| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Rivemont's Martin Lalonde positions the fund as benefiting from AI infrastructure build-out while avoiding disruption victims. The manager eliminated positions vulnerable to AI displacement including IBM, Constellation Software, and Thomson Reuters, comparing AI's current impact to companies like Chegg which fell from $100 to under $1. Instead, Rivemont invests in AI infrastructure winners including Nvidia, AMD, Micron, and Equinix for data centers, plus supporting companies like nVent Electric and Element Solutions. The fund also holds healthcare positions including Gilead Sciences and Jazz Pharmaceuticals, expecting breakout potential if biotech indices exceed all-time highs. Gold exposure, which was the fund's greatest success over 36 months through positions in Wheaton Precious Metals and others, has been completely exited. Lalonde acknowledges missing some semiconductor opportunities due to extreme volatility but maintains selective exposure. He positions Rivemont as an optimal compromise between high-risk growth funds and underperforming value strategies, emphasizing sector rotation to capture emerging market themes.
AI revolution is in early infrastructure build-out phase creating opportunities in data centers, semiconductors, and supporting technologies while disrupting traditional software and data processing companies.
Manager expects continued AI infrastructure build-out with opportunities in companies supporting data centers and AI systems. Views current moment as extremely interesting for active management, positioning Rivemont as optimal compromise between high-risk/high-return and value approaches.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jun 1 2026 | 2026 Q1 | AEM, AMD, BDGI, CHGG, CSCO, CSH.UN.TO, CSU.TO, EQIX, ESI, FNV, GILD, IBM, JAZZ, MU, NVDA, NVT, OR.TO, SKYT, TRI.TO, WPM | active management, AI, gold, healthcare, infrastructure, sector rotation, semiconductors, technology | - | Rivemont pivots from gold winners to AI infrastructure plays, eliminating disruption victims like IBM while investing in data center enablers including Nvidia and supporting component companies. Manager sees AI revolution in early infrastructure phase comparable to 1990s internet build-out, positioning for multi-year opportunity while maintaining healthcare exposure and managing semiconductor volatility. |
| Jul 29 2025 | 2025 Q2 | ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L | aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy |
BA HWM ROK GE |
WestEnd outperformed by focusing on onshoring and aerospace themes, actively redeploying cash after US-China tariff de-escalation. The portfolio benefits from rising defense spending and aviation recovery through positions in Boeing (turnaround), GE Aerospace (industry leader), Howmet (advanced materials), and Rockwell (industrial automation). OBBBA fiscal stimulus provides additional manufacturing investment tailwinds. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManager views AI as transformational, comparing current stage to pre-internet infrastructure build-out. Eliminated vulnerable positions like IBM, Constellation Software, and Thomson Reuters. Investing in AI infrastructure including data centers, semiconductors, and supporting components through companies like Nvidia, Element Solutions, and nVent Electric. |
Artificial Intelligence Data Centers Infrastructure Disruption Technology |
SemiconductorsManager acknowledges missing some semiconductor opportunities due to extreme volatility, citing 40-45% drawdowns. Currently holds Element Solutions and SkyWater as semiconductor plays. Views managing volatility as important priority while recognizing sector's potential. |
Chips Volatility Technology Manufacturing | |
BiotechnologyManager particularly likes healthcare sector and expects fireworks if IBB breaks above all-time highs. Currently holds Gilead Sciences and Jazz Pharmaceuticals alongside traditional healthcare investments in senior residences and hospitals. |
Healthcare Pharmaceuticals Medical Biotech | |
GoldManager's greatest success over past 36 months was gold sector exposure through Wheaton Precious Metals, Osisko, Agnico Eagle Mines, and Franco-Nevada. Purchased during February 2024 breakout and sold last position in April 2025. No longer has exposure despite past profitability. |
Precious Metals Mining Commodities | |
| 2025 Q2 |
OnshoringThe US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. Major capital investment is flowing into domestic production capacity, particularly in aerospace and defense industries, with provisions in OBBBA incentivizing domestic investment through favorable tax treatment for factory construction and equipment. |
Manufacturing Domestic Production Reshoring Supply Chain |
Defense SpendingGlobal defense spending rose to $2.7 trillion in 2024 (+9.4%) and is expected to continue rising. The US Department of Defense's 2025 budget request totals nearly $850 billion with meaningful allocations for strengthening industrial capabilities in unmanned systems, hypersonics, and solid rocket motors. |
Military Budget Aerospace Defense Government | |
AerospaceThe rebound in global air travel (up 10.6% in 2024) and structural supply shortages are fueling commercial aerospace activity. Aircraft manufacturers are racing to meet backlogs while investing heavily in domestic production capacity, with companies like GE Aerospace and Boeing positioned to benefit from these trends. |
Aviation Commercial Aircraft Travel Manufacturing | |
