| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 3% | 11.2% |
Alphyn Capital returned 3.0% net in Q3 2025 versus 8.1% for the S&P 500, with the portfolio holding 17% cash and top ten positions comprising 68% of holdings. The manager focuses on capital allocation excellence across diverse compounding structures, from massive internal reinvestment engines like Alphabet and Amazon to investment platforms like KKR and Brookfield, and serial acquirers like new holding Roko. Key contributors included Alphabet, which benefited from favorable antitrust ruling and strong AI positioning, Prosus accelerating its transformation into a global technology operator, and Brookfield delivering robust results with $100 billion in capital inflows. Gold performed strongly amid debasement concerns and central bank demand. Detractors included Terravest following earnings miss and increased financing costs from acquisitions, and Burford facing delays in YPF judgment enforcement. The manager initiated a position in Roko, a Scandinavian serial acquirer led by former Lifco CEO Fredrik Karlsson, and exited Cirata after the growth thesis failed to materialize.
Focus on management teams that allocate capital effectively through disciplined reinvestment and operational excellence, seeking compounding value creators across diverse structures including internal reinvestment engines, investment platforms, and serial acquirers.
Manager remains focused on progress through the rest of 2025 with meaningful portion of net worth invested alongside clients.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Oct 28 2025 | 2025 Q3 | BN, BUR.L, CCOI, FFH.TO, GLD, GOOGL, MRO.L, PRX.AS, ROKO.ST, TVK.TO | AI, Capital Allocation, Compounding, gold, insurance, Serial Acquisition, technology |
GOOGL BN MRO LN TVK CN CCOI FFH CN CRTA LN GOOGL BN MRO LN TVK CN BUR CCOI FFH CN CRTA LN |
Alphyn returned 3.0% in Q3 versus 8.1% for S&P 500, focusing on capital allocation excellence across diverse compounding structures. Alphabet led gains on favorable antitrust ruling and AI strength, while Prosus and Brookfield delivered strong operational results. New position in Roko provides exposure to proven serial acquisition strategy. Portfolio maintains 17% cash with concentrated top ten holdings. |
| Jul 9 2025 | 2025 Q2 | AMZN, BN, CCOI, FFH.TO, FILA.MI, KFS, KKR, KMX, OCSL | Asset Management, cash flow, Compounding, Concentration, insurance, technology, value |
FFH BN KKR KFS AMZN CCOI KMX OCSL FFH.TO BN KKR KFS AMZN CCOI |
Alphyn outperformed with 12.4% returns through concentrated holdings in compounding businesses like Fairfax Financial, Brookfield, and Amazon. Active portfolio management included trimming overvalued positions and adding to pullbacks while maintaining 17% cash. Despite market volatility from tariffs and rate shifts, the focus on durable, cash-generative companies with competitive advantages drove continued value creation. |
| Jan 11 2025 | 2024 Q4 | AHT.L, AMZN, DSGR, EXO.MI, FFH.TO, GDX, GOOGL, KKR, MRO.L, PRX.AS | AI, compounders, E-Commerce, insurance, private equity, Quality, technology, value | - | Alphyn delivered 16.9% net returns in 2024 through concentrated holdings in quality compounders like KKR, Fairfax Financial, and Amazon. The manager has evolved to be less forgiving of poor fundamentals while maintaining focus on long-term compounding. Current market presents valuation concerns and AI excess, but pockets of value remain for disciplined stock selection. |
| Oct 8 2024 | 2024 Q3 | AMZN, BN, CCOI, CIR.L, FFH.TO, GOOGL, KKR, MRO.L, OCSL, PRX.AS | aerospace, AI, infrastructure, insurance, private equity, real estate, technology, value | - | Concentrated value fund outperformed with 8.9% Q3 returns through quality companies facing temporary headwinds. Strong performance from KKR (capital markets recovery), Brookfield (wealth management expansion), and Prosus (China stimulus). New aerospace position Melrose offers secular growth exposure. Portfolio maintains discipline with 9% cash, trimming winners, and selective deployment into AI infrastructure and private market beneficiaries. |
| Jul 10 2024 | 2024 Q2 | 0700.HK, AMZN, BUR.L, ESAB, EXOR.MI, FFH.TO, GOOGL, KKR, KMX, PHG, PRX.AS, RACE, STLA, TVK.TO | Capital Allocation, compounders, Concentration, Long/Short, portfolio, risk management, technology, value | - | Alphyn Capital's Q2 underperformance prompted strategic refinements in risk management while maintaining focus on quality compounders. Key exits included Enovis and Wayfair due to competitive pressures. Strong performance from Prosus, Alphabet, and Fairfax offset weakness in Burford and CarMax. New position in Terravest Industries reflects continued focus on well-managed capital allocators trading at reasonable valuations. |
