Tactile Fund

Investor Summary

David Waters, CFA, is Alluvial Capital Management's managing member and has focused on delivering exceptional results for investors since launching Alluvial in 2014. Waters brings professional experience from Wilmington Trust and BNY Mellon Wealth Management, providing a strong foundation in wealth management and investment advisory services. Under his leadership, Alluvial Capital Management has grown from approximately $3 million in assets at founding to over $105 million in total assets under management as of April 2025. Waters holds the Chartered Financial Analyst designation and has been registered with the SEC since January 17, 2014, with no disciplinary history. He is supported by Tom Kapfer, who serves as associate handling research, due diligence, and operational responsibilities, bringing eight years of experience from a local investment advisory firm focused on business intelligence, operations, and compliance. The management team demonstrates a commitment to long-term value creation through patient capital deployment and disciplined investment selection.

Fund Strategy

Tactile Fund LP invests in companies with extraordinary physical assets that will stand the test of time. The fund seeks to deliver robust returns while protecting against the risks of inflation and accelerating technological change. Holdings must derive their value from exceptional physical assets which cannot be duplicated, targeting investments in businesses that fulfill fundamental human needs such as food, shelter, luxury, leisure, infrastructure, and industry. The fund employs two primary selection criteria: Durability (holdings must fulfill human needs that will be relevant 100 years from now) and Return Potential (holdings are undervalued due to market inattention, underappreciation, and barriers to ownership). The strategy focuses on three core categories: Food, Water, and Shelter; Luxury and Leisure; and Industry and Infrastructure, while explicitly avoiding unproductive assets, undifferentiated commodities, unstable jurisdictions, and poor management.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	2.9%	4%

Executive Summary

Tactile Fund returned 2.9% in Q2 2026, bringing year-to-date returns to 4.0%. The quarter saw partial unwinding of 2025 trends that included rising skepticism toward US equities and the dollar's reserve status, with the Iran conflict and high energy costs dampening appetite for vulnerable geographies like Western Europe. The fund added Grupo México, Mexico's largest public company, as a significant new position. Grupo México controls the world's largest and lowest-cost copper reserves through Southern Copper and ASARCO, while owning Mexico's most important rail networks. The company trades at more than 60% discount to net asset value and is evaluating rail acquisitions in Brazil and Argentina. Since inception, over 12% of the portfolio has been acquired or conducted major asset sales, with six holdings seeing catalyzing transactions in 18 months. This validates the desirability of companies owning extraordinary physical assets, though it limits long-term ownership opportunities. The portfolio remains positioned as a hedge against dollar weakness and technological disruption through ownership of rare, high-quality physical assets.

Core Thesis

Tactile Fund invests in companies that own extraordinary, scarce physical assets trading at significant discounts to intrinsic value, with these assets serving as hedges against dollar weakness and technological disruption while attracting acquisition interest that validates their quality.

