024 Q1

Copper

Manager expects near doubling of copper production over the coming decade due to electricity demand growth and power grid modernization. Supply challenges from declining production, worsening grades, and inadequate exploration spending suggest inability to meet demand. Copper price recently began showing strength as global mine supply issues started to bite.

Copper Miners Mining Services Critical Minerals Energy Transition Grid Upgrade

Tin

Strong demand from AI, data centers and renewable energy confronting fragile supply situation. Myanmar shut down largest tin mine, Indonesia exports dropped to nearly zero amid work approval delays. Manager expects strong upward pressure on tin price in coming years as current supply struggles and project slate is sparse and low quality.

Critical Minerals Data Centers AI Mining Services Battery Supply Chain

Silver

Manager particularly interested in silver which has large industrial component to its demand. Adriatic Metals highlighted as underfollowed European project with high-quality polymetallic deposit trading at low valuation. Silver expected to generate third of revenue with gold contributing another 25%.

Silver Miners Critical Minerals Industrial Metals Battery Supply Chain Energy Transition

AI

Money being invested in AI revolution is staggering with Taiwan Semiconductor investing $65 billion in Phoenix chip plant, Samsung investing $44 billion in Texas semiconductor hub, and Microsoft investing $100 billion in AI data center. These facilities are loaded with copper, tin, and silver, creating demand for industrial metals.

Data Centers Semiconductors Cloud Copper Critical Minerals

Data Centers

Microsoft building $100 billion AI data center that is 100 times more advanced than current cutting-edge data centers. Amazon Web Services, Oracle and others also building new data centers. These facilities require significant amounts of copper, tin, and silver for computing, storage and networking.

AI Cloud Semiconductors Copper Critical Minerals

2023 Q4

Value

Manager emphasizes value investing as the best way to protect and grow capital, contrasting their approach with passive index investing in overvalued mega-cap tech stocks. Highlights preference for solid companies run by owner-operators trading at reasonable valuations.

Value investing Owner operators Undervalued Earnings multiples Fundamentals

Gold

Portfolio has significant exposure to metals producing companies positioned to benefit from a weakening dollar and pending commodity super cycle. Manager expects Fed to become buyer of last resort for government debt, which will be extremely bullish for gold and commodities.

Gold Commodities Metals Dollar weakness Super cycle

Commercial Real Estate

Manager highlights brewing crisis with $500 billion of commercial real estate debt coming due in 2024, followed by another $500 billion in 2025. Notes this issue is not getting sufficient attention from media focused on AI revolution.

Commercial real estate Debt maturity Crisis Refinancing Credit stress

2023 Q3

Commodities

Old West has large weightings to commodity-related companies, believing commodities are near 50-year lows relative to equity markets. The rush to clean energy and billions being invested in technologies requiring various metals will drive much higher prices.

Metals Mining Supply Demand Pricing

Energy Transition

The firm focuses on metals critical to clean energy transition, particularly uranium, copper, tin and silver. They see growing demand from electrification and advanced technologies creating supply-demand imbalances.

Electrification Clean Energy Critical Minerals Nuclear Renewable

Uranium

Uranium was their first investment in this area, where a long industry downturn and skepticism about nuclear power led to supply destruction that is now confronting rapidly improving demand. They maintain core positions in high-quality producers, developers and processing companies.

Nuclear Supply Destruction Demand Producers Processing

Copper

Copper is considered the prime energy metal due to growing use for electrification. The firm prefers situations with company-specific value creation levers rather than solely commodity price leverage, particularly interested in the Lundin Group's South American consolidation.

Electrification Energy Metal South America Mining District Consolidation

Silver

Silver sees large and growing demand from the industrial sector, especially in advanced technologies where it is critical to a wide range of applications. Often overlooked compared to gold, but has significant industrial demand drivers.

