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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. They are steering clear of frothy US small-cap bubbles to focus on the semiconductor memory supercycle and fast-deployment power generation plays like Liberty Energy."
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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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Fawkes Capital achieved a 12.1% return in September 2025 by taking profits on antimony and riding Google's AI growth. They are steering clear of frothy US small-cap bubbles to focu...
Growth Outlook
Market outlook remains above average conviction: Fawkes Capital achieved a 12.1% return in September 2025 by taking profits on antimony and riding Google's AI growth. They are steering clear of frothy US small-cap bubbles to focu...
Risk Appetite
Risk appetite posture is above average conviction: Fawkes Capital achieved a 12.1% return in September 2025 by taking profits on antimony and riding Google's AI growth. They are steering clear of frothy US small-cap bubbles to focu...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Fawkes Capital achieved a 12.1% return in September 2025 by taking profits on antimony and riding Google's AI growth. They are steering clear of frothy US small-cap bubbles to focu...
Forward Guidance
Forward guidance signal: Fawkes Capital achieved a 12.1% return in September 2025 by taking profits on antimony and riding Google's AI growth. They are steering clear of frothy US small-cap bubbles to focu...
Language Signal
Tone analysis indicates above average conviction language: Fawkes Capital achieved a 12.1% return in September 2025 by taking profits on antimony and riding Google's AI growth. They are steering clear of frothy US small-cap bubbles to focu...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Fawkes Capital achieved a 12.1% return in September 2025 by taking profits on antimony and riding Google's AI growth. They are steering clear of frothy US small-cap bubbles to focu...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Fawkes Capital achieved a 12.1% return in September 2025 by taking profits on antimony and riding Google's AI growth. They are steering clear of frothy US small-cap bubbles to focu...
Time Horizon
Investment time horizon reflects a high conviction orientation. Fawkes Capital achieved a 12.1% return in September 2025 by taking profits on antimony and riding Google's AI growth. They are steering clear of frothy US small-cap bubbles to focu...