| Apr 15 2024 | 2024 Q1 | AMZN, CCOI, CHTR, CIRA.L, DSGR, ESAB, EXO.MI, FFH.TO, KFS, KKR, LBRDK, OCSL, RACE, STLA | Complexity, Holding Companies, insurance, long-term, private equity, Spin-Offs, value | - | Alphyn Capital's value-focused strategy targets undervalued companies in complex situations that obscure earnings power from market recognition. Q1 performance of 7.1% was driven by KKR's diversified income streams and Fairfax's recovery from short seller attack. Manager exited Liberty Broadband due to competitive threats while adding Distribution Solutions Group, emphasizing extended investment timescales for differentiated edge. |
| Nov 21 2023 | 2023 Q3 | AHT.L, BUR.L, CRTA.L, ENOV, FFH.TO, IAC, KFS, KKR, KMX, LBRDK, PRX.AS | Concentration, insurance, Long Term, Patience, value | - | Alphyn outperformed the S&P 500 in Q3 with a concentrated value approach emphasizing patience and fundamental analysis. Fairfax Financial exemplifies the strategy, compounding 17% annually over five years as insurance market conditions improved. The manager added Kingsway Financial Services while maintaining conviction in undervalued positions despite short-term volatility, focusing on long-term value creation through patient capital allocation. |
| Jun 7 2023 | 2023 Q2 | AHT.L, ALVO, AMZN, BN, CCOI, EXO.MI, FFH.TO, IAC, KMX, PRX.AS, W | E-Commerce, infrastructure, long-term, Portfolio Rebalancing, real estate, Telecommunications, value | CCOI | Alphyn Capital rebalanced toward long-term compounding opportunities, initiating Cogent Communications for its transformational Sprint acquisition and adding to Amazon, Ashtead, and Brookfield. The manager sees multi-year value creation in telecommunications infrastructure, e-commerce growth, and government infrastructure spending while maintaining focus on quality businesses with strong competitive advantages and experienced management teams. |
| Apr 30 2023 | 2023 Q1 | 3690.HK, 700.HK, BAM, BUR.L, CNHI, CRSS, ENOV, ESAB, EXOR.MI, FFH.TO, KMX, PRX.AS, RACE, STLA, W, WAND.L | Concentration, Fraud, insurance, Litigation, technology, turnaround, value | - | Alphyn matched the S&P 500 in Q1 despite WANdisco's accounting fraud requiring a 50% markdown. Burford's $1.9-3.3 billion Argentina victory and strong performance from Fairfax and Exor offset the damage. The manager maintains his barbell strategy but will implement stricter guardrails on speculative positions and more frequent rebalancing to prevent concentration risk. |
| Dec 31 2022 | 2022 Q4 | ALVO, BN, EXO GR, FFX GR, GOOG, W, WAND LN | - | - | |
| Oct 10 2022 | 2022 Q3 | AHT LN, AMZN, BUR, EXO NA, FFX GR, IAC, KMX, LBRDA, PSH LN, VMEO | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
AIAlphabet benefits from vertically integrated AI stack spanning proprietary infrastructure, leading models, and scaled distribution platforms. Google's AI advantage includes twice the power efficiency of competitors and 33x efficiency in inference. AI enhances Search utility through features like AI Overviews and Lens, driving increased user engagement. |
Infrastructure Models Search Cloud Efficiency |
Capital MarketsBrookfield operates as an investment-led insurance organization with $100 billion in capital inflows over twelve months. The platform spans real assets, insurance, and credit with management targeting 25% annualized growth in distributable earnings through 2030. Prosus accelerates shift from passive investment holding to scaled global technology operator. |
Insurance Real Assets Credit Inflows Growth | |
GoldGold had strong Q3 performance with spot price heading towards $4,000/oz milestone. Demand driven by central banks, investors rotating into gold as portfolio hedge instead of longer-dated bonds, and the classic debasement trade. Debasement narrative encompasses geopolitical uncertainty, inflation concerns, and debt debasement fears. |
Central Banks Hedge Debasement Inflation Geopolitical | |
| 2025 Q2 |
InsuranceFairfax Financial demonstrates textbook compounding through hard-market pricing, expanding float to $33 billion, and growing interest income from $0.6 billion to $2.5 billion. The company is positioned to earn over $165 per share in 2025, triple the 2019 run rate, driven by disciplined underwriting, growing float, higher yields, and associate contributions. |
Underwriting Float Hard Market Reinsurance Book Value |
