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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Fawkes Capital Management. This analysis is provided for institutional research purposes only and is not investment advice.
"Fawkes Capital achieved a 12.1% return in September 2025 by taking profits on antimony and riding Google's AI growth."
Fawkes Capital Fund delivered an exceptional 12.1% return in September 2025, driven by a sharp rally in Felix Gold (which was subsequently exited for profit-taking) and Google's continued AI leadership. In assessing current market dynamics, the fund notes that while US small-caps in drones and defense show bubble characteristics, the broader market remains robust and supported by high levels of consumer savings. The fund is positioned in overlooked, cheap sectors such as semiconductor memory (SK Hynix, SanDisk, Kioxia). Crucially, the fund highlights the worsening US power grid crisis fueled by AI data center growth, profiling its investment in Liberty Energy, which is uniquely positioned to exploit the power shortage due to its access to gas-powered generation assets.
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