Forward Outlook

The manager expects Tactile Fund's collection of businesses owning extraordinary physical assets to continue proving useful as a hedge against long-term dollar weakness and technological disruption. Grupo México is positioned to grow its value by building on its dominant position in rare, high quality physical assets, particularly through potential rail acquisitions in Brazil and Argentina. The manager acknowledges mixed feelings about the strong acquisition interest in portfolio holdings, as it boosts short-term returns but deprives the fund of long-term ownership opportunities, though sales at prices that fully reflect quality and scarcity are acceptable outcomes.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Aug 28 2026	2026 Q2	LAMR, MATX, SCCO	Conglomerates, Mexico, Mining, Physical Assets, Railroads, small caps, value	-	Tactile Fund added Grupo México at a 60%+ discount to net asset value, gaining exposure to the world's largest, lowest-cost copper reserves and Mexico's dominant rail networks. Copper trades at record highs amid constrained supply, while rail expansion opportunities exist in Brazil and Argentina. Strong acquisition activity across six holdings in 18 months confirms the scarcity value of the fund's physical asset focus.
Mar 31 2026	2026 Q1	ADN.TO, GRUMAB.MX, RBT.PA	Food, global, infrastructure, Luxury, Physical Assets, small cap, Tourism, value	RBT.PA	Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating global tortilla markets and Robertet serving luxury perfume industry. Manager confident tangible assets provide valuable counterweight to intangibles-dominated markets, positioned for long-term demand growth despite near-term geopolitical headwinds.
Feb 19 2026	2025 Q4	AER, CWK.L, FCG.NZ, GOOGL, GRUMAB.MX, HII, JUNGN.SW, LAMR, MATX, MCEM, META	Agriculture, AI, global, inflation, infrastructure, Luxury, Physical Assets, value	FSF NZ HII GMEXICOB MM BWEL GRUMAB MM	Tactile Fund returned 20.5% in 2025 by investing in companies with extraordinary physical assets immune to AI disruption and currency devaluation. Winners included Swiss railways, agriculture companies, and shipbuilders. The manager sees growing appreciation for quality physical assets as investors become skeptical of software franchises threatened by AI commoditization.
Sep 30 2025	2025 Q3	ADN.TO, CNRD, CWK.L, FSF.NZ, GMAB, HII, ICG.L, LAMR, MATX	Dairy, inflation, infrastructure, Shipbuilding, small caps, Tourism, value	-	Tactile Fund returned 15.3% year-to-date through Q3 2025, investing in irreplaceable assets serving fundamental human needs. Strong performance from shipbuilder Conrad Industries and New Zealand dairy cooperative Fonterra, while Alpine railways represent the archetypal investment with century-old infrastructure and pricing power. Timber and luxury marble investments faced headwinds from weak construction and trade disputes.
May 7 2025	2025 Q1	4681.T, 9722.T, CORR.LS, CWK.L, FCG, GRUMAB.MX, LIF.TO, MCEM, NWC.TO, SAN.MI, SKIS-B.ST, SRC.L, VPK.AS	Agriculture, global, infrastructure, Long Term, Luxury, Physical Assets, small cap	CNRD ADN CN FUM IM	Tactile Fund targets global small-cap companies with extraordinary physical assets and permanent competitive advantages. The strategy focuses on essential materials, agricultural processing, and trophy leisure assets across developed markets. With 0.7% Q1 returns versus -4.8% benchmark decline, the fund demonstrates resilience while gradually deploying capital into businesses designed for multi-decade ownership and steady value accumulation.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Aug 28 2026

2026 Q2

LAMR, MATX, SCCO

Conglomerates, Mexico, Mining, Physical Assets, Railroads, small caps, value

Tactile Fund added Grupo México at a 60%+ discount to net asset value, gaining exposure to the world's largest, lowest-cost copper reserves and Mexico's dominant rail networks. Copper trades at record highs amid constrained supply, while rail expansion opportunities exist in Brazil and Argentina. Strong acquisition activity across six holdings in 18 months confirms the scarcity value of the fund's physical asset focus.

Mar 31 2026

2026 Q1

ADN.TO, GRUMAB.MX, RBT.PA

Food, global, infrastructure, Luxury, Physical Assets, small cap, Tourism, value

RBT.PA

Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating global tortilla markets and Robertet serving luxury perfume industry. Manager confident tangible assets provide valuable counterweight to intangibles-dominated markets, positioned for long-term demand growth despite near-term geopolitical headwinds.

Feb 19 2026

2025 Q4

AER, CWK.L, FCG.NZ, GOOGL, GRUMAB.MX, HII, JUNGN.SW, LAMR, MATX, MCEM, META

Agriculture, AI, global, inflation, infrastructure, Luxury, Physical Assets, value

FSF NZ
HII
GMEXICOB MM
BWEL
GRUMAB MM

Tactile Fund returned 20.5% in 2025 by investing in companies with extraordinary physical assets immune to AI disruption and currency devaluation. Winners included Swiss railways, agriculture companies, and shipbuilders. The manager sees growing appreciation for quality physical assets as investors become skeptical of software franchises threatened by AI commoditization.

