Focus Capital Management

Investor Summary

Mordechai Yavneh is the Founder, Chief Investment Officer, and Managing Partner of Focus Capital Management, a New York-based hedge fund he established in 2013. Yavneh has built a concentrated investment strategy focusing on 4-5 best ideas designed to achieve superior returns with reduced risk through extensive fundamental research. He regularly presents investment theses at industry conferences, recently presenting on Valeura Energy at the Best Ideas 2025 conference. Raphael Yavneh serves as Partner and Investor Relations, working alongside Mordechai to manage the fund's operations and investor communications. The management team maintains direct email contact with investors and emphasizes long-term relationship building through their unique fee structure and investment approach. Both principals are based in Brooklyn, New York, and maintain active involvement in investment research and portfolio management.

Fund Strategy

Focus Capital Management employs an extremely concentrated investment strategy, typically maintaining positions in only 4-5 companies at any given time. The firm believes this concentration, combined with extensive deep research, drives long-term success while reducing risk through thorough understanding rather than diversification. Their investment process centers on four main stages: Idea Generation, Deep Research and Analysis, Ongoing Monitoring, and Disciplined Selling. The firm emphasizes selecting high-quality investment opportunities with long-term horizons and low portfolio turnover, dedicating 2-3 months to thoroughly understand each company and industry context. They practice disciplined selling for only two reasons: stock price appreciation to fair valuation or broken investment thesis. The approach is grounded in established investment principles from renowned investors like Warren Buffett and Benjamin Graham, emphasizing that diversification is protection against ignorance and that concentrated, knowledgeable investing produces superior results.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	0.8%	0.8%

Executive Summary

Focus Capital returned 0.8% net in Q1 2026 versus the S&P 500's -4.3% decline, though this masks significant volatility from the US-Iran war. The portfolio surged 18.1% in January and 5.5% in February before March's conflict erased all gains. The war's closure of the Strait of Hormuz drove oil prices from $65 to over $100 per barrel, significantly benefiting Valeura's Thai production operations. Asian oil prices reached $150-160 per barrel, with Valeura strategically building inventory before selling at elevated prices. The manager expects lasting supply constraints from infrastructure damage. Burford suffered a major setback when the Second Circuit reversed its $16.1 billion YPF award, cutting the stock in half. However, the manager views this as a gross overreaction, quintupling their position based on the core litigation business being undervalued at current prices. International arbitration pathways remain available for YPF recovery, while other large cases like the protein antitrust litigation offer significant upside potential.

Core Thesis

Focus Capital maintains concentrated positions in undervalued companies with strong fundamentals, exemplified by their conviction in Burford's core litigation business despite the YPF setback and their strategic positioning in Valeura to benefit from geopolitical oil supply disruptions.

Forward Outlook

The manager expects the US-Iran conflict to be temporary but anticipates lasting benefits from elevated oil prices due to infrastructure damage and supply constraints. While the YPF litigation setback is significant, the core Burford business remains undervalued with multiple pathways for recovery.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 27 2026	2026 Q1	BUR.L, VLE.TO	energy, geopolitics, Litigation, oil, value	VLE.TO BUR.L	Focus Capital navigated Q1 2026 volatility from the US-Iran war, benefiting from Valeura's strategic oil positioning while quintupling their Burford stake following the YPF litigation setback. The manager sees lasting oil supply benefits and views Burford's core business as significantly undervalued despite legal headwinds.
Jan 29 2026	2025 Q4	BUR, KCN.AX, SIMO, VLE.TO	AI, gold, Mining, oil, semiconductors, small caps, technology, value	KCN AU SIMO VLE CN BUR	Focus Capital's 85.8% annual return was driven by Kingsgate's gold mining success and Silicon Motion's semiconductor market share gains. Despite extraordinary performance, the manager cautions against expecting similar results while maintaining concentrated value approach. Plans include trimming commodity-exposed Kingsgate and adding to undervalued Burford Capital and Valeura Energy positions.
Oct 27 2025	2025 Q3	BUR.L, KCN.AX, SIMO	deep value, gold, Litigation Finance, Mining, semiconductors, technology, value	KCN AU SIMO KCN AU SIMO	Focus Capital delivered 25.3% in Q3 2025, driven by Kingsgate (tripled YTD) and Silicon Motion (up 75%). Despite strong performance, the manager believes positions remain deeply undervalued with significant upside. The letter showcases their disciplined value approach through the Burford Capital case study, demonstrating patience for proper valuations and opportunistic deployment when prices become attractive.
Jul 24 2025	2025 Q2	BUR.L, PTON, YPF	Argentina, Investment Process, Legal, Litigation, valuation, value	BUR.L PTON	Focus Capital gained 28.5% in Q2 2025, driven by strong performance across multiple positions including a 20% jump in Burford following a favorable court ruling on Argentina's YPF stake. The manager reinforces their disciplined value approach through a detailed Peloton case study, demonstrating how valuation discipline protected against a spectacular rise and fall.
Jan 29 2025	2024 Q4	BUR, KCN.AX, SIMO, VLE.TO	energy, gold, Litigation Finance, semiconductors, undervalued, value	BUR SIMO KCN.AX VLE.TO	Focus Capital's concentrated value portfolio suffered in 2024 with a -27.6% return despite strong underlying business performance across holdings. The fund maintains high conviction positions in litigation finance (Burford), semiconductors (Silicon Motion), gold mining (Kingsgate), and energy (Valeura), all trading at significant discounts to intrinsic value with improving fundamentals.
Jul 24 2024	2024 Q2	NVDA	Corporate Governance, Due Diligence, Fraud, management, risk management	-	Focus Capital outlines a fraud detection framework examining People, Accounting, and Narrative red flags. Management integrity is paramount - any history of fraud or questionable associations warrant immediate exit. Cash flow analysis reveals accounting manipulation, while promotional behavior and buzzword usage signal potential issues. The firm successfully avoided Wandisco using these principles before fraud was discovered.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 27 2026