Alternative Asset ManagersBrookfield and KKR showcase resilient fee-based earnings models. Brookfield generated record $698m in fee-related earnings at 57% margins with $549bn in fee-bearing capital, while KKR's Total Operating Earnings of $4.5bn annually come from steady management fees, insurance operations, and strategic holdings rather than volatile investment income. |
Management Fees Fee Bearing Capital Carry AUM Insurance | |
E-commerceAmazon's structural advantages continue widening through high-return, capital-light businesses. AWS contributes over half of operating income with mid-teens growth and 40% margins, while advertising expands at 19% with direct bottom-line impact. The company generates $25 billion in trailing free cash flow. |
AWS Cloud Advertising Marketplace Free Cash Flow | |
| 2024 Q4 |
AIAI is emerging as a valuable growth driver across portfolio companies rather than a disruptive threat. Amazon's AI initiatives are producing multibillion-dollar revenues and growing at triple the rate of AWS at a similar stage. Google's AI tools like Lens and Circle to Search are driving user engagement, while ads within AI-generated search overviews are proving effective. |
Cloud Data Centers Software Growth |
Capital MarketsKKR's Capital Markets business delivered record revenues, benefiting from diversified activity across infrastructure, private equity, credit, and opportunistic financings. The breadth of around 100 deals demonstrates the resilience of KKR's platform despite potential economic headwinds. |
Asset Managers Private Credit Infrastructure Spending Growth | |
E-commerceAmazon continues demonstrating sustainable cash flow growth through customer-focused investments in regional logistics and same-day shipping. The company achieved margin gains in international operations while its advertising business grew 19% year-over-year to $14.3 billion in revenue. |
Logistics Advertising Growth Cloud | |
GoldGold has averaged roughly 8% annual appreciation over the past 50 years, keeping pace with production costs and inflation while serving as both a hedge and modest long-term performer. The manager shifted from gold miners to direct gold exposure due to miners' historically poor capital allocation. |
Gold Miners Inflation Commodities | |
| 2024 Q3 |
Capital MarketsKKR benefits from increased capital markets activity after a slowdown, leading to higher transaction fees and potential for more realizations and carried interest as M&A activity resumes. The company has entered a new fundraising cycle with a $10 billion first close on Infrastructure V fund. |
Private Equity Fundraising Transaction Fees Carried Interest M&A |
InfrastructureBrookfield aims to grow wealth management AUM from $110 billion to $300 billion by expanding in U.S. and entering European pension markets and Japanese annuities. The company plans to move $15 billion in core real estate assets into insurance and wealth management accounts for stable cash flows. |
Wealth Management Pension Insurance Real Estate Cash Flows | |
AIAmazon is investing heavily in AWS infrastructure to support growing AI business, spending $30.5 billion on capex in first half with plans to exceed that in second half. CEO emphasizes significant demand for AI-related services which will become a very large business. Cogent positioned for AI infrastructure demand similar to Lumen's Microsoft deal. |
Cloud Infrastructure Data Centers Capex AWS Microsoft | |
AerospaceMelrose Industries operates GKN Aerospace with strong positioning in engines division (90% of engines flying, 70% sole-supplier revenues). Company benefits from Risk and Revenue Sharing Partnerships providing lifetime aftermarket profit shares. Long-term secular demand driven by 52,000 new aircraft needed over 20 years. |
Aircraft Engines Aftermarket Defense Manufacturing | |
| 2024 Q2 |
AIAlphabet has started incorporating AI Overviews in searches featuring responses from its LLM and Gemini, with improved user satisfaction and click-through rates. The company is exploring new AI features like short product videos and virtual try-on options within shopping ads. Amazon is adopting a primitive services approach to GenAI, developing custom AI chips, training services, and applications like Alexa and shopping AI called Rufus. |
Artificial Intelligence Machine Learning LLM Gemini Search |
CloudAmazon's AWS holds a 35% market share in the cloud sector, where only 10% of IT spending has shifted to the cloud. Alphabet showed particular strength in Cloud with 28% growth. Amazon's dominance comes from its scale and customer obsession, positioning it to capture significant shares of the growing cloud markets. |
AWS Infrastructure Computing Data Centers Enterprise | |
