| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The GA-Courtenay Special Situations Fund delivered +6.3% in December 2025, bringing full-year returns to +6.5%, primarily driven by SpaceX proxy holdings Echostar and Filtronic representing nearly 20% of NAV. The fund maintains an aggressive conservative positioning with long equity exposure at 1.4x capital base while deploying positive-carry hedging that provides significant protection during market dislocations and generates profits in severe market shocks. The strategy focuses on monopolistic, high-quality compounding businesses with durable moats, particularly targeting market inefficiency windows following corporate restructurings. Manager Adrian Courtenay emphasizes the fund's optimized architecture following infrastructure upgrades, with AI-enhanced research capabilities enabling faster capital allocation decisions. The fund combines protective hedging with performance-oriented positioning, targeting companies with attractive growth rates while maintaining defensive characteristics. Following the regaining of historic financing and derivative agreements, 2026 is positioned to reveal the full potential of the fund's management design, with the manager expressing strong optimism about future performance delivery through decisive position scaling in esoteric opportunities.
The GA-Courtenay Special Situations Fund employs an aggressive conservative approach, combining 1.4x leveraged exposure to monopolistic, high-quality compounding businesses with positive-carry hedging protection, while capitalizing on market inefficiency windows through accelerated research capabilities enhanced by AI.
The manager is very optimistic about what the fund will deliver, describing the fund as having moved from comfort mode to sport mode with future engagement of race mode while retaining high safety characteristics. The gradient of improvement in performance retains a far more attractive amplitude than may be initially assumed.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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 | - | The fund has high conviction exposure at close to 20% of NAV to SpaceX through holdings in Echostar and Filtronic, both publicly listed proxies for SpaceX. The manager published a white paper on these holdings titled SpaceX the Central Bank of the Space Economy and Its Public-Market Proxies. SpaceX represents an earlier stage monopolistic business with attractive growth rates and durable moats. The manager notes that the AI era helps accelerate deep dive research even further, emboldening their advantage in capturing market inefficiency time windows. AI enables the fund to significantly increase the velocity of deep dive research and associated capital allocation decisions. The fund focuses on high barriers to entry, monopolistic, high quality compounding stocks as an engine backing their approach. The manager specifically limits selections to monopolistic businesses, whether long established or earlier in their lifecycle where durable moats exist but are only identifiable through rigorous research. |
| Sep 30 2025 | 2025 Q3 | - | - | - | |
| Jun 30 2025 | 2025 Q2 | - | - | - | |
| Mar 31 2025 | 2025 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
MonopolisticThe fund focuses on high barriers to entry, monopolistic, high quality compounding stocks as an engine backing their approach. The manager specifically limits selections to monopolistic businesses, whether long established or earlier in their lifecycle where durable moats exist but are only identifiable through rigorous research. |
Monopolistic Moats Quality | |
SpaceSpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. |
Satellites Launch Starlink Starship Reusable |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| 6954.T | Fanuc reported September quarter results that beat consensus estimates, raising full-year operating profit guidance by 10% on demand recovery and improved utilization rates. Robot orders were particularly strong, up 38% y/y, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Furthermore, at an international robot show in December, Fanuc showcased significant advancements in AI-enabled robotics, with commercialization that may arrive in the coming years. |
| 9984.T | SoftBank (9.5%; -11.3%), impacted by 5.5% depreciation of Japanese yen vs. U.S. dollar during the quarter as well as a 22.7% decline in share price of its largest portfolio holding, Arm. |
| AIR.PA | We initiated three positions during the quarter, the largest being European aerospace and defense contractor Airbus. The long-term demand for commercial aircraft to support air travel is increasing, with much of the growth from China and other parts of Asia, while aging of the existing fleet provides a robust pipeline of replacement demand for years to come. With the A320 family providing a durable and scalable platform, Airbus is entering a favorable period for free cash flow growth before it needs to invest in a next-generation aircraft. |
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| ASML | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| AXP | American Express Company represents 22.1% of company owned with cost basis of $1,287 million and market value of $56,088 million, providing $479 million in 2025 dividends. |
| FTC.L | December saw the GA-Courtenay Special Situations fund (USD I) appreciate by +6.3%, resulting in a return for 2025 of +6.5%. The positive result was primarily driven by price appreciation in Echostar and Filtronic, the fund's largest two positions, and both publically listed proxies for SpaceX. |
| FWONK | The portfolio currently holds investments in two sports content assets – TKO Holdings (TKO) and Liberty Formula One (FWONK). Liberty Media announced it had completed the acquisition of MotoGP, meaning the company behind Formula 1's transformation now owns the world's premier motorcycle racing series. Liberty is seeking to execute their F1 playbook: accelerating growth markets, growing the casual fan base and improving monetisation. The US represents one of their most important growth markets. Currently, America hosts just one of 22 annual MotoGP events, and the broader Americas accounts for only 4% of MotoGP's media rights revenue. The growth potential is enormous – achieving 40% of Europe's media rights would create ~$1.5 billion of value. |
| GE | For insight into the real economy operating beneath this AI and data center boom, we must look elsewhere within the S&P 500, including bellwethers like General Electric |
| MA | The enduring appeal of card payments is their universality. Consumers trust that Visa and Mastercard will be accepted globally. After more than 20 years of litigation, Visa and Mastercard agreed to yet another settlement that gives merchants greater flexibility |
| MSFT | MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand. |
| NG | Novagold Resources Inc, which owns 60% of the Donlin project in Alaska, had a total return of 6.6% (the stock's total return in 2025 was 269%) |
| PNG.TO | Kraken Robotics designs and manufactures advanced subsea robotics, sonar systems, and batteries used in autonomous underwater vehicles for defense, offshore energy, and infrastructure applications. It is positioned to benefit from heightened geopolitical tensions and increased global defense spending, particularly in undersea and autonomous systems. |
| SAF.PA | Safran, buoyed by robust aerospace and aftermarket parts demand, reported record profits for the prior year in early 2025. As global air traffic continued to recover and air carriers ramped up maintenance projects, the company saw stronger aftermarket growth and converted operational efficiency gains into higher earnings, prompting management to raise full-year guidance for 2025. |
| SATS | December saw the GA-Courtenay Special Situations fund (USD I) appreciate by +6.3%, resulting in a return for 2025 of +6.5%. The positive result was primarily driven by price appreciation in Echostar and Filtronic, the fund's largest two positions, and both publically listed proxies for SpaceX. |
| TSLA | Under the previous system, companies that produced only electric vehicles—most notably Tesla—generated large quantities of credits that could then be sold to manufacturers falling short of their EV production targets, allowing them to avoid regulatory penalties. |
| TSM | TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level. |
| V | There were companies there such as Visa, which we own, as well as many we do not, and which would not likely be appropriate for this mandate. |
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