Industrial Demand Advanced Technologies Applications Precious Metals Technology

Credit Stress

Rising interest rates are creating repercussions throughout the economy. Credit card delinquencies are at highest levels since 2012, car loan delinquencies at multi-year highs, and home loan applications have plummeted with rates reaching 7.5%.

Delinquencies Interest Rates Consumer Credit Housing Economic Impact

2023 Q2

AI

Manager views AI as overhyped and reminiscent of the dotcom bubble. Notes that AI is not new but has become a buzzword driving valuations, with companies like Kroger mentioning AI eight times on recent calls despite no previous mention.

Technology Valuations Bubble

Value

Manager emphasizes being a value investor who is realistic about economic projections and valuations. Focuses on preserving capital while finding terrific ideas with great upside potential in undervalued situations.

Investing Capital Upside

Rates

Identifies interest rates as a major market risk, driven by massive global debt issuance. Notes that traditional buyers like China and Japan can no longer be depended upon, potentially resulting in higher rates for longer periods.

Debt Treasury Risk

Commercial Real Estate

Discusses investment in SmartRent, a technology company serving multifamily real estate operators. Highlights the company's smart home solutions for rental housing and strong customer relationships with top apartment REITs.

Technology Apartments Growth

2023 Q1

Value

Manager emphasizes value investing approach focused on companies with owner/managers, strong balance sheets, actual earnings, and business moats. Expects value bias to serve well in difficult investing environment ahead. Believes active value investing will have revival after speculative bubble period.

Value Owner Managers Balance Sheets Moats Active

Copper

Bullish on copper driven by electrification and clean energy demand while supply constrained by underinvestment and declining grades. Filo Mining represents generational discovery with Lundin Group backing and BHP investment validating the project.

Copper Electrification Clean Energy Supply Mining

Tin

Sees secular growth in tin demand from semiconductors, solar ribbon, and electronic devices while supply fragile from China/Indonesia production declines. Current price unsustainably low with insufficient profitable production to meet demand.

Tin Semiconductors Solar Electronics Supply

Agriculture

Positive on agribusiness fundamentals with growing global population and wealth driving steady demand for essential food products. Bunge positioned as one of four rational competitors in giant global market with improving operations under new CEO.

Agriculture Food Population Global Demand

Credit Stress

Warns of banking sector stress following Silicon Valley Bank failure, viewing it as potential canary in coal mine for more trouble ahead. Attributes to extreme risk taking during zero interest rate period with trillions invested at unsustainable valuations.