2026 Q1

BUR.L, VLE.TO

energy, geopolitics, Litigation, oil, value

VLE.TO
BUR.L

Focus Capital navigated Q1 2026 volatility from the US-Iran war, benefiting from Valeura's strategic oil positioning while quintupling their Burford stake following the YPF litigation setback. The manager sees lasting oil supply benefits and views Burford's core business as significantly undervalued despite legal headwinds.

Jan 29 2026

2025 Q4

BUR, KCN.AX, SIMO, VLE.TO

AI, gold, Mining, oil, semiconductors, small caps, technology, value

KCN AU
SIMO
VLE CN
BUR

Focus Capital's 85.8% annual return was driven by Kingsgate's gold mining success and Silicon Motion's semiconductor market share gains. Despite extraordinary performance, the manager cautions against expecting similar results while maintaining concentrated value approach. Plans include trimming commodity-exposed Kingsgate and adding to undervalued Burford Capital and Valeura Energy positions.

Oct 27 2025

2025 Q3

BUR.L, KCN.AX, SIMO

deep value, gold, Litigation Finance, Mining, semiconductors, technology, value

KCN AU
SIMO
KCN AU
SIMO

Focus Capital delivered 25.3% in Q3 2025, driven by Kingsgate (tripled YTD) and Silicon Motion (up 75%). Despite strong performance, the manager believes positions remain deeply undervalued with significant upside. The letter showcases their disciplined value approach through the Burford Capital case study, demonstrating patience for proper valuations and opportunistic deployment when prices become attractive.

Jul 24 2025

2025 Q2

BUR.L, PTON, YPF

Argentina, Investment Process, Legal, Litigation, valuation, value

BUR.L
PTON

Focus Capital gained 28.5% in Q2 2025, driven by strong performance across multiple positions including a 20% jump in Burford following a favorable court ruling on Argentina's YPF stake. The manager reinforces their disciplined value approach through a detailed Peloton case study, demonstrating how valuation discipline protected against a spectacular rise and fall.

Jan 29 2025

2024 Q4

BUR, KCN.AX, SIMO, VLE.TO

energy, gold, Litigation Finance, semiconductors, undervalued, value

BUR
SIMO
KCN.AX
VLE.TO

Focus Capital's concentrated value portfolio suffered in 2024 with a -27.6% return despite strong underlying business performance across holdings. The fund maintains high conviction positions in litigation finance (Burford), semiconductors (Silicon Motion), gold mining (Kingsgate), and energy (Valeura), all trading at significant discounts to intrinsic value with improving fundamentals.

Jul 24 2024

2024 Q2

NVDA

Corporate Governance, Due Diligence, Fraud, management, risk management

Focus Capital outlines a fraud detection framework examining People, Accounting, and Narrative red flags. Management integrity is paramount - any history of fraud or questionable associations warrant immediate exit. Cash flow analysis reveals accounting manipulation, while promotional behavior and buzzword usage signal potential issues. The firm successfully avoided Wandisco using these principles before fraud was discovered.

