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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Mindset Value Fund 2024 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (Mindset Value Fund)

Primary Source Intelligence • Q1 2024 Letter Analysis

Mindset Value Fund Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Mindset Value Fund. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD+29.4%

Digest Analysis

Quick Take

"Surpassing its high-water mark as all cannabis holdings soared."

Executive Summary

The Mindset Value Fund returned 29.4% in Q1 2024, surpassing its high-water mark from December 2021 after recovering from an atrocious 2022. All cannabis holdings soared with Glass House Brands and Goodness Growth up over 70% and Grown Rogue up 50%. These companies have been under-owned despite outpacing industry operational performance. The manager dramatically increased position in one company which became the largest holding by far. Grown Rogue represents a unique opportunity as the company cultivates craft quality cannabis for under $600 per pound in Oregon and Michigan, ranking #1 in Oregon flower and top 5 indoor producer in Michigan. The company is expanding to New Jersey and Illinois where flower prices are 3-4 times higher. With some of the highest margins, fastest growth rate, and best performance in cannabis over two years, Grown Rogue should grow at triple digits reaching $40 million EBITDA run rate in 2025 with 40% margins. The manager believes the stock remains substantially undervalued despite impressive gains since initial purchase at $0.10 per share in December 2022.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

88%

CautiousHigh

High Conviction (88%)

Extremely high conviction demonstrated through concentrated positioning with one holding becoming 'largest position by far,' 14.43% ownership stake, warrant conversion, and specific valuation targets of $1.50-$3.00 per share for Grown Rogue. Manager provides detailed operational metrics and refuses to sell despite 50%+ gains.

Growth Outlook

75%

BearishBullish

Bullish (75%)

The manager expresses strong optimism about the cannabis opportunity set, describing companies as under-owned with demonstrated operational advantages. Language like 'investors are now paying attention' and 'uniquely positioned' suggests constructive market conditions for their holdings.

Risk Appetite

85%

DefensiveAggressive

Aggressive (85%)

The fund dramatically increased position in one company to become the largest holding by far, converted warrants, and filed a 13G showing 14.43% ownership. This demonstrates maximum risk-on positioning and aggressive capital deployment into concentrated bets.

Capital Deployment

85%

De-riskingDeploying

Deploying (85%)

Aggressive deployment evidenced by dramatically increasing position in one company, converting warrants rather than taking profits, and filing 13G showing significant ownership increase. Manager explicitly states they 'did not sell a share' despite substantial gains.

Forward Guidance

80%

CautiousExpansionary

Expansionary (80%)

The manager states 'our strong returns are not done' and the fund is 'flourishing in April.' Clear expectation of continued deployment with investments 'uniquely positioned to produce significant free cash flow growth' shows strong deployment bias.

Language Signal

70%

BearishBullish

Bullish (70%)

Overwhelmingly positive language dominates: 'soared,' 'surged,' 'flourishing,' 'investor's dream,' 'substantially undervalued,' 'cash machine.' Risk language is minimal with only brief mention of potential volatility and downrafts.

Perceived Risk

25%

Low RiskElevated

Low Risk (25%)

Minimal risk discussion with only brief acknowledgment that 'volatility will come and go, and we may yet have another downdraft.' The manager focuses overwhelmingly on opportunities rather than risks, suggesting low perceived environmental risk.

Opportunity Density

80%

ScarceAbundant

Abundant (80%)

Rich opportunity set described with cannabis companies being 'under owned and ignored' despite superior operational performance. Manager sees multiple attractive names with Glass House, Goodness Growth, and Grown Rogue all performing well, suggesting abundant opportunities in the cannabis sector.

Time Horizon

75%

Short-TermLong-Term

Decade+ (75%)

Multi-year investment horizon evidenced by holding Grown Rogue since December 2022 through significant volatility, focus on 2025 EBITDA targets, and emphasis on long reinvestment runway. Manager demonstrates patience through market cycles while maintaining conviction.