Banking Credit Interest Rates Risk Valuations

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Mar 31, 2026	Fund Letters	Old West Investment Management	CNQ	Canadian Natural Resources Limited	Oil & Gas E&P	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	AI infrastructure, Canada, cash generation, crude oil, Dividend Growth, energy, natural gas, oil producer, Share Buybacks	Login
Mar 31, 2026	Fund Letters	Old West Investment Management	TDW	Tidewater Inc.	Oil & Gas Equipment & Services	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	Day-rates, Drilling Support, earnings surprise, international operations, Marine services, Offshore energy, Offshore support vessels, Oil Services	Login
Mar 31, 2026	Fund Letters	Old West Investment Management	SU	Suncor Energy Inc.	Oil & Gas Integrated	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	Canada, capital discipline, cash returns, integrated energy, Oil sands, refining, Retail Network, Share Buybacks, WTI oil	Login
Mar 31, 2026	Fund Letters	Old West Investment Management	BRKR	Bruker Biosciences Corp.	Medical Devices	Life Sciences Tools & Services	Bull	NASDAQ	AI infrastructure, life sciences, Mass Spectrometry, Microscopy, Nanotechnology, Physical Sensors, Research Tools, scientific instruments	Login
Mar 31, 2026	Fund Letters	Old West Investment Management	SSNC	SS&C Technologies Holdings	Software - Application	Software	Bull	NASDAQ	financial services, financial technology, Fund Administration, Hedge funds, Multiple compression, private equity, Software, Transfer Agency	Login
Mar 31, 2026	Fund Letters	Old West Investment Management	TMQ	Trilogy Metals Inc.	Other Industrial Metals & Mining	Metals & Mining	Bull	New York Stock Exchange	AI infrastructure, Alaska, copper mining, Development Project, Electrification, government investment, Metal Exploration, Strategic Metals, supply constraints	Login
Dec 31, 2024	Fund Letters	Old West Capital Management	WLDBF	WildBrain Ltd.	Communication Services	Movies & Entertainment	Bull	TSX	acquisition target, Apple partnership, AVOD Platform, Brand Reactivation, Children's Entertainment, Consumer products, Content production, Intellectual Property, Licensing, Peanuts Franchise, Streaming, turnaround, Value, YouTube Network	Login
Apr 11, 2024	Fund Letters	Old West Capital Management	ADT1.L	Adriatic Metals PLC	Materials	Diversified Metals & Mining	Bull	LSE	Europe, Gold, Mining, Polymetallic, Precious Metals, Production ramp-up, Silver, undervalued	Login
Apr 11, 2024	Fund Letters	Old West Capital Management	ALPHA.L	Alphamin Resources Corp	Materials	Diversified Metals & Mining	Bull	LSE	Africa, commodity, Global Supply, High-grade, Low cost, Mining, Production, Tin	Login
Apr 11, 2024	Fund Letters	Old West Capital Management	MLX.AX	Metals X Limited	Materials	Diversified Metals & Mining	Bull	ASX	Australia, cash position, Mining, Production, Share Buyback, Tin, undervalued	Login
Apr 11, 2024	Fund Letters	Old West Capital Management	NGEX.TO	NGEx Minerals Ltd	Materials	Diversified Metals & Mining	Bull	TSX	acquisition target, Copper, Exploration, High-grade, Lundin Group, Mining, resource development, South America	Login
Apr 11, 2024	Fund Letters	Old West Capital Management	FILO.TO	Filo Corp	Materials	Diversified Metals & Mining	Bull	TSX	Copper, Exploration, Gold, Joint venture, Lundin Group, Mining, resource development, Silver, South America	Login
Jan 16, 2024	Fund Letters	Old West Capital Management	UHAL	U-Haul Holding Company	Industrials	Specialized Consumer Services	Bull	NASDAQ	Asset-Heavy, franchise model, market leader, Migration trends, Moving services, Owner operator, Real Estate, Self-storage, Truck Rental, Value	Login
Jul 11, 2023	Fund Letters	Old West Capital Management	SMRT	SmartRent, Inc.	Information Technology	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	growth, IoT Devices, property management, proptech, real estate technology, recurring revenue, Rental Housing, SaaS, Smart Home Technology, SPAC	Login
Oct 16, 2023	Fund Letters	Old West Capital Management	ADT.AX	Adriatic Metals	Materials	Diversified Metals & Mining	Bull	ASX	Bosnia, Commodities, Europe, Free Cash Flow, Industrial Metals, lead, Low-cost producer, Mining Development, Polymetallic Mining, Silver Producer, Value, Zinc	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Mar 31, 2026

Fund Letters

Old West Investment Management

CNQ

Canadian Natural Resources Limited

Oil & Gas E&P

Oil, Gas & Consumable Fuels

Bull

New York Stock Exchange

AI infrastructure, Canada, cash generation, crude oil, Dividend Growth, energy, natural gas, oil producer, Share Buybacks

Mar 31, 2026

Fund Letters

Old West Investment Management

TDW

Tidewater Inc.

Oil & Gas Equipment & Services

Oil, Gas & Consumable Fuels

Bull

New York Stock Exchange

Day-rates, Drilling Support, earnings surprise, international operations, Marine services, Offshore energy, Offshore support vessels, Oil Services

Mar 31, 2026

Fund Letters

Old West Investment Management

Suncor Energy Inc.

