| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.4% | 6.8% | 6.8% |
GA-Courtenay Special Situations Fund returned +8.1% in April, bringing year-to-date performance to +6.8%, as markets repriced geopolitical tensions toward resolution. The fund's positioning through March volatility was vindicated, with strategic additions focused on monopolistic choke points rather than commodity price exposure. Key additions included Bloom Energy, the global leader in solid oxide fuel cells with 70% market share, positioned at the bottleneck of data center grid capacity constraints. The fund also added GE Vernova and Siemens Energy for adjacent energy infrastructure economics, plus space-focused positions in Rocket Lab and Intuitive Machines. Defense exposure was added through nLIGHT, capturing the directed-energy transition with dollar-per-shot laser economics against expensive missiles. The fund maintains its engineering mission of capturing asymmetric outcomes through leveraged long equity exposure defended by positive-carry hedging. With these energy-related additions providing factor risk diversification, the portfolio aims for greater robustness to sectoral rotations while maintaining focus on dominant future-facing businesses with irreplaceable infrastructure and regulatory moats.
Deploy leveraged investment in dominant future-facing businesses with market de-correlation through positive-carry hedging, focusing on monopolistic choke points and irreplaceable infrastructure rather than commodity price exposure.
The fund's engineering mission remains unchanged — to capture asymmetric outcomes, geared to the upside through the long equity book and defended on the downside through a positive-carry hedge. With energy-related additions providing factor risk diversification, the fund aims to become more robust to sectoral rotations.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 13 2026 | 2026 Q1 | BE, ENR.DE, GEV, LUNR, RKLB | defense, energy, infrastructure, Space, special situations, technology | - | Fund returned +8.1% in April as geopolitical tensions eased, validating positioning through March volatility. Strategic additions focused on monopolistic choke points: Bloom Energy leading solid oxide fuel cells for data center grid constraints, plus space positions in Rocket Lab and Intuitive Machines. Defense exposure added through nLIGHT's laser technology. Maintains leveraged long exposure with positive-carry hedging structure. |
| Dec 31 2025 | 2025 Q4 | 6954.T, 9984.T, AENA.MC, AIR.PA, AMZN, ASML, AXP, FER.MC, FTC.L, FWONK, GE, MA, MSFT, NG, PNG.TO, SAF.PA, SATS, TSLA, TSM, V | Hedge, Leverage, Monopolistic, Quality, SpaceX, special situations | - | GA-Courtenay Special Situations Fund combines 1.4x leveraged exposure to monopolistic businesses with positive-carry hedging protection. December's +6.3% return was driven by SpaceX proxies Echostar and Filtronic. The fund targets market inefficiency windows using AI-enhanced research, maintaining aggressive conservative positioning. Manager expresses strong optimism for 2026 performance following infrastructure optimization and toolkit restoration. |
| Sep 30 2025 | 2025 Q3 | META | AI, infrastructure, Investment, productivity, returns, technology, value | - | Manager analyzes massive AI infrastructure spending, questioning return potential while noting continued aggressive investment by major players. Uses Meta as case study, requiring 4% revenue growth acceleration for adequate returns on $40+ billion incremental capex. Draws parallels to historical technology cycles, suggesting current skepticism may be premature despite elevated valuations. |
| Jun 30 2025 | 2025 Q2 | 000660.KS, 005930.KS, 1299.HK, 2330.TW, 2912.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL | AI, Brazil, China, emerging markets, Indonesia, Quality, semiconductors, valuation | - | Aikya's emerging markets fund underperformed in October despite positive returns, missing semiconductor rally due to valuation discipline. Fund maintains quality-focused approach, benefiting from Indonesian bank exposure and defensive China positioning while facing headwinds from Latin American consumer weakness. Management emphasizes long-term absolute return focus over short-term benchmark performance. |
| Mar 31 2025 | 2025 Q1 | 7318.T, HOLO | AI, energy, healthcare, Japan, private equity, Take-privates | - | BXPE delivered 3.9% Q3 returns through record $1.3 billion deployment across energy, AI, and take-private opportunities. Strong portfolio performance with 80% of investments appreciating, driven by Corporate PE's 11% revenue and 17% EBITDA growth. Young portfolio with 76% of assets under one year old signals significant upside potential as deal activity accelerates. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Energy TransitionFund allocated to three monopolistic choke-point businesses positioned to capture energy volume growth rather than price: Bloom Energy (solid oxide fuel cells with 70% market share), GE Vernova, and Siemens Energy. These businesses scale revenues with energy volume consumed, not price, addressing data center grid capacity constraints through local energy conversion. |
Fuel Cells Grid Data Centers Infrastructure Volume |
SpaceFund holds positions in SpaceX equity through Echectar, Rocket Lab (reusable rockets operator positioned for economic step-up with Neutron-class vehicle), and Intuitive Machines (monopoly positions in NASA-approved private interplanetary navigation and lunar landers). Space represents a transformative growth opportunity with dominant business models. |
Rockets SpaceX Lunar NASA Reusable | |
DefenseFund added nLIGHT to address the directed-energy transition in defense, where high-power lasers deliver roughly dollar-per-shot economics against missiles costing orders of magnitude higher. This represents a significant cost advantage in defense applications. |