Sep 30 2025

2025 Q3

ADN.TO, CNRD, CWK.L, FSF.NZ, GMAB, HII, ICG.L, LAMR, MATX

Dairy, inflation, infrastructure, Shipbuilding, small caps, Tourism, value

Tactile Fund returned 15.3% year-to-date through Q3 2025, investing in irreplaceable assets serving fundamental human needs. Strong performance from shipbuilder Conrad Industries and New Zealand dairy cooperative Fonterra, while Alpine railways represent the archetypal investment with century-old infrastructure and pricing power. Timber and luxury marble investments faced headwinds from weak construction and trade disputes.

May 7 2025

2025 Q1

4681.T, 9722.T, CORR.LS, CWK.L, FCG, GRUMAB.MX, LIF.TO, MCEM, NWC.TO, SAN.MI, SKIS-B.ST, SRC.L, VPK.AS

Agriculture, global, infrastructure, Long Term, Luxury, Physical Assets, small cap

CNRD
ADN CN
FUM IM

Tactile Fund targets global small-cap companies with extraordinary physical assets and permanent competitive advantages. The strategy focuses on essential materials, agricultural processing, and trophy leisure assets across developed markets. With 0.7% Q1 returns versus -4.8% benchmark decline, the fund demonstrates resilience while gradually deploying capital into businesses designed for multi-decade ownership and steady value accumulation.