Oil & Gas Integrated

Oil, Gas & Consumable Fuels

Bull

New York Stock Exchange

Canada, capital discipline, cash returns, integrated energy, Oil sands, refining, Retail Network, Share Buybacks, WTI oil

Mar 31, 2026

Fund Letters

Old West Investment Management

BRKR

Bruker Biosciences Corp.

Medical Devices

Life Sciences Tools & Services

Bull

NASDAQ

AI infrastructure, life sciences, Mass Spectrometry, Microscopy, Nanotechnology, Physical Sensors, Research Tools, scientific instruments

Mar 31, 2026

Fund Letters

Old West Investment Management

SSNC

SS&C Technologies Holdings

Software - Application

Software

Bull

NASDAQ

financial services, financial technology, Fund Administration, Hedge funds, Multiple compression, private equity, Software, Transfer Agency

Mar 31, 2026

Fund Letters

Old West Investment Management

TMQ

Trilogy Metals Inc.

Other Industrial Metals & Mining

Metals & Mining

Bull

New York Stock Exchange

AI infrastructure, Alaska, copper mining, Development Project, Electrification, government investment, Metal Exploration, Strategic Metals, supply constraints

Dec 31, 2024

Fund Letters

Old West Capital Management

WLDBF

WildBrain Ltd.

Communication Services

Movies & Entertainment

Bull

TSX

acquisition target, Apple partnership, AVOD Platform, Brand Reactivation, Children's Entertainment, Consumer products, Content production, Intellectual Property, Licensing, Peanuts Franchise, Streaming, turnaround, Value, YouTube Network

Apr 11, 2024

Fund Letters

Old West Capital Management

ADT1.L

Adriatic Metals PLC

Materials

Diversified Metals & Mining

Bull

LSE

Europe, Gold, Mining, Polymetallic, Precious Metals, Production ramp-up, Silver, undervalued

Apr 11, 2024

Fund Letters

Old West Capital Management

ALPHA.L

Alphamin Resources Corp

Materials

Diversified Metals & Mining

Bull

LSE

Africa, commodity, Global Supply, High-grade, Low cost, Mining, Production, Tin

Apr 11, 2024

Fund Letters

Old West Capital Management

MLX.AX

Metals X Limited

Materials

Diversified Metals & Mining

Bull

ASX

Australia, cash position, Mining, Production, Share Buyback, Tin, undervalued

Apr 11, 2024

Fund Letters

Old West Capital Management

NGEX.TO

NGEx Minerals Ltd

Materials

Diversified Metals & Mining

Bull

TSX

acquisition target, Copper, Exploration, High-grade, Lundin Group, Mining, resource development, South America

Apr 11, 2024

Fund Letters

Old West Capital Management

FILO.TO

Filo Corp

Materials

Diversified Metals & Mining

Bull

TSX

Copper, Exploration, Gold, Joint venture, Lundin Group, Mining, resource development, Silver, South America

Jan 16, 2024

Fund Letters

Old West Capital Management

UHAL

U-Haul Holding Company

Industrials

Specialized Consumer Services

Bull

NASDAQ

Asset-Heavy, franchise model, market leader, Migration trends, Moving services, Owner operator, Real Estate, Self-storage, Truck Rental, Value

Jul 11, 2023

Fund Letters

Old West Capital Management

SMRT

SmartRent, Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Bull

NASDAQ

growth, IoT Devices, property management, proptech, real estate technology, recurring revenue, Rental Housing, SaaS, Smart Home Technology, SPAC

Oct 16, 2023

Fund Letters

Old West Capital Management

ADT.AX

Adriatic Metals

Materials

Diversified Metals & Mining

Bull

ASX

Bosnia, Commodities, Europe, Free Cash Flow, Industrial Metals, lead, Low-cost producer, Mining Development, Polymetallic Mining, Silver Producer, Value, Zinc