E-commerceAmazon has a 45% share of online retail, which only makes up 25% of total retail sales. The company's expansion into the grocery sector shows promise, currently holding a 20% share of the grocery market. As online retail trends towards 40-50% penetration, Amazon's growth potential is meaningful. |
Online Retail Digital Commerce Marketplace Grocery Fulfillment | |
Private CreditKKR has capitalized on rising interest rates with robust fundraising in private credit and infrastructure funds. The company recently signed a deal with Capital Group to target mass retail markets with a hybrid liquid/private credit vehicle. There has been a marked increase in demand for private investments in the wealth management channel. |
Alternative Credit Direct Lending Institutional Wealth Management Fundraising | |
| 2024 Q1 |
ValueManager focuses on identifying undervalued companies whose potential isn't fully recognized by the market, seeking quality companies with high returns on capital. The strategy involves finding opportunities with disproportionate odds to payoff ratios, requiring conviction not shared by most market participants. |
Undervalued Quality Returns Capital Conviction |
Private CreditPortfolio includes exposure to specialty lending through Oaktree Specialty Lending, which offers an 11% yield in the current high interest rate environment. The company benefits from access to Oaktree's extensive syndication platform and credit expertise. |
Lending Yield Credit Interest Syndication | |
Alternative Asset ManagersSignificant position in KKR, which has successfully diversified its income streams and created predictable earnings through fees on growing AUM, performance fees, and balance sheet returns. The company has transformed from irregular carried interest to more stable operating earnings. |
KKR AUM Fees Earnings Diversification | |
BuybacksDiscussion of Liberty Broadband's mechanical leveraged buyback strategy that likely destroyed value by buying at much higher prices than current levels, adding leverage risk. EXOR's capital allocation strategy includes buybacks and debt reduction as part of its approach. |
Repurchases Leverage Value Capital Strategy | |
| 2023 Q3 |
InsuranceFairfax Financial demonstrates the benefits of a hard insurance market, with its insurance business now writing almost $30bn in premiums per year and capable of delivering over $3bn in operating profits from insurance, interest, and dividends. The company has systematically harvested investments at significant gains to fund doubling down on its insurance business. |
Insurance Premiums Hard Market Underwriting Reinsurance |
Private CreditKKR has a strong track record in private credit with over $200 billion in assets under management, particularly bullish on asset-based finance (ABF), a $5 trillion+ addressable market. Higher rates have put pressure on bank balance sheets, diminishing their presence in the ABF market, which KKR is well-positioned to fill. |
Asset Based Finance Direct Lending Credit Banking Origination | |
MediaCharter's carriage dispute with Disney highlighted the company's strong negotiating position as a content distributor through its hard-to-replace cable assets. The resolution affirmed Charter's ability to challenge ever-increasing programming costs and bundling practices that have driven the rise of over-the-top streaming services. |
Cable Content Streaming Broadband Carriage | |
Capital MarketsBurford Capital secured a significant legal victory against Argentina worth approximately $16 billion, of which Burford is entitled to $6 billion. The company has effectively addressed concerns from short attacks and expanded its business profitably, representing a classic instance of the market not crediting uncertainty. |
Litigation Finance Legal Argentina Settlement Uncertainty | |
| 2023 Q2 |
TelecommunicationsInitiated position in Cogent Communications, led by founder-operator Dave Schaeffer. The company is acquiring Sprint's former wireline business for $1 with $760m in payments from T-Mobile over 4.5 years. This transformational deal opens potential new revenue streams in optical wavelength services, targeting a $2 billion addressable market growing 7% annually. |
Fiber Internet Infrastructure Wavelength Data Centers |
E-commerceAdded to Amazon position based on the company's strategic cost streamlining, fulfillment network overhaul transitioning from national to regional model, and strong advertising business growth. Amazon remains a long-term growth entity with 80% of retail still offline and 90% of global IT spending remaining on-premise. |