QUARTER	THEMES	TAGS
2026 Q2	Copper Grupo México controls the world's largest and lowest-cost copper reserves through Southern Copper and ASARCO. Copper prices are at record highs despite middling industrial growth, driven by constrained supply outlook as major discoveries have been rare and reserve quality has declined across the industry. The manager views Grupo México's copper assets as extraordinary physical assets that will grow in value.	Copper Mining Southern Copper Reserves
	Railroads Grupo México owns Mexico's most important rail networks (Ferromex and Ferrosur) as well as Florida East Coast Railway. The company is evaluating purchases of rail assets in Brazil and Argentina as those countries seek to strengthen transportation networks. The manager values these rail assets at a 20% discount to US rail majors, contributing to a 60%+ discount to net asset value for Grupo México shares.	Rail Infrastructure Mexico Transportation
	Conglomerates The fund added Grupo México, Mexico's largest public company and a conglomerate with interests in minerals and rail. The manager sees the company trading at more than 60% discount to net asset value when valuing rail assets at a 20% discount to US rail majors. The conglomerate structure provides exposure to multiple high-quality physical asset categories.	Conglomerates Grupo México Valuation
	Dollar The manager notes that 2025 saw rising skepticism of the US stock market and doubts about the global reserve status of the US Dollar, with 2026 seeing a partial unwinding of these trends. The fund's collection of businesses owning extraordinary physical assets is positioned as a hedge against long-term dollar weakness and technological disruption.	Dollar Currency Reserve Status
	M&A More than 12% of the portfolio by market value has been acquired, merged, or conducted major asset sales since inception. Six holdings have seen catalyzing transactions in the first 18 months, including Svitzer, Brickworks, Fonterra, Pardee Resources, Hotel Majestic, and Irish Continental Group. The manager views this as confirmation of the desirability of companies owning extraordinary physical assets, though it deprives the fund of long-term ownership opportunities.	M&A Acquisitions Asset Sales
2026 Q1	Travel The war with Iran is taking a toll on global tourism, affecting holdings like Jungfraubahn and Hotel Majestic Cannes as travelers defer trips. However, demand and prices for premium destinations will be considerably higher a decade from now, and these companies will still own the highest quality real estate and infrastructure.	Tourism Hospitality Infrastructure
	Infrastructure Portfolio emphasizes companies with extraordinary physical assets including ferry operators, minerals producers, and infrastructure companies. These assets provide necessary counterweight to intangibles-dominated markets and represent enduring value through economic cycles.	Physical Assets Transportation Utilities
	Food Holdings include Gruma which dominates the world market for tortillas and corn flour products, selling in 110 countries with extensive vertical integration. Robertet produces natural botanicals for food flavorings, benefiting from growing demand for natural over synthetic ingredients.	Agriculture Food Processing Natural Ingredients
	Luxury Robertet serves the luxury perfume industry, with products finding their way into the world's most expensive designer perfumes. The growing global middle class demands better quality products and is more conscious of ingredients, supporting premium positioning.	Perfume Premium Quality
2025 Q4	AI Manager views AI as a threat to software companies, noting that AI can reproduce software functions at a fraction of the cost. Warns that software franchises may become commoditized, with AI potentially eating software just as software once ate the world.	Software Disruption Commoditization Technology Valuation
	Infrastructure Portfolio heavily weighted toward physical infrastructure assets including railways, real estate, mineral resources, and industrial infrastructure. Manager believes these assets provide pricing power against inflation and cannot be replaced by AI.	Railways Real Estate Physical Assets Pricing Power Essential
	Agriculture Strong performance from Australian and New Zealand agricultural holdings including Ricegrowers and Fonterra. Manager expects agricultural companies with geographic and cost advantages to benefit from growing global middle class demand for quality foods.	Dairy Rice Food Security Geographic Advantage Demographics
	Switzerland Swiss Alpine Railways were among 2025's top performers with strong earnings from Jungfraubahn and BVZ Holding. Manager highlights their impossible-to-duplicate transportation and tourism infrastructure in the Alps.	Tourism Transportation Alps Monopolistic Infrastructure
2025 Q3	Shipbuilding Conrad Industries is benefiting from an upturn in the domestic shipbuilding industry with orders from government and industrial customers. The company has yet to receive meaningful new orders from energy customers, but if they return, recovery could accelerate. Conrad also received an order from a venture capital-backed producer of autonomous marine drones.	Shipbuilding Defense Marine Industrial Government
	Dairy Fonterra Co-Operative Group is one of the world's largest dairy exporters, processing over NZD $24 billion of dairy products annually. The company announced a divestment of consumer-facing businesses to Lactalis for NZD $4.2 billion, with plans for a tax-free distribution of NZD $2.00 per share to shareholders.	Dairy Food Agriculture New Zealand Distribution
	Travel Alpine railways represent a major investment theme, providing access to some of the highest peaks in the Alps. These companies are irreplaceable and nearly impossible to duplicate, with extraordinary pricing power. The railways were constructed over a century ago and additional development is almost nil due to ecological sensitivity.	Travel Tourism Railways Alps Infrastructure
2025 Q1	Agriculture The manager believes agricultural productivity will continue increasing globally, with most value accruing to owners of productive land and processing assets. Between 1948 and 2017, American farm output nearly tripled despite using less land and labor. Higher-yielding acreage will command higher rents while processing facilities benefit from greater throughput.	Land Processing Productivity Rents Throughput
	Building Materials Cement is highlighted as a prime example of stable oligopolies where top incumbents enjoy good profitability but economics are insufficient to support new entrants. Cement's bulky nature and low value-to-weight ratio makes importing uneconomical, while plants are noisy and dusty, limiting where new capacity can be built.	Cement Oligopoly Barriers Incumbents Geography
	Luxury The fund owns trophy assets like hotels, ski facilities, and resorts, but only if backed by solid cash flows and assets. Many trophy assets offer pride of ownership but little else, requiring intensive investment to maintain prestige. The manager believes their luxury and leisure assets deserve premium valuations due to rarity and quality.	Hotels Resorts Trophy Premium Rarity
	Infrastructure The fund seeks providers of materials and services that make modern life possible, provided they have permanent advantages like cost of production, quality, geographic proximity, or barriers to entry. The strategy focuses on companies with extraordinary physical assets that deliver essential services.	Essential Barriers Physical Proximity Permanent

QUARTER

THEMES

Copper

Grupo México controls the world's largest and lowest-cost copper reserves through Southern Copper and ASARCO. Copper prices are at record highs despite middling industrial growth, driven by constrained supply outlook as major discoveries have been rare and reserve quality has declined across the industry. The manager views Grupo México's copper assets as extraordinary physical assets that will grow in value.

Copper Mining Southern Copper Reserves

Railroads

Grupo México owns Mexico's most important rail networks (Ferromex and Ferrosur) as well as Florida East Coast Railway. The company is evaluating purchases of rail assets in Brazil and Argentina as those countries seek to strengthen transportation networks. The manager values these rail assets at a 20% discount to US rail majors, contributing to a 60%+ discount to net asset value for Grupo México shares.