TICKER	COMMENTARY
CNQ	Canadian Natural Resources is the largest oil and the second-largest natural gas producer in Canada. Their asset mix spans natural gas, light crude, heavy crude, bitumen, and synthetic crude oil, a low-cost, long-life physical asset base producing the energy that the world (and increasingly, AI infrastructure) runs on. During Q1 2026, CNQ was driven higher mainly due to the increase in the price of oil. They completed a strategic acquisition in Q1 that lifted their full-year production outlook, and reported record production while beating profit estimates. They extended their dividend growth streak to 26 years, boosted the quarterly dividend, launched a new share buyback program, and tightened their free cash flow return policy, all of which signaled management confidence in the durability of the cash generation story.
TDW	Tidewater has the largest fleet of offshore support vessels in the industry and is the oldest and most experienced provider of marine support services to the offshore oil and gas sector. Today over 90% of their fleet works internationally across more than 60 countries. In Q1 2026, TDW was driven higher mainly due to the increase in the price of oil. When oil surges to $118 a barrel, every oil company in the world accelerates their offshore drilling and production activity, which means more demand for Tidewater's vessels, and more pricing power on day rates. Their most recent earnings came in at $4.41 per share against an estimate of just $0.77, a 472% earnings surprise.
SU	Suncor is Canada's leading integrated energy company, with operations spanning oil sands mining and in situ production, upgrading offshore production, refining, marketing and trading, and the nationwide Petro-Canada retail and wholesale network. During Q1 2026, SU was driven higher mainly due to the increase in the price of oil. Suncor management is focused on returning cash to shareholders rather than chasing volume growth, which is exactly the kind of capital discipline the thesis rewards. Suncor committed to returning over CAD $23 billion to shareholders through dividends and buybacks at $65 WTI over the next three years. Annual share repurchases were increased by over 20% to a projected $4 billion for 2026, with management targeting a reduction of outstanding shares by more than 25% between 2023 and 2028.
BRKR	Bruker makes high-performance scientific instruments and analytical and diagnostic solutions that enable scientists to explore life and materials at molecular, cellular, and microscopic levels. During Q1 2026, Bruker stock declined due to continued headwinds from US academic and government funding cuts, with bookings down in the high teens percentage for the full year, and management guided for a mid-single-digit organic revenue decline in Q1 2026 specifically due to this pressure. Old West's investment thesis is structured on the idea that AI will lead way to a period of scientific advancement comparable to the Renaissance or Industrial Revolution, and we believe that the companies that help bridge AI's intelligence with the physical world's measurable reality are positioned at the next frontier. Bruker's NMR spectrometers, mass spectrometers, and atomic force microscopes are the sensors that translate the physical world into data AI can work with.
SSNC	SS&C is the world's largest hedge fund and private equity administrator, as well as the largest mutual fund transfer agency. They provide software and technology-enabled services to financial services and healthcare companies, covering securities accounting, front-office functions like trading and modeling, middle-office functions like portfolio management and reporting, and back-office functions like accounting, reconciliation, compliance, and tax reporting. In Q1 2026, although the business performed well, the stock was down mainly due to multiple compression. Analysts lowered price targets specifically citing software multiple compression, not deteriorating fundamentals.
TMQ	Trilogy Metals is a metal exploration and development company. It holds a 50% interest in Ambler Metals LLC, which owns the Upper Kobuk Mineral Projects in northwestern Alaska's Ambler Mining District, one of the most prospective copper-dominant districts in the world. Trilogy Metals is part of our portfolio's large exposure to metals and mining where we see a combination of strong fundamental outlook and low valuation. In Q1 2026, Trilogy's shares declined mainly as a result of a post-spike hangover from the October 2025 catalyst in which the U.S. government announced a $35.6 million strategic investment for approximately a 10% equity stake in the company.