Lasers Missiles Cost Technology | |
Data CentersData center construction is increasingly constrained by grid capacity, with the practical workaround being gas pipelines routed to sites and converted to electricity locally through fuel cells. Bloom Energy is positioned at this bottleneck as the global leader in solid oxide fuel cells. |
Grid Capacity Infrastructure Conversion | |
| 2025 Q4 |
AIManager believes market's assessment of AI risk differs from their own, with approximately 60% of underperformance attributed to positions where AI impact concerns drove stock declines. Portfolio companies deemed AI-losers declined 15% despite 10% revenue growth and 15% EPS growth, representing valuation compression rather than fundamental deterioration. |
Artificial Intelligence Disruption Valuation Technology Software |
QualityFund exclusively invests in businesses with superior characteristics including high barriers to entry, sustainable competitive advantages, and durable growth prospects. Manager notes their focus on leading businesses in sectors has been foundation of strategy since inception, though this approach was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks. |
High Quality Competitive Advantages Barriers to Entry Sustainable Growth Market Leaders | |
Small CapsStrategy of owning competitively advantaged small and medium-sized businesses remained out of favor for most of the quarter. Fund observed improvement in early December as investors showed renewed enthusiasm for high-quality stocks that populate the portfolio, with significant outperformance potential when style comes back into favor. |
Small Cap Growth Style Rotation Valuation Outperformance | |
| 2025 Q3 |
AIMassive investments in AI infrastructure continue despite skepticism about returns. The manager analyzes whether hundreds of billions in AI spending will generate adequate returns, comparing it to historical technology adoption cycles. Early corporate adoption remains limited, but infrastructure investments by major players suggest confidence in long-term productivity gains. |
Data Centers Infrastructure Productivity Technology Investment |
| 2025 Q2 |
AIThe market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum. |
Semiconductors Taiwan Korea Technology |
QualityAikya's investment approach relies on two key pillars: Quality and Valuation. They invest exclusively in high-quality companies when available at sensible valuations, maintaining this discipline despite market momentum in other areas. |
Valuation Investment Discipline Companies | |
| 2025 Q1 |
AIBlackstone continues to focus on the picks and shovels of AI through infrastructure investments such as chips and data centers, while the market's maturation has opened the door for measured exposure to the application layer. BXPE invested in OpenAI and Anthropic — two category-defining AI research labs with complementary strategies in consumer and enterprise use cases. |
Data Centers OpenAI Anthropic Infrastructure Applications |
Energy TransitionAfter two decades of stagnation, US electricity demand is projected to rise by 40% over the next 10 years. One key reason is data centers, where over 80% of hyperscalers and operators cite power availability as their top growth constraint. Electrification and reshoring of manufacturing are also fueling this secular trend. |
Electricity Power Electrification Manufacturing Demand | |
Data CentersData centers are driving significant electricity demand growth, with over 80% of hyperscalers and operators citing power availability as their top growth constraint. This is creating investment opportunities in the energy and power value chain. |
Power Electricity Infrastructure Hyperscalers Constraint | |
DigitizationInvestments tied to the global shift online was another top contributor, accounting for 21% of Q3 performance. This theme represents the ongoing digital transformation across various industries and business models. |
Digital Online Transformation Technology Shift |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| BE | Bloom Energy sits precisely at such a choke point. The global leader in solid oxide fuel cells with roughly 70% market share, it is positioned at the bottleneck now defining Alera infrastructure: data centre construction increasingly constrained by grid capacity, with the practical workaround being a gas pipeline routed to the site and converted to electricity locally — through turbines, or through increasingly efficient fuel cells. Bloom's product captures a structurally rising share of that conversion economy. The position entered the book at 4% of NAV and scaled to nearly 8% intra-month as the share price doubled. We have maintained the sizing into month-end, reflecting conviction in the underlying thesis. |
| GEV | GE Vernova and Siemens Energy capture adjacent economics — HVDC converter stations and turbines — that operate as ancillaries to the same thesis. |
| ENR.DE | GE Vernova and Siemens Energy capture adjacent economics — HVDC converter stations and turbines — that operate as ancillaries to the same thesis. |
| RKLB | Rocket Lab (4.4% of NAV) is, alongside SpaceX, the only operator with reusable rockets in orbit, and stands before a transformative economic step-up with its larger Neutron-class vehicle. |
| LUNR | Intuitive Machines (3.9% of NAV) holds monopoly positions in NASA-approved private interplanetary navigation and a leading position in lunar landers, and, following recent acquisitions, trades conservatively at four times our estimate of revenues. |
| 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 | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
