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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Fairlight Alpha Fund posted an exceptional 66.2% return in 2025, powered by highly discounted gold miners and niche micro-caps, while identifying a structural trend of AI CapEx cannibalization in the broader economy."
Fairlight Alpha Fund achieved a 9.9% net return in Q4 2025 and 66.2% for the full year 2025, significantly outperforming the S&P 500 (17.2% for 2025). Performance was driven by holdings in junior gold miners (Monument Mining, Serabi Gold) and micro-cap growth names (Logic Instrument, Shelly Group, and BranchOut Food). The manager outlines 'The Hidden Recession,' highlighting how CapEx is being aggressively diverted away from traditional brick-and-mortar sectors to fuel the AI infrastructure cycle. The fund remains highly constructive on its core micro-cap value investments, citing excellent operational execution, deeply discounted valuations, and clear fundamental catalysts heading into 2026.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Fairlight Alpha Fund posted an exceptional 66.2% return in 2025, powered by highly discounted gold miners and niche micro-caps, while identifying a structural trend of AI CapEx can...
Growth Outlook
Market outlook remains above average conviction: Fairlight Alpha Fund posted an exceptional 66.2% return in 2025, powered by highly discounted gold miners and niche micro-caps, while identifying a structural trend of AI CapEx can...
Risk Appetite
Risk appetite posture is above average conviction: Fairlight Alpha Fund posted an exceptional 66.2% return in 2025, powered by highly discounted gold miners and niche micro-caps, while identifying a structural trend of AI CapEx can...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Fairlight Alpha Fund posted an exceptional 66.2% return in 2025, powered by highly discounted gold miners and niche micro-caps, while identifying a structural trend of AI CapEx can...
Forward Guidance
Forward guidance signal: Fairlight Alpha Fund posted an exceptional 66.2% return in 2025, powered by highly discounted gold miners and niche micro-caps, while identifying a structural trend of AI CapEx can...
Language Signal
Tone analysis indicates above average conviction language: Fairlight Alpha Fund posted an exceptional 66.2% return in 2025, powered by highly discounted gold miners and niche micro-caps, while identifying a structural trend of AI CapEx can...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Fairlight Alpha Fund posted an exceptional 66.2% return in 2025, powered by highly discounted gold miners and niche micro-caps, while identifying a structural trend of AI CapEx can...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Fairlight Alpha Fund posted an exceptional 66.2% return in 2025, powered by highly discounted gold miners and niche micro-caps, while identifying a structural trend of AI CapEx can...
Time Horizon
Investment time horizon reflects a high conviction orientation. Fairlight Alpha Fund posted an exceptional 66.2% return in 2025, powered by highly discounted gold miners and niche micro-caps, while identifying a structural trend of AI CapEx can...