Rail Infrastructure Mexico Transportation

Conglomerates

The fund added Grupo México, Mexico's largest public company and a conglomerate with interests in minerals and rail. The manager sees the company trading at more than 60% discount to net asset value when valuing rail assets at a 20% discount to US rail majors. The conglomerate structure provides exposure to multiple high-quality physical asset categories.

Conglomerates Grupo México Valuation

Dollar

The manager notes that 2025 saw rising skepticism of the US stock market and doubts about the global reserve status of the US Dollar, with 2026 seeing a partial unwinding of these trends. The fund's collection of businesses owning extraordinary physical assets is positioned as a hedge against long-term dollar weakness and technological disruption.

Dollar Currency Reserve Status

M&A

More than 12% of the portfolio by market value has been acquired, merged, or conducted major asset sales since inception. Six holdings have seen catalyzing transactions in the first 18 months, including Svitzer, Brickworks, Fonterra, Pardee Resources, Hotel Majestic, and Irish Continental Group. The manager views this as confirmation of the desirability of companies owning extraordinary physical assets, though it deprives the fund of long-term ownership opportunities.

M&A Acquisitions Asset Sales

2026 Q1

Travel

The war with Iran is taking a toll on global tourism, affecting holdings like Jungfraubahn and Hotel Majestic Cannes as travelers defer trips. However, demand and prices for premium destinations will be considerably higher a decade from now, and these companies will still own the highest quality real estate and infrastructure.

Tourism Hospitality Infrastructure

Infrastructure

Portfolio emphasizes companies with extraordinary physical assets including ferry operators, minerals producers, and infrastructure companies. These assets provide necessary counterweight to intangibles-dominated markets and represent enduring value through economic cycles.

Physical Assets Transportation Utilities

Food

Holdings include Gruma which dominates the world market for tortillas and corn flour products, selling in 110 countries with extensive vertical integration. Robertet produces natural botanicals for food flavorings, benefiting from growing demand for natural over synthetic ingredients.

Agriculture Food Processing Natural Ingredients

Luxury

Robertet serves the luxury perfume industry, with products finding their way into the world's most expensive designer perfumes. The growing global middle class demands better quality products and is more conscious of ingredients, supporting premium positioning.

Perfume Premium Quality

2025 Q4

AI

Manager views AI as a threat to software companies, noting that AI can reproduce software functions at a fraction of the cost. Warns that software franchises may become commoditized, with AI potentially eating software just as software once ate the world.

Software Disruption Commoditization Technology Valuation

Infrastructure

Portfolio heavily weighted toward physical infrastructure assets including railways, real estate, mineral resources, and industrial infrastructure. Manager believes these assets provide pricing power against inflation and cannot be replaced by AI.

Railways Real Estate Physical Assets Pricing Power Essential

Agriculture

Strong performance from Australian and New Zealand agricultural holdings including Ricegrowers and Fonterra. Manager expects agricultural companies with geographic and cost advantages to benefit from growing global middle class demand for quality foods.

Dairy Rice Food Security Geographic Advantage Demographics

Switzerland

Swiss Alpine Railways were among 2025's top performers with strong earnings from Jungfraubahn and BVZ Holding. Manager highlights their impossible-to-duplicate transportation and tourism infrastructure in the Alps.

Tourism Transportation Alps Monopolistic Infrastructure

2025 Q3

Shipbuilding

Conrad Industries is benefiting from an upturn in the domestic shipbuilding industry with orders from government and industrial customers. The company has yet to receive meaningful new orders from energy customers, but if they return, recovery could accelerate. Conrad also received an order from a venture capital-backed producer of autonomous marine drones.

Shipbuilding Defense Marine Industrial Government

Dairy

Fonterra Co-Operative Group is one of the world's largest dairy exporters, processing over NZD $24 billion of dairy products annually. The company announced a divestment of consumer-facing businesses to Lactalis for NZD $4.2 billion, with plans for a tax-free distribution of NZD $2.00 per share to shareholders.

