| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.1% | 0.7% | 20.3% |
| 2025 | 2024 |
|---|---|
| 20.3% | 17.4% |
ROCKLINC delivered strong performance in Q4 2025, with the Partners Fund returning 0.7% quarterly and 20.3% annually, significantly outperforming benchmarks. The firm's strategic allocation to precious metals royalty companies drove outperformance as gold gained 64.5% and silver surged 147.5% for the year. In November, ROCKLINC launched the Principled Equity Fund ETF, capitalizing on Canada's leadership in active ETF adoption. The firm maintains a disciplined value approach, avoiding overvalued securities while focusing on companies with strong fundamentals and reasonable valuations. Key risks include elevated market valuations and potential corrections, while opportunities exist in broader market participation beyond concentrated mega-cap stocks. ROCKLINC holds significant precious metals exposure as a hedge against currency debasement and maintains elevated cash levels for opportunistic deployment. The portfolio spans quality businesses across sectors including materials, financials, and technology, with concentrated positions in companies like Trisura, Markel Group, and Wheaton Precious Metals. Management remains focused on capital protection while positioning for long-term wealth creation through patient, fundamental-driven investing.
ROCKLINC focuses on building portfolios of exceptional businesses with strong fundamentals, reasonable valuations, and durable competitive advantages, while maintaining significant exposure to precious metals and hard assets as hedges against monetary policy risks and government deficit spending.
The firm remains cautiously optimistic, maintaining focus on fundamental quality while preparing for potential market corrections. They expect to keep cash levels elevated given current valuations and continue building positions in precious metals and hard assets as hedges against currency debasement.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 15 2026 | 2025 Q4 | AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO | active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value | SII | Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores… |
| Oct 16 2025 | 2025 Q3 | RGLD, SSL CN | gold, inflation hedge, Precious Metals, Royalty Companies, Value Investing |
RGLD SSL RGLD SSL |
Rocklinc emphasizes gold royalties and hard assets as hedges against debt, inflation, and global instability. The firm expects continued upside from the Royal GoldSandstorm merger… |
| Jul 14 2025 | 2025 Q2 | - | Balance Sheets, cash flows, downside protection, Resilience, volatility | CCO CN | The letter emphasizes portfolio resilience in an environment defined by geopolitical shocks, shifting interest-rate expectations, and episodic risk-off sentiment. Management highlights the importance of owning… |
| Apr 10 2025 | 2025 Q1 | KPG AU | - | - | - |
| Jan 17 2025 | 2024 Q4 | MKL | - | - | - |
| Oct 17 2024 | 2024 Q3 | BUR | - | - | - |
| Jul 8 2024 | 2024 Q2 | APG, MEG CN | - | - | - |
| Apr 25 2024 | 2024 Q1 | APG, MEG CN | - | - | - |
| Jan 23 2024 | 2023 Q4 | SU FP | - | - | - |
| Oct 17 2023 | 2023 Q3 | TSU CN | - | - | - |
| Jul 19 2023 | 2023 Q2 | CSGP | - | - | - |
| Apr 17 2023 | 2023 Q1 | ALS CN | - | - | - |
| Jan 17 2023 | 2022 Q4 | ADSK | - | - | - |
| Oct 19 2022 | 2022 Q3 | SU CN | - | - | - |
| Nov 7 2022 | 2022 Q2 | AAPL | - | - | - |
| Apr 18 2022 | 2022 Q1 | FNV CN | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
ETFsThe fund's strategy focuses on closed-end funds rather than ETFs, but operates in the broader fund ecosystem. They compare performance against closed-end fund indices and utilize various fund structures in their investment approach. |
Closed-End Funds Fund Discounts Fund Selection Alternative Structures |
GoldGold reached record highs above $5,000 per ounce but silver's dramatic rally has triggered a sell signal. Historical pattern suggests both metals may enter 2-3 year correction period. Central bank demand remained strong at 863 tonnes for 2025, though China purchases slowed significantly. |
Precious Central Banks ETFs Debasement | |
Precious MetalsThe precious metals sector experienced dramatic outperformance in 2025, with the FTSE/JSE Precious Metals and Mining index more than tripling. This was the primary driver of South African equity market returns and the main reason for the Hedge Fund's underperformance relative to its benchmark. |
Platinum Mining South Africa Commodities | |
