| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Brandon Beylo presents the September 2025 Trifecta Lens analysis focusing on relative strength composite leaders. The Macro Ops portfolio is up 50% year-to-date, with Bitcoin miners leading performance as WGMI gained 48% in the past month. The manager identifies actionable setups in crypto mining companies including Canaan, Bit Digital, and Core Scientific, despite some having poor fundamentals but strong technical patterns. Silver miners are also showing strength with SIL up 24% monthly, led by companies like New Pacific Metals which offers 40%+ IRRs at $30 silver. Junior miners are outperforming senior producers, indicating a healthy precious metals bull market. Key catalysts include Bitcoin potentially breaking $125,000 and silver reaching $40/oz. The manager acknowledges poor execution in holding winners due to short-term volatility concerns and commits to maintaining focus on relative strength leaders. Multiple companies are breaking out of multi-year bases, particularly in the developer-to-producer transition space.
Follow relative strength composite leaders in crypto mining and precious metals sectors, focusing on technical breakouts from multi-year bases in companies transitioning from developers to producers.
The manager expects continued leadership from current RS Composite leaders, particularly in crypto and precious metals themes. He commits to better holding thematic winners going forward rather than being distracted by short-term volatility.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Oct 24 2025 | 2025 Q3 | BCM.V, BTBT, CAN, CORZ, DMET.CSE, KUYA.CSE, NEWP | Bitcoin, Breakouts, commodities, crypto, Mining, Relative Strength, Silver |
CAN BTBT CORZ NEWP CAN BTBT CORZ NEWP |
Macro Ops is up 50% YTD, focusing on relative strength leaders in crypto mining and precious metals. Bitcoin miners like WGMI are in lockout rallies while silver miners outperform with junior names leading. Multiple technical breakouts from multi-year bases present opportunities in companies transitioning from developers to producers, with catalysts including Bitcoin above $125K and $40 silver. |
| Jul 23 2025 | 2025 Q2 | AMTM, APM.TO, IDR.TO, IPI, MP, NICU.TO, RHM.DE, RKLB, UBER, VLE.TO | crypto, defense, Futures Trading, Mining, risk management, Trifecta Lens | - | Macro Ops delivered 9.91% in Q2 through multi-asset trading, with futures generating bulk returns while equity book faced challenges. Successful risk management included timely de-risking and re-entry, though stop-loss errors on defense and mining positions provided learning opportunities. Portfolio maintains concentrated thematic exposure to defense, critical minerals, and crypto through disciplined Trifecta Lens framework. |
| May 2 2025 | 2025 Q1 | IDR, LLY, RHM.DE, VLE.TO | defense, energy, Europe, gold, Mining, oil, value |
RHM.DE IDR VLE.TO |
Macro Ops generated 13.87% Q1 returns through concentrated positions in Rheinmetall (European defense spending), Idaho Strategic (undervalued gold miner), and Valeura Energy (oil producer). Minimal trading activity and patient capital deployment in quality businesses with secular tailwinds drove outperformance versus S&P 500's -4.59% decline. Disciplined risk management maintained through selective profit-taking. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
CryptoBitcoin miners are experiencing a lockout rally with WGMI up 48% over the past month. The tape suggests Bitcoin is heading higher despite calls for a top. Multiple mini-consolidations are occurring within WGMI holdings, presenting actionable setups in companies like Canaan, Bit Digital, and Core Scientific. |
Bitcoin Mining Blockchain Digital Assets Cryptocurrency |
Silver MinersSilver miners are showing strong performance with SIL up 24% over the past month and many names up multiple times that amount. Silver juniors are starting to outperform mid-to-senior producers and are outperforming gold juniors, indicating a healthy silver miner bull market with actionable setups in companies like New Pacific Metals. |
Silver Precious Metals Mining Juniors Commodities | |
Junior MinersJunior miners are showing strong relative strength with SILJ outperforming senior producers. Multiple junior mining companies are breaking out of multi-year bases, including Bear Creek Mining, Kuya Silver, and Denarius Metals, representing left-for-dead developer-turned-miner opportunities. |
Junior Mining Development Production Exploration Small Cap | |
| 2025 Q2 |
DefenseEuropean Defense thesis continues to play out with Rheinmetall rising 33% during the quarter. National Defense thematic includes positions like Amentum Holdings and represents 23% of portfolio exposure through Aerospace & Defense sector allocation. |
Defense Spending European Defense Government Contractors Military |
Critical MineralsRare earth elements trade driven by China's export ban on critical raw materials. MP Materials positioned as REE exposure despite processing agreements with China. Metals & Mining represents 36% of portfolio exposure. |
Rare Earths REE China Export Ban Strategic Materials | |
CryptoiShares Bitcoin represents the largest position at 19% of the portfolio, indicating significant exposure to cryptocurrency markets. |
Bitcoin Cryptocurrency Digital Assets | |
| 2025 Q1 |
Defense SpendingEuropean defense spending expected to increase from 2% to 3% of GDP driven by Trump administration demands, creating EUR 100B in additional annual spending through 2028. Rheinmetall positioned as primary beneficiary as largest German defense company and leading Ukraine partner. |
Defense Europe Military Spending Rheinmetall |
Gold MinersIdaho Strategic represents exceptional value with tier-1 jurisdiction, fortress balance sheet, and pathway to 60,000oz annual production. Company trades at significant discount to asset value despite having rare earth elements package potentially worth entire market cap. |
Gold Mining Production REE Idaho | |