QUARTER	THEMES	TAGS
2026 Q1	Oil The US-Iran war has closed the Strait of Hormuz, driving oil prices from $65 to over $100 per barrel, with Asian markets seeing even higher prices up to $150-160. Valeura benefits significantly as their Thai production is far from the conflict zone. The manager expects elevated prices to persist for years due to infrastructure damage and supply disruptions.	Crude Brent Dubai Persian Gulf Strait of Hormuz
	Litigation Burford's $16.1 billion YPF case was reversed by the Second Circuit Court of Appeals, cutting the stock in half. However, the manager views this as a gross overreaction since the core litigation business remains undervalued. International arbitration pathways remain available though they will take years longer.	Legal Arbitration YPF Appeals Recovery
	Energy The conflict has damaged oil and gas infrastructure that will take years to repair, with Qatar losing 17% of LNG supply for 3-5 years. Wells shut due to lack of shipping capacity will take time to restart, with some remaining offline permanently. This creates lasting supply constraints beyond the immediate conflict.	LNG Infrastructure Supply Qatar Production
2025 Q4	Oil Oil represents the cheapest major asset class globally, trading at near-record lows relative to gold despite balanced fundamentals. The closure of the Straits of Hormuz has created the largest supply shock in industry history, with 20 million barrels per day disrupted. Non-OPEC supply growth is slowing dramatically, with U.S. shale production plateauing outside the Permian Basin.	Crude Oil Brent WTI Shale OPEC
	Natural Gas Natural gas ranks in the 99.5th percentile of historical undervaluation relative to equities. U.S. production growth has concentrated entirely in the Permian Basin, with other shale regions declining. Once the Permian's current gas production surge runs its course, supply growth should plateau and eventually decline, setting the stage for materially higher prices.	Henry Hub LNG Shale Gas Permian
	Silver Silver surged 51% in Q4 and over 140% for the year, staging a dramatic catch-up rally relative to gold. This magnitude of silver outperformance has historically marked important turning points, suggesting investors should consider reducing precious metals exposure in the short term. The rally has triggered a sell signal for gold.	Silver Gold Ratio Precious Metals
	Copper Copper markets have moved back into surplus with exchange inventories rising to levels last seen in 2003. Despite strong performance in 2025, the fundamental outlook has deteriorated as Chinese demand slows and new supply comes online. Current inventory levels of 1.2 million tonnes represent roughly 17 days of global demand.	Copper Base Metals China Demand
	Platinum Group Metals PGMs continued their powerful advance with platinum and palladium each surging 28% in Q4. Policy reversals in both the U.S. and Europe are unwinding the aggressive push toward electric vehicles, supporting longer-term demand for internal combustion engines and auto-catalysts. The bearish narrative built on rapid EV adoption is being rewritten.	Platinum Palladium Auto Catalysts Electric Vehicles
	Commodities The commodity bull market has barely begun, with most commodities still 46% below historical nominal peaks and 73% below real peaks when adjusted for inflation. Commodities trade near the lowest levels relative to equities observed in over a century, suggesting the current cycle may only be one-third complete in both duration and magnitude.	Commodity Cycle Capital Cycle Valuation
2025 Q3	Value The manager emphasizes deep value investing principles throughout the letter, stating that valuation always matters and that they seek deeply undervalued opportunities. They passed on Burford Capital initially due to valuation concerns despite its attractive business model, only investing when the price became more attractive after the Muddy Waters short report.	Deep Value Undervalued Intrinsic Value Valuation Price
	Gold Kingsgate, a gold mining operation, represents a significant portion of the fund's outperformance, tripling year-to-date. The manager notes that rising gold prices have helped the company's performance while the mine's grade continues to improve and overall ounces sold per year are expected to rise over time.	Gold Mining Gold Price Mining Operation Precious Metals
2025 Q2	Value The manager emphasizes deep value investing principles, highlighting that valuation always matters regardless of business quality. The Peloton case study demonstrates their commitment to avoiding overvalued investments even with attractive business models.	Valuation Deep value Undervalued Price discipline
	Capital Markets Detailed discussion of legal proceedings involving Burford's $16.1 billion judgment against Argentina and the court-ordered transfer of YPF shares. The manager analyzes enforcement mechanisms and settlement pressures in sovereign debt disputes.	Legal enforcement Sovereign debt Court judgment Settlement
2024 Q4	Gold Kingsgate operates the Chatree gold mine in Thailand which has restarted operations and is ramping to full capacity. The company expects to produce 95,000-120,000 ounces annually at full capacity with estimated net income of $75-110 million. Gold prices are near $2,800 per ounce, about 35% higher than the beginning of 2024.	Gold Miners Thailand Production Capacity Mining
	Semiconductors Silicon Motion designs controllers for NAND flash memory with strengthening market position and growing revenue. Over 2024, revenue grew 25%+, gross margins expanded 500 basis points, and net income doubled. The company is entering new market segments including high-end PC and enterprise AI/data center markets with strong design wins.	Memory Controllers NAND AI Data Centers
	Capital Markets Burford Capital provides litigation finance, funding commercial lawsuits in exchange for proceeds. The business shows continued high commitment levels, strong IRRs, and record realizations in 2024. Major cases include YPF litigation against Argentina and various other international arbitration matters.	Litigation Finance Legal Arbitration Returns Alternative