Trade PolicyMarkets moved past worst-case tariff scenarios after China and US agreed to de-escalate and pull tariffs back to more sensible levels (30% on Chinese exports, 10% on US exports) in May. The Trump administration's pattern of delaying tariff implementation and framing small agreements as deals signals a strategy focused on extracting concessions rather than major trade deals. |
Tariffs China Negotiations Exports Concessions | |
AutomationCompanies like Rockwell Automation are benefiting from the broader adoption of automation and AI in manufacturing. Rockwell's portfolio includes sensors, software, and control systems that help make domestic manufacturing more efficient and cost-effective, with solutions for predictive maintenance, quality control, and digital twins. |
AI Manufacturing Efficiency Digital Industrial |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 1, 2024 | Fund Letters | Rivemont | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Artificial Intelligence, Defense, Engine Manufacturing, Joint venture, MRO services, Reshoring | Login |
| Jul 1, 2024 | Fund Letters | Rivemont | HWM | Howmet Aerospace Inc | Industrials | Aerospace & Defense | Bull | NYSE | advanced materials, Aerospace, Components, Defense, manufacturing, Precision Engineering, supply chain | Login |
| Jul 1, 2024 | Fund Letters | Rivemont | BA | Boeing Company | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, China, Commercial Aviation, Defense, manufacturing, Reshoring, turnaround | Login |
| Jul 1, 2024 | Fund Letters | Rivemont | ROK | Rockwell Automation Inc | Industrials | Industrial Machinery | Bull | NYSE | Artificial Intelligence, Defense, Digital Twins, Industrial automation, manufacturing, Predictive Maintenance, Reshoring | Login |
| TICKER | COMMENTARY |
|---|---|
| WPM | Our main positions included Wheaton Precious Metals (WPM), Osisko (OR), Agnico Eagle Mines (AEM), and Franco-Nevada (FNV). We purchased our initial positions during the bullish breakout in February 2024 and sold the last one in April of this year. |
| OR.TO | Our main positions included Wheaton Precious Metals (WPM), Osisko (OR), Agnico Eagle Mines (AEM), and Franco-Nevada (FNV). We purchased our initial positions during the bullish breakout in February 2024 and sold the last one in April of this year. |
| AEM | Our main positions included Wheaton Precious Metals (WPM), Osisko (OR), Agnico Eagle Mines (AEM), and Franco-Nevada (FNV). We purchased our initial positions during the bullish breakout in February 2024 and sold the last one in April of this year. |
| FNV | Our main positions included Wheaton Precious Metals (WPM), Osisko (OR), Agnico Eagle Mines (AEM), and Franco-Nevada (FNV). We purchased our initial positions during the bullish breakout in February 2024 and sold the last one in April of this year. |
| ESI | One sector we partially missed is semiconductors, although we like our current approach, notably with Element Solutions (ESI) and SkyWater (SKYT) in our portfolios. Element Solutions (ESI), for its part, protects and insulates electronic circuits. |
| SKYT | One sector we partially missed is semiconductors, although we like our current approach, notably with Element Solutions (ESI) and SkyWater (SKYT) in our portfolios. |
| GILD | Gilead Sciences (GILD) and Jazz Pharmaceuticals (JAZZ) are among the positions we currently hold, in addition to our more traditional investments in senior residences and hospitals. |
| JAZZ | Gilead Sciences (GILD) and Jazz Pharmaceuticals (JAZZ) are among the positions we currently hold, in addition to our more traditional investments in senior residences and hospitals. |
| CHGG | The best example remains Chegg (CHGG), the former global leader in tutoring and educational materials. It is now possible to ask ChatGPT to produce this type of content at virtually no cost to the user. The company's stock, listed on the New York Stock Exchange, has fallen from over US$100 in 2021 to less than US$1 today. |
| CSU.TO | In Canada, Constellation Software (CSU) has lost more than 50% of its value, while Thomson Reuters (TRI) has declined by more than 60%. |
| TRI.TO | In Canada, Constellation Software (CSU) has lost more than 50% of its value, while Thomson Reuters (TRI) has declined by more than 60%. |
| IBM | Our final survivor was IBM (IBM), which itself learned it was not immune: Anthropic announced that Claude could now understand and program in Cobol, an important source of revenue for Big Blue. |
| NVDA | Today, the winners are the companies building the data centers required for the large language models used by Anthropic and OpenAI. Think of Nvidia (NVDA), AMD (AMD), and Micron (MU) in semiconductors, as well as data center operators such as Equinix (EQIX). |
| AMD | Today, the winners are the companies building the data centers required for the large language models used by Anthropic and OpenAI. Think of Nvidia (NVDA), AMD (AMD), and Micron (MU) in semiconductors, as well as data center operators such as Equinix (EQIX). |
| MU | Today, the winners are the companies building the data centers required for the large language models used by Anthropic and OpenAI. Think of Nvidia (NVDA), AMD (AMD), and Micron (MU) in semiconductors, as well as data center operators such as Equinix (EQIX). |
| EQIX | Today, the winners are the companies building the data centers required for the large language models used by Anthropic and OpenAI. Think of Nvidia (NVDA), AMD (AMD), and Micron (MU) in semiconductors, as well as data center operators such as Equinix (EQIX). |
| NVT | Companies such as nVent Electric (NVT) are essential for operating and securing these complex electrical systems. |
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