| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.2% | - | -10% |
GA-Courtenay Special Situations Fund declined 13.8% in July 2026, bringing year-to-date performance to -10.0%, driven by a 50-year high volatility spike in momentum factor risk that indiscriminately impacted higher-growth equities. The manager ascertained no fundamental deterioration in holdings and views the dislocation as liquidity-driven, with hedge funds and banks forced to sell due to VaR limits. Core holdings including SpaceX, Filtronic, and ImmunityBio are highlighted as increasingly attractive at current valuations. SpaceX trades at 23.1x 2028 earnings with 87% revenue growth, 43% cheaper on an EV-to-sales basis than its December 2025 private tender. Filtronic's new factory supports £200m+ revenue with a path to 12.4x P/E at capacity. ImmunityBio's Anktiva addresses a $5.8bn market expanding to $43bn+ with potential US lung cancer approval by 2028. Equity exposure was moderated to 100% of NAV as a precaution, while merger arbitrage exposure increased to 83% and contributed positively. The manager added to SpaceX and Tesla positions, emphasizing steadfastness through volatility with the long-term path to strong progress intact.
The fund targets absolute returns through investment in dominant, future-facing businesses with monopolistic or near-monopolistic positioning, high barriers to entry, and exceptional management, while maintaining market de-correlation through a positive-carry hedging structure combining S&P 500 put options funded by merger arbitrage yield.
The manager believes the recent two-month period of momentum factor dislocation will prove short-lived and not a repudiation of the fund's approach. The path to strong progress remains intact, with the framework targeting monopolistic businesses with high barriers to entry, exceptional management, and long-term growth tailwinds. The fund has regained full expression of its operating model with financing agreements restored, and the manager's edge has been significantly sharpened. Current valuations across holdings are viewed as highly attractive, with no fundamental deterioration observed. The manager emphasizes being steadfast through volatility, rejecting market timing in favor of long-term focus on quality compounders.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 31 2026 | 2026 Q2 | EPD, ET, FER.MC, FTC.L, IBRX, NG, PL, SATS | Biotechnology, growth, Merger Arbitrage, Monopolies, Space, special situations, value, volatility |
SATS FTC.L IBRX |
Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market. Manager reduced gross exposure to 100% but added to SpaceX and Tesla, viewing dislocation as short-lived opportunity in monopolistic growth franchises. |
| 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 Q2 |
SpaceSpaceX is a core holding valued at 23.1x 2028 earnings with 87% revenue growth, representing monopolistic positioning in the space economy. The manager views lockup expiry concerns as overblown, noting forced index buying may overwhelm sellers. EchoStar provides additional SpaceX exposure at negative implied value. Filtronic is positioned as a monopolistic SpaceX supplier with a new factory supporting £200m+ annual revenue. |
SpaceX Satellites Starship Launch Monopoly |
SemiconductorsThe fund holds ASML, NVIDIA, and Arm Holdings as part of its technology exposure. These positions were impacted by the momentum factor dislocation in July, though the manager ascertained no fundamental deterioration. The holdings represent exposure to semiconductor equipment and chip design with long-term growth characteristics. |
ASML NVIDIA Chips Equipment | |
BiotechnologyImmunityBio is highlighted as a $7.5bn company with manufacturing capacity for one million vials per year of Anktiva at $35k per dose. The manager estimates addressable markets above $5.8bn annually from current approvals, expanding to $43bn+ if US lung cancer approval follows by 2028. The therapy appears best-in-class with 99% gross margins. |
ImmunityBio Anktiva Oncology Manufacturing | |
MomentumThe fund experienced a 50-year high volatility spike in momentum factor risk during July, driven by indiscriminate selling of growth stocks by hedge funds and banks hitting VaR limits. The manager views this as a liquidity-based dislocation unrelated to fundamentals, creating attractive entry points. The fund's framework inherently selects companies with earnings momentum as a byproduct of quality. |
Volatility Growth Dislocation VaR | |
MidstreamEnergy Transfer and Enterprise Products Partners are held as value positions trading at 12x and 13x earnings respectively. These represent stable, cash-generative businesses within the fund's diversified portfolio of dominant franchises. |
Pipelines Energy Transfer MLPs | |
GoldNovaGold is held as a deep value position trading at just 3% of appraised in-ground gold value. The manager judges the reserve is likely to increase materially over time given indicative drill results from neighboring deposits. The fund also maintains a 4.66% allocation to physical gold. |