QUARTER

THEMES

Oil

The US-Iran war has closed the Strait of Hormuz, driving oil prices from $65 to over $100 per barrel, with Asian markets seeing even higher prices up to $150-160. Valeura benefits significantly as their Thai production is far from the conflict zone. The manager expects elevated prices to persist for years due to infrastructure damage and supply disruptions.

Crude Brent Dubai Persian Gulf Strait of Hormuz

Litigation

Burford's $16.1 billion YPF case was reversed by the Second Circuit Court of Appeals, cutting the stock in half. However, the manager views this as a gross overreaction since the core litigation business remains undervalued. International arbitration pathways remain available though they will take years longer.

Legal Arbitration YPF Appeals Recovery

Energy

The conflict has damaged oil and gas infrastructure that will take years to repair, with Qatar losing 17% of LNG supply for 3-5 years. Wells shut due to lack of shipping capacity will take time to restart, with some remaining offline permanently. This creates lasting supply constraints beyond the immediate conflict.

LNG Infrastructure Supply Qatar Production

2025 Q4

Oil

Oil represents the cheapest major asset class globally, trading at near-record lows relative to gold despite balanced fundamentals. The closure of the Straits of Hormuz has created the largest supply shock in industry history, with 20 million barrels per day disrupted. Non-OPEC supply growth is slowing dramatically, with U.S. shale production plateauing outside the Permian Basin.

Crude Oil Brent WTI Shale OPEC

Natural Gas

Natural gas ranks in the 99.5th percentile of historical undervaluation relative to equities. U.S. production growth has concentrated entirely in the Permian Basin, with other shale regions declining. Once the Permian's current gas production surge runs its course, supply growth should plateau and eventually decline, setting the stage for materially higher prices.

Henry Hub LNG Shale Gas Permian

Silver

Silver surged 51% in Q4 and over 140% for the year, staging a dramatic catch-up rally relative to gold. This magnitude of silver outperformance has historically marked important turning points, suggesting investors should consider reducing precious metals exposure in the short term. The rally has triggered a sell signal for gold.

Silver Gold Ratio Precious Metals

Copper

Copper markets have moved back into surplus with exchange inventories rising to levels last seen in 2003. Despite strong performance in 2025, the fundamental outlook has deteriorated as Chinese demand slows and new supply comes online. Current inventory levels of 1.2 million tonnes represent roughly 17 days of global demand.

Copper Base Metals China Demand

Platinum Group Metals

PGMs continued their powerful advance with platinum and palladium each surging 28% in Q4. Policy reversals in both the U.S. and Europe are unwinding the aggressive push toward electric vehicles, supporting longer-term demand for internal combustion engines and auto-catalysts. The bearish narrative built on rapid EV adoption is being rewritten.

Platinum Palladium Auto Catalysts Electric Vehicles

Commodities

The commodity bull market has barely begun, with most commodities still 46% below historical nominal peaks and 73% below real peaks when adjusted for inflation. Commodities trade near the lowest levels relative to equities observed in over a century, suggesting the current cycle may only be one-third complete in both duration and magnitude.

Commodity Cycle Capital Cycle Valuation

2025 Q3

Value

The manager emphasizes deep value investing principles throughout the letter, stating that valuation always matters and that they seek deeply undervalued opportunities. They passed on Burford Capital initially due to valuation concerns despite its attractive business model, only investing when the price became more attractive after the Muddy Waters short report.