Dairy Food Agriculture New Zealand Distribution

Travel

Alpine railways represent a major investment theme, providing access to some of the highest peaks in the Alps. These companies are irreplaceable and nearly impossible to duplicate, with extraordinary pricing power. The railways were constructed over a century ago and additional development is almost nil due to ecological sensitivity.

Travel Tourism Railways Alps Infrastructure

2025 Q1

Agriculture

The manager believes agricultural productivity will continue increasing globally, with most value accruing to owners of productive land and processing assets. Between 1948 and 2017, American farm output nearly tripled despite using less land and labor. Higher-yielding acreage will command higher rents while processing facilities benefit from greater throughput.

Land Processing Productivity Rents Throughput

Building Materials

Cement is highlighted as a prime example of stable oligopolies where top incumbents enjoy good profitability but economics are insufficient to support new entrants. Cement's bulky nature and low value-to-weight ratio makes importing uneconomical, while plants are noisy and dusty, limiting where new capacity can be built.

Cement Oligopoly Barriers Incumbents Geography

Luxury

The fund owns trophy assets like hotels, ski facilities, and resorts, but only if backed by solid cash flows and assets. Many trophy assets offer pride of ownership but little else, requiring intensive investment to maintain prestige. The manager believes their luxury and leisure assets deserve premium valuations due to rarity and quality.

Hotels Resorts Trophy Premium Rarity

Infrastructure

The fund seeks providers of materials and services that make modern life possible, provided they have permanent advantages like cost of production, quality, geographic proximity, or barriers to entry. The strategy focuses on companies with extraordinary physical assets that deliver essential services.

Essential Barriers Physical Proximity Permanent

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Mar 31, 2026	Fund Letters	Tactile Fund	RBT.PA	Robertet SA	Chemicals	Specialty Chemicals	Bull	Euronext Stock Exchange	consumer staples, Cosmetics, family-controlled, france, Luxury goods, Natural-ingredients, Non-Voting Shares, Perfumery, specialty chemicals, vertical integration	Login
Feb 19, 2026	Fund Letters	Dave Waters	FSF NZ	Fonterra Shareholders Fund	Consumer Staples	Packaged Foods & Meats	Bull	New York Stock Exchange	agriculture, Dairy, Exports, Food Demand, Pricing power	Login
Feb 19, 2026	Fund Letters	Dave Waters	HII	Huntington Ingalls Industries, Inc.	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	backlog, Defense, infrastructure, national security, Shipbuilding	Login
Feb 19, 2026	Fund Letters	Dave Waters	GMEXICOB MM	Mexican Gruma, S.A.B. de C.V.	Consumer Staples	Packaged Foods & Meats	Bull	New York Stock Exchange	Emerging markets, market share, Staples, Tortillas, valuation	Login
Feb 19, 2026	Fund Letters	Dave Waters	BWEL	J.G. Boswell Company	Consumer Staples	Agricultural Products & Services	Bull	Dubai Financial Market	assets, Cyclicality, Farmland, NAV, Water	Login
Feb 19, 2026	Fund Letters	Dave Waters	GRUMAB MM	Gruma, S.A.B. de C.V.	Consumer Staples	Packaged Foods & Meats	Bull	New York Stock Exchange	Corn, market share, Staples, Tortillas, valuation	Login
Sep 30, 2025	Fund Letters	Dave Waters	CNRD	Conrad Industries, Inc.	Industrials	Shipbuilding	Bull	-	backlog, Cyclicals, energy, Industrials, Shipbuilding	Login
Sep 30, 2025	Fund Letters	Dave Waters	ADN CN	Acadian Timber Corp.	Industrials	Timber & Forestry	Bear	TSX	Commodities, Cyclicals, Forestry, Housing, Timber	Login
Sep 30, 2025	Fund Letters	Dave Waters	FUM IM	Franchi Umberto Marmi S.p.A.	Health Care	Luxury Stone & Marble	Bull	Borsa Istanbul	Luxury, Marble, materials, Scarcity, tariffs	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Mar 31, 2026

Fund Letters

Tactile Fund

RBT.PA

Robertet SA

Chemicals

Specialty Chemicals

Bull

Euronext Stock Exchange

consumer staples, Cosmetics, family-controlled, france, Luxury goods, Natural-ingredients, Non-Voting Shares, Perfumery, specialty chemicals, vertical integration

Feb 19, 2026

Fund Letters

Dave Waters

FSF NZ

Fonterra Shareholders Fund

Consumer Staples

Packaged Foods & Meats

Bull

New York Stock Exchange

agriculture, Dairy, Exports, Food Demand, Pricing power

Feb 19, 2026

Fund Letters

Dave Waters

HII

Huntington Ingalls Industries, Inc.

