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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Bison is positioning its concentrated portfolio of deeply discounted oil and gas equities to capture massive upside from an impending multi-year bull market driven by structural underinvestment and new AI-fueled energy demand."
Bison Energy Opportunity Fund's January 2026 presentation outlines its value-focused, long-only strategy in the public oil and gas sector. CIO Joshua Young argues that despite recent weak equity sentiment, a structural supply deficit is looming due to a 35% decline in global E&P CapEx since 2014, record-low US commercial inventories, and a falling rig count. Concurrently, demand continues its 1% secular growth trend, amplified by new drivers such as AI data center electrification and a massive expansion in LNG export capacity. Bison's concentrated portfolio (10-20 holdings) is uniquely positioned to capture this upside, trading at an extreme valuation discount of 1-4x EBITDA and 15-40% FCF yields compared to 3-8x EBITDA for broader energy indices. Since inception, the strategy has achieved an 84.2% net return, substantially outperforming the S&P 600 Energy Index's -65.9% decline.
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