Retail AWS Advertising Fulfillment Scale | |
Infrastructure SpendingIncreased position in Ashtead citing the upcoming $2 trillion government-backed construction boom characterized by large, multi-year, cycle-independent projects. With each year seeing $300bn worth of projects initiated, Ashtead could capture significant market share due to its scale advantages. |
Construction Equipment Rental Government Scale Utilization | |
Commercial Real EstateAdded to Brookfield Corporation despite market concerns about commercial real estate. At mid-30s per share, Brookfield trades at less than fundamental value even if assigning zero value to its entire real estate portfolio, which is highly improbable given its array of premium assets that have proven more resilient than average commercial properties. |
Real Estate Asset Management Fees Resilience Valuation | |
| 2023 Q1 |
Auto RetailCarMax faces challenging macro conditions with high used car prices and rising interest rates impacting affordability. The company is investing heavily in omnichannel capabilities and online tools while maintaining market share discipline to preserve margins. |
CarMax Used Cars Online Financing Retail |
Asset ManagersBrookfield Asset Management spun out as a standalone entity to highlight its asset-lite model with 83% long-term fee-paying AUM. The market has assigned lower valuation than management's guidance, creating potential opportunity. |
Brookfield Spin-off Fees AUM Alternatives | |
Litigation FinanceBurford Capital secured a landmark victory against Argentina worth $1.9-3.3 billion, validating the business model and providing substantial capital for future deployment at attractive returns. |
Burford Argentina Legal Judgment Returns | |
Medical DevicesEnovis represents an opportunity to apply Danaher's operational excellence to orthopedic devices, particularly in the growing extremities segment and ambulatory surgical centers market. |
Enovis Orthopedics Danaher Surgery Growth | |
CloudWANdisco's cloud migration technology was validated by major customers but the company suffered from accounting fraud that misrepresented revenues and bookings, leading to trading suspension. |
WANdisco Data Migration Fraud Technology Suspension |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 5, 2023 | Fund Letters | Alphyn Capital Management | CCOI | Cogent Communications Holdings Inc | Communication Services | Integrated Telecommunication Services | Bull | NASDAQ | data centers, dividend, fiber-optic network, Free Cash Flow, Internet Infrastructure, M&A, telecommunications, turnaround, wavelength services | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | MRO LN | Melrose Industries PLC | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, annuity, Free Cash Flow, Margins, rerating, restructuring, Rrsps | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | TVK CN | TerraVest Industries Inc. | Energy | Industrial Machinery | Bull | TSX | cross-selling, Defense, Financing-costs, Hydrogen, Integration, M&A, Reinvestment | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | TVK CN | TerraVest Industries Inc. | Energy | Industrial Machinery | Bull | TSX | cross-selling, Defense, Financing-costs, Hydrogen, Integration, M&A, Reinvestment | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | CCOI | Cogent Communications Holdings, Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | backlog, Conversions, EBITDA, Execution, Installations, Margins, Wavelengths | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | CRTA LN | Cirata plc | Information Technology | Application Software | Bear | NYSE | Bookings, cash burn, Data-integration, divestiture, Execution, growth, Tax-loss | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | BUR | Burford Capital Limited | Financials | Specialized Finance | Bull | NYSE | Commitments, Deployments, Enforcement, litigation, NAV, Optionality, Sovereign-risk | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | FFH CN | Fairfax Financial Holdings Limited | Financials | Property & Casualty Insurance | Bull | TSX | Allocation, Book Value, buybacks, combined ratio, Earnings-quality, ROE, underwriting | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | antitrust, backlog, CapEx, cloud, compounding, efficiency, Margins, monetization | Login |
