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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Successfully capturing a major win in TSS, Inc. and continuing to position heavily in deep-value junior gold miners and maritime sectors."
Fairlight Alpha Fund reported a net return of 9.3% for Q2 2025, lagging the S&P 500's 10.9% return for the quarter, but bringing its YTD return to 29.8% and since-inception annualized return to 38.4%. Key portfolio actions included fully exiting TSS, Inc. after a rapid price re-rating from $7.53 to over $30. The fund is actively deploying capital into the 'offshore trade' theme (maritime defense, energy, telecom) and holding underpriced junior gold miners like Serabi Gold plc, which trade at 3-4x earnings despite gold exceeding $3,400/oz. The manager highlights subsidiary Logic Instrument as a key holding with layered defensive moats.
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