Deep Value Undervalued Intrinsic Value Valuation Price

Gold

Kingsgate, a gold mining operation, represents a significant portion of the fund's outperformance, tripling year-to-date. The manager notes that rising gold prices have helped the company's performance while the mine's grade continues to improve and overall ounces sold per year are expected to rise over time.

Gold Mining Gold Price Mining Operation Precious Metals

2025 Q2

Value

The manager emphasizes deep value investing principles, highlighting that valuation always matters regardless of business quality. The Peloton case study demonstrates their commitment to avoiding overvalued investments even with attractive business models.

Valuation Deep value Undervalued Price discipline

Capital Markets

Detailed discussion of legal proceedings involving Burford's $16.1 billion judgment against Argentina and the court-ordered transfer of YPF shares. The manager analyzes enforcement mechanisms and settlement pressures in sovereign debt disputes.

Legal enforcement Sovereign debt Court judgment Settlement

2024 Q4

Gold

Kingsgate operates the Chatree gold mine in Thailand which has restarted operations and is ramping to full capacity. The company expects to produce 95,000-120,000 ounces annually at full capacity with estimated net income of $75-110 million. Gold prices are near $2,800 per ounce, about 35% higher than the beginning of 2024.

Gold Miners Thailand Production Capacity Mining

Semiconductors

Silicon Motion designs controllers for NAND flash memory with strengthening market position and growing revenue. Over 2024, revenue grew 25%+, gross margins expanded 500 basis points, and net income doubled. The company is entering new market segments including high-end PC and enterprise AI/data center markets with strong design wins.

Memory Controllers NAND AI Data Centers

Capital Markets

Burford Capital provides litigation finance, funding commercial lawsuits in exchange for proceeds. The business shows continued high commitment levels, strong IRRs, and record realizations in 2024. Major cases include YPF litigation against Argentina and various other international arbitration matters.

Litigation Finance Legal Arbitration Returns Alternative

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 27, 2026	Fund Letters	Focus Capital Management	VLE.TO	Valeura Energy Inc.	Oil & Gas E&P	Oil & Gas Exploration & Production	Bull	New York Stock Exchange	Asia, crude oil, Development Acceleration, energy, geopolitical, Gulf of Thailand, inventory management, oil production, Supply Disruption	Login
Apr 27, 2026	Fund Letters	Focus Capital Management	BUR.L	Burford Capital Limited	Asset Management	Specialized Finance	Bull	New York Stock Exchange	antitrust, International Arbitration, Legal Investment, Litigation Finance, portfolio valuation, Specialized Finance, turnaround, Value	Login
Jan 29, 2026	Fund Letters	Mordechai Yavneh	KCN AU	Kingsgate Consolidated Ltd	Materials	Gold Mining	Bull	New York Stock Exchange	cashflow, Commodities, Gold, Mining, valuation	Login
Jan 29, 2026	Fund Letters	Mordechai Yavneh	SIMO	Silicon Motion Technology Corp.	Information Technology	Semiconductors	Bull	NASDAQ	AI, Controllers, Margins, Nand, semiconductors	Login
Jan 29, 2026	Fund Letters	Mordechai Yavneh	VLE CN	Valeura Energy Inc	Energy	Oil & Gas Exploration & Production	Bull	New York Stock Exchange	cashflow, energy, Offshore, oil, valuation	Login
Jan 29, 2026	Fund Letters	Mordechai Yavneh	BUR	Burford Capital Ltd	Financials	Specialty Finance	Bull	New York Stock Exchange	Catalysts, Legal, Litigation Finance, Special situations, valuation	Login
Oct 27, 2025	Fund Letters	Mordechai Yavneh	KCN AU	Kingsgate Consolidated Ltd	Materials	Precious Metals	Bull	NYSE	cash flow, Commodities, Cost Reduction, Gold, leverage, Mining, profitability, undervalued	Login
Oct 27, 2025	Fund Letters	Mordechai Yavneh	SIMO	Silicon Motion Technology Corp.	Information Technology	Semiconductors	Bull	NASDAQ	AI, Controllers, growth, market share, Memory, Nand, semiconductors, undervalued	Login
Oct 27, 2025	Fund Letters	Mordechai Yavneh	KCN AU	Kingsgate Consolidated Ltd	Materials	Precious Metals	Bull	NYSE	cash flow, Commodities, Cost Reduction, Gold, leverage, Mining, profitability, undervalued	Login
Oct 27, 2025	Fund Letters	Mordechai Yavneh	SIMO	Silicon Motion Technology Corp.	Information Technology	Semiconductors	Bull	NASDAQ	AI, Controllers, growth, market share, Memory, Nand, semiconductors, undervalued	Login
Jul 24, 2025	Fund Letters	Focus Capital Management	BUR.L	Burford Capital Limited	Financials	Specialized Finance	Bull	London Stock Exchange	Argentina, Asset Recovery, Court Order, Judgment Enforcement, Legal Assets, Litigation Finance, settlement, Sovereign Debt, Specialized Finance, YPF	Login
Jul 24, 2025	Fund Letters	Focus Capital Management	PTON	Peloton Interactive Inc	Consumer Discretionary	Leisure Products	Neutral	NASDAQ	Connected-Fitness, Consumer Technology, Cost management, Cult Following, Exercise Equipment, leisure products, streaming platform, subscription model, turnaround, Valuation Discipline	Login
Jan 29, 2025	Fund Letters	Focus Capital Management	BUR	Burford Capital	Financials	Specialized Finance	Bull	NYSE	arbitration, Argentina, Legal Services, Litigation Finance, settlement, undervalued, Value	Login
Jan 29, 2025	Fund Letters	Focus Capital Management	SIMO	Silicon Motion	Information Technology	Semiconductors	Bull	NASDAQ	AI, Controllers, data centers, growth, market share, NAND flash, PCIe 5.0, semiconductors	Login
Jan 29, 2025	Fund Letters	Focus Capital Management	KCN.AX	Kingsgate	Materials	Gold	Bull	ASX	cash flow, Commodities, gold mining, Production Ramp, Thailand, undervalued, Value	Login
Jan 29, 2025	Fund Letters	Focus Capital Management	VLE.TO	Valeura Energy	Energy	Oil & Gas Exploration & Production	Bull	TSX	Canada, cash generation, debt-free, energy, Free Cash Flow, Oil & Gas, Value	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 27, 2026

