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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"SCAF returned -0.2% in December 2025, ending the year with a robust 20.5% return. The fund remains fully invested (0% cash) and continues to apply activist pressure while monitoring milestones at BCI Minerals and QPM."
Sandon Capital Activist Fund (SCAF) posted a return of -0.2% for December 2025, relative to 1.3% for the S&P/ASX 200 Accumulation Index. On a trailing 1-year basis, the fund generated 20.5% compared to the benchmark's 10.3%. The fund closed the month with cash at approximately 0%, representing a fully invested position across 23 long and 3 short positions. Key portfolio updates include BCI Minerals securing approvals for its Cape Preston dredging program, QPM Energy securing a $30 million placement, and the legally approved acquisition of Seven West Media by Southern Cross Media, which SCAF criticizes as diworsification.
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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: SCAF returned -0.2% in December 2025, ending the year with a robust 20.5% return. The fund remains fully invested (0% cash) and continues to apply activist pressure while monitorin...
Growth Outlook
Market outlook remains above average conviction: SCAF returned -0.2% in December 2025, ending the year with a robust 20.5% return. The fund remains fully invested (0% cash) and continues to apply activist pressure while monitorin...
Risk Appetite
Risk appetite posture is above average conviction: SCAF returned -0.2% in December 2025, ending the year with a robust 20.5% return. The fund remains fully invested (0% cash) and continues to apply activist pressure while monitorin...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. SCAF returned -0.2% in December 2025, ending the year with a robust 20.5% return. The fund remains fully invested (0% cash) and continues to apply activist pressure while monitorin...
Forward Guidance
Forward guidance signal: SCAF returned -0.2% in December 2025, ending the year with a robust 20.5% return. The fund remains fully invested (0% cash) and continues to apply activist pressure while monitorin...
Language Signal
Tone analysis indicates above average conviction language: SCAF returned -0.2% in December 2025, ending the year with a robust 20.5% return. The fund remains fully invested (0% cash) and continues to apply activist pressure while monitorin...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. SCAF returned -0.2% in December 2025, ending the year with a robust 20.5% return. The fund remains fully invested (0% cash) and continues to apply activist pressure while monitorin...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. SCAF returned -0.2% in December 2025, ending the year with a robust 20.5% return. The fund remains fully invested (0% cash) and continues to apply activist pressure while monitorin...
Time Horizon
Investment time horizon reflects a high conviction orientation. SCAF returned -0.2% in December 2025, ending the year with a robust 20.5% return. The fund remains fully invested (0% cash) and continues to apply activist pressure while monitorin...