TICKER

COMMENTARY

CNQ

Canadian Natural Resources is the largest oil and the second-largest natural gas producer in Canada. Their asset mix spans natural gas, light crude, heavy crude, bitumen, and synthetic crude oil, a low-cost, long-life physical asset base producing the energy that the world (and increasingly, AI infrastructure) runs on. During Q1 2026, CNQ was driven higher mainly due to the increase in the price of oil. They completed a strategic acquisition in Q1 that lifted their full-year production outlook, and reported record production while beating profit estimates. They extended their dividend growth streak to 26 years, boosted the quarterly dividend, launched a new share buyback program, and tightened their free cash flow return policy, all of which signaled management confidence in the durability of the cash generation story.

TDW

Tidewater has the largest fleet of offshore support vessels in the industry and is the oldest and most experienced provider of marine support services to the offshore oil and gas sector. Today over 90% of their fleet works internationally across more than 60 countries. In Q1 2026, TDW was driven higher mainly due to the increase in the price of oil. When oil surges to $118 a barrel, every oil company in the world accelerates their offshore drilling and production activity, which means more demand for Tidewater's vessels, and more pricing power on day rates. Their most recent earnings came in at $4.41 per share against an estimate of just $0.77, a 472% earnings surprise.

Suncor is Canada's leading integrated energy company, with operations spanning oil sands mining and in situ production, upgrading offshore production, refining, marketing and trading, and the nationwide Petro-Canada retail and wholesale network. During Q1 2026, SU was driven higher mainly due to the increase in the price of oil. Suncor management is focused on returning cash to shareholders rather than chasing volume growth, which is exactly the kind of capital discipline the thesis rewards. Suncor committed to returning over CAD $23 billion to shareholders through dividends and buybacks at $65 WTI over the next three years. Annual share repurchases were increased by over 20% to a projected $4 billion for 2026, with management targeting a reduction of outstanding shares by more than 25% between 2023 and 2028.

BRKR

Bruker makes high-performance scientific instruments and analytical and diagnostic solutions that enable scientists to explore life and materials at molecular, cellular, and microscopic levels. During Q1 2026, Bruker stock declined due to continued headwinds from US academic and government funding cuts, with bookings down in the high teens percentage for the full year, and management guided for a mid-single-digit organic revenue decline in Q1 2026 specifically due to this pressure. Old West's investment thesis is structured on the idea that AI will lead way to a period of scientific advancement comparable to the Renaissance or Industrial Revolution, and we believe that the companies that help bridge AI's intelligence with the physical world's measurable reality are positioned at the next frontier. Bruker's NMR spectrometers, mass spectrometers, and atomic force microscopes are the sensors that translate the physical world into data AI can work with.

SSNC

SS&C is the world's largest hedge fund and private equity administrator, as well as the largest mutual fund transfer agency. They provide software and technology-enabled services to financial services and healthcare companies, covering securities accounting, front-office functions like trading and modeling, middle-office functions like portfolio management and reporting, and back-office functions like accounting, reconciliation, compliance, and tax reporting. In Q1 2026, although the business performed well, the stock was down mainly due to multiple compression. Analysts lowered price targets specifically citing software multiple compression, not deteriorating fundamentals.

TMQ

Trilogy Metals is a metal exploration and development company. It holds a 50% interest in Ambler Metals LLC, which owns the Upper Kobuk Mineral Projects in northwestern Alaska's Ambler Mining District, one of the most prospective copper-dominant districts in the world. Trilogy Metals is part of our portfolio's large exposure to metals and mining where we see a combination of strong fundamental outlook and low valuation. In Q1 2026, Trilogy's shares declined mainly as a result of a post-spike hangover from the October 2025 catalyst in which the U.S. government announced a $35.6 million strategic investment for approximately a 10% equity stake in the company.

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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

AI

Oil

Natural Gas

Copper

Critical Minerals

Gold

Copper

Media

Tin

Mining

Copper

Tin

Silver

AI

Data Centers

Value

Gold

Commercial Real Estate

Commodities

Energy Transition

Uranium

Copper

Silver

Credit Stress

AI

Value

Rates

Commercial Real Estate

Value

Copper

Tin

Agriculture

Credit Stress

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Joseph Boskovich Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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