SilverSilver surged 220% since April 2024, generating powerful sell signal for precious metals. Performance mirrors 1979 parabolic blow-off that marked end of gold bull market. Retail demand peaked with reports of long lines at dealers globally before recent 40% decline from highs. |
Precious Parabolic Retail Blow-off | |
UraniumDemand surging from nuclear restarts and new construction while supply faces operational challenges. Google, Meta partnerships signal corporate adoption of nuclear power. Sprott Physical Uranium Trust resumed buying 10 million pounds since June, helping drive 45% price increase. |
Nuclear SMR Utilities Physical | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q3 |
GoldGold reached record highs above $5,000 per ounce but silver's dramatic rally has triggered a sell signal. Historical pattern suggests both metals may enter 2-3 year correction period. Central bank demand remained strong at 863 tonnes for 2025, though China purchases slowed significantly. |
Precious Central Banks ETFs Debasement |
Precious MetalsThe precious metals sector experienced dramatic outperformance in 2025, with the FTSE/JSE Precious Metals and Mining index more than tripling. This was the primary driver of South African equity market returns and the main reason for the Hedge Fund's underperformance relative to its benchmark. |
Platinum Mining South Africa Commodities | |
| 2025 Q2 |
Resilience2025 tested the fund's thesis severely with a bankruptcy, major customer losses, and cyber-attacks, yet delivered 17.45% net returns. The manager emphasizes that edge comes from exploiting inefficiency rather than avoiding adversity, demonstrating portfolio resilience through active management. |
Adversity Active Management Drawdowns Volatility |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 16, 2025 | Fund Letters | Jonathan Wellum | RGLD | Royal Gold Inc. | Materials | Precious Metals & Mining | Bull | NASDAQ | cash flow, compounding, diversification, Gold, merger, Precious Metals, royalties | Login |
| Oct 16, 2025 | Fund Letters | Jonathan Wellum | SSL | Sandstorm Gold | Materials | Precious Metals & Mining | Bull | - | — | Login |
| Oct 16, 2025 | Fund Letters | Jonathan Wellum | RGLD | Royal Gold Inc. | Materials | Precious Metals & Mining | Bull | NASDAQ | cash flow, compounding, diversification, Gold, merger, Precious Metals, royalties | Login |
| Oct 16, 2025 | Fund Letters | Jonathan Wellum | SSL | T | Materials | Materials | — | - | Sandstorm’s merger premium reflects strong portfolio quality and strategic fit with royal gold. combined, They form a scale leader poised for further inorganic growth. | Login |
| Jul 14, 2025 | Fund Letters | Jonathan Wellum | CCO CN | Cameco, Corp. | Energy | Coal & Consumable Fuels | Bull | New York Stock Exchange | energy, Mining, Nuclear, SMR, uranium | Login |
| Jan 15, 2026 | Fund Letters | Jonathan Wellum | SII | Sprott Inc. | Financials | Asset Management | Bull | New York Stock Exchange | Assetmanagement, Commodities, Operatingleverage, Preciousmetals, uranium | Login |
| TICKER | COMMENTARY |
|---|---|
| AAPL | AAPL shares rose in 4Q25 following better-than-feared iPhone 17 sell-through trends and stronger Services momentum. The company reported that early adoption of its on-device AI features exceeded internal expectations, particularly in North America and Europe, where attach rates for Pro models remained elevated. Wearables also returned to growth, helped by new health features and improved battery life. |
| AEM.TO | Agnico-Eagle Mines (4.8%) |
| AMZN | This quarter, we took profits in our hyperscaler portfolio companies (Amazon and Google) and increased our position in NVIDIA. |
| APG | APi Group Corp. (APG), a leading provider of fire and life safety, security, elevator and escalator, and specialty services, was a top contributor in the SMID Cap strategy this quarter. APG delivered record third-quarter results, with revenues up 14% (10% organic) and Adjusted EBITDA +15%. The company continued to execute its inspection-first strategy, delivering its 21st consecutive quarter of double-digit inspection growth in North America. |
| BN.TO | Brookfield Corporation (7.5%) |
| BUR.L | Burford has compounded book value per share and realized cash proceeds from litigation matters settled and adjudicated ahead of my original underwriting assumptions. The best measure of fundamental progress of the core business ex YPF is the cash 'run-off' value of the existing book of claims, which incorporates both realizations (cash in) and deployments (cash out) as well as a rate of return assumption on those deployments. My estimate of that value has increased from c. $9 to c.$12.50 per share. Meanwhile the share price is essentially unchanged from our original purchase price of $9.50. |