Industrials

Aerospace & Defense

Bull

New York Stock Exchange

backlog, Defense, infrastructure, national security, Shipbuilding

Feb 19, 2026

Fund Letters

Dave Waters

GMEXICOB MM

Mexican Gruma, S.A.B. de C.V.

Consumer Staples

Packaged Foods & Meats

Bull

New York Stock Exchange

Emerging markets, market share, Staples, Tortillas, valuation

Feb 19, 2026

Fund Letters

Dave Waters

BWEL

J.G. Boswell Company

Consumer Staples

Agricultural Products & Services

Bull

Dubai Financial Market

assets, Cyclicality, Farmland, NAV, Water

Feb 19, 2026

Fund Letters

Dave Waters

GRUMAB MM

Gruma, S.A.B. de C.V.

Consumer Staples

Packaged Foods & Meats

Bull

New York Stock Exchange

Corn, market share, Staples, Tortillas, valuation

Sep 30, 2025

Fund Letters

Dave Waters

CNRD

Conrad Industries, Inc.

Industrials

Shipbuilding

Bull

backlog, Cyclicals, energy, Industrials, Shipbuilding

Sep 30, 2025

Fund Letters

Dave Waters

ADN CN

Acadian Timber Corp.

Industrials

Timber & Forestry

Bear

TSX

Commodities, Cyclicals, Forestry, Housing, Timber

Sep 30, 2025

Fund Letters

Dave Waters

FUM IM

Franchi Umberto Marmi S.p.A.

Health Care

Luxury Stone & Marble

Bull

Borsa Istanbul

Luxury, Marble, materials, Scarcity, tariffs

TICKER	COMMENTARY
SCCO	Grupo México owns 89% of Southern Copper, with the remainder trading on the NYSE under the ticker 'SCCO.' Through its ownership of Peru's Southern Copper Corporation and US-based ASARCO, Grupo México controls the world's largest and lowest-cost copper reserves, as well as substantial zinc, molybdenum, and silver assets. In some quarters, the company reports a negative cash cost of copper production net of revenue from valuable byproducts. Southern Copper has large and sustainable cost of production advantages, as well as high quality, long-lived reserves, which helps explain why shareholders have seen their investment return more than 300x over the past 30 years.
LAMR	Lamar Advertising Co. is listed as a top twenty holding at 3.6% of the portfolio.
MATX	Matson Inc. is listed as a top twenty holding at 3.3% of the portfolio.

TICKER

COMMENTARY

SCCO

Grupo México owns 89% of Southern Copper, with the remainder trading on the NYSE under the ticker 'SCCO.' Through its ownership of Peru's Southern Copper Corporation and US-based ASARCO, Grupo México controls the world's largest and lowest-cost copper reserves, as well as substantial zinc, molybdenum, and silver assets. In some quarters, the company reports a negative cash cost of copper production net of revenue from valuable byproducts. Southern Copper has large and sustainable cost of production advantages, as well as high quality, long-lived reserves, which helps explain why shareholders have seen their investment return more than 300x over the past 30 years.

LAMR

Lamar Advertising Co. is listed as a top twenty holding at 3.6% of the portfolio.

MATX

Matson Inc. is listed as a top twenty holding at 3.3% of the portfolio.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Copper

Railroads

Conglomerates

Dollar

M&A

Travel

Infrastructure

Food

Luxury

AI

Infrastructure

Agriculture

Switzerland

Shipbuilding

Dairy

Travel

Agriculture

Building Materials

Luxury

Infrastructure

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Dave Waters Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Tactile Fund