| Oct 28, 2025 | Fund Letters | - | CRTA LN | Cirata plc | Information Technology | Application Software | Bear | NYSE | Bookings, cash burn, Data-integration, divestiture, Execution, growth, Tax-loss | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | CCOI | Cogent Communications Holdings, Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | backlog, Conversions, EBITDA, Execution, Installations, Margins, Wavelengths | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | BN | Brookfield Corporation | Financials | Alternative Asset Management | Bull | NYSE | Alternatives, buybacks, data centers, duration, Free Cash Flow, Fundraising, Insurance, renewables | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | MRO LN | Melrose Industries PLC | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, annuity, Free Cash Flow, Margins, rerating, restructuring, Rrsps | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | FFH CN | Fairfax Financial Holdings Limited | Financials | Property & Casualty Insurance | Bull | TSX | Allocation, Book Value, buybacks, combined ratio, Earnings-quality, ROE, underwriting | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | antitrust, backlog, CapEx, cloud, compounding, efficiency, Margins, monetization | Login |
| Oct 28, 2025 | Fund Letters | Samer Hakoura | BN | Brookfield Corporation | Financials | Alternative Asset Management | Bull | NYSE | Alternatives, buybacks, data centers, duration, Free Cash Flow, Fundraising, Insurance, renewables | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | KMX | CarMax, Inc. | Consumer Discretionary | Automotive Retail | Bear | NYSE | Autos, Competition, Credit, Margins, retail | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | OCSL | Oaktree Specialty Lending Corporation | Financials | Asset Management & Custody Banks | Bear | NASDAQ | BDC, Credit, Defaults, dividends, NAV | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | FFH | Fairfax Financial Holdings, Ltd. | Financials | Property & Casualty Insurance | Bull | TSX | compounding, Float, Insurance, underwriting, Yields | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | BN | Brookfield Corp. | Financials | Asset Management & Custody Banks | Bull | NYSE | Alternatives, Decarbonization, Fees, infrastructure, Insurance | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | KKR | KKR & Co., Inc. | Financials | Asset Management & Custody Banks | Bull | NYSE | Alternatives, compounding, Fees, Insurance, Privateequity | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | KFS | Kingsway Financial Services, Inc. | Consumer Discretionary | Multi-line Insurance | Bull | NYSE | Acquisitions, EBITDA, Execution, Rollup, Smallcap | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | AMZN | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | advertising, Automation, cloud, ecommerce, Freecashflow | Login |
| Jul 9, 2025 | Fund Letters | Samer Hakoura | CCOI | Cogent Communications Holdings, Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | cashflow, Fiber, Integration, Telecom, Wavelengths | Login |
| Jul 1, 2025 | Fund Letters | Alphyn Capital Management | AMZN | Amazon.com Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Artificial Intelligence, AWS, Cloud computing, digital advertising, e-commerce, Free Cash Flow, Satellites, technology | Login |
| Jul 1, 2025 | Fund Letters | Alphyn Capital Management | FFH.TO | Fairfax Financial Holdings Ltd | Financials | Property & Casualty Insurance | Bull | Toronto Stock Exchange | Book Value, Canada, fixed income, Float, Hard Market, Property & Casualty Insurance, Reinsurance, underwriting | Login |
| Jul 1, 2025 | Fund Letters | Alphyn Capital Management | BN | Brookfield Corp. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | alternative investments, asset management, fee-based revenue, infrastructure, Insurance, private equity, Real assets, Real Estate | Login |
| Jul 1, 2025 | Fund Letters | Alphyn Capital Management | KKR | KKR & Co Inc | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | alternative investments, asset management, Carried interest, Global Atlantic, Insurance, management fees, private equity | Login |
| Jul 1, 2025 | Fund Letters | Alphyn Capital Management | KFS | Kingsway Financial Services | Financials | Multi-Sector Holdings | Bull | New York Stock Exchange | acquisition strategy, Family Businesses, Healthcare services, Operational Improvement, PIPE Financing, Roll-up, small-cap | Login |
| Jul 1, 2025 | Fund Letters | Alphyn Capital Management | CCOI | Cogent Communications Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | Competitive Advantage, high-margin, Integration, Internet Service Provider, network infrastructure, telecommunications, Wavelength | Login |
| TICKER | COMMENTARY |
|---|---|