Fund Letters

Focus Capital Management

VLE.TO

Valeura Energy Inc.

Oil & Gas E&P

Oil & Gas Exploration & Production

Bull

New York Stock Exchange

Asia, crude oil, Development Acceleration, energy, geopolitical, Gulf of Thailand, inventory management, oil production, Supply Disruption

Apr 27, 2026

Fund Letters

Focus Capital Management

BUR.L

Burford Capital Limited

Asset Management

Specialized Finance

Bull

New York Stock Exchange

antitrust, International Arbitration, Legal Investment, Litigation Finance, portfolio valuation, Specialized Finance, turnaround, Value

Jan 29, 2026

Fund Letters

Mordechai Yavneh

KCN AU

Kingsgate Consolidated Ltd

Materials

Gold Mining

Bull

New York Stock Exchange

cashflow, Commodities, Gold, Mining, valuation

Jan 29, 2026

Fund Letters

Mordechai Yavneh

SIMO

Silicon Motion Technology Corp.

Information Technology

Semiconductors

Bull

NASDAQ

AI, Controllers, Margins, Nand, semiconductors

Jan 29, 2026

Fund Letters

Mordechai Yavneh

VLE CN

Valeura Energy Inc

Energy

Oil & Gas Exploration & Production

Bull

New York Stock Exchange

cashflow, energy, Offshore, oil, valuation

Jan 29, 2026

Fund Letters

Mordechai Yavneh

BUR

Burford Capital Ltd

Financials

Specialty Finance

Bull

New York Stock Exchange

Catalysts, Legal, Litigation Finance, Special situations, valuation

Oct 27, 2025

Fund Letters

Mordechai Yavneh

KCN AU

Kingsgate Consolidated Ltd

Materials

Precious Metals

Bull

NYSE

cash flow, Commodities, Cost Reduction, Gold, leverage, Mining, profitability, undervalued

Oct 27, 2025

Fund Letters

Mordechai Yavneh

SIMO

Silicon Motion Technology Corp.

Information Technology

Semiconductors

Bull

NASDAQ

AI, Controllers, growth, market share, Memory, Nand, semiconductors, undervalued

Oct 27, 2025

Fund Letters

Mordechai Yavneh

KCN AU

Kingsgate Consolidated Ltd

Materials

Precious Metals

Bull

NYSE

cash flow, Commodities, Cost Reduction, Gold, leverage, Mining, profitability, undervalued

Oct 27, 2025

Fund Letters

Mordechai Yavneh

SIMO

Silicon Motion Technology Corp.