| CCO.TO | Cameco Corp. (4.4%) |
| CSL | Carlisle Companies Inc. operates as a manufacturer and supplier of building envelope products and solutions. Overall third quarter results were positive as earnings surpassed the consensus. Growth in commercial re-roofing was offset by weakness in commercial new construction and soft residential demand. We decided to exit the Carlisle position because the housing market requires either improved affordability through increased supply or a more dramatic exogenous shock to rates before a sustained recovery can take hold. Carlisle's shares slipped by -2% while held in the quarter. |
| DHR | After lagging through the first three quarters of 2025, Danaher's stock rebounded during Q4 as bioprocessing, life science, and diagnostics demand continued to recover from a cyclical trough. On the 3Q25 call, management established conservative 2026 growth expectations. Revenue is expected to continue to lag long-term trends at 3-6% but improve throughout the year. |
| FNV.TO | Franco-Nevada Corporation (7.5%) |
| GROY | Gold Royalty Corp. (6.6%) |
| KNSL | Shares of specialty insurer Kinsale Capital Group, Inc. fell during the quarter due to concerns about moderating growth amid a cyclical slowdown for the property and casualty insurance industry. While third-quarter revenue growth improved sequentially, the pace of improvement was more modest than suggested by monthly data from state insurance commissioners. |
| KPG.AX | Kelly Partners Group Holdings (5.1%) |
| MELI | E-commerce Volatility: turbulence in our e-commerce portfolio companies, Sea Ltd (Southeast Asia) and MercadoLibre (Latin America), amidst aggressive price wars. |
| MKL | MKL produced excellent results in its insurance and investment operations. The insurance segment delivered a 93% combined ratio while the equity portfolio benefited from the year-end market rally. MKL's disciplined capital allocation, including significant stock buybacks, boosted their book value per share growth. |
| NOW | In the case of ServiceNow, the stock weakened following reports of a potential large acquisition while the company has also been challenged by bearish sentiment across the software as a service or SAAS segment. |
| PLD | Best-in-class industrial REIT Prologis, Inc. contributed positively to performance during the fourth quarter, aided by the company's strong third quarter financial report, coupled with management's robust multi-year business outlook. We continue to believe the appreciation potential for Prologis' shares remains compelling given the strong runway for future cash flow and earnings growth in the next several years and an undemanding valuation. |
| RGLD | Our three precious metals holdings in Royal Gold (RGLD), Triple Flag (TFPM) and Franco-Nevada (FNV) were responsible for a third of our gains this year. It has been a fascinating year for precious metals with gold up 64% and silver up 146% for the year! As we've discussed previously, our allocation to these companies was intended to serve as a hedge against macroeconomic volatility. This is likely the most fully valued part of the portfolio due to which our allocation to this basket is at the lower end of our targeted 10-15% allocation. |
| ROP | After a decade-long partnership with Roper Technologies, we have made a strategic decision to exit our position. Our decision to sell was based on three factors. Firstly, Roper's organic growth rates have begun to lag its pure-play software peers. Secondly, we believe many of these businesses are approaching market saturation, which limits their future growth prospects. Lastly, the valuation no longer provides an attractive margin of safety given the first two challenges. |
| RPRX | Thirty years later, the company he founded, Royalty Pharma, generates over $2bn per year in cash flow, produced by royalties on a highly diversified collection of drugs, including 7 of the top 30 in the US. The company has a 40-50% market share of all pharma royalties and remains dominant today, despite attempts at competition from large private equity firms like Blackstone. |
| TSU.TO | Trisura (10.5%) |
| WPM.TO | Wheaton Precious Metals (7.8%) |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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