| GOOGL | Alphabet's shares rose this quarter, partly driven by the resolution of a major regulatory overhang. On September 2nd, Judge Mehta issued the remedies decision in the DOJ antitrust case concerning Search. The outcome was far less severe than feared, as the court rejected the most draconian measures, including the structural divestiture of Chrome or Android and a broad ban on distribution payments. While Google is now restricted from paying for exclusive default placement (e.g., with Apple), it can still compensate partners for non-exclusive default status. The enacted remedies, which include tailored data sharing and syndication on commercial terms, appear manageable. With one major legal overhang out of the way (another case on the Ad tech monopoly remains outstanding), focus can now return to Alphabet's fundamentals, particularly its strong positioning in Artificial Intelligence. |
| PRX.AS | Prosus's valuation has historically been dominated by its largest holding, Tencent. While Tencent itself has performed well, driven by strong operations and a (perhaps temporarily) benign geopolitical backdrop, the market is now starting to reward Prosus for the decisive actions it has taken to unlock the value of its operating portfolio. Prosus is accelerating its shift from a passive investment holding company into a scaled, global technology operator. |
| BN | The Brookfield machine continues to compound intrinsic value, delivering robust Q2 results across its diversified platform. Distributable earnings (DE) before realizations grew 13% year-over-year, driven by nearly $100 billion in capital inflows over the last twelve months, demonstrating the strength of its ecosystem spanning real assets, insurance, and credit. |
| GLD | Gold had a strong Q3, with spot price heading towards the $4,000/oz milestone. It's hard to pinpoint a single catalyst. We're seeing a mix of demand from central banks, investors rotating into gold as a portfolio hedge (instead of longer-dated bonds), and the classic debasement trade. |
| MRO.L | Melrose Industries continues its evolution into a pure-play aerospace leader. My thesis has been that the market is overly skeptical of the company's ability to generate cash, focusing on temporary drags from its restructuring while overlooking the powerful, long-term earnings profile of its underlying assets. The company's recent first-half results offered the first real evidence that this cash flow inflection is now underway. |
| TVK.TO | TVK is a key manufacturer of steel storage tanks, transport trailers, and related processing equipment. They serve a wide array of durable, essential end-markets, including agriculture, energy distribution, and construction. The stock's decline following its August earnings report was not entirely surprising; given the strong run it has had over the last year, any perceived miss was bound to cause a pullback as short-term holders locked in gains. |
| BUR.L | Burford's share price performance remains dominated by the $16 billion YPF judgment against Argentina. In July, US District Judge Preska issued a turnover order directing Argentina to hand over its controlling YPF stake to Burford's clients. This was initially viewed as a major win and the strongest collection tool Burford had to enforce its judgment. However, the US Department of Justice (DOJ), representing the US government, filed an amicus curiae brief arguing that seizing a sovereign nation's controlling stake in its primary state-owned enterprise would violate principles of sovereign immunity. |
| CCOI | The investment thesis for Cogent still hinges on substantial revenue growth from wavelength services. The company is targeting approximately 500 installations per month, with an average monthly revenue per wave of $2,000, implying a potential revenue run rate of roughly $144 million (500 installations x 12 months x $24k/year) at a very high contribution margin of over 90%. |
| FFH.TO | Fairfax's fundamental performance remains impressive, despite the modest share price pullback in Q3, a natural consolidation following its significant multi-year run. The Q2 results, reported in July, underscored this strength, driving book value per share up 10.8% year-to-date to $1,158, supported by a disciplined 93.3% combined ratio and strong investment results. |
| ROKO.ST | This quarter, I initiated a new position in Roko AB, a Scandinavian-based decentralized serial acquirer. The investment thesis is centered on the outstanding track record and operational philosophy of its co-founder and CEO, Fredrik Karlsson. Mr. Karlsson was the longtime CEO of Lifco AB, widely recognized as one of the benchmarks for successful serial acquisition in Europe. |
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