Information Technology

Semiconductors

Bull

NASDAQ

AI, Controllers, growth, market share, Memory, Nand, semiconductors, undervalued

Jul 24, 2025

Fund Letters

Focus Capital Management

BUR.L

Burford Capital Limited

Financials

Specialized Finance

Bull

London Stock Exchange

Argentina, Asset Recovery, Court Order, Judgment Enforcement, Legal Assets, Litigation Finance, settlement, Sovereign Debt, Specialized Finance, YPF

Jul 24, 2025

Fund Letters

Focus Capital Management

PTON

Peloton Interactive Inc

Consumer Discretionary

Leisure Products

Neutral

NASDAQ

Connected-Fitness, Consumer Technology, Cost management, Cult Following, Exercise Equipment, leisure products, streaming platform, subscription model, turnaround, Valuation Discipline

Jan 29, 2025

Fund Letters

Focus Capital Management

BUR

Burford Capital

Financials

Specialized Finance

Bull

NYSE

arbitration, Argentina, Legal Services, Litigation Finance, settlement, undervalued, Value

Jan 29, 2025

Fund Letters

Focus Capital Management

SIMO

Silicon Motion

Information Technology

Semiconductors

Bull

NASDAQ

AI, Controllers, data centers, growth, market share, NAND flash, PCIe 5.0, semiconductors

Jan 29, 2025

Fund Letters

Focus Capital Management

KCN.AX

Kingsgate

Materials

Gold

Bull

ASX

cash flow, Commodities, gold mining, Production Ramp, Thailand, undervalued, Value

Jan 29, 2025

Fund Letters

Focus Capital Management

VLE.TO

Valeura Energy

Energy

Oil & Gas Exploration & Production

Bull

TSX

Canada, cash generation, debt-free, energy, Free Cash Flow, Oil & Gas, Value

TICKER	COMMENTARY
VLE.TO	Valeura benefits from this in a major way. Valeura did not sell any crude oil in March, instead choosing to build up inventory to about double their usual levels. Starting the beginning of April, they sold massive amounts from inventory, and, of course, they continue to produce during April as well. Assuming an average realized price of $110–$140 a barrel for April, we are expecting an incremental $60–$100 million of revenue for April's sales alone. Valeura is reacting to these events by accelerating and adding development to take advantage of the higher prices. As one example, they are adding four well slots to their Nong Yao A platform, specifically as a reaction to current events.
BUR.L	On March 27th, near the end of the quarter, the Second Circuit Court of Appeals reversed the district court's $16.1 billion award in the YPF cases. Burford's stock was cut in half in response. We believe the market to have grossly overreacted. We have long maintained that Burford is greatly undervalued on its own merits, irrespective of what happens with the YPF cases. We have acted on our conviction, and have taken advantage of this drop in share price to quintuple our position in Burford.

TICKER

COMMENTARY

VLE.TO

Valeura benefits from this in a major way. Valeura did not sell any crude oil in March, instead choosing to build up inventory to about double their usual levels. Starting the beginning of April, they sold massive amounts from inventory, and, of course, they continue to produce during April as well. Assuming an average realized price of $110–$140 a barrel for April, we are expecting an incremental $60–$100 million of revenue for April's sales alone. Valeura is reacting to these events by accelerating and adding development to take advantage of the higher prices. As one example, they are adding four well slots to their Nong Yao A platform, specifically as a reaction to current events.

BUR.L

On March 27th, near the end of the quarter, the Second Circuit Court of Appeals reversed the district court's $16.1 billion award in the YPF cases. Burford's stock was cut in half in response. We believe the market to have grossly overreacted. We have long maintained that Burford is greatly undervalued on its own merits, irrespective of what happens with the YPF cases. We have acted on our conviction, and have taken advantage of this drop in share price to quintuple our position in Burford.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
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Amount Bought

Shares Bought

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Weight %

No Recent Buys Data

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

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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 %

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No industry data available

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

Oil

Litigation

Energy

Oil

Natural Gas

Silver

Copper

Platinum Group Metals

Commodities

Value

Gold

Value

Capital Markets

Gold

Semiconductors

Capital Markets

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Mordechai Yavneh Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Focus Capital Management