OilValeura Energy positioned as undervalued Canadian oil producer with $259M cash, no debt, and $400M in tax losses. Recent oil price volatility led to profit-taking despite strong fundamentals and management quality. |
Oil Energy Thailand Cash Valuation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 24, 2025 | Fund Letters | Brandon Beylo | CAN | Canaan Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Bitcoin, Breakout, Mining, Momentum, semiconductors, Speculative | Login |
| Oct 24, 2025 | Fund Letters | Brandon Beylo | CAN | Canaan Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Bitcoin, Breakout, Mining, Momentum, semiconductors, Speculative | Login |
| Oct 24, 2025 | Fund Letters | Brandon Beylo | BTBT | Bit Digital Inc. | Financials | Software & Services | Bull | NASDAQ | AI, Bitcoin, Breakout, data centers, infrastructure, Mining | Login |
| Oct 24, 2025 | Fund Letters | Brandon Beylo | BTBT | Bit Digital Inc. | Financials | Software & Services | Bull | NASDAQ | AI, Bitcoin, Breakout, data centers, infrastructure, Mining | Login |
| Oct 24, 2025 | Fund Letters | Brandon Beylo | CORZ | Core Scientific Inc. | Information Technology | Data Infrastructure | Bull | NASDAQ | Breakout, Digital Assets, HPC, infrastructure, Mining, turnaround | Login |
| Oct 24, 2025 | Fund Letters | Brandon Beylo | NEWP | New Pacific Metals Corp. | Materials | Metals & Mining | Bull | TSX | Bolivia, Breakout, IRR, Mining, Permitting, Silver | Login |
| Oct 24, 2025 | Fund Letters | Brandon Beylo | CORZ | Core Scientific Inc. | Information Technology | Data Infrastructure | Bull | NASDAQ | Breakout, Digital Assets, HPC, infrastructure, Mining, turnaround | Login |
| Oct 24, 2025 | Fund Letters | Brandon Beylo | NEWP | New Pacific Metals Corp. | Materials | Metals & Mining | Bull | TSX | Bolivia, Breakout, IRR, Mining, Permitting, Silver | Login |
| May 2, 2025 | Fund Letters | Macro ops | VLE.TO | Valeura Energy | Energy | Oil & Gas Exploration & Production | Bull | Toronto Stock Exchange | Canadian, cash-rich, Commodity Cycle, debt-free, insider ownership, Oil & Gas, risk management, Share Buyback, Tax Losses, Thailand | Login |
| May 2, 2025 | Fund Letters | Macro ops | RHM.DE | Rheinmetall AG | Industrials | Aerospace & Defense | Bull | XETRA | Aerospace & Defense, Defense, European, geopolitical, Germany, Government Spending, Military, NATO, Secular tailwind, Ukraine | Login |
| May 2, 2025 | Fund Letters | Macro ops | IDR | Idaho Strategic Resources | Materials | Gold | Bull | NYSE American | Fortress Balance Sheet, Gold, Idaho, Mining, organic growth, Precious Metals, production growth, Rare earth elements, REE, Tier-1 Jurisdiction | Login |
| TICKER | COMMENTARY |
|---|---|
| CAN | According to its website, CAN is a technology company specializing in the design, research, and development of high-performance computing chips, chip production, and software services for the bitcoin mining industry. Don't even bother looking at the income statement. The company generates a negative gross profit margin, which is precisely the type of company you want to avoid in a screaming crypto bull market. However, CAN has one of the best technical setups in the Bitcoin Mining Thematic. |
| BTBT | According to Koyfin, BTBT designs, develops, and operates high-performance computing (HPC) data centers that offer hosting and colocation services, as well as cloud-based HPC graphics processing units for artificial intelligence and machine learning developers. BTBT is a $1 billion market cap company, making it large enough for institutions to buy, should we enter full-on crypto mania. The stock has gone nowhere for 4.5 years and is almost a Ted Warren chart. I'd buy on the breakout above $6/share from the ascending triangle. |
| CORZ | CORZ provides digital asset mining services in the United States. Judd Arnold pitched CORZ on my podcast last December. CORZ is a $5.5B post-bankruptcy recovery story forming an inverse H&S about to break out to new ATHs. Like BTBT, CORZ is large enough to attract institutions seeking exposure to the BTC/data center theme. |
| NEWP | NEWP is a gold/silver developer with three projects in Bolivia: Silver Sand, Carangas, and Silverstrike. Silver Sand and Carangas are massive deposits. Combined, they would be the second-largest silver producer globally. Both projects are in the permitting stage, with 40%+ IRRs at $30 silver. We have a confirmed VBO in September. I'm going to send a trade alert tomorrow to get long on a move above September's highs. NEWP is one of the strongest stocks globally over 1M, 3M, 6M, YTD, and 1YR time frames. |
| BCM.V | BCM owns the Corani Project in Peru, one of the largest fully permitted, construction-ready silver/polymetallic deposits globally. Corani has 229 million ounces of proven and probable reserves and an estimated AISC of $4.55/oz once in production. The company currently has a $190M market cap, which seems low given Corani's cash flow potential at $40/oz silver. The stock is up 242% from its lows and broke out of its ~3-year rectangle base this week. |
| KUYA.CSE | KUYA is building the next high-margin silver producer with two main assets: the Bethania Silver Project in Peru and the Silver Kings Project in Ontario. The company has an aggressive plan to reach $100M in FCF from Bethania over the next five years, with Phase 1 targeting ~$20M in FCF. Management owns 9% of the stock, with Crescat Capital owning an additional 8%. This is one of those left-for-dead silver developer-turned-miner charts that goes nowhere until the company generates free cash flow. |
| DMET.CSE | DMET is a polymetallic developer/producer, with another project set to begin production in mid-2026. Zancudo started production in April 2025, and DMET shipped its first ore in June of this year. The company has a market capitalization of approximately $36 million. You're paying a very low price for its Zancudo project and nothing for the rest of its assets. Another left-for-dead micro-cap mining company that's rapidly transforming from a developer into a producer. |
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