NovaGold Reserves Valuation | |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 31, 2026 | Fund Letters | Green Ash Partners | SATS | EchoStar Corporation | Other | Alternative Carriers | Bull | NASDAQ | arbitrage, Equity, mispricing, Satellite communications, SpaceX Exposure, spectrum assets, Sum-of-the-Parts, Value | Login |
| Jul 31, 2026 | Fund Letters | Green Ash Partners | FTC.L | Filtronic plc | Communication Equipment | Electronic Components | Bull | London Stock Exchange | Aerospace Supplier, Equity, growth, manufacturing capacity, Monopolistic, net cash, RF components, SpaceX Supplier, UK | Login |
| Jul 31, 2026 | Fund Letters | Green Ash Partners | IBRX | ImmunityBio, Inc. | Biotechnology | Biotechnology | Bull | NASDAQ | biotechnology, cancer treatment, Equity, growth, Immunotherapy, manufacturing capacity, pipeline, Regulatory Approval, US | Login |
| TICKER | COMMENTARY |
|---|---|
| SATS | EchoStar, having fallen 25% this year, now embeds its SpaceX holding at a negative value: the market prices EchoStar's market capitalisation at below its cash and spectrum assets excluding SpaceX; to put it another way, its SpaceX stake is ascribed at less than zero. Indeed, from month end pricing, my modelling suggests EchoStar could rise 7% and the implied look through value of its holding in SpaceX would only then reach zero. |
| FTC.L | Filtronic, which I have appraised as a monopolistic supplier to SpaceX – detailed in the June factsheet – again merits emphasis. The shares have halved from their May high, leaving the company capitalised at £520m. In February, Filtronic opened its new factory that, in the company's words, would support over £200m in annual revenue. Precisely when that revenue is fully realised depends on Starship's launch cadence – a trajectory we have modelled closely, and one Filtronic does not control, which is reason enough for management to avoid false precision in its guidance. Our own modelling has the new capacity at full utilisation within two years. Assume a 20% net income margin – conservative against the 28% delivered in 2025 – and £210m of revenue yields £42m of net income. Against the month-end capitalisation, that is a P/E of 12.4x at factory capacity. As guided by the company prior, Filtronic's orders from SpaceX held reasonably steady in the year to May 2026 (reported in early August), but my work points to a necessary and meaningful re-acceleration over the next two years, and ultimately well beyond Filtronic's announced factory capacity, as Starship launch cadence rises. SpaceX will, on this analysis, continue to dominate Filtronic's revenue within a partnership now placed on a formal, long-term footing: through warrants, SpaceX holds a prospective equity participation of 15% of Filtronic's outstanding shares. Nevertheless, the strength of Filtronic's business is not confined to SpaceX. In the year just reported, Filtronic's revenue excluding SpaceX grew 99% year-on-year and now accounts for 32% of the total. Nearer-term expectations for Filtronic are also well underwritten: the current order book already covers 90% of consensus revenue for the forward year. Combined with its other attributes – a profitable business carrying net cash – Filtronic's path to materially higher economics is increasingly de-risked. |
| IBRX | A further holding worth emphasis is ImmunityBio, capitalised at $7.5bn at month-end. The point the market appears to overlook is its manufacturing base – facilities in California and New York capable of producing one million vials per year of its core drug, Anktiva, listed at $35k per dose. Even assuming materially lower drug pricing for conservatism, my work suggests the regulatory approvals already secured imply an addressable market above $5.8bn in revenues per annum, at a 99% trailing gross margin. Further applications – for lung-cancer treatments already approved outside the US – would, if US approval follows, which I estimate by 2028, with the same drug pricing conservatism embedded, expand that addressable market revenues beyond $43bn per annum for what so far appears a clearly best-in-class therapy. |
| ET | Energy Transfer trades at 12x earnings. These are not isolated cases. Across the book they are accompanied by holdings in the same mould: monopolistic or close businesses, high barriers to entry, exceptional management and workforce, and industries where I have developed a deep understanding of long-term growth tailwinds – held at reasonable valuations and of companies which themselves are managed with conservative financing. |
| EPD | Enterprise Products Partners trade at 13x earnings. These are not isolated cases. Across the book they are accompanied by holdings in the same mould: monopolistic or close businesses, high barriers to entry, exceptional management and workforce, and industries where I have developed a deep understanding of long-term growth tailwinds – held at reasonable valuations and of companies which themselves are managed with conservative financing. |
| NG | NovaGold at just 3% of the appraised value of its gold in the ground – a reserve I judge likely to increase materially over time, given the indicative drill results from the company's neighbouring deposits. |
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